Saving is essential for financial stability. While 20% of your income is often recommended based on the 50/30/20 rule (50% for necessities, 30% for wants, 20% for savings), the right amount for you may vary depending on your financial situation and goals. Most sources advise to aim for 20% for your savings. This includes emergency funds, retirement savings, and investments. As you continue to save, adjust that rate as needed based on your income, expenses, and financial goals. There may be times that a particular goal, such as a down payment on a home, may warrant saving more in order to reach that goal. The most important key to remember is to make saving a habit. Consistent, even small, contributions add up over time. It's also important to talk to your wealth advisor to determine how your savings will affect your long-term retirement goals.
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