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Urging a whole month salary in a bank,is not possible always,then,do you know how is it possible to save a months salary completely?
How much do you keep and how much do you give?If you can be satisfied at end of the working month of yours,after you,ve spent and given to your bank?
5 Answers
- Anonymous1 week agoFavourite answer
I'm self employed and through a series of both fortunate and unfortunate events I am debt and mortgage free.
As such I am in the fortunate situation where I am able to bank and invest over 1/2 of my annual wages towards my retirement.
- Anonymous1 week ago
A useful rule of thumb:
Do whatever it takes to get your needs (housing, food, transportation) below 50% of your income.Limit your wants to 30% or less.
Use the remaining 20% to reduce debt/increase savings.
It took me several years to get a month ahead, just keep plugging away little by little.
- Anonymous1 week ago
Do you mean "save" instead of "give"? To "save" in English is to put away for later. To "give" is to make a present of something and it no longer belongs to you.
To not count my pension I have saved enough money for all expenses for three months, perhaps a little longer, if I spend exactly as much as in normal times. If I had a problem I would make my expenses as small as possible. Then it will last longer, maybe double. I have also, over many years built up a surplus of long-lasting food stuffs so that in an emergency I know I can eat and fed my family.
You cannot save a whole month's salary or more immediately. It takes time. You calculate the expenses you must meet and then look at the sum you have left over. A portion of this you must save, but not all if possible. It is easier to save if you do not have the temptation to touch the saving. When you have decided on the the sum you will save you must put it in the bank immediately and in your mind treat it as money spent. In everyday life you must forget about it. You should also not discuss your your savings or family will put pressure on you to spend it before it can accumulate. The savings are for safety, there is almost nothing you should spend it on that is not an emergency. This is why family should not know about it because it is easier to pressure someone else to spend their savings when it is not an emergency than your own savings.
Little by little your savings will grow. Any extra money should also be saved, or at least a portion should be saved.
- Anonymous1 week ago
What most people do is follow a budget that allows for saving some of each paycheck. That means you accurately anticipate your spending needs, allow yourself to set some aside for things you didn't foresee, and don't spend what you don't have.
If you save 1/12th of every month's take home pay, in a year you'll have a month's pay saved.