Given the cost of living in the Bahamas what percentage of income would you say you are able to save on a monthly basis?

Well given my situation, where I do not have much expenses as someone who is deffinately on their own. I save and have the capacity to save I would safely say much more than the average rate and more than the recomended percentage.

If I did live in the Bahamas, I would live with my brothers or parents, and try to save about 50 percent of my salary for at least 2 years. After two years I would've saved enough for a decent lot, so would my brothers, lots that we could bundle to create a collaterized mortgage of some kind and using the proceeds to build homes at a much lower rate than it appears the banks in the Bahamas are willing to offer. Unless there is some law against purchasing debt outside of the country.

Well given my situation, where I do not have much expenses as someone who is deffinately on their own. I save and have the capacity to save I would safely say much more than the average rate and more than the recomended percentage.

Thanks for responding. Would you tell me what the average and recommended percentages are?

Yeah like I always hear people starting to say..."live with your parents/ loved ones as long as you can!" LOL....yeah live with people who are able to shoulder reagular financial burden, because with the cost of living now....its amazing that some individuals aren't at a lower state!

You know people talk about how Illegal Immigrants especially hatians live together in one apartment/house in larger numbers than normal.....but maybe they have the right idea?

Perhaps a more civilised Bahamian way is to rent a good house/townhouse/condo....2-3 bedrm and share the rent and living expenses equally amonst the two or three? Maybe have a couple or two move in....communal living...can we handle that in our advancing society?

If I did live in the Bahamas, I would live with my brothers or parents, and try to save about 50 percent of my salary for at least 2 years. After two years I would've saved enough for a decent lot, so would my brothers, lots that we could bundle to create a collaterized mortgage of some kind and using the proceeds to build homes at a much lower rate than it appears the banks in the Bahamas are willing to offer. Unless there is some law against purchasing debt outside of the country.

Thanks for responding. At what rate are you saving now?

Thanks for responding. Would you tell me what the average and recommended percentages are?


I hear and read recommended percentages of 15-20%

Average is a tragedy...as most people if they save at all hardly reach 10%! I mean here...if you have more than $500 in you account you seem to be in a higher class!

Hey Glen! Welcome to BI. I see you're still trying to get people to be "rich" like you. I still don't manage to save more than $150.00 per month one a $2700 per month salary. But mind you, each month, the bills are paid, there's food in the house and my insurance is up to date. I still need to talk to you about a college fund for my daughter though. She only has ten more years to go before that and I'm afraid of what college will cost then!

Again, welcome. Do stick around too!

I hear and read recommended percentages of 15-20%
Average is a tragedy...as most people if they save at all hardly reach 10%! I mean here...if you have more than $500 in you account you seem to be in a higher class!

Its interesting to hear you say that. So what would you say the average person saves on a monthly basis and how does this compare to your situation?

Thanks for responding. At what rate are you saving now?


Percentage that I actively save?? Its about 50 percent of net earnings. Not including employer sponsored plans which is 6 percent of gross. Tax refunds go to a retirement fund and 80 percent of bonuses is invested.

Hey Glen! Welcome to BI. I see you're still trying to get people to be "rich" like you. I still don't manage to save more than $150.00 per month one a $2700 per month salary. But mind you, each month, the bills are paid, there's food in the house and my insurance is up to date. I still need to talk to you about a college fund for my daughter though. She only has ten more years to go before that and I'm afraid of what college will cost then!
Again, welcome. Do stick around too!

Thanks for the welcome... So you're saving about 5.5% per month. Are you happy with this amount and if not what would you say are some of the barriers to saving more.

Percentage that I actively save?? Its about 50 percent of net earnings. Not including employer sponsored plans which is 6 percent of gross. Tax refunds go to a retirement fund and 80 percent of bonuses is invested.

Is that "net take home pay" or "net after living expenses"? If it's on the net take home, that's not bad... From what I'm reading you're not average. How would you describe your current financial situation and how do you feel about your future?

I can save as much as $5000+ a year if i can get this traveling monkey off my back. i dont have kids so the money i can save goes to travels and i dont mean miami...think much, much, much further.

Net take home pay. I'm saving with other objectives in mind. I think my current financial situation is fine. My future depends on where I decide to live. Out of the choices I would prefer living in the Bahamas, but I'm leary of the internal politics where merit, competence and ability account for little. Also, I don't think the Bahamas' banking/investment market is sophisticated enough to risk an extreme pay cut.

I can save as much as $5000+ a year if i can get this traveling monkey off my back. i dont have kids so the money i can save goes to travels and i dont mean miami...think much, much, much further.

It seem my question to you should be how much do you save?