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How much of your paycheck should you save?

May 12, 2023

Saving money is an essential part of personal finance, but how much of your paycheck should you actually set aside? In this blog post, we'll discuss some tips and recommendations to help you make the most out of your hard-earned cash. 💸

The 50/30/20 Rule: A simple guideline for budgeting 💡

One popular approach to saving is the 50/30/20 rule. This means allocating 50% of your income to necessities (like rent and groceries), 30% to discretionary spending (like dining out or shopping), and 20% to savings. By following this rule, you can ensure a balanced approach to managing your finances.

But remember, everyone's financial situation is different, so it's important to adjust these percentages according to your needs and goals.

Automate your savings with bunq 🌳

To make saving even easier, consider using bunq's Auto Save feature. With this handy tool, you can automatically round up your transactions to the nearest euro and transfer the difference to your savings account. This way, you're saving without even noticing it!

Track your expenses and set realistic goals 📊

bunq Insights is a fantastic tool that helps you keep track of your spending, allowing you to see where your money is going and identify areas where you can cut back. By monitoring your expenses and setting realistic savings goals, you'll be well on your way to achieving financial success.

Don't forget about emergencies 🚨

It's always a good idea to have an emergency fund in case of unexpected expenses, like medical bills or car repairs. Aim to save at least three to six months' worth of living expenses in an easily accessible account, such as a bunq Savings Account. This will give you peace of mind knowing that you're prepared for any financial surprises.

In conclusion: Save smart and stay consistent 🏆

Ultimately, the amount you should save from your paycheck depends on your individual circumstances and financial goals. By following the 50/30/20 rule, using bunq's helpful features like Auto Save and Insights, and staying consistent with your savings efforts, you'll be well on your way to a brighter financial future. Happy saving!

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