How much savings should someone in their early 30s have?

enthusiasticsaver

There is no definitive answer as it depends on circumstances, earnings, and lifestyle.  In my early 30s we did have a  mortgage, two children, pensions and an emergency fund but not much other savings. We had a plan though and we balanced living with saving for the future. Now we are early retired, comfortably off with investments and savings and have helped our daughters financially with university and buying a house, getting married etc. 

I suggest you do 5 year plans and set priorities.  They can be saving for retirement or a house deposit, paying down debt or travelling abroad, having a child or buying a new car.  

kimwp

Enough to live on for a year and enough in a pension with a plan to achieve the retirement you want.

strandedinaber

kimwp said:

Enough to live on for a year and enough in a pension with a plan to achieve the retirement you want.

In early thirties? I have to admit I'm no longer early thirties (37) but with my current mortgage, I wouldn't be able to live for a year off of my savings and I don't know anyone my age who could - and we're all reasonably good savers.

I've always aimed to have three months' worth of essential living costs (i.e. housing, utilities, absolute basic living expenses) in savings. But I think it very much depends on your area of work as well - e.g. someone whose income is less secure would ideally have more, but in practice would obviously be more to achieve.

Rob5342

As others have said it's impossible to generalise. Someone with a well paid job and who has been left some money could have quite sizeable savings. Someone with children who has just bought a house and is doing it up could have far less, or.even have sizeable debts.

You really need to decide what you want to achieve with the savings and over what time period, and then make changes accordingly. Don't compare yourself to.others, there will always be someone who's achieved more than you, bit also someone who would like to be in your position.

Ivrytwr3

!!!!!! all!

With CoL and 1 child at Uni and the other starting next year (hopefullly!) we have burned through any savings we did have + about £6k in debts.

But, we have 12 months left on our mortgage (£300k+) and in 2yrs i'll have access to £70k lump sum and £19k immediate pension at age 52.

There is no money left at the end of the month

kimwp

strandedinaber said:

kimwp said:

Enough to live on for a year and enough in a pension with a plan to achieve the retirement you want.

In early thirties? I have to admit I'm no longer early thirties (37) but with my current mortgage, I wouldn't be able to live for a year off of my savings and I don't know anyone my age who could - and we're all reasonably good savers.

I've always aimed to have three months' worth of essential living costs (i.e. housing, utilities, absolute basic living expenses) in savings. But I think it very much depends on your area of work as well - e.g. someone whose income is less secure would ideally have more, but in practice would obviously be more to achieve.

I only know that I bought a house while holding back savings to cover my costs for a year and it was very reassuring to have those savings during COVID when the future suddenly because uncertain in my and many other lines of work. There are many people on these boards who hold two years of savings.

[Deleted User]

Ivrytwr3 said:

!!!!!! all!

With CoL and 1 child at Uni and the other starting next year (hopefullly!) we have burned through any savings we did have + about £6k in debts.

But, we have 12 months left on our mortgage (£300k+) and in 2yrs i'll have access to £70k lump sum and £19k immediate pension at age 52.

There is no money left at the end of the month

You are planning to pay off a mortgage of £300000 in just 12 months? How are you able to access a pensions at 52? I must be missing something?

TheAble

[Deleted User] said:

Ivrytwr3 said:

!!!!!! all!

With CoL and 1 child at Uni and the other starting next year (hopefullly!) we have burned through any savings we did have + about £6k in debts.

But, we have 12 months left on our mortgage (£300k+) and in 2yrs i'll have access to £70k lump sum and £19k immediate pension at age 52.

There is no money left at the end of the month

You are planning to pay off a mortgage of £300000 in just 12 months? How are you able to access a pensions at 52? I must be missing something?

Probably it was originally 300k.

Ivrytwr3

[Deleted User] said:

Ivrytwr3 said:

!!!!!! all!

With CoL and 1 child at Uni and the other starting next year (hopefullly!) we have burned through any savings we did have + about £6k in debts.

But, we have 12 months left on our mortgage (£300k+) and in 2yrs i'll have access to £70k lump sum and £19k immediate pension at age 52.

There is no money left at the end of the month

You are planning to pay off a mortgage of £300000 in just 12 months? How are you able to access a pensions at 52? I must be missing something?

12 months remaining of the mortgage. Originally took out in 2006, 1 house move and increased mortgage in 2010 and due to finish mortgage in 2024.

Also, sorry, the mortgage is/was £175k and the property is worth £300k+. I wish i could afford to pay off £300k in 12 months

Pension is Government pension.

But the point is, we have no savings anymore

sourcrates

There are only very limited circumstances in which you can take any pension before the age of 55, are you certain of your position here ?