Remember, when you need to withdraw your savings,
If you have regular income, like a weekly allowance or regular paycheque, you'll want to transfer a portion of each payment from your chequing to your savings account.
If you have irregular income, like gifts or irregular paycheques:
Whenever you receive money, save part of it.
Even if you're not saving for anything specific, put aside at least 20% of your income - it's a good habit and you'll be surprised how quickly everything adds up.
It's okay to save more than 20%, especially if you're saving for something specific or something you really need.
You can calculate how long it will take you to save an amount you need. For example, if you wanted to buy a $280 bike and managed to save $40 every two weeks from your part-time job, it would take you 14 weeks to save enough (without interest). Could you wait that long? If you don't think you could, consider saving or working more. You could also consider purchasing a cheaper or used bike.
Once you've decided how much you're saving,
Independent budgets consider your entire financial set-up.
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