Worried about your future savings? Know-how, when you should start saving
First Published Dec 30, 2020, 12:03 PM IST
Money is essential in everybody's life, and after a certain point of time, you should know how to save up for future use. Here are a few tips that you can follow.
Future saving is no rocket science, but you need to understand when you should start saving to accumulate enough money for long-term use and avoid any financial crisis.
When somebody says money cannot buy happiness, they are neither right nor wrong because it cannot buy happiness as it is not materialistic, but it can surely stabilise your life and your family.
According to studies, one must save at least 15% of their annual income.
Age is a big factor, so you should have a mentality that after 20, you will start saving up. Start with little.
Start saving up at least 6% of your yearly income and gradually by 30 increase the amount till 15%.
After a point of time, you will want one half-times of the salary. When you reach in your 40s, you will need twice or thrice of it.
If you have saved your money wisely when you retire, you will need eight times your salary. It all depends on how you are saving, where you are saving and how you are leading your life.
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