People keep telling you to save money. You know you should do it. You even want to do it. But where do you start?
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Neville Mohabir
Jan 11, 2021
Edited: Jan 13, 2021
How much salary to set aside?
How much salary to set aside?
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Here are some common questions that keep people from saving:
How much of your paycheck should you save each month?
Should you save a fixed amount or a percentage of your take-home pay?
Do you need to drastically overhaul your life and cut out everything you love to add to your monthly savings?
These are important questions, but the answer is no, you don’t have to sacrifice everything to meet a savings goal. But there are small changes you can make to save money every payday that add up over time.
No matter your income bracket there is always a way to save money every week or every paycheck. First is to assess your finances; make sure you have enough to pay your bills every pay period. Next is either from your online bank account or from your direct deposit set aside an amount each paycheck to another account or another bank. For example if you bring home after taxes $500 every week, automatically put aside 10% - $50 to another account. After one month you will have saved $200 and projecting the year that would be $2400. I personally use this method and I never touch my other savings account but I do change the amount when needed which is always during the Holidays.