Question for the Money Doctors

Question submitted on May 10, 2021.

Question

What percentage of income should a person/family strive to save each paycheck? How can I increase what I save when my budget is tight?

Answer

This is a very good question.    You will need to do some budgeting and see where your money is going.  What are essential expenses and what are non essential expenses?

You can work on increasing your income to improve your budget situation.

You should always pay yourself first.   Most financial experts recommend at least 10%.

Good luck!

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