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Average amount of savings for a 30 year old...

edited 30 November -1 at 1:00AM in How much have you saved?
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  • missklmisskl Forumite
    37 posts
    Thank you everyone for replying to this thread; certainly very helpful!

    I'm so glad I'm out of debt and can now turn my attention towards building wealth.

    At the moment I have
    £1700 for house deposit (20k goal)
    £600 pension

    And my intention is to put away:

    30% of salary - house deposit
    5% pension
    5% long term savings
    10% emergency

    I'm still 30, and basing this on a single income, but as well as having a fulltime job, I am focused on building other streams of wealth including freelance copywriting, writing a book and managing an ad based website.

    I'm sure I will get there!
    finally debt free,becoming wealth conscious!
    *LBM- October 2013* *Debt free November 2014*
    [STRIKE]~ Debt (Loan): £8500[/STRIKE]
    [STRIKE]~ Debt (Card) £2700[/STRIKE]
    ~ISA(Emergency) savings:~ ~ House Savings- £1700 ~ LT savings ~ Pension Pot £600
  • Purplesky_2Purplesky_2 Forumite
    152 posts
    Mortgage-free Glee!
    My partner and I (He's 30 and I'm 24) have been living together since I went to Uni.

    We have had two loans in the time, which we have managed to pay back within the year, with interest, both times (Once to buy a car outright, we had half and they gave us the rest. Once to help pay for the kitchen that we didn't know needed replacing until after we bought our house).
    I also had some childrens bonds become available and cashed in an investment policy my Mum had set up for me years ago.

    He supported me at Uni, and I only got a job in summer, on an 18k salary. We got an inheritance, which helped us pay for repairs that needed doing to the house, and was enough to pay off our very small mortgage in the northern city in an unpopular area.
    We bought a house that needed far more doing to it, than even the surveyor realised, so we've spent a lo-ot of money here over the past 18 months. (Shower installed, radiator replaced, gas fires needed cleaning, pointing, complete re-roof with gutters and chimney repointing, boiler replaced, bay window roof redone, external doors replaced with composite doors, new kitchen, appliances and vinyl flooring, damp problem stalled, new plaster in one room, two new beds, minor electrical work, ethernet sockets run through the house, a bathroom fan installed and vents installed in all the windows plus new curtains and curtain poles, new light bulbs etc)

    We have 7k in cash and stocks/shares, but now no big jobs coming up and no mortgage or rent to pay, our worth and savings should shoot up. Our plan once our emergency cash is up is to throw money into investments and our pensions.
  • I sort of determine my self worth by whether or not i earn more than most people or have more money saved haha! Sad, maybe?

    I'm 27 and luckily have no kids or a misses ( i wouldnt mind a misses but im too self obsessed to think about someone else and my cat stresses me out enough). I have quite a bit stashed because i decided one night when in the pub that i didn't want to end up fat and bald wearing primark clothes with kids that i can't afford and a fat misses that watches tv all day, which just about sums up most 40 / 50 year olds..

    I used to go out all of the time, probably 6 nights a week on the booze, clubs, pubs, naughty clubs, casinos.

    I cut it down massively, it meant more boring nights in but i like to think that when i am in my 30's and 40's i may be able to catch up on lost party time.

    I'm not very materialistic but like to buy nice clothes, food and have a bet. I don't own a pair of jeans that cost less than £100 quid and i eat sirloin steak until it comes out of my ears.

    You can't take money to the grave with you, but you must save some money so that you aren't a burden on society and family.

    Plus, you need some sort of quality of life.

    My basic bills are less than a grand and usually have about 2 grand left over which usually gets put into a brown envelope. (im self employed so it varies).

    I don't think many 20 somethings have all that much money unless their parents are wealthy.
  • misslylymisslyly Forumite
    1 posts

    I am 27 and half and I have only started working at 24, so only 3 and half year of saving experience.

    I live in London so cost of life is not the best. I like to enjoy life time to time, so I do go on holidays few times a year and also like to go out for diner/shopping etc.

    I didn't have student loan (thanks to my parents), I don't own anything (no car, no property). So far I have saved around £15k cash + £4k in pension. Few explanation for that:

    Since a year and half, I moved in my bf's house in which I pay him £540 rent with bills included in a nice area of London (I would have to pay £1000 if I rent it)
    My net salary per month right now is around £2200
    I have been following the rule of 50% (everyday needs) ,20% (entertainment), 30% (saving) since a year, and it actually works pretty well for me. Even tho there is month that I couldn't save 30% (especially in November & December).

    My aim is to save £8-10k per year and hopefully before my 30's I can buy to let. But with London property price, this seems just to be quite far away... some people told me to not worry because my bf already own a property and if I marry him I don't have to worry too much. But I still think, if somewhat happen between me and him, and I have to move out, I would like to live in my own property rather than renting.

    I actually have no idea if that is a good average saving for my goal . Feel free to give me any suggestions?
    Thanks :)
  • Technically I probably don't qualify to post on this thread, as I'm actually 40, not 30! But every month since I was 21 I've kept records of my "net debt" (which, happily, eventually turned into "net worth") so I was prompted to dig out my old records and review where I was 10 years ago.

    So - when I was 30 my husband and I had a net-worth (savings minus mortgage) of £38k.
    (Plus equity in the house of course, which I never took account of.)

    Mind you - my life goal was to "break even" financially by the time I was 30 (hence the monthly tracking!)
    This is easier to do if you live in East Anglia than in other areas of the country, and this was back before tuition fees for University were introduced (so I graduated without any debts to speak of) - but still something I'm proud of.

    I was advised years ago to try to save "my age divided by two" % of net salary (but being an overachiever I always aimed for "age % of net salary").

    Good luck to all in your savings journeys!
  • bellaboo86bellaboo86 Forumite
    296 posts
    Seventh Anniversary 100 Posts Combo Breaker
    I'm going to be 30 this year. I have no savings as yet. The main reason for this is that I bought a house on my own a year ago. My savings went on my deposit and since then I've spent any spare money on the house. I am concious that I don't have anything to fall back on and plan to address this after my holiday to NYC (30th pressie to myself)
  • surfer9surfer9 Forumite
    120 posts
    Just turned 31....

    I have saved about £65,000.

    I went to Uni, then out of Uni started saving when I was 24...Living with parents for 4 years and saved £20,000 in that time.

    Inherited £15,000 a year ago.

    Currently I am employed + Self Employed living in an expensive town. Saving £20k a year.

    I've never had a good employed job, always been on a low wage. Luckily a business I started has helped me boost my savings massively in the past 2 years.

    My motive for saving was to one day purchase a property. Now it has come to the time I can possibly afford to buy - yes £65k and a £30k salary is only just about enough to help me get a small property that I'd be happy with in my local area (Surrey/Hampshire border). House prices are ridiculous that I am now put off buying and might just use my savings to have fun with and to help live a more relaxed life, debt free.
  • edited 30 January 2016 at 12:32PM
    pete-20-11pete-20-11 Forumite
    228 posts
    Ninth Anniversary 100 Posts Name Dropper Debt-free and Proud!
    edited 30 January 2016 at 12:32PM
    At 30 about £6k, it went up to £12k then I moved house, pretty much emptying the savings!

    I'm back up to around £6k plus have been overpaying the mortgage

    Didn't realise this was an old thread!
  • Keep going my fellow friends...... You never know when your hard work will pay off!
    I joined a 3 year SAYE scheme which ended last year, during the scheme money was very very tight - I was sacrificing almost 15% of my post tax income. I was very lucky as an American firm bought the company and the share price rocketed. My investment quadrupled and I was able to pay off all £20k of personal debt and have just over £10k left over which we've used to pay for our wedding & honeymoon!

    Keep it up, there is light at the end of the debt tunnel if you work hard, it's far too easy to get into debt; my £20k took me 10 years to pay back and I probably paid back twice what I borrowed over the last 10 years!!!!
  • I'm 30 :) On the average salary at 25k, and just finished my savings goal.

    As others have mentioned I was also fortunate to have parents put me through uni. However I've also traveled and lived abroad. It was only when I got back to the UK that I realized my dream of having my own home which in turn kick started my savings. I live in work provided accommodation in which only a small token of rent gets deducted from my wages. Once I realized this I was able to save a lot per month and have managed to save my deposit on my own. Took me about three years, but I've got there.
    House deposit (20K) plus fees and other stuff (5k). Started house hunting and looked at a couple of properties last weekend.

    When I do eventually find somewhere I'll be sad when that moneys gone :D Gonna be strange looking at my savings and not seeing a big amount there every time I check my online balance, but then I'll just look around my new living room and remember that I have a place to call home, and that, for me, is ultimately what's most important.

    Keep the dream and keep saving :D
    House deposit goal reached! £25,000 :D
    Hoping to have a house in the near future!
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