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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 1
    • lazer
    • By lazer 3rd Apr 14, 12:46 PM
    • 3,230 Posts
    • 4,519 Thanks
    lazer
    • #2
    • 3rd Apr 14, 12:46 PM
    • #2
    • 3rd Apr 14, 12:46 PM
    At 28 I had about £20k

    At 31 I have about £4k - but in between I bought a house and got married, so the savings disappeared an am in the process of saving again.

    Not really svaing towards anything, simply saving 10% of my income every month and then anything above this I manage to save is extra, and can be spent doing up the house, holidays etc
    Weight loss challenge, lose 15lb in 6 weeks before Christmas.
    • Spuggy200
    • By Spuggy200 17th Apr 14, 8:01 AM
    • 37 Posts
    • 10 Thanks
    Spuggy200
    • #3
    • 17th Apr 14, 8:01 AM
    • #3
    • 17th Apr 14, 8:01 AM
    I'm 30 also (well, for 3 more months I am) and have £500 debt (bad debt from living out of the country and didn't realise). I have just got married and moved house - as above, all savings emptied - and am route to make 2014 my saving year too.

    I am going to be a lurker on this forum but your thread title made me pipe up. I look forward to seeing your debts go and your savings go up.
    • Swampy3k
    • By Swampy3k 18th Apr 14, 7:14 AM
    • 178 Posts
    • 186 Thanks
    Swampy3k
    • #4
    • 18th Apr 14, 7:14 AM
    • #4
    • 18th Apr 14, 7:14 AM
    I am 29 (30 in Feb), on a 28k salary and my debt is listed below, so either i'm pushing ahead of wayyyyyyyy behind on others on here will be keeping a beady eye on this post I think...
    Barclaycard - £4742 £4586
    Tesco - £2125 £1388
    Virgin - £1650 £1565
    First Direct - £1160 £978
    Bank of dad - £9000 £9000
    Loan - £8774 £5228
    • ShiftThisDebt
    • By ShiftThisDebt 19th Apr 14, 10:13 PM
    • 107 Posts
    • 147 Thanks
    ShiftThisDebt
    • #5
    • 19th Apr 14, 10:13 PM
    • #5
    • 19th Apr 14, 10:13 PM
    I'm 30 and have nothing. Well, that's not strictly true, I do have 42p left in my ISA ;-)

    Our 20s have been hard in terms of cash...we had a daughter in our teens, and between me and my wife, spent 8 of the next 12 years at uni/retraining. Then in the last 3 years we have added two more children to our family so money has always been tight for us!

    Now we're both just 30 and we really are looking at our 30s (and beyond) as the time when we save some serious cash!

    Come August this year, we'll both be working full time once again but both on decent salaries. Our goal is to pay our debts off within a couple of years and then save, save, save!
    Overall Goal: Debt Free by 2019:
    Total Debt on Jan 1st 2016 £36415Amount paid off so far: £0
    Amount remaining to pay off: £36415
    • Carl31
    • By Carl31 21st Apr 14, 7:26 PM
    • 2,419 Posts
    • 5,852 Thanks
    Carl31
    • #6
    • 21st Apr 14, 7:26 PM
    • #6
    • 21st Apr 14, 7:26 PM
    People have savings for a purpose usually, they're not an indication of performance or success, hence I can't see there being an 'average'

    Also, why worry what others have? People may have loads in the bank, but may equally have loads of debt? Or may have loads in the bank, but live a quiet life that could bore you to tears.

    I think you should worry more about whether you are making the most of your earnings in the best way for now
    • rageagainstessays
    • By rageagainstessays 21st Apr 14, 8:44 PM
    • 1,912 Posts
    • 2,648 Thanks
    rageagainstessays
    • #7
    • 21st Apr 14, 8:44 PM
    • #7
    • 21st Apr 14, 8:44 PM
    I am 29 (30 in Feb), on a 28k salary and my debt is listed below, so either i'm pushing ahead of wayyyyyyyy behind on others on here will be keeping a beady eye on this post I think...
    Originally posted by Davie-G
    I thought there was another number in your mortgage figure then; I thought, how did he manage that
    “Washing one's hands of the conflict between the powerful and the powerless means to side with the powerful, not to be neutral. ”
    ― Paulo Freire, Pedagogy of the Oppressed
    • Swampy3k
    • By Swampy3k 29th Apr 14, 10:12 PM
    • 178 Posts
    • 186 Thanks
    Swampy3k
    • #8
    • 29th Apr 14, 10:12 PM
    • #8
    • 29th Apr 14, 10:12 PM
    ooft, glad not!, could you imagine those repayments lol
    Barclaycard - £4742 £4586
    Tesco - £2125 £1388
    Virgin - £1650 £1565
    First Direct - £1160 £978
    Bank of dad - £9000 £9000
    Loan - £8774 £5228
    • biscuitbob
    • By biscuitbob 30th Apr 14, 9:52 AM
    • 7 Posts
    • 13 Thanks
    biscuitbob
    • #9
    • 30th Apr 14, 9:52 AM
    • #9
    • 30th Apr 14, 9:52 AM
    I think more important than the amount someone has (obviously very dependent on circumstances as we've seen in previous replies) is the amount you save regularly.

    I've been looking into how much is reasonable to save, and apparently the general rule is, of your net pay, 50% should be essentials (house, food), 20% lifestyle expenses (TV subscriptions, nights out) and 30% 'financial priorities' like saving, or paying off debts if you have any. Another school of thought is that you should save about 20% of your net pay.

    I'm happy with this as my husband and I save about 25% of our combined net pay (about £1k per month) and have done since we paid off our debts last year. So we have about £15k of savings at age 28, however this is affected by the fact that we bought a house and got married quite young, so were in debt for ages, and also have lent money to family members.

    Hope this helps in your quest to find the ideal savings amount
    • misskl
    • By misskl 1st May 14, 8:13 AM
    • 35 Posts
    • 74 Thanks
    misskl
    Thanks
    Thank you, that is really really helpful.

    As I'm now single and want to buy a house, I think that I should be focusing more on %, like the last person mentioned, than actual totals in the bank as it is of course relevant to what you are earning.

    Once my debts are paid off, I'm going to aim for:

    20% savings towards house
    10% lifetime/emergency savings

    And live off the 70%, as well as using it for fun things.

    I can't thank the people on this board enough, I have had a serious lightbulb moment this year on how much my debt was not just impacting my life but my self esteem, and how working towards becoming a financially stable person will be the best change I have made in years.

    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
  • nolongerindenial
    Well ive started to save earlier this year just before my 30th, my starting balance is ~ £-131,000 and my goal is to have at least £1 in savings by my 40th..

    I should mention in that its my belief there is no point having any savings until you have no debts..
    £4142.49/ £131,795.91 - 3.14% paid off or only £129,608.80 to go!
    Debt free by Xmas 2015: #182 £1955.38/£4435.51 (44.08%)
    MFW: Opening Balance: £108,297.91 Original MF Date: June 2042
    Current Balance: £106600.27 Estimated MF Date: Dec 2033
    Proud to be dealing with my debts
    • ShootForTheMoon
    • By ShootForTheMoon 12th May 14, 2:18 PM
    • 392 Posts
    • 1,373 Thanks
    ShootForTheMoon
    I'm 26 and paid off all my debt including my student loan this time last year...

    As things stand at the moment, I have built £3,000 as an emergency fund which sits in an account earning 5% interest.
    I also pay £300 every month into my regular saver and £300 into an investment account straight from my salary. I then save £150 into an online account for car maintainence / insurance etc.
    And finally £50 a month into a credit union run by my employer which I leave to build up over time.

    I earn around £30k without overtime and live in privately rented accommodation and run 2 decent cars (one convertible sports car and a run-around). In the past year, I've been on several big holidays spending around £8k in the process - travelling is my passion!

    Overall, I aim to save approx £10k a year - with the aim of having a substantial deposit for a house by the time I'm 30-32. I don't count planned expenditure (eg. Holidays) in my savings.

    I'm quite open about my finances - and tend to find that most friends and colleagues of a similar age to me are in crazy amounts of debt on loans, credit cards, cars etc... Will follow this thread with interest!!

    Shoot x
    Last edited by ShootForTheMoon; 12-05-2014 at 3:17 PM.
    DEBT FREE AS OF APRIL 2013!
    "I am the master of my fate. I am the captain of my soul"
    • TBagpuss
    • By TBagpuss 14th May 14, 10:42 AM
    • 7,426 Posts
    • 9,702 Thanks
    TBagpuss
    Are you paying into a pension, and do you count that as savings?

    I agree that averages can be very misleading as there are so many variables such as income, housing costs, relationships etc.
    • maddermanblue1
    • By maddermanblue1 16th May 14, 10:44 PM
    • 48 Posts
    • 80 Thanks
    maddermanblue1
    At 29 (almost 30) I had £12k in the bank, my job went down the tubes. Time for a big career change. I packed up, left my home town, moved 150 miles and went to go on a training course. 8 months later passed my course and down shy of £500. (Spent money on the course, rent, living expenses etc, didn't qualify for any benefits as over savings threshold). Went on the dole and HB, got a job 2 months after in more or less what I had trained for. Stayed in that job for 3.5 years picking up valuable experience etc, 2 months ago applied for the job I got now. Couldn't be happier.
    Best decision I made getting trained up, but now thinking about moving back to my home town.

    I'm 34 now, been saving properly for 4 years, now have £31k in savings, this is a deposit for a place of my own in my home town. I just started my new job with almost double annual salary. I'm hoping to save at least £43k this time next year.

    OP, I hope you do well what ever you do!
    • catwoman73
    • By catwoman73 19th May 14, 6:49 AM
    • 440 Posts
    • 523 Thanks
    catwoman73
    Your suggested figures look like a good start, but depending on how much you plan on spending when you buy your house, you might need more than £10k as a deposit. Don't forget to factor in fees as well, which will be a couple of thousand or more on top.

    Things you need to plan on saving for would be annual expenses such as car and home insurances, holidays, and other expenses that will crop up such as car or household repairs. If you can pay for these without using credit, that's a long way towards financial freedom. Always factor the cost of these into your budget - it will be a few hundred pounds per month, if you plan on taking foreign holidays, so not an insignificant amount.

    I disagree with the poster who said to save for a purpose - The main thing with saving is to get away from the mindset that all your salary is available to be spent within the month that you receive it. If you can put something by, money stresses often disappear.

    Then, a few thousand in an 'emergency fund' to pay your basic bills would be good, in case you lost your job, or couldn't work due to illness etc. If you have this, you don't need any of the rip off 'redundancy insurance' or similar, that is expensive, and doesn't always pay out when you need it.
    • misskl
    • By misskl 19th May 14, 2:28 PM
    • 35 Posts
    • 74 Thanks
    misskl
    At 29 (almost 30) I had £12k in the bank, my job went down the tubes. Time for a big career change. I packed up, left my home town, moved 150 miles and went to go on a training course. 8 months later passed my course and down shy of £500. (Spent money on the course, rent, living expenses etc, didn't qualify for any benefits as over savings threshold). Went on the dole and HB, got a job 2 months after in more or less what I had trained for. Stayed in that job for 3.5 years picking up valuable experience etc, 2 months ago applied for the job I got now. Couldn't be happier.
    Best decision I made getting trained up, but now thinking about moving back to my home town.

    I'm 34 now, been saving properly for 4 years, now have £31k in savings, this is a deposit for a place of my own in my home town. I just started my new job with almost double annual salary. I'm hoping to save at least £43k this time next year.

    OP, I hope you do well what ever you do!
    Originally posted by maddermanblue1
    Thank you for your post, this is a similar situation to what I am in now. I'm at a crossroads and looking towards a new career! (I think I also used to spend money because I was bored!)

    Sometimes you have to go down to come back up again...

    I don't have a pension. Am planning on having a savings goal of 40k for a house and 5k emergency as a starter for ten (once my debts are paid, of course).

    Thank you so much everyone for your comments
    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
    • lkmc01
    • By lkmc01 20th May 14, 2:42 PM
    • 957 Posts
    • 270 Thanks
    lkmc01
    I am 29 years old and live with my partner of 30 years old and 2 children. We bought a house in 2011 for 85k and used my 3 years of student loan and a bit of savings (£1000) as a deposit. The deposit was 25%.

    Now in term of savings we have at a push about £80. My partner earns 20k a year pre deductions as a coach driver working about 45 hours a week. We get tax credits (100 a week) and child benefit for 2 kids.

    I would love a job so I could get off antidepressants, but my partner works on a 24 hour day with some shifts 14 hours long. Wouldn't be able to afford childcare and my parents already look after my sisters child. Partners parents have a hard enough time looking after themselves!!
    Last edited by lkmc01; 20-05-2014 at 2:45 PM.
    • SomethingGood
    • By SomethingGood 7th Jun 14, 8:08 AM
    • 34 Posts
    • 126 Thanks
    SomethingGood
    I'm 29 and have £45,000 saved (no mortgage). There are a few reasons for this: one is that I suffered from depression for a very long period of time and didn't go out much. I was living at home with my parents and didn't have to pay any keep. I also happened to have a fairly well paid job, which by some miracle, held onto despite my internal anguish. I'm not a consumer so I only buy what I really need, and I move my money around for better interest rates. Unfortunately I had a pretty crappy existence for a while but it enabled me to save a hell of a lot.

    Thankfully I emerged from the black cloud age 26 and packed everything in to travel the world last year. I'm now about to start a masters course and retrain for a new career but I'm also a freelancer so hopefully only my fees will come out of the savings and I can pay my living costs as I earn.

    Edit: I should add that a £4600 win on the euromillions helped my decision to travel the world!
    Last edited by SomethingGood; 07-06-2014 at 8:14 AM.
    • Spuggy200
    • By Spuggy200 25th Sep 14, 1:32 PM
    • 37 Posts
    • 10 Thanks
    Spuggy200
    Well done SomethingGood, that sounds like you've turned your life around. Depression is an evil beast. A £4,600 win on the EM isn't a bad way to get a fresh start. Where did you go? I did four years in SE Asia, but love being back in the UK.

    Just to update this, my wife and I are debt-free now. I didn't have much any way but it was bad debt from being out of the country and not realising I hate the debt - CCJ. Anyway, it's paid off now and my wife's is too, so we can start saving properly without having monthly commitments apart from bills etc.
    • SuperHan
    • By SuperHan 27th Sep 14, 7:35 AM
    • 2,171 Posts
    • 1,310 Thanks
    SuperHan
    I'm 25 and my boyfriend is 32, and between us we have about £11k. We bought a house two years ago, and got help with the deposit and are paying this back to family too.
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