How much of my paycheck should I be saving?

Answer by  elsewhen (627)

Honestly, the more the better... i would strive to save at least 10%. i have read that in china, most people save between 30 and 40% of their earnings! a good general rule is, if you don't need it, don't buy it - that will help you save more.

Answer by  Anonymous

Less than 10% savings is in the danger zone. From 10%-20%, you are doing ok, but should rework your budget. If you can save 20%-30%, you are getting better and should probably be fine for retirement. If you are saving more than 30%, then you are a budget master.

Answer by  somerset (801)

Put aside 10% before you do anything else. Live with the rest, unless your paycheck is enormous. If you pay yourself first throughout your life, you should be fine during hard times.

Answer by  CarolynOsborne (2804)

Now that economic times are tough, save as much as possible. Make a budget. Anything that is not a necessary expense or part of a small 'good times' fund should be put in the savings account. Be sure to stick to your budget; it is not just a theoretical document.

Answer by  YellowCar (87)

I think that fifteen to twenty percent sounds like a reasonable amount to save from every paycheck, but it also depends on how much money you make from each paycheck. For instance, if you only make one dollar, then it might be more reasonable to only save one percent.

Answer by  spidersong (27)

It is best to save twenty percent of your paycheck. Make sure you put it in a high-interest savings account. This way, if an emergency ever happens you will be prepared to get by for several weeks. This base amount will also be useful when you decide to make large purchases.