Most people agree that they need to save more money. But do you know how much of your paycheck you should put into savings? Many financial experts recommend putting aside about 20% of your income for savings and retirement. Keep reading to learn more expert tips on financial stability and how to save painlessly.
Now that you know how much of your paycheck to save, do you know how to make the most of your paycheck?
Some experts suggest using the 50/20/30 guideline as a way to allocate your monthly earnings. This recommendation has gained popularity because it is a simple way to prioritize expenses.
Your expenses should be divided into three categories according to this rule:
Keep in mind that the 50/20/30 rule is negotiable. Higher income earners might be able to put more aside for savings. Younger people may not need to save as aggressively as people who are closer to retirement.
The most important point to remember is that you begin saving as soon as possible. Even small deposits made early can earn a substantial return in the long run. The critical step to gaining financial control is to start saving now.
The secret to consistent and successful saving is to make it as convenient and painless as possible. But how can saving be painless? These tools can help:
With a variety of saving tools that puts you in control of your money 24/7, Synchrony Bank can help you make saving more convenient. In addition to our award-winning customer service, customers also find that we have no minimum balance or monthly service fee on our high-yield savings accounts. Our accounts are FDIC-insured up to $250,000 per depositor for each ownership category.
Call Synchrony Bank at 1-844-345-5789 to learn more about saving your paycheck or open a savings account today!
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of .
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.