The 10% rule is just a guide, but it's a good place to start. If 10% seems hard now, start at 5% and increase by 1% every month. Saving will become easy and enjoyable when you see your account growing.
This means that you make saving your financial priority. When you are paid, you must put aside the savings before spending on other items
Once you decide how much you'll save monthly, set up a Standing Order to deduct that amount from your salary account and deposit into your main savings account. You don't have to remember to save since your savings will be automatically transferred to your savings account.
Use your regular savings account as your transaction account and set up another account from this brochure to build your nest egg. As your first objective, you want to save at least six months’ salary. That gives you a cushion if you are cut off from your salary for any reason. You will be able to continue living and meeting your expenses during this period of adjustment, while you set yourself up to start earning and saving again.
Think about where you want to be this time next year and how your money will grow every year after that. We want to help you, so keep reading and let’s see which of these savings plans is best for you.