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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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  • I'm nearly 30, but I earn minimum wage so as you can imagine, I don't have much savings!
  • I have to point out and tell me if I am wrong - I don't think individuals on this board represent the population as a whole... We are all individuals that want to change our lives or develop in one way or another.

    Something good overcame depression, so many others want to reduce debts or save for a deposit for a place on there own... But I'm afraid in normal society most people hide there heads... It's why I love this forum as it's so inspirational.

    I have always had a desire since I was a young kid, in a poor northern town to be "financially independent" - I don't want to work for someone all my life and everything I have been doing since then has been towards that goal...

    In 28.5 years of age lol, just got a massive pay rise to 70k and work in London.... I hate working in London but my thinking is this:

    I have a student loan that will be paid off in 2 years, I am able to save around 60% + of my post tax salary + 500 a month into a pension pot and I feel if I can do this for a few years whilst still having fun and getting out of London when I can then it's worth it. Hopefully I can move towards the goal quicker....

    I have 51k (net worth excluding student loan and pension) and that's 19k in cash and 32k in a flat that I let out in my old town...

    I'll echo everyone else's comments, everyone has different circumstances but do what makes you happy. We all want different things in life- that's the beauty of humanity!
    My Goal: From 1st of Jan 2015 to 31st of December 2015 is to save 30000.

    48.78% towards 2015 target.

    105.3% towards 2014 target. :j
  • GgazwGgazw Forumite
    6 posts
    I have been trying to save towards a house deposit which seems to be a required amount that is continuously more and more demanding.

    At 26 years old, I have about £4k credit card debt and two savings accounts labelled 'Uni savings' and 'House Deposit' along with a FTSE ISA tracker and a personal pension. I have decided that regardless to my debt amount which I am paying back interest free at £150 a month I must have some savings which shows i am actually working towards something.

    on a £23k salary I have disposable income of £500 approx each month:

    Pension - £80 pcm (+£20 from tax relief) - I want to increase this when I can.

    ISA Tracker - £10 a month (have had this for years not really focused on it)

    ISA House Deposit - £100-£400 a month, I plan to save at least £5k a year and my partner does the same so in three years we will have a £30k deposit

    Uni Savings - To complete my OU degree this is £175 pcm and a £2.5k target in two years.
  • asajjasajj Forumite
    4.9K posts
    1,000 Posts Fifth Anniversary Name Dropper Rampant Recycler
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    I'm 33 and my husband is 37, we are on decent salaries. Between us we have around 12k.

    I don't have personal savings but I also have debts. I will clear them first as debt is more expensive.

    I have 2k to pay off on my credit card. This year has to clear it.

    After that I will aim towards to save 10-20% each month.

    Just to clarify I do send certain amount of cash to my husband each month and this covers all essentials, bills etc. The remaining is for my spending purely.
    £2020 in 2020 / £1295.37

    ally.
  • edited 22 March 2015 at 10:43PM
    scimusscimus Forumite
    5 posts
    edited 22 March 2015 at 10:43PM
    lalman wrote: »
    We are all individuals that want to change our lives or develop in one way or another.
    This is so very true!
    I'm a 30 year old female and have no debts (not even student loans thanks to my wonderful parents) other than 2 mortgages. I have about 100k equity in the properties I own (worth about 300k in total so 200k mortgage), about 85k in savings (in offset accounts effectively earning the same interest as the mortgage rate) and about 40k (net of tax) in employment benefits (shares) which I've yet to cash in. I let out a flat so the tenant is effectively paying the mortgage for me (around 800 a month). I'm hoping this will provide a 200k to 250k retirement fund when the time comes.

    This is only after 5 years in work, because I was in full time education until 25. My husband has just left Uni after getting his Phd at 30. He wouldn't have saved anything, however, since he's been living on scholarship, which is only 24k net a year (10k pays for tuition so really only 14k). He's got a temporary job that pays only 24k gross but I expect him to earn 50k at least in the near future. Part of the reason that I don't spend that much is the 2 of us can maintain the same lifestyle.

    I don't normally budget for anything and I travel a bit - 3 to 5 countries each year and I pay for 2 people - but I do earn a 100k ish gross salary (from 2 years ago) and don't live in London. I cook all 3 meals every single day and bring my packed lunch to work. I even shop at Lidl and Tesco for my weekly groceries and not M&S like most of my colleagues do. The 2 of us spend less than 80 a week on groceries. Our utility bills are as low as 120 a month including gas, electricity, broad band, and 2 phone contracts. Our 2 mortgage payments are less than 1000 a month in total. I bought my 2nd hand BMW with 16k cash (should I treat this as additional 10k in savings?). I don't wear any luxury brand. I have many credit cards but haven't paid a penny in interest because I pay off the full balance every month.

    I have work colleagues who earn half as much as I do, but eat out every day and pay rent in excess of 1000 each month. Unsurprisingly they're the ones who complain that it's too hard to save a deposit for a house. I have colleagues who are 10 years older than I am - the so called golden generation who bought their homes cheap 15 yrs ago with 100% loans - but don't have savings apart from their home and pension.
    When I bought my first house, I was saving 2000 each month out of a 2500 net salary and my mortgage adviser couldn't understand why I asked whether interest rates would be lower if I put in a higher deposit - he never expected a 26 year old to want to put in a 25% deposit.

    Nowadays, I haven't got a clue how much I spend each month. I don't waste money but I don't normally take too much notice of prices when I shop - I just keep a mental note that I don't want to fill up all my space which is already a strong deterrent :-). Sometimes I punish myself of overspending on cheap stuff (hence need replacing soon) by replacing them with good quality ones only when I absolutely have to. I'm not stingy when it comes to study/qualifications, sports (I go skiing every other weekend and swimming in between) and travel - all of which I see as investment in myself and are what really matters.

    I save whatever is left so saving doesn't bother me. My life is almost unaffected by how much I earn.

    The aim is to save 100k every 3 years. Even then it will be hard to realize my dream of retiring at age 45 without my husband's help. The plan is for him to catch up in earnings, provided that it's something he loves to do, and then he can support me, as I have supported him in the past 5 years. From then on I'll have freedom to do whatever I want.
  • anotheruseranotheruser Forumite
    2.9K posts
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    It also depends entirely on your situation:

    Living with parents until late 20's.
    Living near London.
    Parents helping out with this and that (buying a car).

    OR

    Living alone since age 18.
    Engaged to a recently graduated student.
    Absolutely ZERO help from parents.


    The two situations would have a drastic effect on how much you had in the bank, not to mention good/bad luck with work.
  • edited 24 March 2015 at 11:03PM
    scimusscimus Forumite
    5 posts
    edited 24 March 2015 at 11:03PM
    It also depends entirely on your situation:
    Parents helping out with this and that (buying a car).
    ...not to mention good/bad luck with work.
    This is very true our parents paid for our university tuition and living costs in full, including our Masters, even though we left home since 19. My husband then had full scholarship for Phd so he never had to work a single day (properly) before his 30th birthday!

    They even contributed 20k, between the 4 of them, towards our deposit for our first home, as gifts and not loans.

    We're planning to do the same, for our future kids.
  • edited 22 May 2015 at 11:24AM
    jonmknightjonmknight Forumite
    4 posts
    edited 22 May 2015 at 11:24AM
    30 years old, wife of 27 and 2 children (4y/o and 1y/o).

    My salary is only source of income {just over UK average salary for my age}

    We have a £150k mortgage (£80k equity), no other debt - and the following:

    Joint:
    £4k emergency fund
    £2k short term savings (ear-marked for house improvements)
    £1k medium term savings (saving for a nice holiday)

    Personal (Long term savings):
    £2k ISA
    £1k Funds / Investing
    £5k Pension
    --

    Only really started getting focused with personal finance just over a year ago, so relatively speaking I feel as though we've achieved an awful lot in that time, especially as a single income family.

    I would echo the comments mentioned above though - I think, due to the mind-set of people posting in this particular sub forum , the figures mentioned in this thread are likely to be above UK average.

    We've been working on the following principle:
    75% of monthly income goes to: Monthly Living expenses (mortgage, food, utilities, travel, lifestyle etc etc)
    10% to Emergency fund
    5% to short term savings
    5% to medium term savings
    5% to my long term savings


    _____________
    edit: Starting from 2016 (and the wife hopefully back to part time work) we're intent on over-paying mortgage with her income
  • thegentlewaythegentleway Forumite
    167 posts
    Fifth Anniversary 100 Posts Combo Breaker
    Keep up the good work getting out of debt. As others have said savings depend massively on circumstances: I'm 30, I earn £28k and I save 2/3 of my income. Mainly because I'm super tight and I don't pay rent: I get accommodation as part of my volunteering role. Don't worry about everybody else and save as much as you can!
  • savingwannabesavingwannabe Forumite
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    jonmknight wrote: »
    30 years old, wife of 27 and 2 children (4y/o and 1y/o).


    Personal (Long term savings):
    £2k ISA
    £1k Funds / Investing
    £5k Pension
    --

    Only really started getting focused with personal finance just over a year ago, so relatively speaking I feel as though we've achieved an awful lot in that time, especially as a single income family.

    I would echo the comments mentioned above though - I think, due to the mind-set of people posting in this particular sub forum , the figures mentioned in this thread are likely to be above UK average.

    We've been working on the following principle:
    75% of monthly income goes to: Monthly Living expenses (mortgage, food, utilities, travel, lifestyle etc etc)
    10% to Emergency fund
    5% to short term savings
    5% to medium term savings
    5% to my long term savings


    _____________
    edit: Starting from 2016 (and the wife hopefully back to part time work) we're intent on over-paying mortgage with her income

    This thread is fantastic and so very educational. I am learning from this site everyday. I really like the idea of short, medium and long term savings. Thanks for that.:beer:
    Trying to be frugal 18/31Jan; 15/29 Feb 26/31 March 23/30 April 18/31 May 20/300 Jun NSDs.
    Saving change in money box.
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