What would people recommend as a good percentage of income t

chloejoanna · Joined: 20 May 2008 Posts: 37 15.99 Dollars($)

Hi, I am currently saving to put deposit down on first place; I’m looking to put 5% down. What percentage of my monthly income (around $2000) would people suggest I saved so as not to put myself in fanatical difficulties?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi.

We must fulfill all our requirements and then think about saving. I think one should try to save at least 20 percent of his income. But unfortunately most of people lives on debts. BTW save enough for closing costs and down payments before going for a mortgage.

Best of luck,
Larry

brian1 · Posted: Sun Jun 29, 2008 1:25 am Post subject:

First get out of debt if possible then start saving.
There are loan programs that do not require any money out of pocket so you may not need to save to buy a home but it is always wise to have a reserve fund established
Brian

Guest 0.10 Dollars($)

Hi, I am a single mom and currently make after tax approx. $2,300. What should my savings %age goal be. I am not yet a home owner and have one 14 yr. old. I also have college to think about.

jerry · Posted: Fri Oct 24, 2008 3:11 am Post subject:

Hi joline!

It will be better if you could consult a financial adviser. He/she will be able to tell you about the savings percentage by checking your budget and other details. The savings percentage may vary from person to person.

Thanks,
Jerry

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