How much do you save

[Nomaswazi]

On a monthly basis?

Just wondering

[YB*]

Originally Posted by Nomaswazi

On a monthly basis?

Just wondering

Are you asking in absolute or percentage?

I save whatever remains after spending, I then add to what I get the next month then save whatever remains after another spending.......ad infinitum (I hope not).

I know am not a saver, so I do the next best thing. Sink into projects, acquisitions with financial help using a bank check off system - Meaning by the 7th of every month, whatever remains is for consumption - Bad approach for most, but the solution for me. I cannot save cash, end of story.

[Nomaswazi]

Originally Posted by YB*

Are you asking in absolute or percentage?

I save whatever remains after spending, I then add to what I get the next month then save whatever remains after another spending.......ad infinitum (I hope not).

I know am not a saver, so I do the next best thing. Sink into projects, acquisitions with financial help using a bank check off system - Meaning by the 7th of every month, whatever remains is for consumption - Bad approach for most, but the solution for me. I cannot save cash, end of story.

Ok, I am like a shopperholic, so if I dont have a structured saving plan, my finance would always be in red.I have two saving "plans" per such.

1.I save about an equivalent of $250 a month- automated by financial advisor
2. When ever I have lump sums, I invest short term in some sort of viable venture E.g I just invested into my brothers coal business.

This helps me blow whatever is left on shoes, clothes , hair, travel and whatever else in peace.

[Henry_DG]

80% of my salary goes into saving.
Thank you Jesus

[Kukurukakakara]

Originally Posted by Henry_DG

80% of my salary goes into saving.
Thank you Jesus

You mean 80% saving on that Kshs.100 weekly pocket money your father and mother give you?

[mukwano]

Not less than 25% of salary per month it aint much but its better than having nothin.

[A.M Nafusi]

That is why I always have friends and family in my business: Any money I see hanging around gets spent. Someone has to slash it off for something!

I don't save in banks too. It has to be non-liquid stuff. God knows to send good friends and family.

Bad thing is once I invest, I tend to forget about it. That is why I always need someone to watch out for me...lol.

[Mzungu-Mweusi]

Not enough. i am starting to though moving forward

[Swahilijoe]

Its hard to save but i do a minimum is 25% of my net income a month. I have set up some automated accounts with banks like ING Direct and twice a month money is deposited from my main accounts into this subsidiary accounts. At the end of the year is when you appreciate the saying "Kidogo kidogo hujaza kibaba"

Also a 401K is important; i know portfolios were destroyed last year but i shifted to a conservative plan and i lost less than 1% but now I'm back to more aggressive since i can afford another 35 years to save- i max my contributions. An IRA is a good way to save depending on your income.

There are various ways to pinch pennies...Starbucks is an expensive habit so i stick to the 99cts coffee at Dunkin Donuts, eat out less and cook at home, stick to my simple flip phone....i don't think its normal to check your emails on the phone..its anti-social the way people are all hooked up to their phones, my cable is basic...can't even tell you the last time i watched TV, dress smart but not expensive e.t.c

One last thing is to set a money tracking account; i prefer Yodlee.com; you can track your income,expenses,investments on a monthly basis and know if you are wasting any money.

[msema ukweli Kabisa]

Swahili good job. I save 30% of my income and how I manage that is just a simple trick. I budget every little cent that I spend. I know where the money is going, where it went and where it will go in the future.

I also max out my 401k. I have my child education plan too (no kids yet) but most important I have an account in Kenya that I regularly deposit money which I never touch.

With that said I did not understand a single word AM Nafusi said up there. What is she saying. Ati she saves my giving money to friends?