How much spending money should I give myself per week?
How much should I be saving a month?
At least 20% of your income must be spent on savings. Meanwhile, another 50% (maximum) should be spent on essentials, while 30% is for discretionary items. It’s called the 50/30/20 rule of thumb, and it gives you a quick and easy way to budget your money.
Is it good to save 1000 per month? Yes, saving $1,000 a month is fine. With an average return of 7% per year, saving $1,000 per month for 20 years will eventually add up to $500,000. To see also : Why is shooting important in hockey?. However, with other strategies, you could hit $1.5 million in 20 years saving just $1,000 per month.
How much do clothes cost monthly?
Average clothing cost per month: $120 The average monthly cost of clothing for a household is approximately $120 (or $1,434 per year). This number includes clothing products and services such as tailoring. Read also : Is 17 mph fast for a human?.
How much should a single person spend on clothes? According to Dunn, you should spend 5% of your monthly income on clothing. To find the exact dollar amount you should be spending per month, multiply your take home pay by 0.05. For example, if your monthly net salary is $3,000, you should spend about $150 per month on clothes.