What is a Monthly Savings Plan?
A Monthly Savings Plan is your personal plan to spend less than you make. Your expected income minus your expected expenses is your savings for the month.
Why do I need a Savings Plan?
For every single one of us, the first step to a successful financial future is saving money. Yes, investing in stocks and mutual funds is highly recommended, but that is after you have saved money and have some cushion to do so. Start and maintain a Monthly Savings Plan and ensure you are living below your means. Your financial future in the long run will be much better off.
How much should I save?
Many sources recommend saving atleast 20% of your paycheck. However, the higher your savings percentage is, the quicker you will be able to achieve your financial goals. We recommend saving as high of a percentage as you reasonably see fit.