How Much Money You Should Save Every Month?
Money is fundamental need to survive in this materialistic world. This works as fuel to function or let us maintain the lifestyle we want. However, not all money should be spent on maintaining the class of our lifestyle. You should always save a certain fraction of money (savings) in order to avoid financial crisis in the future. The blog-post will help you to get understanding on fixed percentage of your income for savings purpose. How Much Money should be saved? As per 50/30/20 rule, save 20% of your total monthly income or more! Spend 50% on essentials, 30% on discretionary spending, and remaining 20% for financial security. Many sources strongly recommended saving 20 percent of total income for well-managed financial future or good financial security. Well, saving this fraction is not as easy as it may sound. However, if you are a high earner, it is good to keep your expenses low and focus on saving a larger percentage of your income. Why should...