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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 3
    • Chocolatefund
    • By Chocolatefund 5th Feb 16, 8:33 PM
    • 56 Posts
    • 55 Thanks
    Chocolatefund
    I'm 30 On the average salary at 25k, and just finished my savings goal.

    As others have mentioned I was also fortunate to have parents put me through uni. However I've also traveled and lived abroad. It was only when I got back to the UK that I realized my dream of having my own home which in turn kick started my savings. I live in work provided accommodation in which only a small token of rent gets deducted from my wages. Once I realized this I was able to save a lot per month and have managed to save my deposit on my own. Took me about three years, but I've got there.
    House deposit (20K) plus fees and other stuff (5k). Started house hunting and looked at a couple of properties last weekend.

    When I do eventually find somewhere I'll be sad when that moneys gone Gonna be strange looking at my savings and not seeing a big amount there every time I check my online balance, but then I'll just look around my new living room and remember that I have a place to call home, and that, for me, is ultimately what's most important.

    Keep the dream and keep saving
    House deposit goal reached! 25,000
    Hoping to have a house in the near future!
    • Batman2017
    • By Batman2017 8th Apr 16, 5:26 AM
    • 124 Posts
    • 89 Thanks
    Batman2017
    I'm 29 and my wife is 27. Before we met I used to live in my overdraft and live paycheck to paycheck. We've been together ten years this year and since then I think we've been sensible with money striking a nice balance between saving to much and not living against not saving enough.

    We've had a few big expenses in the last few years such as paying for our wedding, buying a house, doing a capital repayment and few big trips away including VIVA LAS VEGAS . We dont come from wealthy families so have never had much help along the way but it makes the feeling of accomplishment feel more deserved.

    We have 9K at the moment and are saving on average between 600-800 per month. I agree with other posters about trying to stick clear of any payday loans or anything where your paying interest for credit. Avoid like the plague if you can and you will be much the better for it.
    • polagon
    • By polagon 12th Apr 16, 9:21 AM
    • 10 Posts
    • 7 Thanks
    polagon
    My summary of my savings situations is I should do a lot better.
    Currently I have a work pension (just been saving into it for 1 year), doing some smaller savings through P2P lending, and an ISA fund, but and a rather big but is that I have no emergency fund to speak of.

    I haven't been in a work situation for that long, and in between work I basically lost any savings I had so now I'm playing catchup combined with some weird ignorance to this emergency fund, which is of course a bit stupid.

    But 30 years old, earning about 33k with bonuses, but living in London so can't save that much really as I pay lots in rent and other costs.
    But have about 2000 in pensions and 1600 in other savings + ISA. My plan is to try to build up an emergency fund between 500-1000 by the end of the year.

    Also re-paying a student loan at the moment, so not sure how any of this will play out. Hopefully next year I will receive a larger pay bump which will increase my emergency fund payments (risky thinking).
    • hupik
    • By hupik 14th Apr 16, 7:12 AM
    • 27 Posts
    • 24 Thanks
    hupik
    I'm 35 and have about 13k in savings, don't own a house (yet) & lost money on stockmarket last year.

    In my situation I ran my own business in my early 20s and was sequested (declared bankrupt) at the age of 25 this meant I had to start from scratch & at 30 I completely changed career (I was a bar manager). I now earn 29k a year and save 1k a month which is hard with rent being so high but getting on the property ladder is important.

    The problem with asking a question like yours on here is that I find money saving expert followers to be a bit more savy than your average person.
    • ringo_24601
    • By ringo_24601 14th Apr 16, 7:26 AM
    • 17,148 Posts
    • 27,896 Thanks
    ringo_24601
    It's all a bit of a silly question; everyone's lifestyle and circumstances are different. I had more savings when I was 26 then now I'm 36. Then again, at 26 I had no assets and now I own almost 50% of my family home.

    Don't get hung up on what others have; it's your personal story that should bother you. Set some goals for the future, plan how you want to achieve them, make big decisions if you have to.

    Don't aim to be average either..
    • polagon
    • By polagon 14th Apr 16, 4:28 PM
    • 10 Posts
    • 7 Thanks
    polagon
    I'm 35 and have about 13k in savings, don't own a house (yet) & lost money on stockmarket last year.

    In my situation I ran my own business in my early 20s and was sequested (declared bankrupt) at the age of 25 this meant I had to start from scratch & at 30 I completely changed career (I was a bar manager). I now earn 29k a year and save 1k a month which is hard with rent being so high but getting on the property ladder is important.

    The problem with asking a question like yours on here is that I find money saving expert followers to be a bit more savy than your average person.
    Originally posted by hupik
    Do you save 1k a month on a 29k a year salary?
    • tripled
    • By tripled 14th Apr 16, 7:06 PM
    • 2,461 Posts
    • 1,124 Thanks
    tripled
    I'm 33 and my wife is 27. Between us we have around 14k to 15k in savings, with no debts apart from student loans. We're not homeowners but hoping to get something around 2017/18.
    • hupik
    • By hupik 15th Apr 16, 12:16 PM
    • 27 Posts
    • 24 Thanks
    hupik
    Do you save 1k a month on a 29k a year salary?
    Originally posted by polagon
    I do indeed but I have zero luxury expenses and do a house share
    Rent 400
    Rates 55
    Utilities 30
    Mobile 15
    Broadband 10
    Food 150 (35 a week or 5 a day)
    Savings 1000
    Left over 77 which I can use for extra food or go out etc.

    I'm not intending on doing this for very long as I'm sure you can imagine but done a year so far
    • ringo_24601
    • By ringo_24601 15th Apr 16, 12:46 PM
    • 17,148 Posts
    • 27,896 Thanks
    ringo_24601
    Heh, wait until you guys have kids. I've spent 1200 in nursery fees already this year, and that's not even that high. Only 800 to go and the little one can be fully state funded from next year. I can finally start to save some money after that. Saving will become completely alien once kids arrive.
    Last edited by ringo_24601; 15-04-2016 at 1:03 PM.
    • polagon
    • By polagon 18th Apr 16, 9:43 AM
    • 10 Posts
    • 7 Thanks
    polagon
    Well that's beyond impressive, good work!

    It sort of puts my own savings in perspective though.... Earning slightly more but with almost 300 more in rent I'm not saving anything close to that. But I should definitively be able to improve my own savings a bit, which I hope to do.
    • jaydeeuk1
    • By jaydeeuk1 26th Apr 16, 5:53 PM
    • 7,454 Posts
    • 4,942 Thanks
    jaydeeuk1
    When I was 30 I had just finished paying off my debts from uni days and living in a 3k overdraft on a pretty average 18k, and went sometimes a month or two without pay. Things were pretty bleak, then company turned itself around. 5 years on I've only got about 5k in personal savings but we've just bought our forever home, and making up for lost time paying 2k a month in to a pension, and 1k into an ISA and ptp lending and 500 into regular savers.
    • Rachel2016
    • By Rachel2016 30th Apr 16, 3:13 PM
    • 18 Posts
    • 20 Thanks
    Rachel2016
    I am 28, I have saved on and off since I was 16. I gave up on saving for quite a while because I never thought I would be able to afford my own home (depressing, ay). I have 28,000 now and plan to save 20,000 in the next two years so I can buy a nice 2 bed flat in Leeds (currently living in over-priced and over-rated South East London). I can easily live very minimal and save. Status and material objects mean very little to me. I have had well paid jobs, but prefer to earn less in a stress free job which I love in a school
    • quantic
    • By quantic 9th May 16, 10:35 PM
    • 998 Posts
    • 1,735 Thanks
    quantic
    I'm 30, salary of 28k - currently got 37k saved and about 70k equity in the house. No debt or student loans. Car originally bought on finance but paid off some time ago now. No immediate goals for saving at the moment - I just try to save every month rather than buy crap, would quite like to pay off mortgage in the next 10 years if possible.
    • guitarman001
    • By guitarman001 11th Jun 16, 9:02 AM
    • 1,024 Posts
    • 534 Thanks
    guitarman001
    31, income 285, 000 a year.




















    Not really...
    • guccininja
    • By guccininja 11th Aug 16, 3:44 PM
    • 21 Posts
    • 10 Thanks
    guccininja
    I earn ok but I have friends on way more, with my most successful friend on 20,000 NET a month. Remember it's all relative and isn't the key to happiness. I used to work with Billionaires for 5 years and they were all on anti depressants!

    Back on topic.

    I'm 30, on 60k a year with my bonus included on a 35 hour week.

    I save 2000 a month and have 100,000 behind me. Currently building my own house which will be ready in 4-6 months.

    My only debt is a credit card that I use for work and claim back, clearing every month.

    According to Experian, my score is "fair" even though I have never, ever missed a payment, don't have any outstanding accounts and save every month. Makes perfect sense.....said no one ever.
    • tommysaver
    • By tommysaver 21st Aug 16, 10:41 AM
    • 181 Posts
    • 80 Thanks
    tommysaver
    I earn ok but I have friends on way more, with my most successful friend on 20,000 NET a month. Remember it's all relative and isn't the key to happiness. I used to work with Billionaires for 5 years and they were all on anti depressants!

    Back on topic.

    I'm 30, on 60k a year with my bonus included on a 35 hour week.

    I save 2000 a month and have 100,000 behind me. Currently building my own house which will be ready in 4-6 months.

    My only debt is a credit card that I use for work and claim back, clearing every month.

    According to Experian, my score is "fair" even though I have never, ever missed a payment, don't have any outstanding accounts and save every month. Makes perfect sense.....said no one ever.
    Originally posted by guccininja

    Sweet, what's your job!
    • AnnMollys
    • By AnnMollys 24th Aug 16, 9:13 PM
    • 28 Posts
    • 23 Thanks
    AnnMollys
    I am just 24, but still I am happy that so far, I have managed to have around 15k in savings, I live with my parents, but in future, I would love to have my own house which is obviously everyone’s dream and major aim. I am lucky enough to have support which has helped me a lot with savings more than what people at my age can do.
    • Domayne
    • By Domayne 25th Aug 16, 9:39 AM
    • 595 Posts
    • 1,373 Thanks
    Domayne
    I'm 31, 32 in October and I have 15k saved.
    I didn't start saving until 2014 though when I finally started to wake up and sort out my debts.
    I still live with my parents though and I have no property/cars etc to my name so I don't think I'm in a good position yet but I'm working on it
    Saved so far - 28,890.97
    ~Selfish is the name that the jealous give to the free~
    Save 12k in 2019 #18 5,489.43/12000
    • spadoosh
    • By spadoosh 25th Aug 16, 10:14 AM
    • 7,076 Posts
    • 10,232 Thanks
    spadoosh
    Im 29, no debt and about 6k in savings. Fully expecting that to get wiped out by this time next year (just had a baby and got a wedding & honeymoon next year). Annual salary is 17k.

    Conservatively about 30k in equity and maybe looking about 10k of that is price increase with 10k being the deposit. Would be mortgage free within 10 years but reckon we'll end up moving, although not really essential.

    It gets tiresome hearing about what people cant afford. A friend was complaining he didnt earn enough to move out of his parents (even to rent). He said 24k wasnt enough. People shut up pretty quickly when i openly explain my financial situation and my amazement that considering i earn whats a fair amount below 'averages' yet live a life of relative luxury. I holiday every year, have sky tv packages, im a console geek which can cost a fair amount, have expensive taste in rum, smoke and eat like a king, not to mention saving enough for a baby, wedding, and honeymoon while still (probably, its planned but OH is wanting to take full advantage of maternity leave so might nibble away at the buffer) maintaining a few months salary. And i can still go out when i want (baby permitting of course).

    At the risk of tempting fate, i feel im really comfortable, i live the life of riley as they say.
    Don't be angry!
    • MrFixit
    • By MrFixit 8th Sep 16, 12:24 PM
    • 2 Posts
    • 1 Thanks
    MrFixit
    As someone's already mentioned savings alone dont really count for much. Its net worth - debt.

    My wife and i have a joint income of approx 130k we are both 33.

    We have the following.
    3 properties worth approx 1 mil combined.
    Approx 200k cash in savings.

    We owe.
    200k in mortgage debt.
    150k debt to a family loan.

    That puts us at aprox 850k worth.

    We are still not in a comfortable position to quit our boring day jobs and risk starting our own businesses. But someday soon hopefully.
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