Question

When you are creating a savings account how much is recommended that you set aside for savings

Answer 1

Many sources recommended saving of 20 percent of your income every month is recommended for you to set aside when you creating for savings account. Hence, according to the popular 50/30/20 rule, you should reserve 50 percent of your budget for essentials like rent and food, 30 percent for discretionary spending and at least 20 percent for savings. However, when 20 percent of savings is not realistic or even if it is impossible at the moment, you must not get frustrated. Always remember that saving something is better nothing.