Page 3 | How much should a 30 year old have in savings?

Sky1992 · 2023-02-26T03:27:41+00:00

I'm quiet curious to read people's responses How much do you think a 30 year old should have saved by now and how much do you think they should be saving per month?

Praying4Memory · 26/02/2023 08:17

I am almost 33. I have around £5k debt, a £10k student loan and no savings.

I don't see these numbers getting better any time soon either.

LT2 · 26/02/2023 08:18

Going to differ for everyone! My DH is 30. He has a home with a mortgage of only 15k left (equally owned between us). We have about another 10k across bank accounts. About 20k in each personal pension plan. One child born in 2022.

cantbeatit · 26/02/2023 08:21

How longs a piece of string....

I know a 30 year old who has no dc, lives at home, never goes out or on holiday and never treatments herself. She has over 30,000 saved up.

Another friend, 2 dc, private rents, 2 holidays a year, new car, always has new clothes, nails done....has no savings.

I know which I would prefer.

Meandfour · 26/02/2023 08:21

DH and I are both 32 but 4DC. X2 school fees. We save 25% of net monthly income. Usually add a bit more to a different account at the end of the month.

Fredoraly · 26/02/2023 08:22

I didn't have any savings at 30!

Fredoraly · 26/02/2023 08:23

cantbeatit · 26/02/2023 08:21

How longs a piece of string....

I know a 30 year old who has no dc, lives at home, never goes out or on holiday and never treatments herself. She has over 30,000 saved up.

Another friend, 2 dc, private rents, 2 holidays a year, new car, always has new clothes, nails done....has no savings.

I know which I would prefer.

Yeah me too, the second one sounds far more fun 😜

ProbablyDogNappersHunX · 26/02/2023 08:25

How long is a piece of string?

I had a good wedge at that age but swiftly burned through the lot in 6 months when I bought a home, had to install a new kitchen, and then my car was written off and had to be replaced. <prays the boiler doesn't die>

Rubyupbeat · 26/02/2023 08:25

It's a question like 'How long is a piece of string?'
Everyone is different. High/low wage earners, kids?, mortgage?, area lived in.

SnappyTheCrocodile · 26/02/2023 08:26

What savings? 😂 We had savings when we were younger, we used them to put a deposit on a house. And currently paying two lots of nursery fees isn’t leaving a lot spare. We’ve chosen a lifestyle we love (both work LTFT to be around for the kids and enjoy hobbies) rather than saving at this stage.

Pearsandclocks · 26/02/2023 08:27

How long is a piece of string! We bought a house young in our early 20’s. We did the houses up, made a profit and moved on. We were mortgage free by 35.

my eldest is 32. She has a few thousand in savings but has quite a large mortgage which has just gone up a lot so doubt her savings will last long. she’s single with no kids. She has friends the same age that still live at hime so have savings. 🤷

Overthebow · 26/02/2023 08:28

There’s no ‘should’. I would think though that at age 30 you would have been working for at least 8 years (more if you didn’t go to uni), and so could have saved a reasonable amount by now which will either be in savings or gone on a house deposit. It would be difficult at age 30 to have both decent savings and own a house, but one or the other is fine for this age. I would be worried if I had neither.

SnackSizeRaisin · 26/02/2023 08:28

25% of salary, plus a pension, plus either savings towards a house deposit or already paying off a mortgage. That is a basic minimum for anyone before spending on any non essentials such as holidays, haircuts, coffees, car loans, mobile phone contracts, new clothes, Christmas presents etc. For a single person on a good wage i'd expect more savings.

Butterfly44 · 26/02/2023 08:29

Had nothing at 30, 40 or 50. Spend everything coming in so no savings. 250cm goes into pension pot. Holidays etc on credit card that get paid off.

napody · 26/02/2023 08:31

This reply has been deleted

This has been deleted by MNHQ for breaking our Talk Guidelines.

Absolutely.

The word 'should' is extremely problematic here.... is that you Therese Coffey?!

napody · 26/02/2023 08:33

SnackSizeRaisin · 26/02/2023 08:28

25% of salary, plus a pension, plus either savings towards a house deposit or already paying off a mortgage. That is a basic minimum for anyone before spending on any non essentials such as holidays, haircuts, coffees, car loans, mobile phone contracts, new clothes, Christmas presents etc. For a single person on a good wage i'd expect more savings.

Lol. Half of your 'non essentials ' (haircut, clothes, phone, possibly car loan depending on where you live) are essential in holding down many jobs! Plus 'coffee'.... haven't we moved past the old 'young people could afford a house if they didn't buy coffee' trope now?!

Meandfour · 26/02/2023 08:34

Overthebow · 26/02/2023 08:28

There’s no ‘should’. I would think though that at age 30 you would have been working for at least 8 years (more if you didn’t go to uni), and so could have saved a reasonable amount by now which will either be in savings or gone on a house deposit. It would be difficult at age 30 to have both decent savings and own a house, but one or the other is fine for this age. I would be worried if I had neither.

All of our friends own their homes. They vary in size & value but we’re all home owners. All aged between 30-35. All have DC. All go abroad every year so not sure whether they have savings but all have a comfortable life.
Interestingly, none of us went to university.

RattlewhenIwalk · 26/02/2023 08:36

Another of these " how much money"pseudo boasting threads 🙄

Everyone is different and depends on their circumstances.

reddwarfgeek · 26/02/2023 08:37

Well it's very difficult to say as every person's situation is different.
I'm older than you, 38 and have a few grand saved up.
At 30 I had a few hundred. But I'm a relatively low earner and always paid a lot on rent.
What's your salary? Do you rent? Own a car? This has a massive influence on it.

CarPoor · 26/02/2023 08:37

SnackSizeRaisin · 26/02/2023 08:28

25% of salary, plus a pension, plus either savings towards a house deposit or already paying off a mortgage. That is a basic minimum for anyone before spending on any non essentials such as holidays, haircuts, coffees, car loans, mobile phone contracts, new clothes, Christmas presents etc. For a single person on a good wage i'd expect more savings.

I'm not exactly going to do well if I wait for them to post me my interview date because I don't have a phone and can't access emails. Then turn up with uncut hair and no clothes on

LakieLady · 26/02/2023 08:38

The only 30-ish person I know with significant savings is single, child-free and still living with parents.

All the others are skint, either paying out loads in rent/mortgage/childcare/student loan repayments or in low paid jobs.

My DSS, early 30's, bought a house at 21, with a mortgage, thanks to an inheritance. He's recently rented it out and moved back in with his mother, because he's skint, despite working f/t in a reasonably well-paid job. God knows what he does with his money. His ex is a single parent, renting and on UC.

Unless someone manages to get into well-paid work in their 20s, or lives at home or in a cheap area, I think it's really hard for them to save. So my answer is probably £0.

CarPoor · 26/02/2023 08:39

Everyone is different, it's sensible to save as much as is viable to you. At 30 you could be on minimum wage or 100k, and it's madness to expect everyone to have saved the same amount

Overthebow · 26/02/2023 08:41

Meandfour · 26/02/2023 08:34

All of our friends own their homes. They vary in size & value but we’re all home owners. All aged between 30-35. All have DC. All go abroad every year so not sure whether they have savings but all have a comfortable life.
Interestingly, none of us went to university.

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Well yes that’s my point. By age 30 it’s likely that someone would own a house, or have enough money in savings to use as a house deposit. At 30, myself and all my friends owned houses too, but I didn’t have loads of savings as well. By my current age (35), we now do have decent savings and are also onto our next house which is a 4 bed. There’s quite a big gap between age 30 and 35.

BarbaraofSeville · 26/02/2023 08:46

Why ask such a question? It's so dependent on circumstance.

I have two early 30 colleagues. One is a homeowner with 2 toddlers. Married, both partners in relatively low paid graduate professions (around £30-40k each).

They're probably just about keeping their heads above water as they're paying for two full time nursery places and their mortgage, food and utilities will have increased substantially while they've not had much in the way of pay rises. Also they have a newish car on finance.

The other lives at home with his parents while saving to buy. He seems to live a fairly modest lifestyle, doesn't own a car, walks to work, doesn't go on flashy holidays, doesn't ask have expensive hobbies or nights out, doesn't wear expensive clothes. He could well have saved a substantial five figure sum.

Or pick anything in between.

Meandfour · 26/02/2023 08:49

Overthebow · 26/02/2023 08:41

Well yes that’s my point. By age 30 it’s likely that someone would own a house, or have enough money in savings to use as a house deposit. At 30, myself and all my friends owned houses too, but I didn’t have loads of savings as well. By my current age (35), we now do have decent savings and are also onto our next house which is a 4 bed. There’s quite a big gap between age 30 and 35.

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Agree. I think it depends how young you bought your first house too. Only one of our friends is still in their first home.

I’m not thinking about 35 just yet; we will be just about to start on the 4th lot of school fees 🤮😂

SnackSizeRaisin · 26/02/2023 08:52

napody · 26/02/2023 08:33

Lol. Half of your 'non essentials ' (haircut, clothes, phone, possibly car loan depending on where you live) are essential in holding down many jobs! Plus 'coffee'.... haven't we moved past the old 'young people could afford a house if they didn't buy coffee' trope now?!

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Not really. People spend insane amounts on car lease when if you just need a car to get to work you could get any old cheap banger. There are few jobs requiring a particular hair cut. A cheap phone is fine no need to spend £30 per month. Most people have clothes that will last years and don't need to buy more as often as they do.
Money is money...if you spend it on coffee it won't be available for something else. I don't think it's possible to move past that fact! I think it's daft to spend money on non essentials such as a daily coffee if you don't have 25% of salary saved plus a pension and house deposit.