I know not everyone has the luxury of saving at all, but those who do, do you have a "goal" or target savings per-month?
If yes could you explain what it is and your rationale?
I know not everyone has the luxury of saving at all, but those who do, do you have a "goal" or target savings per-month?
If yes could you explain what it is and your rationale?
5 Comments
nbailey@lemmy.ca · 6 pts · 2y
I always aim to put away $500/month into the TFSA because that gets you close to the $6k/year contribution limit.
mindcruzer@lemmy.ca · 1 pts · 2y
saigot@lemmy.ca · 5 pts · 2y
I have many different saving buckets. As far as I'm concerned every expense is coming from "savings" it's just a matter of how often those expenses come up.
Some examples from small to large:
Stochastic@lemmy.ca · 4 pts · 2y
It's a line item in my monthly budget. I run some future simulations to ensure that number is set high enough to at least be in the ballpark to achieve my future goals.
I treat the monthly number less like a goal and more like a required expense to attain what I am hoping to attain.
cygnus@lemmy.ca · 3 pts · 2y
I do it by percentage rather than amount, since my income can fluctuate month-to-month.
Inky@lemmy.ca · 3 pts · 2y
I've never thought of savings in terms of setting a target amount per month. Instead, I've always targetted my spending so that it is at most 70% (though often this has been lower) of whatever cash I regularly have coming in. Any income I get above my regular pay is 100% sent to savings.
I budget assuming 2 paycheques per month, though I am paid bi-weekly. Off each paycheque I automatically withdraw a fixed amount to my shared household spending account and my personal one. All of this spending is around 65% of each paycheque (after all deductions). It includes everything from necessary life expenses, fun money, and travel to emergencies.
Everything else is saved. So, to be more precise my savings come from 4 sources: