By in Family

Do You Save Enough?

You Save Less Than 5% of Your Income.

If you cannot afford to save more than 5% of the money you make, you are basically living from paycheck to paycheck. To increase the amount of money you can save, you should reassess your expenses and try to work towards getting rid of smaller debt obligations. This can free up cash that can be saved on a monthly basis. Of course, you must ensure that you actually save the liberated funds, otherwise your effort would have been in vain.

Some people love keeping up with the Joneses, others simply lack the discipline it takes to keep finances in the black. Either situation can be turned around with conscious effort.

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LeaPea2417 wrote on October 20, 2014, 7:47 PM

I wish we could get out of debt, but right now it doesn't seem possible. It is a goal that I would love to achieve , though.

allen0187 wrote on October 20, 2014, 8:58 PM

I have credit card debt but I'm fairly confident that i can pay it off before before the year ends. Saving 5% of your salary is indeed small but every bit helps so I suggest to save what you can. It is better than not saving at all.

Tuffy06 wrote on October 20, 2014, 10:41 PM

Sad to say no...but I want to change that. I want to save more and spend less.

idyll wrote on October 20, 2014, 11:17 PM

my earning is not enough for my living so i can't afford to save. i'm just trying not to take overdraft.

nataliajones wrote on October 21, 2014, 3:12 PM

Yes, saving just a little can have such a huge impact over time.

nataliajones wrote on October 21, 2014, 3:13 PM

It is smart to focus on getting out of debt before you try to save, especially if you have high interest credit card debt... not so much a mortgage loan, that can be chipped away at while you save.

nataliajones wrote on October 21, 2014, 3:14 PM

I hope you get motivated to do that soon! There's no time like the present, especially when it comes to saving money.

nataliajones wrote on October 21, 2014, 3:15 PM

It sounds like you need to find ways to cut back but I don't know your situation so I hope you get the opportunity to save soon. Thanks for commenting!

allen0187 wrote on October 21, 2014, 9:58 PM

That is so true. We must all learn to use the power of compounding to our advantage.