It is important to save or put money back because of unexpected things that life tends to throw at us. Some people might also want to save money for something they want to buy later on down the road such as a car or other item.
Given our circumstances though it can be really hard to put any kind of money into a savings account especially if you’re living paycheck to paycheck. You might be wondering what is a good amount to put in a savings account and how much money you should put into one each week or whatever frequency might work for you.
A financial guide that I’ve used in the past called Financial Peace University has said that $1,000 is a good amount to have in a savings account as it tends to cover a large amount of sudden emergencies that might come up such as vehicle troubles, maintenance issues for the house or sudden medical expenses. Now you don’t have to stop saving once you reach a thousand dollars, but that is good amount that you should always try to have in your savings account or at least build back up to.