What is The Ideal Amount to Save Each Month
Ah, yes, the age-old question for every adult – how much money do you have to save each month to secure a good living, and potentially avoid going to the moneylender. This is a tricky question to answer, as everyone’s got their own expenses and earns a different income. There is no bulletproof savings plan that can cover all people, but there are some general rules that you can abide by and use as guidelines during your effort.
How Long-term Is Your Plan?
How long-term is your plan is the first thing you have to ask yourself. Again, the answer might differ – maybe you’ve got a money goal rather than an age goal, maybe you’re thinking a decade, maybe two. However, there are the three standard plans for saving money:
· Rule of thumb
· Short-term
· Long-term
· Lifetime
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