Photo: Sarah Chai

How much should you save a 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.

tiaa.org - How much should I save each month | TIAA

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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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How much 15K means?

Solution: Fifteen thousand = 15000. Ten thousand = 10000. Fifteen thousand minus ten thousand = 15000 – 10000= 5000. Hence, the value of fifteen thousand minus ten thousand is five thousand.

byjus.com - 15000 in Words | Spelling of 15000 - Byju's

15000 in Words

15000 in words is Fifteen Thousand. The number name of 15000 can be written using the ones, tens, hundreds, thousands place of a number. Thus, the place value of a number helps to write the number’s name.

15000 in Words: Fifteen Thousand

This article discusses how to write the number 15000 in words and many solved examples in detail.

How to Write 15000 in Words?

The number 15000 can be written in words using the place value of a number. Using the place value chart, identify the place value of each digit for the given number. Here, the number is 15000. To write the number name of 15000, determine the place value of each digit of 15000.

In the place value chart, 15000 is written as,

Ten Thousands Thousands Hundreds Tens Ones 1 5 0 0 0

Here,

= 1 × 10000 + 5 × 1000 + 0 × 100 + 0 × 10 + 0 × 1

= 10000 + 5000 + 0 + 0 + 0

= 15,000

= Fifteen thousand

Therefore, the number 15000 in words is Fifteen Thousand.

Examples

Example 1:

Determine the value of 4000 + 11000. Express the value in words.

Solution:

Given expression: 4000 + 11000

⇒ 4000 + 11000 = 15000

So, the value of 4000 + 11000 is 15000

Hence, 15000 in words is fifteen thousand.

Example 2:

What is the value of fifteen thousand minus ten thousand?

Solution:

Fifteen thousand = 15000

Ten thousand = 10000

Fifteen thousand minus ten thousand = 15000 – 10000= 5000

Hence, the value of fifteen thousand minus ten thousand is five thousand.

Stay tuned to BYJU’S – The Learning App to learn more Maths concepts, and download the app today.

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