Suitable Saving Pattern

Personal Finance Discussion Budgeting & Saving Suitable Saving Pattern

This topic contains 13 replies, has 11 voices, and was last updated by  Mallymoth 1 month ago.

Viewing 14 posts - 1 through 14 (of 14 total)
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  • #832

    Anachiwo
    Participant

    Without savings, there is no way any business individual can progress because it’s the only way such person would have funds available to use and improve and expand the business as well as taking care of his emergency needs. Now, saving patterns or schedule differs from business owners and employees who receive either weekly or monthly salary or wage payments.

    For business men, they can easily save on daily basis depending on the amount they normally make in a day or choose to save weekly but for employees that depend on monthly payments, their possible saving pattern would be on monthly basis because it’s the only time funds would be available to them.

    Do you prefer saving weekly or monthly?

    #841

    Martin
    Keymaster

    I think even most business people would look at their income more so on a monthly basis and decide to save then. I tally up what I’ve earned in a month and then save a percentage of that. When I enter the workforce as an employee then I will save monthly still, ideally around 40-50% of my income.

    #941

    Anachiwo
    Participant

    I think even most business people would look at their income more so on a monthly basis and decide to save then. I tally up what I’ve earned in a month and then save a percentage of that. When I enter the workforce as an employee then I will save monthly still, ideally around 40-50% of my income.

    It’s the same thing that I think of when it comes to how to save. Monthly saving a percentage of what you earn is going make it easier for the individual involved. It would be very nice if I could save up to 40-50% of my salary but it’s not realistic for me because of lots of responsibilities to take care of. But I can easily made do with saving between 15-20% of my monthly income. It’s not that bad in my opinion.

    #1049

    NRG17
    Participant

    I stick with the old “Richest Man in Babylon” method – saving just 10% of my total income. At least, I did for years, until I was forced to dip into the savings due to an emergency. I’m trying to get back into it, but my current financial situation is far from rosy. I’m just being squeezed too tightly with bills and credit card, as I wrote about in another subforum.

    #1338

    Jamella18
    Participant

    Its really good to save some percentage of your income. If you will begin that habit, I suggest you start with what you can deal with. Like 10% of your income, then as your income increases or as you develop a discipline on spending your money, increase as well your savings.

    #1372

    iamjoeymercado48
    Participant

    Without savings, there is no way any business individual can progress because it’s the only way such person would have funds available to use and improve and expand the business as well as taking care of his emergency needs. Now, saving patterns or schedule differs from business owners and employees who receive either weekly or monthly salary or wage payments.

    For business men, they can easily save on daily basis depending on the amount they normally make in a day or choose to save weekly but for employees that depend on monthly payments, their possible saving pattern would be on monthly basis because it’s the only time funds would be available to them.

    Do you prefer saving weekly or monthly?

    We all know that saving requires self discipline and self motivation in order to be successful. But for me one of the most effective way of saving especially when you are a beginner in saving is to follow the 52 Weeks Challenge This pattern and initiation in saving teach us to save on the amount we can to reach the target we like.

    For me this is effective and now aside from doing the 52 weeks challenge I am also saving the excess $1 remaining every week the n I will count and include it on my 52 Weeks challenge.

    #1386

    Barida
    Participant

    The daily savings which is also known as daily contributions for their business owners has been one of the best ways that they get to prepare for the uncertainty of the future. The thing with this type of savings is that it relieves you of the pressure that comes with not having to save at the save a large chunk of money at the end of every month. This is the type of savings that I look forward to doing when I have control over my business as well.

    #1390

    jaybee
    Participant

    Saving money is a really hard thing to do in this generation where all the things you need are expensive. It also requires a lot of discipline and passion in order to really save up and not just save up and then spend what you’ve saved. As a new entrepreneur, I do prefer saving money on a daily basis. I know my answer is not included in the choices but I hope my comment could help others. I actually save up on a daily basis because it’s more convenient and doesn’t pressure you a lot because for example if you saved up on monday until saturday and then you failed to save up for sunday, it wouldn’t hurt that much because you know that you’ve saved enough money for the last six days which for me is great because you don’t need to feel bad about your self. With this method I save only the smaller bills and not the bigger bills that I have and I also don’t have an actual target amount. I just save up randomly and as of the moment I’ve saved a decent amount.

    #1397

    Heatman
    Participant

    I save both daily/weekly and monthly as well. The issue of daily savings is because I normally have spare cash at hand and I always useless it in spending on unnecessary things. So this led to my saying on daily/weekly basis and it has been very helpful in getting my saving up a lot of money within the month end.

    I also save on monthly basis as well immediately I get my mom unit salary, I always save 20% of it and used the others to take care of my expenses and family responsibilities.

    #1477

    Mallymoth
    Participant

    While it would be great to be able to save 40% of income, most people’s expenses eat up too a large a proportion for that to be possible. Ten percent is an achievable goal for most people (barring emergency circumstances or poverty wages). I aim for ten percent, and have an option on my debit card to round up purchases and stick the spare change in my savings account, as well. Every little bit counts.

    #1495

    Heatman
    Participant

    While it would be great to be able to save 40% of income, most people’s expenses eat up too a large a proportion for that to be possible. Ten percent is an achievable goal for most people (barring emergency circumstances or poverty wages). I aim for ten percent, and have an option on my debit card to round up purchases and stick the spare change in my savings account, as well. Every little bit counts.

    You are very correct my dear, it’s almost impossible to save 40% of one’s earnings in a month especially from people who depend on a fixed salary. As long as such individual has responsibilities to take care of, there is no way saving 40% of the salary would be something feasible.

    This can only be achieved if the individual in question is just taking care of himself or herself alone without anything else to worry about, hell he or she can save more than 40% of the salary.

    #1497

    JuanSapanataym
    Participant

    It depends on the question “how often do you receive your salary?” But either weekly or monthly doesn’t matter to me. I have a different practice in terms of saving.
    I think most people save how much was left. I think it is better to save first and spend the rest. It is better to think of savings as part of our daily budget. That way, saving will be part of our habit daily, weekly or monthly.
    Maybe because most people doesn’t see saving as necessary as budgetting for food and water. It actually is part of our necessities because it will cover whatever you’ll lack of in the future. So others call it emergency fund. And to make sure you have the red button to press during the emergency, it is better to save first then spend whatever was left in your salary.

    #1506

    Kakashi2020
    Participant

    I save daily. Whatever money’s left in my coin purse as well as other change that I get in a day goes to my desk drawer, I do this on a daily basis and I just keep it there.

    I also make separate weekly deposits using saved large bills no matter how much it is, it could be as low as $5 to as high as $30, I make it a habit to deposit weekly in my bank account.

    #1514

    Mallymoth
    Participant

    You are very correct my dear, it’s almost impossible to save 40% of one’s earnings in a month especially from people who depend on a fixed salary. As long as such individual has responsibilities to take care of, there is no way saving 40% of the salary would be something feasible.

    This can only be achieved if the individual in question is just taking care of himself or herself alone without anything else to worry about, hell he or she can save more than 40% of the salary.

    In the case of a student living at home, which I assume may have been the example given, saving such a large percentage is doable and responsible. But yes, no one should feel badly that they can’t save that much. It’s really the ideal saving scenario, income without much for expenses.

    It depends on the question “how often do you receive your salary?” But either weekly or monthly doesn’t matter to me. I have a different practice in terms of saving.
    I think most people save how much was left. I think it is better to save first and spend the rest. It is better to think of savings as part of our daily budget. That way, saving will be part of our habit daily, weekly or monthly.
    Maybe because most people doesn’t see saving as necessary as budgetting for food and water. It actually is part of our necessities because it will cover whatever you’ll lack of in the future. So others call it emergency fund. And to make sure you have the red button to press during the emergency, it is better to save first then spend whatever was left in your salary.

    Juan, I think you’ve hit on an important point here. The idea of “paying yourself first” isn’t new, but it doesn’t seem to stick with most people. It’s so much easier to save when it’s built into the budget and given priority. Once I starting budgeting, I found I didn’t even miss the amount that went straight from my paycheck into savings.

    I save daily. Whatever money’s left in my coin purse as well as other change that I get in a day goes to my desk drawer, I do this on a daily basis and I just keep it there.

    I also make separate weekly deposits using saved large bills no matter how much it is, it could be as low as $5 to as high as $30, I make it a habit to deposit weekly in my bank account.

    That’s an awesome habit! Even on weeks when you can’t deposit as much as you’d like, I’m sure the fact that you’re still making progress helps to head off discouragement that can make people give up on saving.

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