The Wallet: How Much You Should Save According to Your Age and Income, a Practical Guide to Organizing Your Personal Finances

TL;DR

Saving is the most relevant concept in personal finance, essential for achieving goals and providing a safety net.
Colombia has a significant lag in savings due to economic difficulties and a lack of saving habits.
Saving serves practical functions like achieving goals (study, entrepreneurship, asset acquisition) and acting as a preventive measure (emergency fund).
It's important to develop the habit of saving by setting aside funds as soon as income is received, preferably in a separate account.
Saving with a specific purpose increases motivation and helps sustain the habit.
There is no single universal rule for the percentage to save; it depends on age, income, job stability, family burden, and debt.
In your 20s-30s, focus on building the habit and an emergency fund, saving 10%-30%.
In your 30s-45s, aim to build wealth through assets and investments, saving 10%-35%.
In your 45s-60s, prioritize retirement savings, potentially increasing savings to 15%-40%.
Saving is linked to income growth and job stability, but it's essential to start as soon as possible, as it's a possibility for everyone, not just those with high incomes.

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