Page 2 | How much savings should I have at 30?

sodoffbeforemycupofcoff · 2026-07-28T14:53:47+00:00

I’m a single mother of 2 and I of course have a pension and my kids have an ok savings account too as they’re only young (5 and 2). I have £4.5k saved up but feel this is a bit… meh. It’s not enough to fall back on, should I need to. But saying this, I have also had the savings pot for around 1 year and not saved it. I am trying to build on my savings but it won’t be much. My 5year old has around 2k and 2 year old has around 700 in theirs. Am I doing ok? I realise and I am thankful I’m in a better position than some… but am I where I need to be? (According to society)!

Original poster

sodoffbeforemycupofcoff · 30/07/2026 06:00

Cornishclio · 29/07/2026 13:44

You are doing better than most. 40% have £1k or less. 1 in 6 have zero savings. Older people tend to have more. I would do a budget and set an amount you can afford away but don’t allow it to go below 6 months savings. You have a car so repairs for those and replacing it is something you should plan for. Do you have a house? What percentage of your income do you put in your pension?

I am in social housing.
I try to put away quite a bit of pension my pot is around £19k currently which I think is quite good for 30 and 12 years of pension contributions

OP posts:

Original poster

sodoffbeforemycupofcoff · 30/07/2026 06:06

Cornishclio · 29/07/2026 13:39

Savings encompasses many things. People should aim for 6 months emergency savings. Obviously if you have children or saving for a deposit then minimum 10% deposit plus costs. How much you save for children depends on whether you are saving for university, help for driving lessons etc. bear in mind many junior accounts automatically go to the child at 18 so if they are not money savvy that can be a problem giving thousands to a young adult if they are not responsible. Pensions and long term savings depends on lifestyle. The aim always used to be a half of your age of as a percentage of income depending on when you start. So if you start a pension at 20 then 10% of income. That includes tax benefits so 8% of income plus 2% tax benefit.

I am not sure what I am saving for my children but I have a standing order to send £12 each to them per week, £5 into my savings per week and I look at see what other bits here and there I can send to them at the end of the month, even £10,£20 etc. sometimes I round to the penny from my bank to allow them that little bit extra. I will put some in on birthdays on top of presents and I will also add any money they get from family and friends for birthdays or Christmas. We give money a lot in our family as we are all aware the children all have savings accounts. I don’t know what I’m saving for , for their future but I know they’ll have a better start than me, when they are ready. If they’re not ready at 18,20,25,30 they won’t get it. I will give it to them when I trust I can and when (which it will) something occurs in their future that they need help with. I’d rather plan and save. I know savings would have helped me a lot in my adult life but definitely not until around this age now!

OP posts:

Chocolatecupcake12 · 30/07/2026 10:16

sodoffbeforemycupofcoff · 30/07/2026 06:06

I am not sure what I am saving for my children but I have a standing order to send £12 each to them per week, £5 into my savings per week and I look at see what other bits here and there I can send to them at the end of the month, even £10,£20 etc. sometimes I round to the penny from my bank to allow them that little bit extra. I will put some in on birthdays on top of presents and I will also add any money they get from family and friends for birthdays or Christmas. We give money a lot in our family as we are all aware the children all have savings accounts. I don’t know what I’m saving for , for their future but I know they’ll have a better start than me, when they are ready. If they’re not ready at 18,20,25,30 they won’t get it. I will give it to them when I trust I can and when (which it will) something occurs in their future that they need help with. I’d rather plan and save. I know savings would have helped me a lot in my adult life but definitely not until around this age now!

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I think saving into children's accounts is fine for where your family have given you money specifically for the children's savings but I would get yourself to a point where you have 3-6 months essential expenses (rent, food, gas/electric and any other contracts you can't just not pay e.g. phone broadband etc) before you put anymore of your money into their accounts
You having stable finances when the worst happens is benefitting them by keeping a roof over their heads and their tummies full. Once you have that saved then I would split the money you're able to save between you and the children. In your children's case I would be tempted to save into s&s isa so their money is invested and likely to grow more than in a savings account as you're saving the money in the long term for them

Popstarrrrr · 30/07/2026 17:10

sodoffbeforemycupofcoff · 30/07/2026 05:53

I think you’re right but if my children are not in the right space at 18 they won’t get it til around 20s. If they’re very sensible then they will get it earlier should they wish to invest it

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I did tell mine that if there was any sniff they were going to piss it up the wall, I'd keep it and have fun with it myself!

Soonbbbqweather · 30/07/2026 19:40

Just a suggestion, but DH and I (retired) save our emergency fund every month into premium bonds. The funds are easily accessible but of course we have a chance of winning something.

Original poster

sodoffbeforemycupofcoff · 30/07/2026 19:58

Soonbbbqweather · 30/07/2026 19:40

Just a suggestion, but DH and I (retired) save our emergency fund every month into premium bonds. The funds are easily accessible but of course we have a chance of winning something.

That sounds interesting. What could you potentially win and how would I find out more please? Thank you for your suggestion.

OP posts:

Soonbbbqweather · 30/07/2026 23:28

sodoffbeforemycupofcoff · 30/07/2026 19:58

That sounds interesting. What could you potentially win and how would I find out more please? Thank you for your suggestion.

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You can win up to £1m each month tax free. Further information is available on nsandi website. There is also a premium bonds thread on here under the money forum. Winnings aren’t guaranteed but your savings are safe as government backed. As your savings increase you could consider the savings bonds which pay interest but you can’t take the funds out until maturity. Think for premium bonds you can save from £10 per month but don’t quote me on that as ours have been going for a long time and the minimums might have changed.