There isn’t an exact science to how much you should save, but your age and situation both play major roles. Generally, if you’re in your 20s and just starting to save, 10 to 15 percent of your monthly gross pay (the amount you make before anything is taken out) is a great range to be in. This amount should allow you to build a healthy emergency fund, as well as start saving for other goals. If you can’t afford 10 to 15 percent right now, save as much as you can and increase your percentage later.
There’s no rule that says you have to spend all of the money you get from things like income tax refunds, gifts, or other income sources of cash. The more you save now, the less you’ll have to save later.