“Many says, I save 10% and I spend the rest, instead spend the 10% and I save the rest” According to the popular 50/30/ 20 rule, you should reserve 50 percent of your budget for essentials like rent and food, 30 percent for discretionary spending, and at least 20 percent for savings . ... But it's not always that simple to suggest the right percentage of income for YOU to save . More is fine; less is not advised. At least 20% of your income should go towards savings. Meanwhile, another 50% (maximum) should go towards necessities, while 30% goes towards discretionary items. This is called the 50/30/20 rule of thumb, and it's popular quick-and-easy advice.