Both of you can do this by doing a budget plan on a monthly basis.īudgeting is like taming your money. Whenever you receive your salary, it is advisable to pay yourself first by allotting a portion of your salary to savings. In other words, you must save at least 20% of your salary as a couple. The same applies into saving, that is, 80% of your savings come from 20% of your frugal strategies. In business, you must put most of your efforts on the 20% of things that bring 80% of the income. There is a basic rule in business called Pareto’s Principle of 80/20. Also, how do we give room for miscellaneous expenses (shopping, travel)? Of course, we don’t want to just spend everything on household stuff we need to pamper ourselves, too, from time to time. We don’t want to end up with zero savings every month, so we just want to know the ideal amount of savings that we need to target. What’s the ideal percentage of our salary that should go to our savings? Francis and I are working, we’re renting a condo unit for 10k a month and we’re paying bills. Thanks in advance Good House Keeping Magazine. I am excited since this will be my first time to be featured. Let’s also watch the other personal finance advisors who will be featured.
So to all my readers, thank you for the continuous support. I cannot wait because they said that the issue where I will be featured will come out this coming month of July.
Let me share to you two of the four questions I have answered. It was a piece requiring tips on the situations provided by their readers. I was glad because I was recently contacted by someone from Good HouseKeeping Magazine of Summit Media to offer advise and tips for their Money Makeover piece.
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