{"id":215773,"date":"2016-01-04T04:00:30","date_gmt":"2016-01-04T11:00:30","guid":{"rendered":"http:\/\/getrichslowly.org\/blog\/?p=215773"},"modified":"2020-08-30T09:54:31","modified_gmt":"2020-08-30T16:54:31","slug":"how-to-save-money-each-month","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/how-to-save-money-each-month\/","title":{"rendered":"How to save money each month"},"content":{"rendered":"

\"how<\/p>\n

Is this the year to focus on saving more? If you’ve been disappointed when you’ve checked out your savings account balance, let’s change that this year by figuring out how to save money each month.<\/p>\n

<\/span>How Much Should I be Saving?<\/span><\/h2>\n

Actually, advice on the topic of how much you should be saving differs based on who’s giving the advice. At a minimum, most people recommend saving 10 percent of your income. Dave Ramsey recommends saving 15 percent of your income as a good goal. Still others recommend 20 percent. However, no one will complain if you save as much as you possibly can.<\/p>\n

For the purpose of this article, let’s focus on 10 percent. And let’s pretend that you’re average, with an average salary, even though you’re anything but average!<\/p>\n

The median household income from 2015 was about $55,775 annually. Let’s try to save 10 percent of that, which is about $465 per month. At the beginning of the year, we probably won’t hit that much per month, but our goal is to save $5,500 by the end of the year.<\/p>\n

Can we do it?<\/p>\n

<\/span>How Much Money to Save Each Month (and Where to Put It)<\/span><\/h2>\n

To actually save money each month, you need to find the money in your budget to save. Don’t even have a budget? Start there. Without a budget or spending plan, your savings goals will be covered by your bills and never see the light of day.<\/p>\n

After you’ve created a budget and started to track expenses, you need to have a system for savings.<\/p>\n

To leave your savings untouched by the end of the year, ask yourself:<\/p>\n