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    Average amount of savings for a 30 year old...
    • #1
    • 3rd Apr 14, 1:37 PM
    Average amount of savings for a 30 year old... 3rd Apr 14 at 1:37 PM
    Ok, so I know this question depends very much on circumstance, but I'm trying to get a general picture of what is considered 'average' in terms of how much a 30 year old (no mortgage) has.

    I'm almost 30, and slowly getting out of debt, but have a VERY minimal amount of savings. I've always been boom/bust when it comes to money, and I love spending money- a habit that will have to change!!

    I wish I could do a straw poll amongst my friends to see how much they all have saved up, but I don't feel I can (we keep our finances so under wraps in this country!)

    Basically, I'm clueless. But I'm thinking as a good start, to have:
    Emergency fund: 3-6k (six months expenditure)
    House deposit: 10k
    Fun fund (holidays, etc): 2k

    I'm basing this on the average UK salary, which I think is 25k.

    Any advice??

    finally debt free,becoming wealth conscious!
    *LBM- October 2013* *Debt free November 2014*
    ~ Debt (Loan): £8500
    ~ Debt (Card) £2700
    ~ISA(Emergency) savings:~
    ~ House Savings- £1700 ~ LT savings ~ Pension Pot £600
Page 5
    • ringo_24601
    • By ringo_24601 4th Aug 17, 10:18 AM
    • 17,150 Posts
    • 27,912 Thanks
    How much equity do kids count as?
    • savingwannabe
    • By savingwannabe 4th Aug 17, 7:51 PM
    • 13,149 Posts
    • 46,689 Thanks
    If they have promised to pay towards your retirement a lot. Otherwise they are v expensive in terms of costs but the joy they give is priceless. Somethings I think cannot be measured on a balance sheet.
    Chiistmas Fund £60 (Dec 1st 2018)
    • Feefeefalloo
    • By Feefeefalloo 24th Aug 17, 5:13 PM
    • 29 Posts
    • 1,665 Thanks
    I'm 30 and I have about 6k in savings husband has 7k (hes 26). Earn around £35k a year between us. We have mortgage and no kids. We saved up a £35k to buy our house so I think we're quite good savers.
    • PEHsaver
    • By PEHsaver 13th Jan 18, 9:11 PM
    • 13 Posts
    • 6 Thanks
    Interesting thread , I am now 28 , I am single and recently bought my first home 12 months ago at age 27.

    Whilst living with parents and working full time I managed to save a total of £35,000. I have no student debt as uni education was payed for by my employer.

    I put down a £14,000 deposit on my home and have since payed off an additional £5,000 towards the capital. The house has also hiked in price by £5,000 giving me a total of £24,000 in home equity.

    Along with this I have recently trickled £5,000 cash savings into the stock market over several months for cost averaging and will be adding to this each month so that compounding works for me over the next 30 - 40 years until retirement.

    I also have £18,000 in cash savings , £8,000 of which I am slowly feeding into the stock market. I will be keeping back a 6 month emergency fund (£10,000)

    Not long started pension since the new regulations came into play so have around £2,500 in that.

    • savingwannabe
    • By savingwannabe 14th Jan 18, 6:29 PM
    • 13,149 Posts
    • 46,689 Thanks
    Gosh that's brilliant. You are v money savvy. Well done.
    Chiistmas Fund £60 (Dec 1st 2018)
    • Skeptical Saver
    • By Skeptical Saver 21st Jan 18, 11:38 PM
    • 5 Posts
    • 11 Thanks
    Skeptical Saver
    I'm 26 and finished my apprenticeship in August so have been earning a proper wage of 36k a year since then.

    I have around 19k in savings but a 5k bank loan which I may pay off in the next couple of months. Pay 7% of my gross earnings into my pension and my company matches that. I'd like to think I'll be comfortable when I retire but who knows.

    My plan is to have 2 properties, one family home, the other the mortgage being payed for with the rent coming in.

    It really depends on your circumstances and I think as long as you're saving and not paying out more than you're earning you're doing alright.
    • Moneymad86
    • By Moneymad86 24th Jan 18, 12:51 AM
    • 1 Posts
    • 0 Thanks
    Iím 32 years old and my net worth is roughly 130k, no pension or property and zero debt. Remember having 30k as a 21 year old though, so god knows what went wrong. I think saving is massively important in these uncertain times for our country, who knows where weíre heading? Good luck to all of you.
    • Norwooder
    • By Norwooder 24th Jan 18, 4:50 PM
    • 10 Posts
    • 3 Thanks
    I will be keeping back a 6 month emergency fund (£10,000)
    Originally posted by PEHsaver
    This feels a little on the high side based soley on what I've assumed your mortgage payments are likely to be.
    • EnzoAk
    • By EnzoAk 15th Feb 18, 8:38 PM
    • 1 Posts
    • 0 Thanks
    Old thread but anyway - Iím 25 years old, got married straight after I graduated 4 years ago, had enough savings at the time as I ran a small online shop and dealt with cars. Fast forward to 2018 - we now have £180,000+ in savings which we are planning to buy our first house with - Iím a very savvy saver but donít get me wrong, weíve still enjoyed lavish holidays and owned several supercars in the last 4 years.
    • savingwannabe
    • By savingwannabe 16th Feb 18, 7:45 AM
    • 13,149 Posts
    • 46,689 Thanks
    God I feel totally inadequate. lol. But it is fab to hear people are doing so well. I wish I knew how people earned so much.
    Chiistmas Fund £60 (Dec 1st 2018)
    • hc1985
    • By hc1985 21st Feb 18, 8:48 AM
    • 1 Posts
    • 0 Thanks
    Found this thread really helpful to get a sense of what other people are doing so may as well add my story.

    Spent 20s in and out of overdrafts, not really aware of how much I was spending. Moved to London aged 26 and started earning a decent salary (£25-30k) and saved for a house. With help from family, bought a £365k house with 10% deposit with my partner at the time, aged 29.

    Split up with partner a year later, moved out of the house and he bought my half from me a year or so later. Spent a couple of years in post-break up-excess helped by a salary increase to about £58k which meant I didnít spiral into dreadful debt. After a couple of years pulled myself together and aged 31 I bought my own flat for £325k, £220 of which was mortgage.

    That following year I needed to do work on the flat, so put all spare money towards that. A few months later I met my new partner. Had zero savings and have £7k on credit card left over from doing up flat, but both of us had jobs coming to and end and we impulsively decided to use our new relationship momentum and take a year off work together.

    Paid off £2k of credit card and transferred outstanding credit card to 0% card and in 4 months saved myself about £7k. Iím on a career break so will go back to my previous job and salary on return, and intend to try to save the same amount each month.

    Using those savings to travel now, and using my free time to come up with a much more responsible savings plan for when I get back.

    Am writing this from a hammock in Cambodia, and feeling like Iíve made the right decision to use the money and security I have to buy some freedom. Going to go back to the UK in 8 months or so, pay off that credit card ASAP and then start some serious saving, including some towards taking another year off work again in the not-too-distant future.

    So not too good, but not too bad, and I feel like Iíve lived.
    • PEHsaver
    • By PEHsaver 26th Feb 18, 10:32 PM
    • 13 Posts
    • 6 Thanks
    This feels a little on the high side based soley on what I've assumed your mortgage payments are likely to be
    Playing it safe , single so cant rely on anyone else to pay my mortgage is unknown circumstances , mortgage is £550 PM but outgoings inc bills are at £1100 PM. That coupled with food , fuel etc if not working , I could quite easily churn through £10,000 in 6 months.
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