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Olympia D.

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!!