Why this is the time to ramp up your savings despite the hard times

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One of the strategies to manage your finances wisely is by employing US Senator Elizabeth Warren's 50/30/20 rule. PHOTO | SHUTTERSTOCK

Renowned billionaire entrepreneur Warren Buffett is celebrated globally for his well-documented 82-year wealth-building journey best summarised by his famous quote, "Do not save what is left after spending, but spend what is left after saving."

While America suffered a devastating economic depression, Mr Buffet continued saving cash which he subsequently spent on buying stocks from different companies, amassing wealth worth billions of dollars.

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Note: The results are not exact but very close to the actual.