Writer name :            ( Rasheed)

              How much should you save each month?

                                      Every person in the world knows that saving some money is essential for a comfortable life. Actually, saving money is a little easier than done. But a common question is asked how much money should save every month.? Ideally, you save money as much as you can every month.

Saving money is essential if you want to be financially secure. For saving money,   you achieve your goal easily.

There is no right answer for every person how much he saves each month? But there are some tips to guide you, if you follow them, you will achieve your goals.

In this article include: 

• How much should you save for retirement?
• How much should you save a month?
• How much should you save for emergencies?
• How much should you save a month in the year 20s?
• Saving tips for success.

How much should you save for retirement?

                                          Most people doing a private job, so they want to retire early, but they have no saving for a comfortable life.

Savings money depends on what you have money present ? and what you want money in the future?

But there is no set amount that everyone works for it because every person has different incomes and different obligations. However, several rules of thumb can help you guide you to achieve your success.You have to follow some basic principles.

Senator Elizabeth Warren writes a book named "the ultimate Lifetime money plan" which writes a plan for savings."

This plan is the most popular in the world. That is 50 /30/20 rule.

So we apply this rule in our life. We spend 50% of our income on our basics needs. Basic needs are food, clothes, and shelter.

In basic needs monthly bills like your cell phones, and utility expenses.

After this 30%, you can spend your income on your desire and wants.

If your desire is to want to travel to any city and any other beautiful place, you can do this. If your desire is to do something then you do this. You can live without this desire and wants. But these desires enhance your life.

Finally, Your aim to save the last 20 % of your income put into a savings account every month. But you can change this according to your requirement. If you have no enough income, then you should have to work and increase your incomes and decrease your expenses.

• How much should you save a month?

                                                               An estimate of $ 3000 is enough you to save every month. Saving anywhere should be worth three months to six months. You should make a budget. Allocate your expenses. You can change it if you get a higher salary.

How am I save per month? I save 20% of my income in my current account. If I receive any bonus then I put into my current savings account.

       

• How much should you save for emergencies?

                                                             If you have an emergency fund account, then it will help you to cover life unexpected events. Such as if you lose your job or your car breakdown and you want to repair your car. If you have no emergency fund account, then you financially unsecured and you will borrow money from your friends or any family members in case of difficulty.

So building a financial cushion for yourself should be a priority. The easier you get started, the longer money will have to grow. Without having to skip to your paying bills You have a plan to use a credit card wisely.

If you want to be live in a successful life, you want to start saving as soon as early as possible. But there are some strategies you adopt to save money as well as a down payment for buying a new house.

For savings, figure out a plan, and give it a priority to do it. You can deposit online free account, which gives you a higher rate of interest.

You open another account for interest earned for a savings account. First thing you should focus on increase your savings per month and control your monthly expenses.

• How much should you save a month in the year 20s?

        If your age is 20 years. Figure out a plan and priority to do it. Give its importance to do it. You have good money habits to save money wisely. Start at small and gradually increase it. Just drive the money, you want to be needed in the future. If you want to buy a new house for $ 45000 and the paid period is 2 years' installments. So you have to save $ 1875 every month to achieve your goal to buy a new house. You should also manage your lifestyle according to the budget. Keep in mind, if you want to retire early, you start saving early as much as possible.                                           

• Saving tips for success.

                         Whatever reason is behind this, you should save as much as early as possible. This makes your good financial sense and preserves your financial security. Problems are everywhere, If you wait to save money that has already spent on your paycheck and all bills you have to pay at all. Then nothing is left, so it is best to save automatically in a bank account.

Set up an automatic deduction account. Pay yourself a savings account is first. Use a credit card to make payment of your bills.

Once you have started a part of the salary of your paycheck, now increase your savings little by little. You should check your progress month to month.

If you have a larger income, then you keep your expenses low and increase your savings higher.

You should also start investing your income in stock exchange or any other saving schemes to create passive income for yourself.

Final Few Words.

                            Make a plan on how much money you have to save for the future? You must clear in your mind about your short term and long term goals. Make a strategy to achieve it. It is also important to make a balance in your life. You will be preparing for your future. You have not saved money but also save your future. You set yourself for success and face the challenge to achieve your want and desires. Make your thought great but act upon step by step.

If you have any queries about the topic, write to us, we will wait for your suggestions.