Saving is something all working adults should look to do. After all, a padded out savings account goes a long way to addressing money emergencies that can strike at any time. And there’s a lot you can do to stash money away every month. For example, a big part of a savings plan is allowing your money to make money, and putting some cash into an investment account each year can do wonders for your overall income. But in the meantime, it’s a good idea to think about your current saving habits. 

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How Much of Your Paycheck is Put Away?

To get us started, it’s a good rule to put away at least 20% of your overall paycheck per month, but some people just aim for 5%. It’s a much more manageable number and can prevent saving from becoming intimidating. If that’s what puts you off creating a good habit, this is one of the best ways to build your confidence up slowly. 

When Do You Want to Retire?

Being able to retire ‘on time’ is a big goal a lot of us have. We want to stop working at a certain age and be able to live off of our hard work for the rest of our lives. However, getting to this point can be tricky, and a lot can go wrong. You might lose a job, you might need to spend your entire savings account, and the cost of living can rise and rise until you’re not sure if you’ll ever be able to stop working!

So what would be a good habit here? Staying up to date on the advantages afforded to you as a working adult. Indeed, you can bulk your account out by taking advantage of things like state retirement benefits, as well as potential employer contributions, if you’re eligible for them. You’re not alone in trying to save for the rest of your life, and there’s a lot of help out there in the form of initiatives and specialized accounts. You just need to know about them!

How Are You Supplementing Your Income?

Supplementing your income is a great way to revitalize your savings habits. If you’ve got a bit of extra money coming in, you’ve got the chance to bulk out your emergency savings or your vacation savings, and that can make you a lot more motivated! 

Whether you want to start your own side hustle or build a portfolio, you’ll need around 6 months to start getting things off the ground. And in the grand scheme of life, that’s not too much time! 

Of course, supplementing your income is not something everyone can do; you need the time and energy! But even so, there are some passive methods out there you can look into, such as setting up a blog you advertise or use affiliates through. A bit of effort in the beginning can pay things forward tenfold.

Are your savings habits good enough for your life plans?