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Just got my first salary and generic saving advice doesn't really fit my situation. Need suggestions

Just got my first salary, which isn't a lot, but I also don't have much expense since I live with my parents. The generic saving plans I see online don't seem very helpful for my situation, so I'd really appreciate some suggestions. A bit of context about me.…

原帖正文r/personalfinance

Just got my first salary, which isn't a lot, but I also don't have much expense since I live with my parents. The generic saving plans I see online don't seem very helpful for my situation, so I'd really appreciate some suggestions. A bit of context about me. I'm Indian and I live with my parents. I have no plans in the near future to buy a house or get married, and I don't have any student loans. I'm also unsure about pursuing higher studies since I'm required to stay in this job for two years. I do want to pursue, if I get into good institute after these 2 years. I know my dad took out a huge loan to cover gambling losses. My mom has paid back most of it but refuses to tell me how much is left. She plans to quit her job by the end of this year and wants me to save up as much as I can. (she works in fintech and is also in the company for 13 years now, so the gratuity is supposed to be gracious) The 50/30/20 rule doesn't really work for me either, since I'm not expected to contribute to household expenses. I used up more than 90% of my internship salary because I wasn't mindful with spending, and I want to do better this time. That said, I also don't want my money just sitting idle in my account. edit: just wanted to add that my salary is below the minimum taxable ​bracket right now. I'm supposed get a small upgrade by the start of next year which would put me in the lowest bracket.

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6 条评论

u/mrkmrrsn

You've stated no actual reason why generic saving plans wouldn't work for you. Just save as much as you can.

u/Murky_Gur_5845

He is living in india

u/xenophanes__

So you’re making less than 16,100. Just put whatever you want to save in a HYSA.

u/sli7246

Assuming you’re in your 20s, just save a reasonable amount of your salary. Life changes a lot and you what doesn’t have a purpose today will have a purpose tomorrow

u/Marine_Layered

Are you living in India or living in the United States? If you are in India, search out personal finance subs for your country; you are likely to get us-based advice in this sub.

u/Frosty_Dog_2834

Follow 50/30/20 and put the 50 into savings for the day when you are paying household expenses. There’s nothing wrong with some money sitting idle in your account when you don’t know when you’ll need it or how much you’ll need. If you might need it for living or school expenses in two years, sitting idle for that short time isn’t bad.