Save 10% of Your Gross Income
Your goal should be to set aside at least 10% of gross annual income every month for both your short-term and long-term needs.
Published Jul 26, 2018
Save 10% of Your Gross Income
Your goal should be to set aside at least 10% of gross annual income every month for both your short-term and long-term needs. If you’re not in the position of saving 10% of your gross income right now, that’s fine. How about making 10% your goal and creating a plan that will allow you, over time, to get there? Focus on what you can do, not on what you can’t do!
Short-term savings goals should include having a $1,000 emergency fund, 3- 6 months of living expenses, a vacation fund, a Christmas fund, etc. Your long-term goals should focus on retirement, car replacement fund, and college funds for your children, etc.
Today's tip brought to you by Mvelopes and Money4Life Coaching.
Originally published July 31, 2018.
