How Much Should I Put Into My Savings
How Much Should I Put Into My Savings – Since I started working, I have been a very faithful money saver 💰 because I have to be 100% responsible for my pets and my further studies. Between the many side hustles and my full-time job, I managed my own savings a lot – so my partner and I had to manage our finances.
Even though our house won’t be ready until 2026, it’s wise to save early rather than at the last minute so we can enjoy the process! Not to mention this guy doesn’t have much savings for school loan and bills and no one to take care of his finances so dgaf 🫤 So I drained him of huge savings within 2 years. I bought a house!!
How Much Should I Put Into My Savings
My friend’s idea is to have a fixed amount of dating expenses each month and I think it’s great for us not to overspend and track our expenses. Before this fixed amount of dating costs, we spent a lot of money on good food and buying each other gifts. But soon we realized that we can’t keep track of our expenses and we often wonder where our money goes 🫠 Even though we are having fun, we are planning to buy a house!!! We used an extra debit card to handle meeting expenses and spent on this card when we were on dates ☺ Of course birthday and birthday expenses were out of our own pocket!!
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With different responsibilities and obligations and different salaries, we can’t expect everyone to save the same amount every month, can we? We count and calculate our outgoings + personal expenses + some allowance for emergency / additional expenses. We subtract those expenses from our salary and figure out the minimum amount we need to save each month. Since we didn’t have a joint account before, we promised to deposit a minimum amount of savings into our own savings account every month and update each other’s balance every 3-4 months ☺
Since we have our own difficulties with second income, we put it in savings or we spend it on ourselves / each other / traveling together.
Before we make any big purchase like a car, we make a pact to reach our own savings goals. After meeting our goal, we calculated what car we could comfortably afford while still saving money, which would be our savings for any personal items. If we haven’t met our savings goals and we don’t want to put too much unnecessary pressure on ourselves, we won’t find ourselves indulging in big purchases.
❗No, we still traveled, ate good food, enjoyed activities like any other normal couple, but we ate a lot at home!
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Instead of traveling abroad like Korea/Japan/Australia, we vacationed in cheaper and closer places like Genting/JB/Bangkok/KL while saving money. It’s still fun and extremely affordable! Now that we are almost financially ready for our 2026 home, we can start traveling to the next country and enjoy the next 3 years without stressing about renovation costs etc.! We will soon plan a joint savings account that will go towards our future household expenses such as groceries, bills, etc. !Investing is the best way to build long-term wealth. This will help you become more financially secure in the short term.
Building wealth starts with saving money. But investing speeds it up and can earn you some money over time.
When you have money invested in quality assets (like stocks), those investments will grow over time – making you richer over time.
Exactly the same amount. But with the power of compound interest, the investment will yield 11 times more money after a period of 40 years.
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And remember, the average return on the stock market is 10% per year. You don’t need to be a stock market expert to get these returns – it can be as simple as investing in index funds.
Want to learn more about investing and get special recommendations on the best stocks to buy? to check
In fact, many of the best investment apps have no minimum investment. You can literally get started for just $5!
Some investments, such as mutual funds, have a higher minimum investment (usually $1,000 or more). Fortunately, exchange-traded funds (ETFs) typically have no minimums.
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If you want to invest in individual stocks, it is wise to invest in different stocks to diversify your portfolio. For this reason, it is best to have some spare cash available to invest before you start buying stocks of individual companies.
Regular investing is the most effective strategy – no matter how early you start. Investing power really increases when you invest regularly. Even if you can only invest $50 or $100 right now, it’s a good start.
Simply open a brokerage account with a brokerage firm, invest what you can afford and set up automatic investments every month.
The quick answer is to invest as much as you can without compromising your quality of life and other financial goals.
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Want a solid number? Many experts recommend saving 15-20% of your income each month. For maximum growth, most of this money should be invested. However, it is not necessary to invest all the money you save.
Many people will do the same – they can save 5% of their income in a savings account and invest another 15% of their income in the stock market.
But the definitive answer to this question depends on many factors. So, exactly how much should I invest in stocks? Here are the questions you should ask yourself to find out:
If you have a lot of money in a checking or savings account, it’s often a good idea to invest some of it.
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After all, savings accounts pay nothing but interest – while the US stock market has returned an average of 10% per year over the past 100 years.
Of course, it’s important to consider other options for these savings (emergency funds or large upcoming expenses.) You may want to invest some of your savings and keep the rest in your bank account .
If you’re worried about investing a lot at once, you can consider dollar cost averaging by buying smaller amounts each month. It also helps with stock market swings and can be less intimidating if you’re just starting out.
Key Takeaway: A good starting point is investing extra savings you don’t need for a specific purpose.
Why Shouldn’t I Save My Money In A Bank?
Investing is most powerful when you commit to regular investing. In the example above, we see how investing $200 per month over 40 years can add up to over $1.1 million!
When deciding how much to invest in stocks, a good starting point is simple: how much is available in your budget each month?
If your salary is $3,500 per month and your total expenses are $3,200 – you can invest up to $300 per month.
Key takeaway: Investing often is a great wealth building tool. Any amount you can invest each month is worth the effort.
Is Putting My Savings Into Spy A Smart Move Or Should I Put That Money Elsewhere?
In most cases, building a reasonable emergency fund should be your top priority—even before you start investing.
An emergency fund is an amount set aside to cover unexpected expenses. This can help if you have a major car repair, medical bill, or job loss.
Many experts recommend having 3 to 6 months of major expenses in your emergency fund. If you spend $4,000 a month on rent, food, bills, and essentials, you should have between $12,000 and $24,000 in your emergency fund.
Tip: If this seems like an unattainable goal, focus on building a small emergency fund first. Any amount is better than no emergency fund!
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If you don’t have an emergency fund, you should focus on building assets before investing large sums. If you already have an emergency fund, you can be more aggressive in your investment strategy.
But for short-term goals — like building an emergency fund or saving for next year’s vacation — it may be better to have cash readily available in a savings account. For short-term savings, it’s best to keep your money “liquid,” meaning easily accessible.
While the stock market tends to rise over the long term, there can be volatility from year to year. You don’t want to invest money you need too soon, because you may be forced to sell at a loss.
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