New Poll: What percentage of your monthly income do you save?

by Manshu on November 29, 2010

in Thrift

Yesterday I asked for poll ideas at my Facebook page (why haven’t you liked it yet?), and reader Raja Panda suggested the following question:

About what percentage of salary(net) people save at what income level.

I have simplified this a little bit by removing the income level because it’s easier to conduct the poll that way, and also because your standard of living increases as you start earning more, so while you may think that you will save more at a higher salary, in reality that is not the case.

So, here is the question for the new poll:

What percentage of your monthly annual income do you save?

  • I don’t save anything currently
  • Between 1 – 5%
  • Between 6 – 10%
  • Between 11 – 15%
  • Between 16 – 20%
  • Above 20%

The poll is on the left sidebar, so feed and email readers please click through the site and vote. Also leave a comment because as you know – I use them as feedback when I prepare the poll results post, and of course it gets everyone thinking too.

Leave a comment letting everyone know the changes in your savings habit from the peak of the recession to now, and whether you think about saving more at all, or any other thoughts you may have about saving.

Let me start off by telling you that I am not a very thrifty person by nature, but when I graduated I had a student loan to pay off, which forced me to take a certain amount and keep it aside every month. With time that loan was paid off, but the habit stayed with me. It was like having a chunk of money that I didn’t have before, and luckily I had the sense to continue keeping that money aside, and that helped develop a saving habit.

Then during the great recession, I really realized the importance of having an emergency fund, and being thrifty. If you can live below your means, and have no credit card balance or EMIs you can sleep a lot better at night.

But between the recession and having to pay off that loan, I think the loan had a lot more influence on me just because it lasted so long, and forced the habit on me.

Your turn now – leave a comment about your saving habit, and any tips that you may have to develop a thrifty mindset.

Update: Raja made some recommendations, and since not many people had voted, and the emails were not sent out, I made a few changes in the options.

Previous post:

Next post: