RE: Saturday Savers Club with @susie-saver | Week 25 - Saturday 19 June 2021 - Hey, hey, hey No 2 for comments 2nd week running! Can we make No 1? | Plus SPI, LBI and CL Bonanza Challenge | Win EDS Tokens for Comments! Everyone Welcome
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First off tell the wheel spinner nice job, virtual or not, it landed on my name so I am pretty happy with that.
I think a balanced approach is best when it comes to trying to save and de-debt oneself. Debt is something that most people are going to have for a while, it is part of life, we just need to know when enough is enough.
Savings is something not enough people have. I think a good number for people to try for is to get to at least the same amount in savings as your second year of work earnings were. This will take time. If at the end of your second year at work you made 10,000 dollars then this is the first savings goal a person should have. This would hopefully be reached when you can remember what it was like to live on that 10,000 dollars a year.
Second goal should be to increase your savings to what you earn in the year you reach your first goal with 10% added on top of it. So if you now make 50,000 dollars a year shoot for 50,500 dollars to add to your savings. Hopefully you did not reach a point where you had to use your emergency funds, but stuff does happen, and if you get lucky your savings will be a bonus to your regular retirement account.
That wheel spinner has a great job - with every spin someone is happy 😁.
I agree about a balanced approach, if it is possible to get to that position. Debt has its uses and there are some great deals around - 0% interest on a new kitchen, with payments over three years, is a helpful option with a big expense. As you say, knowing your limits helps.
A staggering amount of people in the UK have no savings at all, or less than £100. Financial management, budgetting, saving and planning expenditure are all skills that are not taught in school - I was interested that the scouting movement have introduced a badge for it.
Some good goals there - goal setting is another important skill that people sometimes struggle with.
Thanks for participating - are you going to take part in the half-year challenge?
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