What's Your Opinion on Saving 10% of Salary?

Spencer

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The purpose of this thread is to be an open discussion for all members, I read in many different blog posts and saving websites that it's advisable for employees to save 10% of their paycheck, in my opinion if you save just 10% of your paycheck, how long will it take you to save anything tangible?

In my opinion savings should b based on the problem you're trying to solve, so for example if you're trying to pay fees you can allocate more of your pay to that, it shouldn't be a static "10%", your money should go into improving your situation and solving your immediate problems.
 

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To cut your spending significantly, first take your time to figure out where your money goes. Jot down all your expenditure irrespective of how insignificant it may be so that you could effectively find out where you could surely trim the spending. Let the next step be strict adhesion to a budget and, consequently, making payments based on it. One of the habits to eliminate is the ability to make impulse purchases through the formation of a shopping list and its use. You should stop eating at restaurants and opt for homemade meals. Looking for cheaper brands for the products you use frequently, offers are one of the best options to take.
 
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