How much is worth saving
As a percentage how much is it worth saving a month if you earn between £900-£1100 taking into consideration mobile bills any direct debits etc which comes to an estimated cost of £116.00. And how much can be saved between now and the end of the year sticking to this. So that there’s money left to spend on a day to day basis for needs but at the same time to save.
There's not an exact figure for how much you should save but you may see the 80/20 (20% savings) rule or the 50/30/20 rule (50% necessities, 30% spending, 20% saving). I recommend saving as much as you reasonably can.
The first place to start would be building an emergency fund so that you can live for 6 months if you loose your job (or have any other costly emergencies). You can then use whatever you save after to pay off debts. Once debts are paid, you can invest and give generously.
The first place to start would be building an emergency fund so that you can live for 6 months if you loose your job (or have any other costly emergencies). You can then use whatever you save after to pay off debts. Once debts are paid, you can invest and give generously.
Original post by Hoc est Bellum
There's not an exact figure for how much you should save but you may see the 80/20 (20% savings) rule or the 50/30/20 rule (50% necessities, 30% spending, 20% saving). I recommend saving as much as you reasonably can.
The first place to start would be building an emergency fund so that you can live for 6 months if you loose your job (or have any other costly emergencies). You can then use whatever you save after to pay off debts. Once debts are paid, you can invest and give generously.
The first place to start would be building an emergency fund so that you can live for 6 months if you loose your job (or have any other costly emergencies). You can then use whatever you save after to pay off debts. Once debts are paid, you can invest and give generously.
So based on the amount I spend and let’s say if the average bill spend is about £116.00 considering I make between 900 to 1100 how much would be reasonable and realistic to save albeit I also give to my mother and charity.
Original post by Mohammed_80
So based on the amount I spend and let’s say if the average bill spend is about £116.00 considering I make between 900 to 1100 how much would be reasonable and realistic to save albeit I also give to my mother and charity.
You're saying you spend £116 on average per month for non necessities?
I'm assuming you live with your mother so presumably the money you give is rent/food costs. With £1000 AVG following this rule you should spend £500 on necessities (rent, food etc) and if you spend £116 on discretionary items you have £384 of savings per month.
Then at the end of each year you can make your donation based on how much savings you have. This will work also if you are refering to Zakat.
are saving for anything in particular
Original post by Kutie Karen
are saving for anything in particular
Yeah marriage
Original post by Mohammed_80
Yeah marriage
Same
Original post by Hoc est Bellum
Same
Nice wish you all the best and good luck and hopefully your savings goals and targets are met sooner than later for you to get married.
Original post by Mohammed_80
Yeah marriage
That will need a serious amount if you are having a big one.
Original post by Kutie Karen
That will need a serious amount if you are having a big one.
Na small one at a mosque though
Original post by Mohammed_80
Na small one at a mosque though
good to hear you have planned it already. Save some anyway. You will need it for your future life together
Saving is a very good habit for giving you security and allowing you to afford larger purchases. Of course the ability to save presumes you have sufficient money to pay for essentials. I would start with a minimum saving of 10% of your income (for most this is affordable) and increase it as your income grows, on the basis you won’t miss what you haven’t been spending. Also look for decent savings vehicles, short and longer term, that have good rates of return. Decent company pension and sharesave schemes in particular are very worthwhile
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