It’s time to save, if you have no financial plan to help you get financially freedom, look no further

Do you know how to save? Do you feel like it won’t get you anywhere? Well here’s a rule you should live by, especially if you’re just starting out.

• Fun fact, did you know if you put $200 in certain savings accounts every month for 10 years, You will have 8 million dollars?

The 70-10-30 saving rule is a simple guideline for managing your finances, especially your income, in a way that promotes financial stability and growth. It suggests allocating your income into three distinct categories:

1. 70% for Living Expenses: Under this rule, you allocate 70% of your income to cover your basic living expenses. These expenses include necessities such as housing (rent or mortgage payments), utilities, groceries, transportation, insurance, and other essential bills. This portion of your income is meant to ensure you can maintain your current lifestyle comfortably.

2. 10% for Savings: The next 10% of your income should be dedicated to savings. This portion is crucial for building an emergency fund, saving for future goals (e.g., buying a home, going on vacation, or retiring), and investing for long-term wealth accumulation. It's recommended to automate this portion of your income so that it consistently goes into your savings or investment accounts.

3. 30% for Discretionary Spending: The remaining 30% is for discretionary spending. This category covers non-essential expenses and provides flexibility for discretionary spending on things like dining out, entertainment, hobbies, and personal indulgences. It allows you to enjoy life and maintain a healthy work-life balance.

The 70-10-30 rule is a simplified budgeting approach that can help individuals achieve financial stability while also saving for future goals. It encourages responsible financial behavior by prioritizing savings and maintaining a balance between essential expenses and discretionary spending.

It's important to note that the 70-10-30 rule is a general guideline, and individual financial situations may vary. Depending on your unique circumstances, you may need to adjust the percentages to better suit your financial goals and responsibilities. For example, if you have high levels of debt, you might allocate more toward debt repayment instead of discretionary spending. Flexibility is key, and the rule can be tailored to meet your specific needs and priorities.

You need some savings apps to start with, the top three saving apps that will give you dividends & multiply your savings, the suggested top three apps are:

• Mint:

  • Mint is a popular and free personal finance app by Intuit. It helps you track your spending, create budgets, and manage your overall financial picture. Mint automatically categorizes your transactions, provides insights into your spending habits, and sends alerts for bill due dates. It also offers a user-friendly dashboard that shows your income, expenses, and net worth, making it easier to save and budget effectively.

• YNAB (You Need A Budget):

  • YNAB is a budgeting app known for its proactive approach to money management. It encourages users to assign every dollar to a job by creating a budget based on their income and expenses. YNAB focuses on giving every dollar a purpose, reducing unnecessary spending, and building savings. It also offers educational resources to help users improve their financial literacy.

• Acorns:

  • Acorn is a micro-investing app that helps you save and invest your spare change. It links to your debit and credit cards, rounding up your purchases to the nearest dollar and investing the spare change in a diversified portfolio. It's an easy way to start investing without needing a large initial sum. Acorns also offers various account types, including retirement accounts, to help you achieve long-term financial goals.

• Fidelity :

  Fidelity is recognized for its commitment to helping clients achieve their financial goals through a combination of investment options, technology-driven solutions, and personalized advice. It has earned a strong reputation for its reliability and innovation in the financial services industry. Please note that the specific services and offerings provided by Fidelity may evolve over time, so it's advisable to visit their official website or contact them directly for the most up-to-date information.

  Fidelity is my personal favorite for it is free and provides:

• Investment Services: Fidelity is renowned for its investment services, offering a broad array of investment options, including mutual funds, exchange-traded funds (ETFs), stocks, bonds, and more. They provide both actively managed and passively managed (index) investment products.

• Brokerage Services: Fidelity offers a comprehensive online brokerage platform for investors to buy and sell stocks, bonds, options, and other securities. They provide research tools, educational resources, and trading platforms to help investors make informed decisions.

• Retirement Planning: Fidelity is a major player in retirement planning and management. They offer retirement accounts such as IRAs (Individual Retirement Accounts) and 401(k) plans, as well as tools and guidance to help individuals plan for their retirement and manage their savings.

• Wealth Management: For high-net-worth individuals and families, Fidelity offers wealth management services. These services include personalized financial planning, investment management, and estate planning.

• Education and Research: Fidelity provides a wealth of educational resources, including articles, webinars, and tools to help investors make informed decisions. They also offer market research and insights to help clients navigate the financial markets.

• Digital Services: Fidelity has a strong digital presence with user-friendly online and mobile platforms that allow clients to manage their accounts, conduct transactions, and access educational materials on the go.

• Customer Service: Fidelity is known for its customer service and support. They have dedicated representatives to assist clients with their financial needs and inquiries.

• Corporate Services: Fidelity serves a wide range of institutional clients, including corporations, pension funds, endowments, and foundations. They offer investment management, retirement planning, and employee benefit services to businesses and organizations.