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

PEHsaver · 26 February 2018 at 11:32PM

This feels a little on the high side based soley on what I've assumed your mortgage payments are likely to be

Playing it safe , single so cant rely on anyone else to pay my mortgage is unknown circumstances , mortgage is £550 PM but outgoings inc bills are at £1100 PM. That coupled with food , fuel etc if not working , I could quite easily churn through £10,000 in 6 months.

Amanda_Cm · 21 March 2018 at 9:31AM

I just turned 31, 2 days after we bought our first home. My partner is still 30 till July.

I had around 20k savings and 4k emergency fund. I saved this for 5 years in this country as I am not born in the Uk.
He had 35k savings and 10k emergency. He is born here.
No debts. Hate paying rates on credit cards etc.
Is a waste of money. That's why I plan to pay off the mortgage as fast as we can.

jonnygee2 · 25 March 2018 at 10:57PM

I think everyone is clearly in a very different state as to what they have saved.

At 30 I had about 45k saved, but about 15K came from a redundancy, the rest from about 60 months of savings contributions and interest on these. When I started I was on about 22k and saved about £200 a month. At 30 I earned about 40k (33k salary + I did a lot of overtime) and contributed about £700 a month. This doesn't count the 10% pension contributions that I've made since I started working.

I think I am lucky to be above average in both my salary and the percentage I was saving, though. My guess would be the average 30 year old has more debt than savings, so I think you are probably ahead of the pack being at 0.

smashnbash · 15 April 2018 at 7:49PM

So I've just turned 28, no property, a student loan and repaying a loan on a car.. a pretty bad situation in anyone's book.

so I'm now on 28k a year now after being in some really low paid jobs after uni. (12k, to 16k then 18k, 21k now 28k)

but along with this 28k salary I became a Dad and my partner earns around £700 a month part time. So literally have zero in savings. duo to alot of out goings plus her debt which I pay.

I don't go on holidays or go on nights out much (plus don't enjoy alcohol).

So fair to say now I'm on a better salary I am finally able to even consider saving (or at least I hope)

also moved out at 18.. never lived at home. always rented and paid my way in life. Never been on benefits or even applied for any help.

So yeah with my £1760 take home a month I pay £600 to my partner (house is in her name) its 400 rent etc. So I try cover that.. then I pay £200 a month on getting to work back and forth - £300 a month for the car I bought which repayment is finished in dec.

Whenever I seem to have a good month, something always crops up whether it's car problem or something.. hard to make a fighting fund at the moment it seems. If I save £300 that £300 needs to be used in X problem.

anyways.. that's the side of a guy who has been to uni, gotten a degree, worked/got experience and is still not breaking even.. fingers crossed something happens soon

yamyam89 · 16 May 2018 at 1:26PM

This is all very interesting. I'm 29, and spent most of my 20s moving around for my wife's work. She was our main earner.

She became disabled in 2016 and was unemployed for 22 months afterwards with only basic benefits (which were stopped in the most part after 6 months). I was unemployed for a year overlapping with this - 6 months prior to disability while we lived overseas as I wasn't permitted to work, then 6 months while I was her full time carer, and received a very small amount of benefits. In this time we used up all of our savings. I returned to work part time for 6 months, then full time, finally, when she was rehabbed enough for me to do so. So it totalled about 18 months of me having either no or very little income.

My wife returned to work full time in January of this year, which is wonderful, but it does mean we have a socking great hole of nearly two years where we've had next to no income and thus no savings.

We've spent the first four months of this year getting back on our feet, paying off any small debts, and funding a work trip (they won't pay for me to go as well, even though I have to as she has care needs, so we had to pay my way to the tune of £900 in flights plus living expenses). Now we're finally in a position to think about saving again, though she's on a fixed term contract, so nothing is guaranteed.

Our assets now stand at:
£1200 in a Help to Buy ISA

And that's it. It can be gut wrenching to think of, but given my wife very nearly died, I'll take a 2 year hole in our finances over the alternative. Hopes for the next five years are to keep her in work, save up enough for a modest home deposit, and look into paying for insemination as this is not covered on the NHS and we desperately want children.

Wish us luck, eh.

Chatch27 · 7 August 2018 at 11:07AM

Interesting thread!
I have just turned 31, my husband is 30. We got married 4 years ago and got a 116k mortgage with 5% deposit, on which we have since paid off roughly 8k. Equity round about 22k now including increase in value.
We earn 50k combined, including 10k bonus (mostly my husband, as I work 2 days a week since having our now 3 year old daughter. We also have another on the way so I won't be going full time for another few years.) We live in Wales so costs are reasonably low. Neither of us have wealthy parents so our university fees and wedding were paid for by ourselves. My husband has paid off the last of his student loan this year. I still have mine, but don't earn enough to pay it off.
We started off 4 years ago with zero savings and now have 12k on the stock market in various funds and stocks. (My husband is a fund analyst for an investment bank so he manages our investments).
We have two credit cards with a grand ish on each.
Our plan is to save 4k a year if possible until any pay rises mean we can save more. We have both recently started work pensions but not investing huge amounts in them yet.
We don't have much to spare month to month, and usually use a chunk of the bonus to meet our saving target. We spend pretty frugally generally, but like to spend about 2k a year on a nice holiday. I feel pretty proud of achieving what we have, as in our area, there are so many people of our age who have no savings at all. We've worked pretty hard to get to this point :-)
Good luck to everyone - it takes a lot of dedication to get your finances to a decent point - especially for those without any help from family.

guccininja · 25 September 2018 at 1:38PM

So, update from myself to only ad to the thread hopefully.

So I last posted 2 years ago, now being 32. I have a daughter who is now 26 months old and killing me on nursery fees at £700-800 a month. We have no family support so sadly can't ask for any help.

More importantly, I wanted to add to this thread, how up and down life is financially in such a short space of time.

July 2017, I was going to be made redundant from a £60k a year salary after 12 months in post, the new MD wanted to re-shape the company and all "Regional Managers" were centralised back to London (I moved my place of work from London to Exeter, Devon to be at home for my new born daughter). I was offered a role back in London but with less money so I jumped ship.

I was saving £2000 a month for 12 months, clearing debt and we got down to our last £2000 owed (It wasn't actually my debt, it was my partners but I cleared it to get a better mortgage deal) and I was jobless. Cut a long story short, whilst I got a new job, it was awful and I left after 3 months.We, went down to minus £22,000 with £18k bank debt and £4k family debt.

To add insult to injury, the mortgage that we had confirmed for a new build was put on stop (on our father-in-laws land), because the building site went into administration (dodgy contractor). Another long story but it took us 12 months to get our deposit back. We lost our £100k piece of land (it was never in our name, it was going to be given to us when completed, we would then have a mortgage on a house at cost price).

My partner and I made the decision that I would go back to London, my bread and butter and go back to doing what I was before (successfully for 5 years), I worked away/some abroad for 4 months, working every day, literally, with 7 days off in-between to spend with family.

I can proudly say that, whilst it did create huge family pressure, especially with my partner, who is also working (only part time), with a 2 year old, we cleared everything, plus some savings.

We cleared all bank debt, zero loans or credit cards and also this working month, due to some good decisions/potentially some luck, I made £19,000 this month, my best month ever in my entire life.

So my point is, when I was sitting with my head in my hands, with a 2 year old, partner who doesn't earn much and £3000 a month outgoings, you just have to keep on smashing through the negativity and make the most of it, you just never know what's around the corner. Positivity creates opportunities.

Life is bloody hard and stressful. I wish everyone the best of luck.

qwert_yuiop · 25 September 2018 at 1:44PM

misskl wrote: »

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

If you are in debt, you have no savings.

gadislade · 15 October 2018 at 12:43PM

I'm 30 and saved just 2K. I did slowly come out from debt and other taxation problems.

guccininja · 21 December 2018 at 8:32PM

Katrina32 wrote: »

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.

Great way to enjoy life Katrina before you settle down with kids! Travel safe!

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

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