How much you should save every month
The popular 50/30/20 rule states that you should reserve 50 percent of your budget for essentials like rent and food, 30 percent for discretionary spending, and 20 percent for savings.
But it's not that simple. If you're a high earner, you'd be wise to save a larger percentage of your income. If 20 percent is impossible for you to save, then saving something is better than saving nothing.
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