If you ask 50 financial planners how much money should you save, you will likely get 50 different answers. Most agree that you should be saving at least a minimum of 5%, but the aim should be somewhere between 10-20%, if not more.
I know that may seem like a lot of money, but we’ve talked about so many ways you can save money. If you haven’t listened or watched any of those videos, please go back and watch them. It’s just the tip of the iceberg, but it should give you some direction.
Does saving in your 401(k) or IRA count as savings? YES!
Does saving in your emergency fund count as savings? YES!
Does saving in your bank account count as savings? YES!
Does saving in a piggybank count as savings? YES!
Don’t get hung up on the numbers though. Even if you are saving $5 a week, you are still saving, and that’s the important thing to focus on. Stay with it, find ways to cut out what your spending without having to give up the things you love. In no time you will be a savings fool (and I mean that in the best way possible)!