Mid-twenties, how much should I have saved?

Gray_colt

im 30 and renting,been waiting 4 houses to drop but managed to save up 76k so far after comin back from traveling teh world 5 yrs ago. just need em to keep droppin abit more so i can either buy 1 or sod off travelin again, which im thinkin might be teh best plan.

sh856531

Gray_colt wrote: »

im 30 and renting,been waiting 4 houses to drop but managed to save up 76k so far after comin back from traveling teh world 5 yrs ago. just need em to keep droppin abit more so i can either buy 1 or sod off travelin again, which im thinkin might be teh best plan.

How in the name of all that is holy did someone who is 30 manage to save 76K?

Either you earn a crazy amount of money per year or you got some pretty good inheritence.

Or you robbed a bank

:-)

JoeCrystal

I have learnt to save early as I can. Although I still have £6000 student loan or so, I do not consider it as debt since it is getting all paid back by PAYE. Although I am early twenties, I still got about £8000 saved up. But honestly, you are doing very well! And keep going I guess.

Gray_colt

I lived on such a tight budget when i was traveling and i was bought up in such a way that made me value money( working on a clay pigeon shoot for 7 quid a day in all weather for 6 yrs every sunday) when i was traveling in japan i got interested in trading shares and when i got home i decided to try it out, online and found a few good companies and some shockers but learnt alot, mostly by loosing some money. But hope to be able 2 either go traveling again (south america looks amazing) or get a house somewhere.

Love_A_Bargain

You are surely blessed. 20k is more than enough to have saved at your age. Am in my late 20's with debts and nothing much to call savings. Keep it up.

Doomcow

me and all my mates are all mid-20s, and we each have decent jobs.

i can assure you that 20k savings is huge.

with 20k, thats enough for a house deposit.

anniecave

Doomcow wrote: »

me and all my mates are all mid-20s, and we each have decent jobs.

i can assure you that 20k savings is huge. i have about 4k, and earn about 20k / yr - and im way infront of all of them.

with 20k, thats enough for a house deposit.

Depends on where the house is. If he's living anywhere near London, £20K isn't a lot for a deposit!

nrsql

Depends on what else is happening in your life.
If you are not enjoying yourself while earning that money then it's probably not sustainable and so isn't a lot.
If you are enjoying yourself and your earning power will increase (as is normal at that age) then zero savings would be doing well.

Just the amount saved isn't a good measure - especially if never find anything to spend the money on.

jgalt

Thanks for the responses! I didn't think above £20,000 was anything special. I also have a few non-banker friends (consultants) who have comparable savings to mine, which is part of the reason I wondered about my own.

sh856531, my salary is within the range you mentioned. I did have about £4,000 in savings before I started post-graduate employment. I worked for a year as part of my degree and was able to save/invest a large chunk of that salary to make up to £4,000.

I can guarantee that I'm enjoying myself, however, I'm careful with my money because I like to save up for things I enjoy doing (mostly travelling and eating). I go out as often as I can (work/weather permitting) and I spend a lot of my free weekends travelling Europe and the UK (as cheap as I can without compromising on my standards). I've even managed to save enough to travel to Cuba, Thailand and Egypt this year!
Before I started working, I had set my target as saving £1,000 each month. I didn't know whether I would be able to accomplish it, as it represented waaay over 50% of my salary. However, I set up a standing order at the first of every month to pay the money into my savings accounts and manage the rest of the month with what I have left.

Doomcow

anniecave wrote: »

Depends on where the house is. If he's living anywhere near London, £20K isn't a lot for a deposit!

ok, 20k is enough for a deposit where property isnt like £gazillion to buy.