It really depends on what your have in your sytem and what you are trying to accomplish.
I change about 5-6% of the water each week. If I am having a problem such I may change a little more.such as high nitrates.
In my opinion, no magic formula as each sytem is different. You should target 20-25% a month...but this could be greater given bioload, filtration, etc.
Both methods have pros and cons...smaller changes vs one or two large changes per month.