Single people should be able to save 10%-30% of their income – Business Consultant
“If you’re single and you work it up properly, you should be able to save between 10 and 30 percent of your income. You may have a situation where you’re perching with your parents, so you’re not paying rent, electricity, and other utilities. Sometimes, your parents may even give you food. So, that notional amount that if you were on your own, you would have spent, because you’re living with your parents, please add it to it. Act as if you’re paying them, and that money will go to some special account,” he urged.
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Business consultant, Charles Mensah has said that persons who are yet to marry should strive to save between 10% and 30% of their monthly income.
According to him, in an interview with Roselyn Felli on Joy Prime’s Changes show, most of these individuals still live with their parents, which means they don’t have to pay rent or other utility bills, thus reducing their expenses.
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“If you’re single and you work it up properly, you should be able to save between 10 and 30 percent of your income. You may have a situation where you’re perching with your parents, so you’re not paying rent, electricity, and other utilities. Sometimes, your parents may even give you food. So, that notional amount that if you were on your own, you would have spent, because you’re living with your parents, please add it to it. Act as if you’re paying them, and that money will go to some special account,” he urged.
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He feels that this will support them when their parents pressure them to vacate the house as they reach maturity.
He also mentioned that failing to inculcate the practice of assuming to pay their parents by saving the money in a special account within that period will result in people facing challenges with rent when they are out of their families’ houses.
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However, the business consultant further explained that singles who live alone and cater to their own needs can save a maximum of 15 percent but emphasised that those still with family or relatives ought to save 30 percent.
“Anybody who is single and perching or living with an auntie, uncle, or whatever it is, your savings ought to be 30%. But if you’re on your own already, then a minimum of 10 to 15 percent savings should be ideal for you.”
As to how one can save the targeted percentage considering the economic hardship, Mr. Mensah encouraged them to engage in other skillful activities to generate multiple streams of income and avoid depending on a single job, which may not provide enough income.
Source: myjoyonline.com
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