How Much Should You Save Each Month?

On the one hand you want to enjoy the now and therefore like to spend money, but on the other hand you also want to think about later and save for big dreams. We understand the problem very well. That is why you may be wondering how much to put aside. How much should you save per month at least?

The National Institute for Budget Information (Nibud) has a rule of thumb for this that can give you some concrete guidelines.

The Nibud rule of thumb is that it is best to save 10 percent of your income. Nibud has opted for a percentage, because of course everyone has a different salary. Otherwise, it would be easier for someone with a high salary to meet the rule of thumb than someone with less earnings. For example, do you have a salary of (net) 2,000 euros? Then, according to Nibud, it is best to save at least 200 euros per month.

Not feasible?

Are you shocked by that 10 percent? The last thing you want is for the minimum savings amount per month to feel impossible. The more realistic the amount is, the more likely it is that you will actually keep it up in the long term. Nibud itself also emphasizes that the 10 percent is a guideline.

Are you not (yet) able to save 10 percent of every salary? Then just save as much as possible. Below you will find three tips to get that done.

1. Start small

Every bit helps! The most important thing is to start saving. Even if you only save a few dollars a month, you make saving a habit and prove to yourself that you can actually put money aside. From there, you just increase those few dollars every once in a while, until you eventually reach that 10 percent.

2. Find out what is realistic

First, dive into your finances so you know exactly where all your money is going. If you are clear for yourself how much money you spend on groceries and fixed costs, for example, you can also estimate much better how much you can save each month.

In addition, you will also find out which subscriptions you can cancel that you no longer use and whether you might be able to save on a certain category. All of that is going to help you grow that amount in your savings account.

3. You don’t have to save 10 percent every month

Instead of setting aside 10 percent each month, you can also save 10 percent of your net income each year. This is often easier to achieve, because you can then transfer things like holiday pay and financial windfalls straight to your savings account and save less in other months.

Want to get started with this method? Then multiply your net monthly salary times twelve. The amount that comes out of this is your annual goal. If you like it, for example on Pinterest you can ‘savings trackers‘that you can color when you save. This way you can see at a glance how close you are to your goal.

We are saving en masse due to corona and will soon spend our money again

Tessa Ham is an editor at and writes for Metro about career and money.

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How Much Should You Save Each Month?


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