How do you determine your monthly or quarterly savings budget?

[deucher]

When I decided that I needed to properly manage my finances and start saving, I didn't understand what amounts were optimal for me, so I experimented every time to make it easier for me to pay bills and save. I am currently trying to save up to 20 percent of my income, although this does not always work out because my income is not stable, so when I earn less, I cannot save the same because my expenses have not decreased.

[Maria]

I cultivate a habit of saving consistently, allocating a portion of my income to various savings accounts or investment vehicles. Automating transfers to savings accounts ensures that I consistently set aside money before it can be tempted to be spent elsewhere. Additionally, I educate myself about different investment options, considering factors such as risk tolerance, time horizon, and diversification.

[Zion]

First of all determine your monthly or quarterly savings budget, start by calculating your total income from all sources. Next, track and list all fixed and variable expenses, such as bills, groceries, and entertainment. Identify your short-term and long-term financial goals, like building an emergency fund or saving for retirement. Allocate a percentage of your income towards savings after covering necessary expenses, following guidelines like the 50/30/20 rule, dedicating 20% to savings. Regularly review and adjust your budget to stay aligned with your financial objectives.