How much money should I save each month?

Hi Ali,

Welcome to EmpowHER and thanks for your question! The fact that you are interested in preparing for what lies ahead means you are off to a great start. The amount of money you should save toward your future depends on your age, lifestyle, income and financial situation. What are your immediate and long-term needs and goals? Do you set aside money in a 401K?

Most financial experts agree that you should accumulate enough savings to equal 3 to 6 months of income, should an emergency occur, and focus on paying off debt. A financial advisor can help assess your financial situation and help you set goals for the future. Some even banks offer free personal finance counseling to their members. Check with your local bank for more information.

Has this answer helped? Please check-in and let us know how your new savings plan is working for you.

Best Wishes,

Shanon

Hi Ali,
While additional info on your financial landscape will help me provide a more accurate answer, the general rule of thumb is at least 20%. I prefer to say "invest in yourself" rather than "save" because the road to strong financial health depends on your willingness to putting your money to work! Savings implies that your money is sitting somewhere, rather than working for you! :) Feel free to email me at [email protected] if you have additional questions or want more information.
Thanks!
Steph Wagner, Financial Expert and Founder of WomenWealthyWise
http://womenwealthywise.com/