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A question we hear a lot at Young Americans Bank is, “How much money should you save?” This month we bring you our thoughts, and tips for how to save more wisely!
When you’re thinking about how much to save, it’s helpful to think of these percentages:
70 – Spend!
Spend 70 percent of your money.
20 – Save!
Save 20 percent of your money.
10 – Share!
Share 10 percent of your money.
Splitting up your income like this is a great way to budget your money, know how much you have and be able to put away money to save and share too! Another helpful tip is to split your piggy bank into three sections, or get three jars and label them. While you watch your money grow, you can think of all the fantastic ways you can spend, save, and share your money!
Want to give it a try? Use this worksheet to help George the Giraffe figure out how much to spend, save, and share.
