Everyone knows saving money is important. But, how much should you be saving? It depends on what your goals are. Saving for saving’s sake is difficult already, and also, if you’re just saving for nothing, it is impossible to know exactly how much you need to be putting away per paycheck.

Set a few goals:

-First, set a short-term savings goal or two. These are something you want to complete within a year. For example, paying for a nice vacation, your property taxes or a new television.

-Next, identify a mid-range goal. This is a goal that you plan to reach within 10 years. Things like purchasing major appliances, a new roof, a car, or a down payment on a home are good examples of this goal.

-Finally, identify your lifetime goals. For most people, this is saving for retirement.

Usually, saving anywhere from 10-15 percent of your paychecks will get a nice emergency fund or holiday fund set up for you. However, money experts suggest that at least 20 percent should be going into a savings account or should be split between multiple savings accounts.

A nice rule of thumb is the 50/30/20 rule: Spend 50 percent of your income towards necessities, 30 percent on discretionary items, and save the remaining 20 percent.