Guide to save money in all-time life
First, let's assume I've no skill in trading and finance, I'm just a young French student that want to save money.
A friend told me things like that, many times :
10% of budget should be for drink or eat outside, no more.
Your rent is about 500€/750€ (my salary), it's too much, even if you get 250€ to help (from my state)
Is there a "guide" that tell you how much you have to/should use to save money all month, depending of my ambition ?
(Except all tips to save money at shop, when I've buying food etc, I already know them.)
Then I want to invest my money, but that's another question that I will be able to ask in two days..
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You will find lots of rules of thumb but there is no universal truth to how much you should save. There are factors you DO need to consider though:
you should start as early as possible to set money aside for retirement. You should then use a retirement calculator to at least get an understanding of the amount you need to set aside each month to achieve the desired retirement income;
your default should be not to spend money and only spend money when you must. Leisure, travel and eating out should come last after you have saved up;
you should have funds for different terms. For example, my wife and I have an emergency fund for unexpected expenses or losses in income. The rule of thumb here generally is to have 3-6 months of salary saved up. A longer term fund should be created for larger expenses like buying a car or preparing the cashdown on a property. Finally, the retirement fund which should cover your needs after you have retired.
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