When you cash out your paycheck much of it do you save? When I get my months pay, I usually save 60% of what I've made so far and try to fit in the 40% left for the next month until I get paid again. It's kind of hard trying to live off with that kind of saving procedure but I find myself becoming good when it comes to handling my finances. Do the same kind of thing or do you just leave it as it is?
I try my best to bank 10% of my earnings in the bank. I don't earn my moolah monthly like most people do. Rather, I get my cash when I sell farm produce. That means initially I get all the money I make in the bank. Once I'm done selling the produce I transfer the amount I think will be needed to buy next season's seeds, fertilizers, etc to another account. 10% of the money which remains in the account is then transferred to my special savings account. The rest is spent on household expenses and investments which so far haven't got me any returns.
Well this is kind of embarrassing topic to talk about. One good thing about me is, I somehow save some percentage of my salary every month. I usually separate at least 20% of my salary for savings but soon I will be moving in with my partner which allows me to save more and more towards a financially healthy future
After I pay all my bills, I see how much I have left. Usually I put around 30% into my savings account and the rest I use to buy food and whatever else comes up during the month. If I have any money left over by the end of the month, I put it into my piggy bank. I always like to have some spare cash around the house. If I happen to earn more than usual, I put it towards my investments.
I tend to deposit most of my paycheck into my savings account and then transfer the minimum possible amount into checking/debit when needed. This will probably change when my lifestyle does, but right now it works for me. The biggest plus is that it encourages me to limit my frivolous purchases (though I don’t deprive myself completely; I’m working full-time at the moment so I think I’m allowed to enjoy the paychecks a bit while I can, haha). I do have some long-range goals for which I’d like to save up, so closely monitoring my budget comes in handy for that.
Wow, Johnear, that's fantastic! I couldn't put away that much. I'm still working towards at least 10%, but of course I hope that one day I'll be able to work my way up to 40%. It will certainly come in very handy.
The first thing that I do when I get paid is to pay off any bills that need to be dealt with that month, as that is the priority. Then, I will see how much I have left over from that, and I will split it in half - keeping half to spend and half to put in the bank. When I get paid the month later, if I have anything left from the "spending" half that I had the month before, I put that into the bank with the money that I am saving. So I probably save around 50% of my wages in total, which is good, and I know that it is going to set me up well for the future.
I automate my savings. 10% of my earnings go straight into my savings account. That doesn't necessarily mean that I spend all the money that's left. After paying all my bills, buying all I need, etc, whatever money is left also goes into my savings account. So in a month I could save from 20% — 30% of my total income.
I don't have a set paycheck, as I work online and have been working online for the past seven plus years. So I basically make whatever money I can, and sometimes I make a lot more money than other times. So there is really no way for me to be able to save a set about of what I earn every month.
when I receive my salary, 40% goes to family expenses. 30% goes to Savings. 10% goes to emergency fund. and the remaining 20% goes my personal expenses. I am doing my best to live within my means and to be always be smart with my money.
@GemmaRowlands This sounds about how I like to do things. Bills have to be paid first of course, but let's say I had an unexpected windfall. Instead of agonizing whether it should all go into savings or if I should pay down a bill, I just do a 50/50, half in savings and half to pay down a bill. This way I feel like I've knocked out two situations rather than one.
I try to save between 5 to 10% of my income every month. It's not a fixed rate but I save as much as I can, whenever possible. There will always be unexpected expenses and they tend to catch you off-guard, so I just leave some of the money in my company-provided bank account until the next payroll. If the money remains untouched because I was able to manage my money then I transfer it to my personal savings account.
I usually put half but I only do it because I'd like to keep the money far away from me as possible so I can save it. If I had it on hand I could spend it in a few days but if I had it somewhere else I could just forget about it. I just withdraw if I need some extra, but most of the time 50% is already enough for me to take care of the bulk of my needs. I try and let it pile up and then I use that to splurge or buy something expensive. I don't get as much satisfaction in spending little by little throughout the month and I'd rather just spend it all in one major spree.
All of my monthly income goes straight into my bank account. I work online and that is my only source of income, so all of my money goes into my Paypal, and then straight into my bank account when I transfer it. I don't take money out of my account until I absolutely need it to buy something.
I really like your way of doing things, and this would be my ideal way of saving! I'm really hoping that I can arrive at this place in the not too far off future. I think I'll probably have to open one of those savings accounts where you have to submit a request each time you want to withdraw money. You basically have to give at least a month's notice before you can actually get your hands on the money. It's hard, but I think it would work great for me
Well,Well sadly I am not really making enough to save any of my income, but when I get paid in Nov. I am going to replace some money in my IRA that I have taken out over the years. That will be my one contribution to my future. I find usually that almost as soon as I get the money it goes. And this is for basic living expenses for the most part not fancy stuff I could do without.
I save at least half of my monthly income. On some months that percentage goes up towards the 70% - 80% range. Even I become surprised on how much money I manage to save because I feel as if everything's still perfect despite me not spending as much as my peers. I still eat good food, go out drinking with my buds, and spend money on things that I enjoy.
I'm glad you found my system helpful. I've never heard of these types of accounts where you have to go through more to get your money out, but it does sound helpful. I forgot to add that it's also easier for me to keep track of my spending this way even for luxury items since seeing my budget in bulk makes it a lot easier for me to see how much I can spend since I'm not worrying about future funds anymore and how it will affect my budget since I mostly just have to deal with present funds at that point.
I really don't have a quota on what I would save. There are months that I can save thousands in my bank account only to withdraw and use it to pay my bills. But in a year, I can save an amount that can buy me 1 appliance like a refrigerator or tv. It has been my policy to have extra money in the bank particularly in my ATM account that will serve as my emergency kitty. I just hope that I wouldn't really use that money on emergencies.
I suspect these bank accounts may not be available were you are, @DrRipley. I don't even know just how popular they are, if at all. But I really like the idea that there's not likely to be any temptation on my part. I think there are penalties for withdrawals made without the specified notice period, too. Pretty strict LOL
