How much money should I put into my savings account out of each paycheck, what % or $?

Answer 1

the wisdom is keep 70% ---- 10% to savings ---- 10% to loan reductions ----- 10% to charity

Answer 2

You can use a percentage or a dollar figure but the best "system" I have ever heard was from a guy who didnt earn a whole lot but retired early.

When he got a raise.. he took that amount and put it directly into the bank. He had learned to live on the amount he was making at the time so he didnt miss it. By using direct deposit he didnt see the money and once again didnt miss it.

When raise time came again... he would put the value of that raise in the bank but take the first raise value.

So if you recieved a $100 today.. you would put that raise into the bank.. Next raise if you made $150, you would put that value in the bank.. but take original $100 as your raise for the year.

Over time and a few careers this really adds up.

Answer 3

Lately I've been reading that 15% of your paycheck is a good amount to put into savings.

Answer 4

first, in case your corporation has 401k, you ought to positioned 10%-15% into your 401k plan. then, decide how a lot you will possibly pick to shop by means of the top of year, make it excessive yet sensible, you won't be able to shop extra advantageous than you're making except you make investments. the way I decide mine is my each year take domicile income - lease - coverage - transportation - utilities - foodstuff - 2000, it relatively is the quantity i'm assume to have left after hassle-free desires. the 2k is for misc. spending. divide the quantity from above by means of the form of paychecks is what you're assume to place into your reductions account. you additionally can open a separate account for the 2k and deposit $seventy seven each and every 2 weeks in case you get pay bi-weekly or $167 consistent with month. it relatively is the funds you are able to spent for relaxing stuff for the entire year, once you attain your 2k shrink, then end spending. you additionally should music of you costs and get rid of any pointless costs.

Answer 5

most savings books and articles will tell you at least 10% if you can afford it.