Most of us know that saving is important, but so many are not able to find the resources to di it.
How can you save?
What do you save?
Where do you save?
In this episode, Jeremy suggests managing your money in this way to ensure you are savings consistently:
- Save 50% of your income for essentials (utilities, rent, food, etc…).
- Save 20% of your income be depositing into some sort of future goal savings account.
- Use the remaining 30% for everything else.
Of course, those percentages should change based on your income, debt, and goals – but they are a good baseline to start with.
The things you should be saving for are:
- Emergencies (in a high yield savings account)
- Retirement (ideally in a tax-qualified account like a 401(k) or IRA)
- Big purchases (If kids education, try a 529 plan. Other expenses like a car, home, or vacation you can use a non qualified investment account)
Bottom line is this – your savings must be purposeful. You must have a strategy. It needs to be a plan that you act on, and ideally a plan that meets your goals.
Best Emergency Fund Savings Account – https://www.marcus.com/us/en/savings/high-yield-savings