So, where did I start? I started with the most basic and simplest savings suggestion and the most popular advice I read was the 50/30/20 rule. This guide means you spend 50% of your income on necessary items (house, cars, clothing, food etc.), 30% of your income should be spent on entertainment items (going out to dinner, movies, internet services, TV packages etc.), and then 20% of your income should be put in to savings. (continue reading below)
I followed this guide for a few months, but I quickly realized this wasn't for me. I did learn what I felt comfortable with and have made my own guide for dispersing my income. Currently, I am saving about 55% of my income and 45% is spent on my bills and entertainment expenses. You may think that saving 55% of my income is too much, but it doesn't really matter what you think, it matters what I feel comfortable with and what my future goals are. I really enjoy saving and seeing my total net worth grow every time I get a paycheck. I also want to retire early (between age 50-55). I can't get there without saving this amount of my paycheck.
Now, your situation is definitely going to be different compared to mine, but I would recommend saving at least 15% of your monthly income whether you put all 15% in an Individual Retirement Account or put all 15% in to your emergency/rainy day fund or if you split the 15% in two halves; saving 7.5% in Retirement Accounts and 7.5% in your emergency/rainy day fund. I suggest saving at least 15% because most professionals out there suggest saving 12-15% of your income for retirement. I suggest 15% because it is a good amount of money to save every month and you will see a good change in your net worth every month which can provide you continued motivation when times get tough.
If you are to take away one thing from this post then make sure it is this: SAVE WHAT YOU FEEL COMFORTABLE WITH.
Just know the less you save the less you will have in the future and for emergencies. The more you save the more you will have in retirement and for emergencies.