Whether you have a few months’ worth of income tucked away or you’re close to having a down payment for a decent home, having at least a few months worth of savings can give you peace of mind. Evidently, with around 76% of Americans living paycheck to paycheck, saving a decent stash of cash in a short time is difficult to do. That’s why it’s a good idea to steadily set aside a portion of your paycheck every month. However, when it comes to the question of how much to put aside each month, the jury’s still out.
Most experts recommend that you save around 20% of your paycheck each month. But this figure is not set in stone. Saving even the tiniest bit is better than not saving at all—or worse—getting deeper into debt. With time, you can grow the portion of income that you tuck away each month.
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