I remember when we were just starting out trying to build a savings, while getting out of debt. The hardest part was trying to determine How Much to Save From Your Paycheck.
It’s so hard to think about putting any money into savings when you are trying to get out of debt. But not to worry. Here are some great steps to help you determine how much money to save from each of your paychecks.
Now that you have a better idea of how many bills you have due each month, list other expenses that you have to deal with as well, such as groceries, gas, clothing, gifts and donations.
Consider all things, both long term and short term. Whether you are saving for a new couch in the upcoming months, a family vacation next year, or your retirement that is years and years away, you need to have savings goals.
1. Simply divide however many months you have to save, by the amount of money you wish to save in the end. This number will be the dollar amount you should save each month. 2. Then divide it by however many paychecks you get each month.