Savings

How Much Money Should I Save Every Month?

kai-money-how-much-money-should-i-save-every-month

One of the most popular questions I get asked is how much money you should save each month.

My answer is pretty simple, start by saving 10% of any money you make each month.

You won’t even notice the difference, your lifestyle will naturally adjust & you will be building up your own little savings cash castle.

If you get paid monthly, I always say the first thing you should do it put 10% in your savings account. BEFORE you pay any bills, BEFORE you spend any money on random things.

This is paying YOURSELF first, because you deserve it.

If you don’t have a Savings Account, check out my list of the best 10 savings accounts, open one and start saving.

If you already have one, check the list to see if there is one with a better interest rate. No one gets wealthy by leaving free money on the table!

After 12 months, you will have a nice little pile of cash, plus some extra cash from the interest you have made on your savings. I call this: Stacking Proof.

So after 12 months, start saving a bit more as you already have Stacking Proof!

Save 20% instead of 10%, and then keep saving 20% of every little piece of money you make. We’re talking about every piece…this includes your:

  • Salary
  • Side jobs
  • Hustling
  • Selling things you own
  • Tax rebates
  • Cash birthday gifts

 

What Are The Best Savings Accounts?

Saga Easy Access Savings Account
Open With
£1
Interest Rate
1.4%
Protection Scheme
FSCS
Post Office Online Saver Account
Open With
£1
Interest Rate
1.32%
Protection Scheme
FSCS
Marcus by Goldman Sachs
Open With
£1
Interest Rate
1.35%
Protection Scheme
FSCS
Moneybox 95 Day Notice Savings Account
Open With
£1
Interest Rate
1.65%
Protection Scheme
FSCS
ICICI HiSAVE Notice Savings Account
Open With
£1
Interest Rate
1.6%
Protection Scheme
FSCS
Smart Save 1 Year Fixed Rate Saver
Open With
£10000
Interest Rate
1.5%
Protection Scheme
FSCS
Post Office 1 Year Online Bond
Open With
£500
Interest Rate
1.4%
Protection Scheme
FSCS
Atom Bank 1 Year Fixed Saver
Open With
£50
Interest Rate
2.05%
Protection Scheme
FSCS
Principality Building Society 5 Year Fixed Rate ISA
Open With
£500
Interest Rate
1.7%
Protection Scheme
FSCS
Ford Money Cash ISA
Open With
£1
Interest Rate
1.45%
Protection Scheme
FSCS
Tesco Instant Access Cash ISA
Open With
£1
Interest Rate
1.45%
Protection Scheme
FSCS
Aldermore 2 Year Fixed Rate Cash ISA
Open With
£1000
Interest Rate
1.8%
Protection Scheme
FSCS

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