It is very important for all of us to save for a rainy day even though that might never come or might not be of the degree that we might be saving up for.
But whether you need it or or and of course you never known when you might need it, researchers say that for Americans, the thumb rule that applies is to save atleast $1 for each 5 Dollars that you earn.
As per financial planner Tonya Oliver-Boston, it would do good for you to save atleast 20% of your take-home pay for retirement as well as for any debt-repayment that you might have to make.