How much should i save?

How Much Should I Save?

Saving is individual and depends on many factors

Even if there are many tips for saving, saving is individual and always dependent on the personal life situation. If you ask experts how much you should save, you usually get the answer: As much as possible. As a general rule, it is also often recommended that you save 20% of your income. This principle by Elisabeth Warren is also the basis for the Monkee savings calculator. But what does that mean for me personally in my current life situation - with my current income, my age or with two children? How many am I currently saving and how much are others saving in a situation similar to me? And the most important:

 

Where can I save personally?

With the Monkee savings calculator you not only find out how much you should save at your age, with your income and in your life situation, you can also enter your personal expenses into the calculator and receive one detailed list of your expenses. By comparing it with your comparison group, you will also find out how much others in your reference group are saving and what they are spending their money on. You will also receive useful tips with which you can analyze your spending behavior and increase your savings rate.

You can also find a detailed explanation of the Monkee savings calculator and why saving is so important for each of us here.

 

And now?

Even though we know that saving is important, many still find it difficult to be and stay consistent. With so many temptations to do every day, it is also difficult not to spend your money. Nevertheless, it is precisely these small amounts in everyday life - for example € 3 for coffee on the way, the ice cream in the afternoon or the daily lunch - that make the difference. Every dollar you put aside instead of spending it will help you in the future. And the Monkee app supports you in this. Monkee, your intelligent finance coach, keeps reminding you to save with small messages. This motivates and helps you not to stray from your goal. So - now that you know your savings potential, it is time to think about saving in practice!