![]() "Start small and increase as you go along according to your budget. If you can't save 20% of your net income, Dixon recommends simply saving what you can. Meanwhile, if you use the 70-20-10 budget, 70% of your income is set aside for wants and needs, 20% goes to savings and investments, and 10% is for debt repayments or donations.Įverybody's ability to save differs, though, points out Patrina Dixon, CFEI, RFC, founder, and CEO of It'$ My Money. With the 50-30-20 budget, you'll split income into three categories: 50% will go toward things you need, 30% to things you want, and 20% for savings and debt repayment. These budgeting strategies may be helpful if you're looking for guidelines on spending and saving money. What is a good amount to save each month?Īround 20% of your income (after taxes) is a good amount to save each month, according to the 50-30-20 budget and 70-20-10 budget. One way to save money fast is to examine your budget and see if you can regularly set aside money toward your savings.īut is there a way to figure out exactly how much you should save each month? We'll explain how to use budgeting strategies and goal setting to determine how much to save each month, plus where to keep your money depending on your goals. Savings accounts are the best places to keep money for short-term goals or emergencies.Budgeting strategies and setting goals can help dictate monthly savings contributions.Everyone has different savings goals and financial obligations, so save what you can monthly.
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