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How Much Money Should I Have Saved by Age 30?

Inside: This guide will show you how much money should i have saved by 30. By following these tips and strategies, you can ensure that your hard-earned money is wisely invested and helps support long-term financial stability.

Are you wondering how much money you should have saved by now?

That means you care about your personal finances which is a good thing! You are focused on being financially stable.

You need to make sure you are on track with how much money you should have saved by your thirties.

First, note, you will hear various amounts you need to have saved by 30. You need to keep in mind your goals and plans for your life.

However, factors such as income and expenses can affect this number significantly. So it’s important to figure out what kind of financial independence you want and then work towards achieving it.

The latest trend is more and more people desire to be financially independent by age 30. Is that possible? Yes, but you have to be committed.

Now, let’s dig in and determine how much should I have saved by 30…

This guide will show you how much money should i have saved by 30. By following these tips and strategies, you can ensure that your hard-earned money is wisely invested and helps support long-term financial stability. Your thirties is an important decade for saving for retirement and other big goals, so it's important to make the most of every penny you have.

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How much money should a 30 year old have saved?

It’s never too late to start saving for your future.

By age 30, you should have accumulated a positive net worth and have a large sum in savings to prove it.

Below are guidelines on how much money a 30-year old should have saved by the age of 30.

Save at least 1x your income

To have enough money for retirement, it is recommended that you save 1x your salary by 30.

For example, the average annual salary is $49,920 for 25 to 34-year-olds, which means you should have saved at least $50000 by the time you are 30 years old.

The assumption is your salary will dictate your lifestyle and spending.

The goal amount you should save increases as your income increases. However, you should aim to save 1.5x-2.5x your income by 30 years old, depending on your age and income.

How much money should you have saved by age 30 for retirement?

Most people don’t save enough for retirement and thirtysomething (age 30-39) only have average 401k balances of $38,400 (source).

That means at a retirement age of 65, your account balance would be $262,014 in a taxable 401k / IRA or $567,757 in a Roth 401k / Roth IRA. The assumptions include no additional contributions and an 8% rate of return.

So by age 30, you should have saved at least $40,000. To make sure you’re on track, use a benchmark to figure out how much you need to save each year and customize your target based on your individual circumstances.

If you’re not saving for retirement yet, start contributing to 401k plans and IRA accounts now so that you’ll have a solid foundation when it comes to savings.

Save at a Minimum of 20% of your Income

Okay, so now, we have determined that most people don’t save enough for their futures.

Challenge yourself to increase your saving percentage to at least 20% of your income.

This is a better gauge of saving than a flat amount.

What should your net worth be at 30?

A general rule of thumb is to save 1.5x your annual salary.

That means, if your average salary is $80000 a year, then your net worth should be $120,000.

Unfortunately, many people are laden with student loans and credit card debt and struggle with saving.

In a study with Personal Captial, the average net worth at age 30 was much higher at $290,498 than the median net worth of $48,985. That means on the bell curve there are outliers with those who saved vs the majority of people.

Your goal is to double your liquid net worth quickly.

What is the average savings rate for people in their 30s?

Picture a pile of cash and the words saving on top for the average saving rate for people in their 30s

The average savings rate for people in their 30s is higher than the average savings rate for people in their 20s. Factors that contribute to this include having the ability to save more money and being more financially aware.

The overall savings rate as of September 2022 was down to 3.1% (source). While that number is across all age groups, it proves that most people don’t save enough money.

If you followed the ideal budget percentages and saved at least 20% of your income, you would be able to sleep much better at night.

What are the different savings goals that people in their 30s should have?

Saving for your future should be a top priority.

There are many different savings benchmarks to choose from including:

  • Contribute the maximum amount to Roth IRA each year.
  • Contribute the maximum amount to HSA (if your health insurance allows for it).
  • Make sure you have a fully funded rainy day fund.
  • Increase your contributions to your work-sponsored retirement plan by 1% each year.
  • Save for a vacation each year.
  • Participate in one of our popular money saving challenges.

Starting to save for retirement at a young age is a big goal, but it’s possible with student loans in the way.

Focusing on catching up instead of chasing the ideal world will help you reach your savings goals.

What are the steps on how do you save money?

Picture of a pig and cash for the steps on how do you save money.

There is no one answer to this question.

Everyone’s circumstances are different, so the amount of money you will save depends on a number of factors including your current spending habits and how much you can save each month.

Also, how much you saved by 25 will determine where you are at now.

However, here are some general tips to help you start saving money today:

Step #1: Determine how much you need to save.

You should aim to save at least 20% of your income, according to the 50/30/20 rule of thumb.

This can be done by setting goals for how much and when you will save your paycheck or weekly, or by breaking big goals down into smaller steps that are easier to achieve.

To save money, you can set aside a certain amount each week in a savings account or transfer money into savings automatically.

Step #2: Decide on a savings plan.

To create a savings plan, you need to examine your budget and prioritize and decide to make the most of your money and reach your financial goals.

There are many different ways to save money, so find one that best suits your needs and something that keeps you motivated!

Decide how you plan to save money. Here are some ideas for you:

  1. Save for emergencies.
  2. Enroll in your work-sponsored retirement plan.
  3. Open up a brokerage account to invest in index funds.
  4. Participate in the 100 envelope challenge.

You can start by setting aside a certain amount of money each month into a savings account.

Whatever route you choose, make sure it is something that you can stick with long-term.

Step #3: Set a weekly or paycheck period goal and make sure to hit it.

Setting a weekly or paycheck period goal can help break the larger goal of retirement saving down into more manageable chunks.

For example, the goal of retiring at age 65 can be broken down into 25 yearly goals of $20,000 each year.

This concept of paying yourself first is vital to success. You can usually set up free automatic transfers into savings with most checking accounts.

Step #4. Evaluate your student loan debt and decide what to do about it.

Around here at Money Bliss, we stress that debt is the cash flow killer. With debt payments, it is extremely hard if not impossible to get ahead financially.

  • If the interest rate on your student loan is high, it might be a better idea to focus on paying off your debt first.
  • If the interest rate on your student loan is low, it might be a good idea to focus on investing your money instead of paying off your debt.

With credit card debt, since the Interest rates on credit cards are typically higher than the rates on student loan, it is important to repay them as soon as possible.

Low-interest debt, like a mortgage, typically isn’t in your best interest to pay off around age 30.

Step 5: Set up a budget.

After you have determined your goals, it is time to set up a budget.

This will help control your spending and ensure that you are saving money.

There are a few different ways to set up a budget, but the most important thing is to be realistic about your income and expenses. As well as your prioritiiztion towards savings.

Monitor your progress and adjust your budget as needed in order to save more money over time.

Step 6: Automate your savings.

For me personally, this is one of the best ways to actually reach my savings goal. At the beginning of every month, I automatically transfer the amount I need to save. By doing it first, the money is out of the account and there is no temptation to spend it.

There are a lot of ways to automate your savings, so you don’t have to remember to do it every month. You can set up a recurring transfer from your checking account to your savings account, or have your employer put part of your direct deposit into a savings account.

Automating retirement contributions is also a great way to save for the future.

Step #7: Save more as you earn more.

One of the best ways to save money is to commit to limiting lifestyle inflation and saving an increasing percentage of your raises also known as lifestyle creep.

By doing this, you ensure that you are able to save more money as your salary increases.

This is a great way to make sure that you are able to keep up with your savings goals and stay on track financially.

Why yes, it is okay to take a small chunk and celebrate your win of a higher paycheck. Just don’t go out and blow the extra money you are bringing monthly.

Step #8: Invest your money.

Investing your money is a big decision, but it can be a great way to achieve a higher rate of return.

When you invest, you’re essentially putting your money into something with the hope that it will grow over time.

There are many different things you can invest in, such as stocks, bonds, and real estate. Consider your own circumstances before making an investment decision.

Investing your money is better than letting it sit under the mattress as inflation runs higher.

Step #9: Live below your means.

This one is counter intuitive to our culture. What living below your means is you are spending less money than you make.

There is an excess or margin avaiilbe to be saved for another today.

It is still possible to save money and maintain a comfortable lifestyle. You must prioritize your financial goals first.

Step #10: Review your progress.

Regularly review your progress to ensure that you are on track to meet your goals.

This will help identify any areas where you may need to make adjustments.

If progress isn’t meeting expectations, focus on the incremental steps that need to be taken to correct the issue.

You are the one in control of your money and have the ability to improve your financial situation.

What are the list of benefits of saving money?

We all know that saving money is important, but did you know there are a lot of benefits to having saved by the time you turn 30?

Research has shown that people who save feel more in control of their lives and are more satisfied with their lives overall.

Let’s discuss some of the top reasons to start saving early and how much money you should have saved by the time you reach this age.

Important Life Skill

Saving money is one of the most important life skills you can learn.

The benefits of saving money go far beyond just having extra cash in your pocket; they actually improve your overall quality of life.

Financial Security

The thought of being able to sleep at night because you have money in the bank equates to financial security.

Also, it will lead to increased wealth, and better long-term planning.

Additionally, by taking steps to reduce expenses, you can save money and increase their wealth over time.

Limits Debt

When you save money, you are essentially creating a buffer against future financial hardships.

By having money saved up, you can avoid borrowing money to cover basic needs like groceries and rent. Additionally, having money saved up can provide a cushion against market fluctuations, giving you a stability in your life that you may not have otherwise.


The recommended retirement savings rate is equal to your annual salary saved by age 30.

However, many people have pushed their savings rates to an extreme allowing them to retire in their 30s.

By tracking your spending and setting priorities, you can make sure that your money is going toward things that are important to you.

Additionally, having a few months’ worths of living expenses saved can come in handy in the event of an emergency. Finally, investing can be a great way to grow your wealth over time.

Budgeting for your 30s can be difficult, but there are a few things to keep in mind as you are stretching to buy a house and having children.

  • Make sure your budget is realistic and takes into account your unique circumstances.
  • Set goals and benchmarks to help you stay on track, but don’t let diet games derail your progress.
  • Budget based on your current situation, not based on what you think will happen in the future.
  • Saving for retirement should be a priority starting at age 30.

You have to prioritize saving for a down payment over your current spending.

Savings can be achieved by learning how to live cheaply and cheaply, eating at home, shopping thriftily, and using the library instead of Amazon.

Also, look into first time homebuyer programs for additional downpayment assistance.

Whether you are saving money for yourself to go to college or a children, you must consider fi the money spent is worth the cost. Today, the cost of an undergraduate degree is costly and even more so for a graduate degree.

If you decide to pursue a college degree, I highly recommend looking at this list of scholarship to help you pay for it.

First of all, consider if you want to buy a new car or would be happy with a gently used car.

Buying a car in your 30s can be easier as your loan capacity increase.

However, by following these tips, you can make the process easier.

  • Make sure you have a good budget before starting your search. Define what expenses are important to you, and stick to that budget while shopping for cars.
  • Establish priorities when it comes to car purchases. Don’t spend money on something just because it looks expensive – figure out how that purchase will improve your life or make your life easier.
  • Save up for a down payment. A down payment isn’t always necessary when leasing or buying through a dealer, but it can help reduce the cost of the vehicle and also provide protection if there is an accident or problem with the car later on (a warranty might also be available through the dealer).

Don’t be afraid to negotiate. If you’re thinking about buying a car, be prepared to ask for discounts and to haggle over the price. You may be surprised at how much you can save by working with the dealership.

There is no one-size-fits-all answer to this question, as the amount of savings required will vary depending on your individual circumstances and goals.

However, some general tips for saving money during your thirties include: learning how to cook at home, shopping more thriftily, and finding free entertainment, paying off consumer debt; making at least one investment that will grow over time; and saving money in a separate account to your checking account for emergencies.

Also, look for ways to boost your income and have multiple income streams.

Which Saving Steps will you implement for success?

Saving money in your twenties and early thirties is crucial to building a solid financial foundation.

Now, you know how much you should have saved by age 30 and this amount is doable.

This guide provides some simple tips and strategies for saving money at every stage of your life. By following these tips, you can ensure that your hard-earned money is wisely invested and helps support long-term financial stability.

Even if you have zero savings today, make a plan to start saving for your future today.

Visualizing your goals can help you stay on track.

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

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