• Privacy Policy
  • Terms and Conditions
  • DMCA
  • Contact Us
  • Whitelist
Tuesday, June 28, 2022
  • Home
  • Wealth Management
  • Markets
  • Budgeting
  • Banking
Impulse Wealth
  • Home
  • Wealth Management
  • Markets
  • Budgeting
  • Banking
No Result
View All Result
Impulse Wealth
No Result
View All Result

How Much of Your Paycheck Should You Save?

December 14, 2021
in Wealth Management
0
How Much of Your Paycheck Should You Save?

Now that you know how to save 20% of your paycheck every month, here are 2 great places to start putting that money to achieve financial success!

Your Savings Account

Every person’s financial circumstances are different, so it’s tough to compare savings accounts with other people. A good rule of thumb is to have 3 to 6 months of living expenses saved in case of the loss of a job or emergency. However, outside of that goal, how much you have in your savings is unique to your lifestyle and personal spending habits. 

It’s a great idea to start with setting smaller goals for yourself. If you are new to saving, aim to save an extra $1,000 every year, just to have, outside of your emergency fund. If you’re looking at it from the 50/30/20 savings recommendation, you will most likely have more saved by the end of a year.

Try not to get down about falling behind, and instead work toward trying to learn more about money and where you can save. These are great tools to start with, but keep in mind, the ultimate answer for how much to save monthly comes down to how much you’re taking home, what your expenses are, and how much, if anything, you’re paying toward debt. 

Your Retirement Account

Saving for retirement is something a lot of young people don’t think about since it seems so far away and insignificant at the moment. But, the sooner you start saving for retirement, the better off you’ll be down the line. The earlier you get started, the longer your money will have to grow.

Many experts recommend saving at least 15% of your gross annual income (that includes an employer match) for retirement. More is even better, if you can swing it. If you can’t save 15%, save what you can — even if it doesn’t seem like much now. At a minimum, try to contribute enough to get your employer’s match if they offer one. Otherwise, it’s like giving away free money. As your income grows or you pay off debt, you can increase the amount you save.

If your employer doesn’t offer a retirement plan or you want to start a separate retirement account outside of work, consider opening an IRA. And if you’re self-employed, check out solo 401(k) options. 

Years down the line, you’ll be grateful for your generous retirement savings. You can also set up automatic payments from each paycheck to ensure you’re setting your future up for success. 

Source
How Much of Your Paycheck Should You Save? is written by Rebecca Lake for www.chime.com

Previous Post

52-Week Money Challenge: How to Save $1,378 in a Year

Next Post

How to Save by Canceling Subscriptions You Forgot About

Next Post
How to Save by Canceling Subscriptions You Forgot About

How to Save by Canceling Subscriptions You Forgot About

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Newsletter

  • Trending
  • Comments
  • Latest
How many chips are installed in a car?

How many chips are installed in a car?

August 9, 2021
Millennials and Bank Branches: A Bad Match

Millennials and Bank Branches: A Bad Match

December 5, 2019
Inflation at its peak – what are the reasons?

Inflation at its peak – what are the reasons?

April 7, 2022
HSA vs. FSA Differences | Chime

HSA vs. FSA Differences | Chime

November 4, 2021
Save More Through Chime’s Partners

Save More Through Chime’s Partners

0
Millennials and Bank Branches: A Bad Match

Millennials and Bank Branches: A Bad Match

0
Retail Branches Pose an Existential Threat to Banks

Retail Branches Pose an Existential Threat to Banks

0
Retail Branches Pose an Existential Threat to Banks

Retail Branches Pose an Existential Threat to Banks

0
Save More Through Chime’s Partners

Save More Through Chime’s Partners

June 27, 2022
Increasing growth risks – Erste Asset Management

Increasing growth risks – Erste Asset Management

June 27, 2022
Is Now a Good Time to Buy a House?

Is Now a Good Time to Buy a House?

June 24, 2022
Crypto, NFTs, and Stocks: Should You Invest?

Crypto, NFTs, and Stocks: Should You Invest?

June 23, 2022

Categories

  • Banking
  • Budgeting
  • Markets
  • Wealth Management

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • March 2020
  • January 2020
  • December 2019
  • November 2019
  • Privacy Policy
  • Terms and Conditions
  • DMCA
  • Contact Us
  • Whitelist

© 2021 All Rights Reserved impulsewealth.net

No Result
View All Result
  • Home
  • Wealth Management
  • Markets
  • Budgeting
  • Banking

© 2021 All Rights Reserved impulsewealth.net