Saving & Budgeting
Key Takeaway
Automate your savings, aim for 15-20% of income, and treat retirement contributions as a non-negotiable expense.
The Savings Rate
Your savings rate is the percentage of your income that you save and invest. A savings rate of 15-20% is generally considered solid for retirement planning. Even small increases in your savings rate can have dramatic effects over time.
Building the Habit
Automate your savings whenever possible. Set up automatic transfers to your investment accounts right after payday. Treat savings as a non-negotiable expense, not something you do with leftovers.
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