The decision to save or not to save is always a personal choice. Everyone's financial situation is different, and therefore, not everyone can allocate the same percentage of their income towards savings.

Now that you have determined your income levels and have an idea of how much you are saving, it’s time to determine what you are saving...

Most people follow the traditional approach to personal finance: they calculate savings as whatever's left after spending (Savings = Income - Expenses). However, financially successful individuals reverse this formula, determining their expenses based on what remains after setting aside savings (Expenses = Income - Savings).