Saving Money How Much Should I Save Each Month?

[Yusra3]

The first step to saving more is setting a goal

If you're trying to save $500 per month, but you're spending $600 in the same period, your savings rate will be around 0.75%. If this sounds too difficult, consider that if you get yourself into a habit of saving 10% of your income each month, then that would mean saving $50 every two weeks which is doable!

If you're currently saving less than 10%, start with small changes like cutting back on your shopping and eating out for lunch at work. Then, take baby steps toward increasing your savings rate by increasing the amount of money you put away each paycheck or putting off buying something until next month. And remember: It's OK if some months don't go as planned! Just keep going and try not to let it discourage you from getting those extra dollars saved up!

 

[Carpon]

The habit of saving is actually something you learn gradually and at times, it may take a long period of time before you can adjust fully to that and that is why you must be able to keep saving and adhere to it even when you don't do so perfectly till you are able to do it without stress and that is when it becomes a habit to you.

So I think on the aspect of what to save, or how much to save, then it depends on your income and the level of your expenses depending on the kind of needs you have. But basically as you said, you may begin saving little amount at first let's say about 10% of your total earnings. Then with time as you can be able to do, add more on that till you reach a stable level when you save a certain amount consistently.

 

[CALVINDOL]

At least 20% of your income is enough to save in a particular month. 20% of your income isn't the only proportion or percentage of your salary or any other form of income you should save or you should allocate for saving purposes. But it is the least. The percentage of income you should save totally various as the amount of your income increases. An individual who get paid 50000 naira in a particular month is expected to allocate 20% of his or her income for saving purposes but for an individual who get paid 100,000 naira can allocate 40% of his or her income.

The importance of having a saving emergency fund is not a one to be disagreed about because they are totally numerous us and totally important. And no one is above emergency and as long as we are living in a world faced with different negative criterias, that simply and towels that in one day or the other we may fall into various emergency which totally would need the involvement of money to be alleviated.