I’ve heard that you should put away and save roughly 20% of your income. But if I am a young college student with a small chance of getting a very high paying summer job, does this percentage of saving vary at all? Or should I save about 20% regardless of how much I make at any point in my life?

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Posted by Nile Godfrey (MONEY FORUMS: 4, Answers: 0)
Asked on April 25, 2016 10:27 pm
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Honestly, any savings is better than no savings. And as a college student, it’s awesome you’re thinking ahead. My advice to you is to first build up an emergency savings of say $1k and then start saving wherever you can. If it’s 20% one month, that’s awesome. If it’s 10% the next month, that’s still great! But don’t forget that debt (including student loans) should also be put at a high priority and part of your savings plan. So if you are carrying around credit card or loan debt, consider paying that off now (even $5 a month is great) instead of waiting later.

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Posted by Michelle Diamond (MONEY FORUMS: 0, Answers: 26)
Answered: April 25, 2016 11:33 pm