Source: Olympia D. / Olympia D.
We all know that we should be saving our money. However, one of the most asked questions is, “How much should I save from each paycheck?” Well, I thought it was around 10%-15%, but I was wrong! According to Money Under 30, people should be saving 20% of their income. They call it the 50/30/20 Rule. It’s where it’s understood that you will spend 50% of your income on essentials (rent, utilities, food…ect). Then you 30% of your pay check on discretionary things like going to the movies. However, 20% of your income should go to savings account. When I read this, I said to myself, “I gotta step my game up!” But it’s okay! We just need to put a plan in place so that we can build up to the 20% of our income. The key is to start somewhere, and have an attainable goal, and put a plan in place to get there. So, until next time, keep stacking your coins!!