Save like a Savvy, Get Customized Saving Calculator

Don’t save what is left after spending but spend what is left after saving.-Warren Buffett

In today’s time, people dedicate good amount of time in quest of better returns and investment opportunities, but quite often we fall short of planning our savings, which are the grassroots for investments, with the same commitment and caution.

Budgeting is always a challenging task with a three way pull between needs, wants and savings.

Questions to ask yourself

1) What are my saving goals?

-Vacation, Marriage, Buying a car/home, Retirement, etc.

2) What is the timeline for the above goals?

-A year, A decade, or Lifetime

3) What are my priorities?

- Buying a car or Going for European Vacation

4) How much I need to save?- Download Saving Calculator

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Download Customized Savings Calculator

Key Features

• Calculates Equated Monthly Savings for Emergency Fund, Marriage and Retirement Planning.

• Fully Customizable

• Takes Inflation into consideration

• Take Return on Regular Savings into account

Savings Calculator Version 2.0.xlsx

Download XLSX • 17KB

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To keep things easy, use this 50/30/20 Rule

Senator Elizabeth Warren popularized the so-called "50/30/20 budget rule" in her book, All Your Worth: The Ultimate Lifetime Money Plan. The basic rule is to divide up after-tax income and allocate it to spend: 50% on needs, 30% on wants, and 20% to savings.

50% Needs

Needs are those things that are critical or absolutely necessary for survival

• Groceries

• Insurance

• Health Care

• School Fees

• EMI payments and so on

If you are spending more than 50% income on needs, then you need to probably downsize your lifestyle. Some good ideas can be using more modest car or going for more affordable homes.

30% Wants

Wants are things that are not essential in nature and includes luxuries.

• Dinners and movies

• Vacations

• New Gadgets, so on.

It is always advisable that you don’t spend more than 30% of your income in satisfying your wants.

20% Savings

Allocate atleast 20% of your income to savings and investment. It should be distributed across various assets like

• Equities

• Debt

• Gold

• Real Estate,etc.

The purpose should be to meet your Emergency needs, short term and long term goals and Retirement Plans.

However investments are subjected to risk, so take advice from a financial expert and subscribe to TheMultiMoney for choosing a better financial product that meets your needs.

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