Someone asked for my advice: how much of my earnings should I save for the future?
My advice - you should save 10 to 15 percent of your earnings. They are for the following:
- in case you lose your job
- for unexpected medical and other expenses
- to supplement your savings for retirement
Many people think that they do not earn enough to meet their living expenses. This is not correct. If they look at how people who earn less cope with their budget, they will find that it is possible to set aside the savings.
They can cut down expenses on buying a car, or they can buy a smaller flat, or spend less on holiday or children's tuition.
It is a matter of priority.
Make some savings. Take care of your future first. Then, you can take care of others.
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