The commonly recommended guideline for savings is to set aside 20 percent of your income for savings. This approach is often referred to as the 50/30/20 rule, where 50% of your income goes to necessities, 30% to discretionary spending, and 20% to savings and debt repayment. However, individual circumstances may vary, and you may want to adjust these percentages based on your specific financial situation and goals.
What percent of one’s income should be reserved for savings?
Responses
Five percent
Five percent
Ten percent
Ten percent
15 percent
15 percent
20 percent
1 answer