Page 25 - FAMILY TIMES MAGAZINE JAN 23

FAMILY TIMES -The Family Edutainment Magazine - January 2023 Edition ©

5. Save at least 10 percent of your income
Financial planners generally suggest families put at least 10 percent of
their paychecks into savings. With the world economy as shaky as it is,
many financial advisers recommend families save closer to 15 percent of
their income if at all possible.

Allocate that amount into your monthly budget, just as you would your
fixed living expenses. It is not easy, but by having money set aside in
savings, you will be better prepared if you have an unexpected expense
(such as a major car or household repair).

You should have separate savings accounts set up for long-term goals
(such as your retirement or college for your children) and short-term
goals.

Additionally, every family should have three to six months worth
of living expenses (mortgage or rent payments, utilities, food and
transportation costs) set aside in an emergency fund—just in case you
are laid off or incur a major unexpected expense.

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