Average amount of savings for a 30 year old...

Rachel2016 · 11 May 2019 at 2:16PM

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 · 12 May 2019 at 9:11AM

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

Camaleon · 29 May 2019 at 7:25PM

I'm 29 and owe almost £9k

Need to get some tips to start saving something

Beancountet · 19 June 2019 at 11:56PM

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.

PEHsaver · 4 August 2019 at 9:59PM

Wow , thread still running , just checked back 18 months later and wanted to post a quick update for myself to look back on in another 18 months time.

Now aged 30

£42,000 in home equity
£10,000 emergency fund
£17,000 Invested in the stock market
£20,000 due shortly from the sale of land owned

On the sale of land , I am looking at either buying a rental property or drip feeding more money into the markets for long term compounding.

JennyJukes · 5 August 2019 at 5:29PM

Rachel2016 wrote: »

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.

Wow Rachel that's absolutely great going! Keep going :j
I am currently 26 and have started my savings diary and can't wait to see where I am when I turn 30 in 4 years (well, 3.5...or 3.25?). 4 years ago I had £300 in savings and 2 years ago I had £8244.85. I was also almost married and in the process of looking for houses! Today, I have around £8.5k and a happier, healthier relationship. No marriage, no houses and no children but more freedom and happiness. I'm now rebuilding my life and finances and know just how much life can change even in only a few years! I have no idea what my future holds, I only know I want to be as self-sufficient and financially prepared as possible. I don't have a particular goal but I do hope in 4 years time I will still be happily in this relationship or at least financially ready to go it alone and get onto the housing ladder

cjdew · 26 August 2019 at 5:09PM

I think as many people have said there is no average. I am 31 and if I have learnt anything it is to not get stuck in jobs you hate for money, it never works out long term, also live within or below your means but still have fun.

ginger_chocolate · 7 November 2019 at 10:36PM

To be honest, I feel the much touted 50/30/20 rule is nonsense. My problem is the "50% on needs" bit - the natture of a 'need' is that you can't decide whether to spend on it or not. Let's say for sake of argument a roof over your head, utility bills and food come to £800 a month. If you earn £1000 a month that's 80% of your income. If you earn £8000 a month it's 10% of your income - sure you might choose to buy a bigger house or more expensive food - but tgat's a want, not a need.

I think this is important: when I was in my twenties on minimum wage struggling to make ends meet on even the most frugal of lifestyles all those articles telling me I should be saving 20% of my income and I could do it if I just cut back on luxuries made me feel terrible about myself. I would stop myself buying a 99p bottle of bubble bath because I didn't 'need' it.

Now 37 and on a much higher wage, having climbed out of debt and bought a house I save about 30% of my income not including work pension. I could probably save more if I cut back on holidays and eating out, but frankly, after being poor and miserable for most of my twenties now I'm in a comfortable position I-m giving myself permission to actually enjoy my money for a while! Security is important but life is also for living and many people don't have those choices.

guccininja · 14 December 2019 at 1:11PM

3rd update in 3 years.

Daughter now 3 and a half and is in a private pre-prep school, which isn’t cheap.

Still zero debt. Income up to £150,000, which I’m very happy with. 2nd year into running my business on my own.
My net pay is £7,500 a month, so I’m saving around £3,000 a month. I’m the only person earning in a large family.

I am concentrating on growing the business but it’s certainly up and down. This month, I earned £4,400 gross but the month before I earned £23,000.

I was also diagnosed with ADHD, which certainly explains my hyper focus on some aspects but find it difficult to write contracts, policies and general admin.

Either way, I never try and let up. I have a personality, where whatever I earn, it’s never enough. This is a dangerous trait but my daughter keeps me very grounded with her cuddles. I’m certainly not easy to live with!

My target income for 2020 is £200,000. Which, when I let up is mental because 3 years ago, I’d never earned over £60k and I’ve only really been debt free in the last 2-3 years.

I will also add, the stress of running a business is also a different level I am used to. Again, the family see my worst so it’s important to make a mental note, not to be a moody !!!! with them.

startingout2016 · 20 December 2019 at 11:53PM

That’s amazing!

What an inspiration of amazing self improvement in just a handful of years. You and your family must be very proud.

My circumstances are-

At 32 years old, In 2017 I had £45k of savings and zero debt but we bought a dilapidated house and did it up.
2017 we also had first baby, and 2018 we got married.

Now 34.
£5k in savings
No credit card debt
Equity of approx £100k on current house (if it happened to ever be sold somewhere near to its 2018 valuation)
Mortgage of -£265k
Home improvement Loan of -£7690
We are expecting baby 2 so aiming to save some more in the next 4 months pay days but SMP is tiny and it will be a struggle but only short term.

Average amount of savings for a 30 year old...

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free