2nd October 2019

tiaa
16

How much money should you save each month?

At least 20% of your income should go towards savings. Meanwhile, another 50% (maximum) should go towards necessities, while 30% goes towards discretionary items. This is called the 50/30/20 rule of thumb, and it's popular quick-and-easy advice.

How much money can you keep in a savings account?

You can generally add new deposits or make withdrawals at any time, with no restrictions on when you make transactions or how much money each transaction can involve. Savings accounts are insured by the FDIC up to the maximum limit allowed by law, which is currently $250,000 per accountholder.
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