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  • FIRST POST
    • misskl
    • By misskl 3rd Apr 14, 12:37 PM
    • 35Posts
    • 74Thanks
    misskl
    Average amount of savings for a 30 year old...
    • #1
    • 3rd Apr 14, 12:37 PM
    Average amount of savings for a 30 year old... 3rd Apr 14 at 12:37 PM
    Ok, so I know this question depends very much on circumstance, but I'm trying to get a general picture of what is considered 'average' in terms of how much a 30 year old (no mortgage) has.

    I'm almost 30, and slowly getting out of debt, but have a VERY minimal amount of savings. I've always been boom/bust when it comes to money, and I love spending money- a habit that will have to change!!

    I wish I could do a straw poll amongst my friends to see how much they all have saved up, but I don't feel I can (we keep our finances so under wraps in this country!)

    Basically, I'm clueless. But I'm thinking as a good start, to have:
    Emergency fund: 3-6k (six months expenditure)
    House deposit: 10k
    Fun fund (holidays, etc): 2k

    I'm basing this on the average UK salary, which I think is 25k.

    Any advice??

    Thanks
    finally debt free,becoming wealth conscious!
    *LBM- October 2013* *Debt free November 2014*
    ~ Debt (Loan): 8500
    ~ Debt (Card) 2700
    ~ISA(Emergency) savings:~
    ~ House Savings- 1700 ~ LT savings ~ Pension Pot 600
Page 6
    • guccininja
    • By guccininja 21st Dec 18, 6:32 PM
    • 21 Posts
    • 10 Thanks
    guccininja
    I have also found that people don't talk about their finances in detail at all, but one thing is for sure we are all at different stages in our lives and living in different places so we shouldn't really take this as what you should have.

    I have been fortunate to land a pretty nice job when I was 30 and was earning 33K a year working as a Senior Marketing Manager for a finance tech co in London. I did so well in my first year I got a 10% pay rise and consistently managed to get bonuses of 3K every 6 months due to hard work and long hours that paid off in the end. I saved this money to help with buying a flat in London.

    I'm now 33 and I work freelance as I always wanted to do this! I have been working freelance to have more freedom to travel but I have way less money and job security so I now save only 300 a month rather than 1500 as I was doing before. I have 45k in savings for my future and I hope to buy my own place outside of London in the next 5 years. I saved this much because I always worked from the age of 16 and I worked while at uni and I have done since graduating - I've always loved working towards goals. The flat I bought was just temporary with my brother and sister. I don't have any debt because I was brought up to always live within my means and not to spend more than I earn. I guess I party but not as much as I did in my 20s. Most of my money goes on travelling to far-flung places, clothes, cocktails and eating out at restaurants.

    Last year I went to live and work in Mexico and Guatemala for the winter. I love to travel and chose to freelance to allow me this lifestyle. Money is great but it's not everything and I have way less stress now that I don't just work a 9-6 job in an office.

    Just make sure you pay off debt if you can, that's a sure fine way to take away money stress and start saving.
    Originally posted by Katrina32
    Great way to enjoy life Katrina before you settle down with kids! Travel safe!
    Soon to be January 2019:
    0 Debt
    Happy as....
    • Rachel2016
    • By Rachel2016 11th May 19, 1:16 PM
    • 18 Posts
    • 20 Thanks
    Rachel2016
    It's interesting coming back here and reading what I had at age 28, I had 28,000 and was determined to save as much as possible on my pretty much minimum wage job so I could afford a home. Now at age 31 I have 64000 and instead of getting a flat which is usually always leasehold (money down the drain) I have set my hopes of getting a freehold, nice little house instead. I will aim to get there on my own, with my crappy wage job and a lot of determination.
    • misskl
    • By misskl 12th May 19, 8:11 AM
    • 35 Posts
    • 74 Thanks
    misskl
    update!
    So I'm the original poster on this thread...it's crazy how it's got so much momentum over the years!
    I'm now 34, and thought I'd post an update.

    Finances haven't actually been my focus for the last few years; more so setting my lifestyle up for the future.

    I decided to become a freelancer that works purely online, getting international clients so I can live and work anywhere (the dream right!)
    Along the way I had several health challenges whilst building my business- my car got hit by a lorry on the m6, then I got temporarily paralysed by a tropical illness, then I had an operation- needless to say working from a laptop has been a godsend whilst ill!
    I'm lucky to be alive.
    So first few years turnover was like 12k, then 21k, 27k as I was recovering.

    Still managed to get out of debt bar a credit card of 800 and I'm now on target for 45k this year, plus I've set up 2 passive income streams which I can build on.

    My house savings are at 13k with around 6k in a pension which I hope to build on and get to around 60k within next 5 years.

    So although it's been rough I am now in a position to work and travel with no other responsibilities! I'm thinking of staying in Asia for a while so I can save more quickly
    Last edited by misskl; 12-05-2019 at 8:16 AM.
    finally debt free,becoming wealth conscious!
    *LBM- October 2013* *Debt free November 2014*
    ~ Debt (Loan): 8500
    ~ Debt (Card) 2700
    ~ISA(Emergency) savings:~
    ~ House Savings- 1700 ~ LT savings ~ Pension Pot 600
    • Camaleon
    • By Camaleon 29th May 19, 6:25 PM
    • 1 Posts
    • 0 Thanks
    Camaleon
    I'm 29 and owe almost 9k


    Need to get some tips to start saving something
    • Beancountet
    • By Beancountet 19th Jun 19, 10:56 PM
    • 1 Posts
    • 0 Thanks
    Beancountet
    I would have been 31 when this thread started, so a bit older now. I have a wife, two young kids and live in the East of England. We live in a 4 bed house worth 500k with a 270k mortgage. We own two other rental properties worth 260k each and both with 150k mortgages. The rentals bring an income of 1300 per month after expenses which we save entirely. We both have a salary of 30k and save an additional 800pm out of that. We have about 10k in cash savings and 100k combined in our pensions.
    Equity in the properties is about 450k.
    We drive two second hand cars bought in cash and have never owned new or finance. The cars are probably worth about 15k. We holiday about 4 times a year for a week at a time. One-two abroad. Two-three in the UK.

    I plan to retire from the 9-5 in around 5 years, so early 40s. It's been constant effort to do this since I was 24, but it pays off if you stick at saving.
    • EvelynJohnson77
    • By EvelynJohnson77 20th Jun 19, 11:46 AM
    • 1 Posts
    • 0 Thanks
    EvelynJohnson77
    Best Way to Save Money
    I'm 31 year old. When I was 24 I had no any savings because I spend my all incomes in shopping and on yummy foods but after some years I realized that I've no any savings for my future but I can't left shopping because I love shopping and eating while I'm on shopping than I discuss this with my friend Julia and she suggested me to start shop with coupons and discounts from ClothingRIC or any other authentic website to save your money and when I started I realized she is right because after some month I've saved much money and still. So I'm satisfied now through this way.
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