Financial advisors will tell you that you need a plan for every dollar you earn in income.
You likely know how much you need to put toward rent and utilities each month, for instance.
How much you're willing or able to save depends on a number of factors unique to you, such as your income, debt level and personal goals.
For people earning a $50,000 annual salary, stashing $5,000 a year "is a good start," he added.
"Getting into that 20% to 30% category is deemed really good to excellent.
Persons:
Douglas Boneparth, Boneparth, Frank Holland
Organizations:
Bone