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  • FIRST POST
    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 5
    • ringo_24601
    • By ringo_24601 4th Aug 17, 10:18 AM
    • 17,148 Posts
    • 27,896 Thanks
    ringo_24601
    How much equity do kids count as?
    • savingwannabe
    • By savingwannabe 4th Aug 17, 7:51 PM
    • 13,385 Posts
    • 46,876 Thanks
    savingwannabe
    If they have promised to pay towards your retirement a lot. Otherwise they are v expensive in terms of costs but the joy they give is priceless. Somethings I think cannot be measured on a balance sheet.
    Chiistmas Fund £21.00 (Dec 1st 2018)
    Reminder: I HAVE EVERYTHING I COULD WANT so SAVE!!!!
    • Feefeefalloo
    • By Feefeefalloo 24th Aug 17, 5:13 PM
    • 66 Posts
    • 3,972 Thanks
    Feefeefalloo
    I'm 30 and I have about 6k in savings husband has 7k (hes 26). Earn around £35k a year between us. We have mortgage and no kids. We saved up a £35k to buy our house so I think we're quite good savers.
    • PEHsaver
    • By PEHsaver 13th Jan 18, 9:11 PM
    • 13 Posts
    • 7 Thanks
    PEHsaver
    Interesting thread , I am now 28 , I am single and recently bought my first home 12 months ago at age 27.

    Whilst living with parents and working full time I managed to save a total of £35,000. I have no student debt as uni education was payed for by my employer.

    I put down a £14,000 deposit on my home and have since payed off an additional £5,000 towards the capital. The house has also hiked in price by £5,000 giving me a total of £24,000 in home equity.

    Along with this I have recently trickled £5,000 cash savings into the stock market over several months for cost averaging and will be adding to this each month so that compounding works for me over the next 30 - 40 years until retirement.

    I also have £18,000 in cash savings , £8,000 of which I am slowly feeding into the stock market. I will be keeping back a 6 month emergency fund (£10,000)

    Not long started pension since the new regulations came into play so have around £2,500 in that.

    • savingwannabe
    • By savingwannabe 14th Jan 18, 6:29 PM
    • 13,385 Posts
    • 46,876 Thanks
    savingwannabe
    Gosh that's brilliant. You are v money savvy. Well done.
    Chiistmas Fund £21.00 (Dec 1st 2018)
    Reminder: I HAVE EVERYTHING I COULD WANT so SAVE!!!!
    • Skeptical Saver
    • By Skeptical Saver 21st Jan 18, 11:38 PM
    • 5 Posts
    • 11 Thanks
    Skeptical Saver
    I'm 26 and finished my apprenticeship in August so have been earning a proper wage of 36k a year since then.

    I have around 19k in savings but a 5k bank loan which I may pay off in the next couple of months. Pay 7% of my gross earnings into my pension and my company matches that. I'd like to think I'll be comfortable when I retire but who knows.

    My plan is to have 2 properties, one family home, the other the mortgage being payed for with the rent coming in.

    It really depends on your circumstances and I think as long as you're saving and not paying out more than you're earning you're doing alright.
    • Moneymad86
    • By Moneymad86 24th Jan 18, 12:51 AM
    • 1 Posts
    • 0 Thanks
    Moneymad86
    Iím 32 years old and my net worth is roughly 130k, no pension or property and zero debt. Remember having 30k as a 21 year old though, so god knows what went wrong. I think saving is massively important in these uncertain times for our country, who knows where weíre heading? Good luck to all of you.
    • Norwooder
    • By Norwooder 24th Jan 18, 4:50 PM
    • 11 Posts
    • 3 Thanks
    Norwooder
    I will be keeping back a 6 month emergency fund (£10,000)
    Originally posted by PEHsaver
    This feels a little on the high side based soley on what I've assumed your mortgage payments are likely to be.
    • EnzoAk
    • By EnzoAk 15th Feb 18, 8:38 PM
    • 1 Posts
    • 0 Thanks
    EnzoAk
    Old thread but anyway - Iím 25 years old, got married straight after I graduated 4 years ago, had enough savings at the time as I ran a small online shop and dealt with cars. Fast forward to 2018 - we now have £180,000+ in savings which we are planning to buy our first house with - Iím a very savvy saver but donít get me wrong, weíve still enjoyed lavish holidays and owned several supercars in the last 4 years.
    • savingwannabe
    • By savingwannabe 16th Feb 18, 7:45 AM
    • 13,385 Posts
    • 46,876 Thanks
    savingwannabe
    God I feel totally inadequate. lol. But it is fab to hear people are doing so well. I wish I knew how people earned so much.
    Chiistmas Fund £21.00 (Dec 1st 2018)
    Reminder: I HAVE EVERYTHING I COULD WANT so SAVE!!!!
    • hc1985
    • By hc1985 21st Feb 18, 8:48 AM
    • 1 Posts
    • 1 Thanks
    hc1985
    Found this thread really helpful to get a sense of what other people are doing so may as well add my story.

    Spent 20s in and out of overdrafts, not really aware of how much I was spending. Moved to London aged 26 and started earning a decent salary (£25-30k) and saved for a house. With help from family, bought a £365k house with 10% deposit with my partner at the time, aged 29.

    Split up with partner a year later, moved out of the house and he bought my half from me a year or so later. Spent a couple of years in post-break up-excess helped by a salary increase to about £58k which meant I didnít spiral into dreadful debt. After a couple of years pulled myself together and aged 31 I bought my own flat for £325k, £220 of which was mortgage.

    That following year I needed to do work on the flat, so put all spare money towards that. A few months later I met my new partner. Had zero savings and have £7k on credit card left over from doing up flat, but both of us had jobs coming to and end and we impulsively decided to use our new relationship momentum and take a year off work together.

    Paid off £2k of credit card and transferred outstanding credit card to 0% card and in 4 months saved myself about £7k. Iím on a career break so will go back to my previous job and salary on return, and intend to try to save the same amount each month.

    Using those savings to travel now, and using my free time to come up with a much more responsible savings plan for when I get back.

    Am writing this from a hammock in Cambodia, and feeling like Iíve made the right decision to use the money and security I have to buy some freedom. Going to go back to the UK in 8 months or so, pay off that credit card ASAP and then start some serious saving, including some towards taking another year off work again in the not-too-distant future.

    So not too good, but not too bad, and I feel like Iíve lived.
    • PEHsaver
    • By PEHsaver 26th Feb 18, 10:32 PM
    • 13 Posts
    • 7 Thanks
    PEHsaver
    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
    • By Amanda_Cm 21st Mar 18, 8:31 AM
    • 166 Posts
    • 200 Thanks
    Amanda_Cm
    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
    • By jonnygee2 25th Mar 18, 10:57 PM
    • 61 Posts
    • 43 Thanks
    jonnygee2
    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
    • By smashnbash 15th Apr 18, 7:49 PM
    • 1 Posts
    • 1 Thanks
    smashnbash
    Graduate with f-all
    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
    • By yamyam89 16th May 18, 1:26 PM
    • 15 Posts
    • 19 Thanks
    yamyam89
    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.
    Last edited by yamyam89; 16-05-2018 at 1:30 PM. Reason: typo
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