How much money should you save by time you're 30, according to personal finance experts
It's probably more than you'd expect
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Your support makes all the difference.While the pressure on young people to repay their student loans and earn enough from finding a well-paid job in competitive markets while also paying increased rental and living costs is ever growing, so is the pressure to save for the future.
Against the backdrop of constant reports about how people under 30 will be buying houses later, retiring later and having a diminishing pension package awaiting when they finally do, there is also confusing information about how much you should save and the best way to save?
According to a money expert, by the age of 30 you should have six months of living expenses saved up.
Kelly Smith, a writer for The Penny Horder, told Attn: “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 is a good time to start.”
The Office of National Statistics last survey into household spending placed the average figure, including rent, at £531 per week. So, if the expertise on savings is anything to be believed having six months worth of average living costs would suggest having savings of around £13,800.
According to the money advice service, six months’ essential outgoings is how much anybody should have saved in case of an emergency.
Of course, how to save when you have little money that falls out of vital living costs is a tricky business.
In December, two money experts told The Independent there were minor changes millennials could make to help them save and be more frugal in 2017
These included having a bulletproof budget, sourcing voucher codes and deals, stop ignoring financial red flags and having the right account to put any savings – no matter how little – into when you can.
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