How much money should be in savings?

0 votes
asked Oct 23, 2019 in Other-Finance by tydurden (300 points)
How much money should be in savings?

1 Answer

0 votes
answered Oct 24, 2019 by linda (29,790 points)
If possible it's recommended to put at least 10 % of your take home pay into your savings account each month.

For example if your take home pay per month is $1,000.00 per month then you would put $100.00 per month of that in your savings account.

Then after a year you'll have $1,200.00 in savings.

If you take home $2,000.00 per month then you would put $200.00 of that income per month into savings and in a year you'd have $2,400.00

If you take home $3,000.00 per month you would put $300.00 per month in your savings.

Of course the more money you can put into your savings the better off you'll be.

Some people cannot even save any amount of money but if you can even put $50.00 per month back into savings or any bit you have leftover it will be much better than having no savings at all.

108,715 questions

117,671 answers

1,358 comments

7,058,500 users

...