Start with identifying your goals, says beyondfinances
fund goals and end up with money that doesn't have a purpose; instead of over-saving, you may be able to enjoy that money a little bit more today."Now it's time to figure out how much money you need to support your everyday expenses, both necessary and discretionary, Roberge said. If you enjoy eating dinner out most nights or love to get your hands on the latest Apple products, it's important to factor that in.Ultimately, you're painting a picture of your ideal lifestyle.
"If you live very modestly and are genuinely happy with that and plan to continue to live that way throughout your life, you may be OK saving 10% to 20% of your income," Roberge said."If, however, you need $100,000-plus per year to fund your lifestyle, you better be saving serious amounts of money so you can sustain that into the future, and into a time where you may not earn a paycheck to cover those expenses.
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Americans could save $700 million by checking one thing before buying a home1 in 4 home owners said they no longer felt financially secure after they bought their current home, according to a recent survey.
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