how much percentage of your post tax biweekly income do you save monthly
| Poll:how much percentage of your post tax biweekly income do you save monthly | |||
| Choice | Stats | ||
| 0-10% | 36% (10) |    |
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| 10-20% | 4% (1) | |
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| 20-30% | 29% (8) | |
|
| 30-40% | 25% (7) | |
|
| 40-50% | 4% (1) | |
|
| >50% | 4% (1) | |
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| Poll:how much percentage of your post tax biweekly income do you save monthly | |||
| Choice | Stats | ||
| 0-10% | 36% (10) | |
|
| 10-20% | 4% (1) | |
|
| 20-30% | 29% (8) | |
|
| 30-40% | 25% (7) | |
|
| 40-50% | 4% (1) | |
|
| >50% | 4% (1) | |
|
I guess 'Save for the Rainy Days' is what most desis find hard to give up and nothing wrong in it unless you are cutting down on everything to save that money!
One should save but not at the cost of regular fun outings with kids or trying out new delicasies once in a while. There is so much to explore here in this multi cultural society..so don't resrtict yourself from enjoying life rather than just existing. It may sound toooo philosophical but trust me there are people who tend to save each penny which may not be worth the health /happiness of their family!
There is this other extreme as mentioned by morning_rain who just live for the day! or who have been here long enough and their parents have already slogged to make the lives of their kids comfortable and so all the money coming in goes for lavish lifestyle.
i have made my share of mistakes of saving money and then spending blindly on my visit to India ...have learnt my lesson of having a balanced approach in future!
System here is good enough that even if you save little, you need not worry much about 'Rainy days'!
Engineers doing labourwork has nothing to do with this poll. We need to stop crying wherever we go. Chitesh wants to create a statistic of how much do we save monthly & let us stick to that including others saving aspects.
My last 12 months savings(money added in saving account) is precisely 31% with one week vacation (not a pricey one), living with one car (wife walks her way to work-1 km far) & I don’t own a house still.
I think paying mortgage can be considered under savings, so a person paying mortgage & saving even 5% can be having more SAVING VALUE in one year than a person saving more than 20% with the same salary & paying rent....
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i..........rock........!!!!!
I agree and disagree with iRock.
Agree:
I just want to know how much you save, its possible for a family making 70K/yr to save 30% of post tax income and its very much possible for family making 170K/yr to save 5% of post tax income (3 new cars, 500K mortgage, children in pvt school etc)
I just want to know the avg statistic
I disagree that paying mortgage is saving as a lot of down goes interest downpayment, and ghar ke value kya kya bharosa aaj uppar hai kaal niche ayega parso phir upar jayega,
On a side note i was recommended to save minimum of 25% of post tax income per month after paying mortgage if i want to continue the same lifestyle after retirement. (Continue living in my basement apartment or my 25 bedroom mansion on mississauga road)
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Live and Let Live
Quote:
Originally posted by HelloG
System here is good enough that even if you save little, you need not worry much about 'Rainy days'!
How do you say that?
If i lose my job i will almost certainly lose my home. I will not be able to afford mortgage+tax+maintainance on EI. I may lose my car too bcoz i am still paying loans
I may be able to live comfortably in a apt but i will be worrying a lot
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Live and Let Live
Location: Greater Toronto Arena
Posted on: 22-07-08 08:30:59
Quote:
Originally posted by chittesh
Hi,
Just wanted to know how much percentage of your post tax biweekly income do desis save every month.
I am assuming that desis use the 2 extra paychecks (3 times a month, that happens twice a year) for either vacation, or paying down on home etc etc)
i would say about 40% goes to saves.
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happily holi day!
Location: Greater Toronto Arena
Posted on: 22-07-08 08:32:12
Quote:
Originally posted by morning_rain
Quote:
Originally posted by tamilkuravan
Hi Chitesh,
This will vary very much as per one's situation. You canot compare the savings of an IT engineer and a Engineer doing labourer work in Canada. The people are too diverse for you to pinpoint a trend.
As for me, I am an Architect doing a draftsman's job and my expenses (Not Savings) are generally (Paycheque - $100) each fortnight. I donot own a home.
Peace
Not necessarily. It depends on your expenses not just your income. Read "The wealthy barber".
One way that we found has really cut down our expenses is to have only one car. Not the gas guzzling kind either
or have no car. do you really need a car ... and pay the insurance and the registration and the petrol and don't forget the mainteannce repairs.
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happily holi day!
Quote:
Originally posted by chittesh
Quote:
Originally posted by HelloG
System here is good enough that even if you save little, you need not worry much about 'Rainy days'!
How do you say that?
If i lose my job i will almost certainly lose my home. I will not be able to afford mortgage+tax+maintainance on EI. I may lose my car too bcoz i am still paying loans
I may be able to live comfortably in a apt but i will be worrying a lot
and thats what you were saving for...weren't you!! Thats what we call a 'rainy day'. I would take a calculated risk before i buy a house or car . I would never go for a house which i cannot afford ( that is pay mortgage for few months when i am between jobs) . As far as other commodities like car etc I am in favour of paying upfront to avoid any hassels later.
