 TITLE: How Much Should You Save Each Month? CONTENT: Americans on average have been saving between 7% and 8% of their monthly income in recent years, but that doesn't mean that percentage is right for you. As noted above, your savings target will depend on your particular financial profile. Your savings goal could be more or less than the national average once you calculate those numbers.\nFor instance, you may find that your monthly budget doesn't allow for 7% savings and that you have to aim for saving 2% of your income instead. That's not a problem. The important thing is to establish a savings habit. You can always increase your monthly goal as you pay down debt or earn more money.\nOne thing to consider is what you're saving _for_. Rather than thinking of your savings as a lump sum that sits in a bank or investment account, it can help to save with specific goals in mind. For example, you might want to save for a house, a wedding or a general rainy day fund. In each case, you'll likely have a specific amount of money you need to save to achieve these goals, and figuring that out ahead of time can help you determine how much to save each month.\nYou may also be thinking about retirement and whether you'll have enough money to live on when you leave the workforce. Experts offer a few different takes on how far along your retirement savings should be at different points in your life. One view says that by age 30, you should have set aside the equivalent of one year's salary in retirement savings. Others take a less aggressive approach and suggest saving half your annual income in a retirement account by age 30.\nBut no matter where you are with your retirement savings, it's never too late to start. What matters is that you create a savings plan that works for you and that you can maintain month to month. END