30yo savings

Rtj123

I’m 30, run my own business, I’m constantly worrying about money! Even more so now as I’ve just purchased a new car which I need for work and my personal life. My entire savings are 16k (after buying the car) and I also have assets in a classic car and motorbike adding to around 20k. Am I doing ok or should I really have more put aside?

Baron_Dale

May I ask if you rent or have a mortgage? Have you an occupational pension? How much you can save will also be influenced by how much you earn and your outgoings. For some those figures could be very good indeed for others less so.

MovingForwards

Your savings and assets are more than what many have. Are you still renting, has business picked up etc:
https://forums.moneysavingexpert.com/discussion/6342424/im-self-employed-earning-300-a-week/p1

Rtj123

Baron_Dale said:

May I ask if you rent or have a mortgage? Have you an occupational pension? How much you can save will also be influenced by how much you earn and your outgoings. For some those figures could be very good indeed for others less so.

Rent with my partner. No pension apart from a very small one started years ago. (Around 6k)

Rtj123

MovingForwards said:

Your savings and assets are more than what many have. Are you still renting, has business picked up etc:
https://forums.moneysavingexpert.com/discussion/6342424/im-self-employed-earning-300-a-week/p1

Yes renting. Business has picked up rapidly. I also have money in other smaller assets. Looking to increase my pension pot 

Rich1976

if the 16k is cash savings then you are doing much better than most people your age and many people my age.

you need to be contributing to a pension though as it’s very easy to underestimate the compounding effect over the years to make it grow. Plus you get tax relief on top of your contributions which boosts its value.

Contro1

1st well done, I am 30 and have the same. Please add a small contribution to your pension! I’ve been doing so for years. Talk to an FA about one as they’ve always confused me… 

in my thread I’m unsure if I’ve a short fall or not. Im working towards building it up at the moment. The littlest amount can push towards a long way.. I’d aim for around £650/ year plus the government top up of 25%. Makes it worth while but do your own research and enquire with a FA on your position. 

junglist_matty

No idea of your doing well or not, I guess that depends on your goals.... I'm 39, I have a wife and 2 kids, we have about 500k tied up in "equity" in our house, not much in the way of savings/debt to write home about.