Final answer:
Financial planners typically recommend setting aside six to nine months of living expenses as an emergency fund. Keeping track of financial transactions is crucial in the digital age, and saving for retirement should be around 15% of your income.
Step-by-step explanation:
Most financial planners recommend six to nine months worth of living expenses set aside in a savings or checking account as an emergency fund. This is to ensure that you have a buffer in case of unexpected life events such as sudden unemployment, major home repairs, or significant medical expenses. Being a responsible adult means preparing for unforeseen circumstances with an adequate financial cushion.
How Important is it to Keep up to Date With Your Finances? In the digital age, keeping your finances updated has been made easier through instant financial transactions and the ability to check bank balances online at any time. Despite the convenience, it remains crucial to maintain an accurate record of all transactions.
When thinking of retirement planning, financial advisors recommend saving about 15% of your income, expecting to need approximately 70% of your pre-retirement income during retirement.