- Your Target the amount you want to save.
- Your opening balance how much you've already saved.
- Add adjustments (optional) in case you get extra money to add or want to swap some money between your savings goals.
- The months of the year.
- Total savings for this year.
How much should you be saving a month?
Many sources recommend saving 20% of your income every month. According to the popular 50/30/20 rule, you should reserve 50% of your budget for essentials like rent and food, 30% for discretionary spending, and at least 20% for savings.
What is a good rule for saving money?
The basic rule is to divide up after-tax income and allocate it to spend: 50% on needs, 30% on wants, and socking away 20% to savings.
How much money do you save using the 50 30 20 rule?
The 50/30/20 rule budget is a simple way to budget that doesn't involve detailed budgeting categories. Instead, you spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings or paying off debt.