How much percentage of salary should be saved monthly?

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How much percentage of salary should be saved monthly?

Sahil Agnihotri
New to Real Estate · Moncton NB · Member since 2021 · 16 posts · 6 votes

Good day Everyone,

It is a rhetorical question, How much percentage of salary should be saved monthly? I know this has no correct answer but I'd like to know about people here when they were just starting out. THANKS :)

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Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
5y

Percentage will depend on how much you make.  Someone working minimum wage will have more problems saving a high percentage than someone making 6 figures (in theory).  I buy what I need (basics, nothing fancy), pay my bills and save the rest.  Reducing spending on eating out and buying a good car (nothing fancy) that is reliable and lasts helps a lot.  

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  • Nik S.
    OH · Member since 2014 · 454 posts · 227 votes
    5y

    @Sahil Agnihotri

    If you can save 50% you’re doing good. Subjective of course.

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  • Sahil Agnihotri
    OP
    New to Real Estate · Moncton NB · Member since 2021 · 16 posts · 6 votes
    5y

    That's a piece of great advice, which is easily manageable. Thanks, @Nik S.

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  • Account Closed
    Rental Property Investor · Port Coquitlam, BC · Member since 2017 · 520 posts · 527 votes
    5y
    Save for what?
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  • Sahil Agnihotri
    OP
    New to Real Estate · Moncton NB · Member since 2021 · 16 posts · 6 votes
    5y

    @Account Closed Saving for a downpayment, Just trying to get a variety of answers in the comment section.

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  • Tyler Peitzmeier
    Investor · Newport Beach, CA · Member since 2019 · 68 posts · 66 votes
    5y

    @Sahil Agnihotri I am in Orange County, CA. I am setting aside 30% of my salary with little effort to cut back too much.

    1Reply
  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    5y

    Percentage will depend on how much you make.  Someone working minimum wage will have more problems saving a high percentage than someone making 6 figures (in theory).  I buy what I need (basics, nothing fancy), pay my bills and save the rest.  Reducing spending on eating out and buying a good car (nothing fancy) that is reliable and lasts helps a lot.  

    1Reply
  • John MorganPro Member
    Rental Property Investor · Grand Prairie, TX · Member since 2018 · 2k+ posts · 2k+ votes
    5y

    I always aimed for 20-25% before I hit 40. Now it’s zero since my net worth is snow balling from saving when I was younger.

    1Reply
  • Jessie Kristie
    Member since 2021 · 61 posts · 36 votes
    5y

    @Sahil Agnihotri

    It all depends on your goals and comfort level. I did 45-50% when I first started out. Now I do 35-40%. I only buy what I need (no TV, new phone every 7-8 years, new car every 200k miles, etc.), but I do travel few times a year.

    1Reply
  • Peter MckernanBusiness Member
    Residential Real Estate Agent · Irvine, CA · Member since 2013 · 2k+ posts · 1k+ votes
    5y

    @Sahil Agnihotri I am setting aside 30%-45% depending on your goals and what you are looking to invest in, when you are looking to retire, and what your full plan is for investing. 

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