How Much Money Should You Save Each Month?
The simple answer is as much as you can. Everyone makes a different amount each month. They also have different financial obligations each month. It is important to realize that one set dollar amount is not going to work for everyone. Here are some basic guidelines you should follow when determining how much you should save each month. Start With 10 percent of Your Income The standard that many experts set is at least 10 percent of your income . This is a good starting point, to save 10 percent of your salary. It is an easy way to start because it is a set amount of money each month. It should not be that difficult to save 10 percent of your income, but you may want to increase this amount over time . Eventually, you can work up to 20 or even 30 percent to increase your savings and plan for your future. Save Beyond Retirement Savings It is important that you are saving in addition to the money you are putting in your retirement savings account. If you do not, you will never sa