How much should I save each month?
Many people aim for around 20% of income, but start with what you can and increase over time.
A common guideline is to save about 20% of your after-tax income, but the right amount depends on your situation. The important thing is to start and to be consistent.
If 20% is not possible, begin with 5% or even less.
Set specific goals
Decide what you are saving for, such as an emergency fund, a deposit or a holiday, and set an amount and a date.
Automate
Set up an automatic transfer on payday, so you save before you spend.
Increase gradually
Raise your savings rate each time your income grows or a debt is paid off. Review your goals regularly.
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