How much should I save per month?

20% At least 20% of your income should go towards savings. Meanwhile, another 50% (maximum) should go toward necessities, while 30% goes toward discretionary items. This is called the 50/30/20 rule of thumb, and it provides a quick and easy way for you to budget your money.

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When someone asks how much money they should save each month, I throw them a curveball reply:

"What are your savings goals"?

That's a serious question. Your ideal savings rate depends on your specific, long-term reasons for saving.

There are three timelines you should consider:

Less than 1 year

Your short-term savings can get used to vacation in Aruba, buy holiday gifts or pay your taxes.

Less than 1 decade

You might use this money to replace your dishwasher, fix your car's timing belt, cover a major insurance deductible, stay afloat when you're between jobs and make a down payment on a home.

Lifetime

Retirement is the ultimate long-term savings goal.

Now back to the original question: How much should you save a month? Let's break this down by goal:

1. Retirement

You should consider saving 10 - 15% of your income for retirement. Sound daunting? Don't worry: your employer match, if you have one, counts. If you save 5% of your income and your boss matches another 5%, you've accomplished a 10% savings rate. Our online tools can help you calculate your needs for retirement and other financial goals.

2. Emergencies

You should also consider establishing an "emergency fund" that can cover 3-9 months of your living expenses.

How can you save such a large sum? First, calculate your monthly cost-of-living. Assume that if you lose your job, you'll sacrifice luxuries such as pedicures or your premium cable TV package. How much do you need to survive?

Divide that number in half. Can you save this monthly? If so, you'll build a six-month emergency fund within the next year.

3. Everything else

Make a list of major expenses within the next decade, ranging from replacing your gutters to throwing your wedding. (If it's easier, list broad categories like "home repairs," "holidays" and "wedding.") Write your ideal savings goal target and deadline. Divide by the number of months remaining to see how much you should save. Want to pay cash for a $10,000 car in five years? You'll need $167 per month. When you run through this exercise, you'll probably discover that you can't save enough for every savings goal on your list. You now have four options:

Re-imagine your savings goals

Lengthen your timeline

Cut your current spending

Earn more

Most people opt for a combination of those four choices. You might decide you'd be happy buying a $7,000 car, which will require only $116 per month. You cut your $50 cable bill and pick up a babysitting gig one night per month, and voila — now you're on-track to pay cash for your next car.

50/30/20 rule

Did you want a simpler answer? No problem. Here's a final rule of thumb you can consider: at least 20% of your income should go towards savings. More is fine; less may mean saving longer.

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What are the advantages of different types of media?

Advantages of Media It educates individuals. ... In a very short period of time, citizens get the latest information. ... People have to bring their secret talents. ... The awareness in children is growing. ... Radio is useful as individuals obtain brief news and can reach it via a cell phone and many more.

byjus.com - Write the advantages and disadvantages of mass media. - Byjus

Answer:

The media leads to different modes of communication. It also applies to devices for interaction. To connect and communicate between people, communication devices are being used. It educates individuals. People get to know regarding health problems, environmental protection, and more via television and radio programmes. In a very short period of time, citizens get the latest information. Distance does not constitute an obstacle. Via the newspapers, individuals get information every day and this makes everyone updated on the current events. People have to bring their secret talents. In the media, their skills like acting, comedy and singing are demonstrated. The awareness in children is growing. From quiz programmes, animal programmes, and so on, children will understand. Radio is useful as individuals obtain brief news and can reach it via a cell phone and many more.

Disadvantages of media

It contributes to individualism. On the website and watching tv, people waste too much time. As a consequence, it is affected by social interactions with friends, relatives and neighbours. Some content in the media is not appropriate for children. It can be tough to restrict children’s access to certain stuff. Papers are geographically limited. Increased advertisements on TV and radio makes them less interesting. The Internet opens up the possibilities of fraud, theft and hacking as a type of entertainment.