Here’s How Much Money You Should Save by Age 30, According to Experts


Just incase you’re not already depressed enough about the state of your finances, check out this well meaning but quietly devastating advice from finance expert Kelly Smith.

A writer for The Penny Hoarder, Smith told ATTN that by the time you’re 30 you should have six months worth of expenses saved up.

“I think the goal at any age is to get to the point of having six months of living expenses saved up. Admittedly, it’s harder in your twenties but it’s a good time to start,” Smith said.

Obviously ‘six months of expenses’ is a relative concept, but given the average cost of living is estimated to be around $2,300 a month, that means you should have $13,800 in your bank account right now.

At the very least, Smith says, you should have $1,200 put away for emergencies.

Don’t panic if you haven’t, though—the same report points out that according to Time, three-quarters of Millennials have less than that amount saved and around a third have no savings at all (in America, at least).

In any case: a useful reminder to start saving, or at very least buying a lottery ticket each week.

From: Esquire UK

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  1. This definitely makes sense but please take note that some individuals in their 20’s, are making on average 1400-2300, essentially living paycheck to paycheck. The cost of living has been on a constant and moderate rise for years. which means that these young people have to be continuously making adjustments to their lifestyle. Im not speaking about those who can afford to go to fetes at their disposal. Some of these young people have children they have to take care of, have sick families and their own medical concerns to tend to. Sorry to strike any cords, but savings requires maximum effort for people in their 20’s.

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