How much should i put in my savings every paycheck
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50/30/20 rule calculator
How much should i save per paycheck calculator.
Saving a percentage of your income each month is the foundation of personal finance. But just how much should you save each month? It all depends on where you want go…
How much money should I save a month?
I recommend everyone try to save at least 20 percent of your monthly take home pay.
Ultimately, how much you should save is deeply personal and depends on factors like debt payments, life events and, of course, how much you earn.
After more than 20 years as a personal finance writer and talking to thousands of readers, I know the reality is that some people save a lot more than 20% of their income and there are many who save nothing.
But I believe 20% is a fair, achievable saving goal for the vast majority.
MORE: Start saving now with a high yield savings account
Why you need to save at least 20% of your income
Here are a few facts that I think illustrate why a healthy saving rate is so important:
- Inflation raises the cost of living faster than most of can increase our income
- Most of us will not be able to (or want to) work forever
- We all face financial uncert
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