Mid-twenties, how much should I have saved?

jgalt

I'm in my mid-twenties, have been working almost 18 months after leaving uni.
I was wondering what would be considered a good amount for my savings?

I have no debts (student loan pain off due to some nifty investments back in 2004/2005) and my monthly expenditure is relatively low, which allows me to save a large chunk of my income. I currently have over £20,000 saved, however, I'm not sure how this compares with others around my age. A large proportion of my friends chose investment banking careers after uni (receiving bonuses greater than my salary thus having a large nest egg), which I fear may be tainting my vision as to an "average" amount to have saved.

Any insight would be much appreciated.

ozzage

You're miles above average. Don't worry about that!

Keep it up!

97trophy

Remember, it was the tortoise that won the race not the hare.



who is John Galt? very good for someone your age.

sh856531

Having that much money at your age is pretty rare in my experience.

I have about £5000 saved with no commercial debt, but I also have 16K in student loans as I wasn't in the situation where my parents coould pay everything for me...

So, in my view, you are way, way out in front. I don't know anyone at my age (~26) who has anything line 20 grand saved and no debt. It could be that you get paid a hell of a lot more that the types I'm talking about. The people I'm talking about tend to be on 25 -> 30K per year, so slightly above the national average but certainly not investment banker style salaries

Hope that helps matey

ps - you couldn't lend me 10 grand could you?

:-)

rb10

The average person is not an investment banker, so I think the people you are comparing yourself to are unlikely to be representative of the average person in their mid-20s. Clearly these people do, and will continue to, have a lot of money. But £20k and no debts at all at that age is certainly a great position to be in.

tessie_bear

wow thats fab....i had about a tenner at your age

Saver-Rob

Thats alot of money. Its not about your age so much but about how long you have been working. 18 months @ 20k is lovely.

LucyTheDwarf

I've been working nearly 4 years, but saving about 18 months... I wish I had £20k, but that's about 18 months take home pay for me

StevieJ

I did not have any savings at your age, I was out very night :beer:

Cornishsaver_3

Saving over £1,000 a month is great. A pity interest rates are currently at rock bottom. When I was your age, about 1978, I was saving about £40 a month and this has allowed me to be fairly comfortable now I am near retirement.

:beer:

sheslookinhot

I saved nothing until into my forties. my expenditure, relative to income did not allow any thoughts of saving. Buying land, building a house feeding young mouths ensured I was looking forward to my next salary. Are you enjoying life ?