Finance Tip of the Day

Save 10% of Your Gross Income

  • 2018 31 Jul
Save 10% of Your Gross Income


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.