Does saving 20% include the emergency fund too?
You need to save 20% of your income every month for your emergency fund only. You do not need to save for the rainy days separately. If you can save 20% of your monthly income, then I think it's enough.
Hi Dittron! I would suggest you consult a Certified Financial Planner. He or she will suggest you how much you should save every month. Based on that, they will help you in chalking out a realistic budget too.