What’s the ideal savings rate for someone in his or her late 20s?
Ang daming ganap at this point. Splurging on Instagrammable dinner adventures or #wandergrams, and needed gadgets to catch that quality image or scene are among them. Rewarding yourself through all these “ganap” is very tempting.
Twenty-somethings like you should be saving at least 30% of your income for you to set up a solid financial foundation.
Thirty percent can be doable or daunting for you. But even if you won’t be able to hit your monthly 30%, starting with whatever amount you can afford is more important. Just start saving until it becomes a habit.
Saving should be easier these days. Many of the major banks’ mobile and web apps can automate your savings by pushing a set amount of your salary to an investment vehicle such as a UITF or a mutual fund.
Money question answered by Burn Gutierrez
Burn Gutierrez is a Certified Personal Finance Instructor and chairman of the nonprofit organization Angat Pilipinas Coalition for Financial Literacy, a personal finance and investment advocacy group that reaches out to OFWs, creatives, and the youth. He also mentors Bo Sanchez’ Truly Rich Club members and conducts monthly webinars for OFWs and migrants. He is the author of the personal finance comic book “The Adventures of Pepot Kuripot and Dora Gastadora,” and is contributing author of “Cyberpreneur Philippines”. He is director of G&C Financials and EnglishLearningCamp. He blogs at Rock To Riches, hosted at burngutierrez.com.
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