How much should I have saved by 25 and when I am 28

mitchaa

dunstonh wrote: »

There are no guides to how much you should have and by when with savings. The only guide I know is one on pensions in that you should aim to have £35k in your pension by age 35. However, like others said, even that is subjective depending on what you want in retirement and when you want it.

Is that really a target? Shouldn't be too hard for someone that has employer matched contributions along with good investment growth of the fund.

What would that target relate to in retirement? What is the average pension fund worth?

mitchaa

bendix wrote: »

Well said. I too save like a demon but still enjoy my life immensely.

There is a notion prevailing in modern society that conspicuous consumption equates to happiness. How tragic is that?

You earn something daft like £250k pa though.

Of course you can save and still have a good quality of life. Someone on around 20x less than you though is going to struggle.

jamesd

ftb999 wrote: »

How much do you think I should have saved by 25yrs old and also when I am 28yrs old.

What do you want to do with the money and when do you want to do it?

If it's buying a property for yourself as soon as possible then that will provide you with your target for accumulating the deposit and transaction costs as rapidly as you want.

If it's financial independence then you'll need to accumulate rent deposit and should also look to accumulate as many months of all bills as possible so you can lose your job without being thrown out for not paying the rent. A year or so of rent plus all bills would be a good target, three months the minimum sensible unless you're living on the edge.

So, set your target use and then use that to provide both the target amount and the motivation.

kostigovs

ftb999 wrote: »

Hi guys.

I finished university at 23 and I am now just turning 25. I have been working for 2 years now.

How much do you think I should have saved by 25yrs old and also when I am 28yrs old.

My salary has previously varied from 14k to 20k. but am now on 12k.

also how much should I try to put away a month?

I live with my parents and pay no bills apart from my mobile phone!

thanks.

My 28 year old son finished Uni a few years ago and like you lives at home.

His mum and I don't charge him rent because he is on a fairly low salary and-forgive me for saying-but we are very well off.

We do insist that in lieu of paying rent he puts at least the maximum in a cash isa every year.

He has around £26K in savings that I know of albeit some of that came from his parents

Lokolo

kostigovs wrote: »

My 28 year old son finished Uni a few years ago and like you lives at home.

His mum and I don't charge him rent because he is on a fairly low salary and-forgive me for saying-but we are very well off.

We do insist that in lieu of paying rent he puts at least the maximum in a cash isa every year.

He has around £26K in savings that I know of albeit some of that came from his parents

Can I ask what is low?

kostigovs

Given that he has a degree in Accountancy he has never managed to get a job using his skills and is earning less that £17k

paulw98

Obviously going to get a lot of different opinions in a thread like this. Im 24 and still live at home as do most of my friends. None of us have any interest in renting propertys only buying so living at home (paying £160 a month to parents) allows me to enjoy a good quality of life/cars and still save half my wages for a deposit.Im 24 and have 25k saved so will be able to put a reasonable deposit down on a house when the time is right.

alyssa_liss

everyones differnt im 20 basic wage and over the years saved £7000 so bought my car outright and started saving for a house now

HannahIOW

Yet again everyone's circumstances are different but speaking from experience try to save whatever you don't 'need' to spend each month if you can. I'm 25 this year and probably have about £3K to my name, that's it. I wish I had saved money since I left college but at the time it's easy to ignore it and just have fun...

greenface

bought 1st house aged 18 with my then fiance now wife . now on my 3rd house fully paid @ both then 40+ debts low earnings low too health ok savings good future plans see what happens .