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  • FIRST POST
    • misskl
    • By misskl 3rd Apr 14, 1:37 PM
    • 35Posts
    • 74Thanks
    misskl
    Average amount of savings for a 30 year old...
    • #1
    • 3rd Apr 14, 1:37 PM
    Average amount of savings for a 30 year old... 3rd Apr 14 at 1:37 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 2
    • lindsaygalaxy
    • By lindsaygalaxy 27th Sep 14, 9:28 AM
    • 1,923 Posts
    • 2,965 Thanks
    lindsaygalaxy
    If you have access to money in an emergency like a cc, use the savings to get rid of a chunk of debt. The debt interest will be costing you more.


    • pinpin
    • By pinpin 27th Sep 14, 10:46 AM
    • 508 Posts
    • 570 Thanks
    pinpin
    I'm nearly 30, but I earn minimum wage so as you can imagine, I don't have much savings!
    • lalman
    • By lalman 30th Sep 14, 10:34 PM
    • 273 Posts
    • 679 Thanks
    lalman
    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.
    • Ggazw
    • By Ggazw 8th Feb 15, 4:32 PM
    • 6 Posts
    • 1 Thanks
    Ggazw
    26 and just starting
    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.
    • asajj
    • By asajj 9th Feb 15, 1:20 PM
    • 4,585 Posts
    • 12,931 Thanks
    asajj
    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.
    2015 in 2015 / 2015

    No buying unnecessary stuff.
    Clearing out by selling on Ebay, donating to charity etc.
  • scimus
    30 and a saver
    We are all individuals that want to change our lives or develop in one way or another.
    Originally posted by lalman
    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.
    Last edited by scimus; 22-03-2015 at 9:43 PM.
    • anotheruser
    • By anotheruser 24th Mar 15, 6:57 PM
    • 2,810 Posts
    • 1,593 Thanks
    anotheruser
    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.
  • scimus
    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.
    Originally posted by anotheruser
    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.
    Last edited by scimus; 24-03-2015 at 10:03 PM.
    • jonmknight
    • By jonmknight 22nd May 15, 11:14 AM
    • 4 Posts
    • 2 Thanks
    jonmknight
    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
    Last edited by jonmknight; 22-05-2015 at 11:24 AM.
    • thegentleway
    • By thegentleway 22nd May 15, 2:31 PM
    • 125 Posts
    • 106 Thanks
    thegentleway
    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!
    • savingwannabe
    • By savingwannabe 23rd May 15, 5:49 PM
    • 14,286 Posts
    • 47,747 Thanks
    savingwannabe
    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
    Originally posted by jonmknight
    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.
    Christmas Fund 268 No spend month?
    • misskl
    • By misskl 24th May 15, 10:37 AM
    • 35 Posts
    • 74 Thanks
    misskl
    Thanks
    Thank you everyone for replying to this thread; certainly very helpful!

    I'm so glad I'm out of debt and can now turn my attention towards building wealth.

    At the moment I have
    1700 for house deposit (20k goal)
    600 pension

    And my intention is to put away:

    30% of salary - house deposit
    5% pension
    5% long term savings
    10% emergency

    I'm still 30, and basing this on a single income, but as well as having a fulltime job, I am focused on building other streams of wealth including freelance copywriting, writing a book and managing an ad based website.

    I'm sure I will get there!
    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
    • Purplesky
    • By Purplesky 25th May 15, 1:21 AM
    • 152 Posts
    • 206 Thanks
    Purplesky
    My partner and I (He's 30 and I'm 24) have been living together since I went to Uni.

    We have had two loans in the time, which we have managed to pay back within the year, with interest, both times (Once to buy a car outright, we had half and they gave us the rest. Once to help pay for the kitchen that we didn't know needed replacing until after we bought our house).
    I also had some childrens bonds become available and cashed in an investment policy my Mum had set up for me years ago.

    He supported me at Uni, and I only got a job in summer, on an 18k salary. We got an inheritance, which helped us pay for repairs that needed doing to the house, and was enough to pay off our very small mortgage in the northern city in an unpopular area.
    We bought a house that needed far more doing to it, than even the surveyor realised, so we've spent a lo-ot of money here over the past 18 months. (Shower installed, radiator replaced, gas fires needed cleaning, pointing, complete re-roof with gutters and chimney repointing, boiler replaced, bay window roof redone, external doors replaced with composite doors, new kitchen, appliances and vinyl flooring, damp problem stalled, new plaster in one room, two new beds, minor electrical work, ethernet sockets run through the house, a bathroom fan installed and vents installed in all the windows plus new curtains and curtain poles, new light bulbs etc)

    We have 7k in cash and stocks/shares, but now no big jobs coming up and no mortgage or rent to pay, our worth and savings should shoot up. Our plan once our emergency cash is up is to throw money into investments and our pensions.
  • NICHOLAS
    I sort of determine my self worth by whether or not i earn more than most people or have more money saved haha! Sad, maybe?

    I'm 27 and luckily have no kids or a misses ( i wouldnt mind a misses but im too self obsessed to think about someone else and my cat stresses me out enough). I have quite a bit stashed because i decided one night when in the pub that i didn't want to end up fat and bald wearing primark clothes with kids that i can't afford and a fat misses that watches tv all day, which just about sums up most 40 / 50 year olds..

    I used to go out all of the time, probably 6 nights a week on the booze, clubs, pubs, naughty clubs, casinos.

    I cut it down massively, it meant more boring nights in but i like to think that when i am in my 30's and 40's i may be able to catch up on lost party time.

    I'm not very materialistic but like to buy nice clothes, food and have a bet. I don't own a pair of jeans that cost less than 100 quid and i eat sirloin steak until it comes out of my ears.

    You can't take money to the grave with you, but you must save some money so that you aren't a burden on society and family.

    Plus, you need some sort of quality of life.

    My basic bills are less than a grand and usually have about 2 grand left over which usually gets put into a brown envelope. (im self employed so it varies).

    I don't think many 20 somethings have all that much money unless their parents are wealthy.
  • misslyly
    Hiya,

    I am 27 and half and I have only started working at 24, so only 3 and half year of saving experience.

    I live in London so cost of life is not the best. I like to enjoy life time to time, so I do go on holidays few times a year and also like to go out for diner/shopping etc.

    I didn't have student loan (thanks to my parents), I don't own anything (no car, no property). So far I have saved around 15k cash + 4k in pension. Few explanation for that:

    Since a year and half, I moved in my bf's house in which I pay him 540 rent with bills included in a nice area of London (I would have to pay 1000 if I rent it)
    My net salary per month right now is around 2200
    I have been following the rule of 50% (everyday needs) ,20% (entertainment), 30% (saving) since a year, and it actually works pretty well for me. Even tho there is month that I couldn't save 30% (especially in November & December).

    My aim is to save 8-10k per year and hopefully before my 30's I can buy to let. But with London property price, this seems just to be quite far away... some people told me to not worry because my bf already own a property and if I marry him I don't have to worry too much. But I still think, if somewhat happen between me and him, and I have to move out, I would like to live in my own property rather than renting.


    I actually have no idea if that is a good average saving for my goal . Feel free to give me any suggestions?
    Thanks
    • CafeGirl90
    • By CafeGirl90 20th Jan 16, 7:59 PM
    • 6 Posts
    • 5 Thanks
    CafeGirl90
    Technically I probably don't qualify to post on this thread, as I'm actually 40, not 30! But every month since I was 21 I've kept records of my "net debt" (which, happily, eventually turned into "net worth") so I was prompted to dig out my old records and review where I was 10 years ago.

    So - when I was 30 my husband and I had a net-worth (savings minus mortgage) of 38k.
    (Plus equity in the house of course, which I never took account of.)

    Mind you - my life goal was to "break even" financially by the time I was 30 (hence the monthly tracking!)
    This is easier to do if you live in East Anglia than in other areas of the country, and this was back before tuition fees for University were introduced (so I graduated without any debts to speak of) - but still something I'm proud of.

    I was advised years ago to try to save "my age divided by two" % of net salary (but being an overachiever I always aimed for "age % of net salary").

    Good luck to all in your savings journeys!
    • bellaboo86
    • By bellaboo86 20th Jan 16, 8:58 PM
    • 265 Posts
    • 371 Thanks
    bellaboo86
    I'm going to be 30 this year. I have no savings as yet. The main reason for this is that I bought a house on my own a year ago. My savings went on my deposit and since then I've spent any spare money on the house. I am concious that I don't have anything to fall back on and plan to address this after my holiday to NYC (30th pressie to myself)
    • surfer9
    • By surfer9 29th Jan 16, 7:35 PM
    • 120 Posts
    • 31 Thanks
    surfer9
    Just turned 31....

    I have saved about 65,000.

    I went to Uni, then out of Uni started saving when I was 24...Living with parents for 4 years and saved 20,000 in that time.

    Inherited 15,000 a year ago.

    Currently I am employed + Self Employed living in an expensive town. Saving 20k a year.

    I've never had a good employed job, always been on a low wage. Luckily a business I started has helped me boost my savings massively in the past 2 years.

    My motive for saving was to one day purchase a property. Now it has come to the time I can possibly afford to buy - yes 65k and a 30k salary is only just about enough to help me get a small property that I'd be happy with in my local area (Surrey/Hampshire border). House prices are ridiculous....so ridiculous that I am now put off buying and might just use my savings to have fun with and to help live a more relaxed life, debt free.
    • pete-20-11
    • By pete-20-11 29th Jan 16, 9:02 PM
    • 210 Posts
    • 165 Thanks
    pete-20-11
    At 30 about 6k, it went up to 12k then I moved house, pretty much emptying the savings!

    I'm back up to around 6k plus have been overpaying the mortgage


    Didn't realise this was an old thread!
    Last edited by pete-20-11; 30-01-2016 at 11:32 AM.
    • junglist_matty
    • By junglist_matty 1st Feb 16, 10:10 AM
    • 46 Posts
    • 33 Thanks
    junglist_matty
    Keep Going
    Keep going my fellow friends...... You never know when your hard work will pay off!
    I joined a 3 year SAYE scheme which ended last year, during the scheme money was very very tight - I was sacrificing almost 15% of my post tax income. I was very lucky as an American firm bought the company and the share price rocketed. My investment quadrupled and I was able to pay off all 20k of personal debt and have just over 10k left over which we've used to pay for our wedding & honeymoon!

    Keep it up, there is light at the end of the debt tunnel if you work hard, it's far too easy to get into debt; my 20k took me 10 years to pay back and I probably paid back twice what I borrowed over the last 10 years!!!!
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