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Saving is not Investment but for investment we need to save first.
How much money is too much money? This is the most difficult answer considering the never ending and ever rising desires of humans.
So there would be a time in life when we won’t be able to make money but would definitely need to spend money for living and maintaining the lifestyle. This phase is none other than our retirement phase (Distribution Phase). Hence saving should be the 1st motto of our life during our working years (Accumulation Phase).
Whatever stage you are in life, one thing will always remain the same: It’s never too late or too early to save money. The best time to start is now. There isn’t a one-size-fits-all number.
The savings will be unique to every person considering their lifestyle and responsibility. We can set financial goals and accordingly add savings towards it. (A sudden gain of cash, like a tax refund, may help from time to time). If possible always consider a side income with part time job.
First popular framework i.e. the 50/30/20 budget