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| *Ostroff, Fair and Company>>>Personal Finance |
What is the decent amount of money that one should be saving each month ? |
I am just wondering that after paying all bill, mortgage, entertainment etc how much does the average couple should be putting aside each month for rainy days? 500, 1000? If one is saving say 2000 each month..or 1500 is it enough The rule of thumb that I was always told was to save 10% of your pay each pay period. That would mean it would be different for different people. If your check was $2000 then you would be saving $200. This is the "pay yourself plan". You should be putting away 10 percent of your combined income for an emergency fund until it is equal to 3 months of your total expenses. That all really depends on how much you make. The standard amount is said to be at least 10% of each paycheck. Hope that helps. It depends on your life style. I'd say a minimun of three months wage is a good start. After we achived that we started saving as much as we could ( we still took vacations and did things we liked), but we always kept saving. So if you could set a goal and stick to it that in the next two years you will set aside three months pay you will be ready for that rainy day because it will come. Susie Orman says that you should have 8 months salary put aside for a rainy day. If that seems like to much try having atleast 3 months put aside. If you have a 401K plan at work you should contribute atleast as much as your company will match. If possible you need to save atleast 10%. good luck |
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