I need your advice on how much i should spend and how much i should save money from my monthly income?

My monthly income is nearly 8,167.89$ and i usually spend it all every month ..and i am really feeling guilty because i should be more wise when spending this amount of money. To Sandy : am not a US citizen .. the reason why i used the $ sign is because its used worldwide. Also , I don't have any responsibilities (ex: personal dept or house payments..etc) with the money that i recieve am free with it. so the "D" that you have given me wasn't in its right place :)

Public Comments

1. You should save at least 10% of your net income EVERY paycheck for your future retirement. That's what "they" say anyway.
2. try to put 500$ amonth into a savings account or more and sacrifice eating out, smoking, drinking coffee what ever thats not actually needed. someday your gonna need money and be glad you put some away.
3. If a person splits his income into 4 parts 1 part for his parents 1 part for himself and his wife 1 part for his children education and future 1 part for his oldage and spends in this way, he/she need not feel guilty and his past, presence and future are safeguarded goodluck pnkmurthy@yahoo.com
4. You know how, when you're taking a multiple-choice test, and option "D" is "Not enough information"? That's what my answer is to your question. Having said that, you haven't said if you have a mortgage or rent payment, if you have a car payment...etc. You'll have to make a budget. Because you used a $ sign, I assume you're in the US. Contact your local office of Consumer Credit Counseling Services. They offer free advice, and can set you up on a budget that YOU can be comfortable with. Barring that, always have 3 savings accounts. One for retirement, one for emergencies, and one for vacations. Sandy
5. u need to get professional advise,both psychologially and financially, because if you feel guilty but keep spending that means it might be a behaviour problem
6. wow.. my income was just us$500 a month, and i could save $300 of it. i think half of the income, is good rate for saving. not counting home loan payment as expense, it's actually another form of saving. you're lucky one, save for your future or give for others that need rather than spend your money.
7. Try to put 20% away for retirement of your net income not gross- split between savings and a 401k or such. Then if you need more money the amount you are putting in savings can be lowered. do not expect any help during retirement from the governments the way things are going.
8. spend it all.. live your day.. u never know what happens tomorrow:)
9. well, its a matter of wise budgeting so in line with this you should learn how to budget your money. Have a monthly budget plan that includes the basic needs,transportation allowance and bill payments. Refrain buying luxurious things and doing luxurious activities, instead put it on a time deposit. Time deposit help you not to spend your money every time you want. Inquire a bank clerks for more details. These are things that I have done to have a savings. Hope these would be applicable to you also.
10. Best way to save? Know your goals and go for it! Best personal finance equation: Income - Savings = expenses