How much savings should i have at 25 years of age?

m27try

Ive been working full-time since i graduated at 21 but have no idea as to whether-or-not what im earning is a good or bad salary for someone my age.

Doing the figures i also feel what i have saved on average per year might might be poor.

Could anyone advise what sort of salary someone of 25 years old should be on? and by the age how much they should have in savings by then?

My salary started at £18k, however i am now on £29k/annum & have about £45k in savings.

Unfortunately i now plan to relocate for a new job and will be saving even less.

foofi22

What salary do you think is 'good' for a 25 year old. Money isn't everything, remember.

Otherwise you have a lot of cash savings - pat yourself on the back. But what about pension(s) and investments?

Everyone be nice!

m27try

foofi22 wrote: »

What salary do you think is 'good' for a 25 year old. Money isn't everything, remember.

Otherwise you have a lot of cash savings - pat yourself on the back. But what about pension(s) and investments?

Everyone be nice!

Hi, my original post is vague, the £45k pretty much includes everything (isa, shares, very small pension)

block10

Also would be helpful to know your approx location. £29k would be v low for London.

yatinsardana

m27try wrote: »

Ive been working full-time since i graduated at 21 but have no idea as to whether-or-not what im earning is a good or bad salary for someone my age.

Doing the figures i also feel what i have saved on average per year might might be poor.

Could anyone advise what sort of salary someone of 25 years old should be on? and by the age how much they should have in savings by then?

My salary started at £18k, however i am now on £29k/annum & have about £45k in savings.

Unfortunately i now plan to relocate for a new job and will be saving even less.

I'm 24 and still in university so haven't started earning yet. I just wanted to say well done for saving so much in 4-5y time! It sounds like you're worried you may not have saved enough but for your salary ( which is very much the same type of salary I expect to be on once graduated) it sounds to me you've saved more than enough. It comes down to about 9k / year, which is 750/month on average.

My question to you is, how on earth are you managing to save this much?! For weeks I've been trying to estimate how much I'll be spending once I start earning and my expenses will be similar to what they are now with an additional 300/month I think for various other things that I will be needing as part of the job. That itself should mean I will be breaking more or less even in the the first year.

Please do share tips

m27try

block10 wrote: »

Also would be helpful to know your approx location. £29k would be v low for London.

Hello, in the Midlands but will soon be in Wiltshire.

block10

I think your savings are high for your age, but your salary is starting to lag given 4yrs work experience post grad.

I would recommend speaking to employment agencies to gauge the average salary range for your profession. If there is a significant difference, then consider applying for other roles / asking for a raise.

m27try

yatinsardana wrote: »

I'm 24 and still in university so haven't started earning yet. I just wanted to say well done for saving so much in 4-5y time! It sounds like you're worried you may not have saved enough but for your salary ( which is very much the same type of salary I expect to be on once graduated) it sounds to me you've saved more than enough. It comes down to about 9k / year, which is 750/month on average.

My question to you is, how on earth are you managing to save this much?! For weeks I've been trying to estimate how much I'll be spending once I start earning and my expenses will be similar to what they are now with an additional 300/month I think for various other things that I will be needing as part of the job. That itself should mean I will be breaking more or less even in the the first year.

Please do share tips

Well Thank You! I guess ive saved a lot of money staying at home (till now). They don't ask but i do pay the folks £200/m. Im still really not sure if im saving well but since you've asked the question, i guess it sometimes helps being slightly paranoid about costs (as you can tell from my question), i do sometimes think about the little things thats might add-up, things like a lunch meals can add up to about a thousand pounds a year (£4 x 236 days) thats £944 a year or £79 a month just on lunch meals, i can save half of that just bringing in food from home/the weekly shop.

shireknight

m27try wrote: »

Ive been working full-time since i graduated at 21 but have no idea as to whether-or-not what im earning is a good or bad salary for someone my age.

Doing the figures i also feel what i have saved on average per year might might be poor.

Could anyone advise what sort of salary someone of 25 years old should be on? and by the age how much they should have in savings by then?

My salary started at £18k, however i am now on £29k/annum & have about £45k in savings.

Unfortunately i now plan to relocate for a new job and will be saving even less.

Good grief please swap lives with me, I'm 44 earn £25'000 a year and have under £500 in savings -I think you're well ahead of the curve.

Doshwaster

m27try wrote: »

Hi, my original post is vague, the £45k pretty much includes everything (isa, shares, very small pension)

That seems very healthy for someone who is 25 but if you have been living at home then it really helps your ability to save.

At that age I hardly had a penny to my name. I didn't earn enough to start saving until I was 27 - I spent far too long messing around with postgraduate courses, flitting between temporary positions and generally avoiding growing up before I eventually got a "proper job".

PathMan

You must have been very disciplined and frugal! At that age I had absolutely zilch, however, I did have a career and had just qualified as a Biomedical Scientist.
30 years later I have managed to take very early retirement at 54 years of age with a nice pension and assetts (combined with my wife's) just short of the Inheritance Tax dual-limit!
Well done to you!