How much do you have saved?

You should have at least 6 months worth of salary in the bank if you get a paycheck. This excluded investments etc.
 
44% of my current CTC, this includes all savings and retirement fund. I'm in my mid 20s.

I lost a total of 20% of my CTC trading on the stock market since 2006 :(.

Spent 35% of my CTC (from savings) to pay off my car last month, I now have no debt :).
 
ponder said:
You should have at least 6 months worth of salary in the bank if you get a paycheck. This excluded investments etc.
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When people say this would you say that includes the money you don't spend and rather save. On average I spend 40%-45% of my monthly salary and save the rest so would this 6 months worth of savings be 6 x (45% of salary) or 6 x (100% of salary)?
 
About 117%, I'm 26. I inherited 30% of this amount though, so that gives 87%.

I've been working for three years, so it roughly equates to a saving of 29% per year (ignoring normal promotions or growth on savings)

240 times my monthly expenses also pans out to about 10 x my CTC
 
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agentrfr said:
Live poor while you are 20. Save all the cash you can. Raise a family when 30, give them enough to be busy, but not enough to be bored. Education is #1 priority. Peak at 50. Chill from 60.

Life = Sorted.
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Equals missed youth.

fastesthamster said:
Aha, nice. For me this gives roughly the same answer as 10x my CTC.
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Gives me two very different numbers.

ponder said:
You should have at least 6 months worth of salary in the bank if you get a paycheck. This excluded investments etc.
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I'd rather put it into an investment I can convert to cash fairly quickly.
 
140% of CTC at 34. (But only 100% if I factor in overtime, bonuses etc).
 
About -200% if you exclude the assets (house and car) that generally offset the debt. When my house, car (and any short term debt) are paid off and I have money sitting in an account I will consider it as "savings".
 
/offtopic

The company that manages our companies pension fund are charging a 10% "risk" fee on all contributions. I don't care how good the returns are (which, to be fair, are pretty decent), that's daylight robbery.
 
Enough for lots of beer, have no debt for 20 years now. So f u to the banks.
 
I've done a quick calculation and i have enough money to live comfortably for the rest of my life, if i die on Sunday :(
 
Icarium said:
/offtopic

The company that manages our companies pension fund are charging a 10% "risk" fee on all contributions. I don't care how good the returns are (which, to be fair, are pretty decent), that's daylight robbery.
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I'm pretty sure this is illegal.
If you are forced to use the said pension fund, there can't be floating deductions for no reason.
 
I'd noticed that my contributions per my pay slip and what appears on the odd statement didn't quite add up, but never looked at it till now. Now I see that they charge an admin fee of R44, consulting fees of R40 and then a "Risk" fee equal to 10% of the monthly contributions. They're basically pocketing 12% of my total monthly contributions up front, every month.
 
Re83L said:
I'm pretty sure this is illegal.
If you are forced to use the said pension fund, there can't be floating deductions for no reason.
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Or at the very least quite negligent of your employers to allow this to happen.

W.r.t. the OP, surely there are online retirement calculators better suited to the question of retirement savings than working on 10x your annual CTC??
 
i don't know how to do this thing but here goes for trying.

cash between the 2 of us = about R500 thousand. we still trying to figure out where to invest this money. it's money we have saved together.
we don't have a bond our house is paid up. we don't have any other debt except the usual lights, rates etc.
 
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