How much should I save every month?
A simple question, right? Well, there are a lot of factors at play…
What is your goal?
Establish an Emergency Fund
Pay Down Student Loan Debt
Save for Big Purchase: House, Car, Wedding
Save for College
Pay Down Credit Card Debt
Save for Retirement
Prioritize Goals with a Timeline:
Less than ONE YEAR: Vacation, Emergency Savings, Holidays, Taxes, Wedding
Less than TEN YEARS: New car, Buy house, Home repairs/renovation, College savings, Student loans
LIFETIME: Retirement
Control Spending: How much should I be paying?
Mortgage > 29%
Car Payment > 15%
Total Debt > 36%
Begin Saving: How much should I be saving? 20 % of take home pay
Seem daunting? Try 50/20/30
50% Essentials: Housing, Food, Utilities, Transportation, Child Care, Insurance, Minimum Debt Payments
20% Savings: Retirement Savings, Savings Plans, Additional Debt Payments, Emergency Savings
30% Flexible Spending: Entertainment, Gym Membership, Trips, etc.
Have Questions? Contact us today!
Gasaway Investment Advisors, Inc
7110 Stadium Drive
Kalamazoo, MI 49009
269-324-0080
info@gasawayinvestments.com
www.gasawayinvestments.com
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