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:
- Side jobs
- Selling things you own
- Tax rebates
- Cash birthday gifts