MANAGEMENT

Detailed explanation-1: -This rule states that 50% of your monthly income may be reserved for spending on essentials like food, rent, medical bills, education fees, etc. While 30% can be put aside for discretionary spending and 20% of your income should go towards a saving pot.

Detailed explanation-2: -If you’re getting started in your 20s, save 10-15 percent of your pre-tax income. If you’re getting started in your 30s, save 15-20 percent of your pre-tax income. If you’re starting to save in your early 40s, save 25-35 percent of your pre-tax income-a pretty meaningful chunk of your income.

Detailed explanation-3: -If you consistently put away 10% of your income, the actual amount you contribute each month will grow as your salary rises, which can help you build up your retirement fund more quickly. Even if you don’t earn much now, save what you can and work your way up to 10 or 15%.

Detailed explanation-4: -Saving 10% of your paycheck (after taxes) is a great place to start if you’re just beginning your savings journey or if you aren’t making enough money to save a higher percentage. For instance, if you take home $2, 800 each month (after taxes), following the 10% savings rule allows you to put away $280 a month.