How Much Should You Save Out Of Each Paycheck?
If you have ever tried to save money you are aware that it isn’t an easy thing to do. I think we would all agree that it is a whole lot easier to spend than it is to save.
Did you know that according to financial experts you should be saving ten percent out of each paycheck? That figure takes most of us by surprise. We knew it was important to save money but we had no idea how important or the amount of money we should be socking away.
Ten percent may seem like an unrealistic amount of money to save and it might not be a possibility with your finances right now. But there is no reason that we shouldn’t aim for that ten percent. Start with saving what you can and work up until you are saving that amount.
There are some ideas for saving money that are tried and true. One of the oldest is to have a jar you put all of your change in at the end of the day. Between using dollar bills for vending machines to the change we get back when we pay for our lunch we have a good handful most days of the week. You will be surprised at how quickly this adds up.
Give up a habit. For example, give up smoking or your morning latte and put the amount that you save by stopping that habit daily into your savings jar.
Have a certain amount of money deducted from your checking account each time you get paid and put into a savings account. This is a very easy way to save money because you aren’t giving it much thought. Beyond having to remember to subtract that amount from your checkbook you will forget that the money was taken and won’t even miss it.
With these little steps you will soon be saving that ten percent.