AskIf your’e earning 15K a month given that its still deductible for other expenses such as pag-ibig,philhealth etc. how much money for investment should one save?and also, how can you set aside an emergency fund if your’e work is based under contract of service?
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8 Responses to “Earning 15K/month”
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Wow… tough question…. i don’t know all the percentages and deductions, but what i think you can do is:
subtract all the deductions (tax, philhealth, sss/gsis, hdmf/pagibig)
find out how much you need for necessities (rent, food, electricity bills, water bills, transpo from home-to-work-and-back-to-home)
After that, the money left can theoretically be saved (of course, other expenses pop up like toiletries, clothes, and the like)
I think you might be able to save up to 500 per month? it all depends….
But at the very least, every pay period take Php100 right away and put in your savings account or piggy bank.
Also… what do you mean by under contract of service? Is it that you are under contract to the company for a set period like 6mos, 1 year, etc.? Or does it mean you are on call and are paid depending on the number or jobs handed out to you?
I would also reccommend opening an easy saver bank account with BPI. For only P250 you can open an account without any maintaining balance. This way you can be sure that you money is safe.
Given your salary bracket, i think you are still young and a professional or a semi skilled worker. Remember, it is not the amount you get but how you use the money you get. Yes, pay your taxes. from your net pay, set aside a certain percentage for your emergency fund (illness, medications etc), a certain percentage for retirement which I hope you can invest and the rest for your living expenses. From your net pay, BPI SAve up Direct is a good way of saving before you apportion your money. Invest while you are still young. Am sharing this because i am just starting to invest after all these years, what a waste of the lost years. Also, be financially savvy, educate yourself on how you can make your money grow.Good luck!
Save at least 10% of your net income, put a portion for your emergency fund and invest the other portion. There are a lot of investment vehicles nowadays. God bless!
I am earning 16k+(net) a month. and here are my expenses:
1. I give my parents 4k a month.
2. Paying for a residential lot of w/c I acquired just 2 months ago for 6.5k a month.
I searched the web for the eagerness to have my lot as early as now and luckily I got one at half the market price. I was so eager to find a lot that time that my parents thought that I want to get married soon. But that’s not my reason. All of us will soon end up dreaming to have their own house and lot. And upon realizing that we will end up in the same road, I told myself “why don’t take the road this early?” I used my savings as part of downpayment and asked for parents’ help for the rest.
3. I subscribed for the easy investment program (long term) of BDO for 1.5k monthly.
4. Cellphone load of 150/month (Sun Unli).
5. savings of 1.5k or more of the excess fund until next payday
6. 2k+ for transpo and allowance
I’m living with my parents and I am 23 yrs old.
My friends often think that I earn so much. That I would not be able to do these things if I’m just an ordinary employee who eats what he earns. But what they do not know is that it’s NOT ABOUT HOW MUCH YOU EARN – IT’S ABOUT HOW MUCH YOU CAN/HAVE SET ASIDE FOR YOUR FUTURE. When I’m bored I get my guitar instead of grabbing a cup of STARBUCKS coffee. I bring snacks in the office and I have a tumbler for my 3in1 coffee and FREE water.
It is easy to live below your means, and the easiest way to do it is to set your goal, know your priority and to visualize and to start your dream. š
I wish I had done that when I was 23. I saved – and managed to save a lot – but I regret not investing earlier, or being financially savvy enough to get a lot (my mentality right now is land price will always go up in time, especial in the metro – anywhere in the metro).
You’re right that land valuation continuous to rise. But we have to catch one with its value today than its value tomorrow. The earlier, the better. And if you were not able to do it before, change your regrets to optimism. I have shared my passion for savings with my brother who is 27 yrs old and to my officemate who is 31 yrs old. And they were very eager to do save after our conversation. Don’t regret your past and charge it to experience, at least you son would not be doing that mistake anymore. Anyway it should not be viewed as “mistake” but rather a “foregone opportunity”. It’s never too late and remember to change “regrets” to “optimism”. I never intend to sound boastful, I only wish to inspire the young and aggressive people to value money the way they value their future. :)))