How Much Money Should I Have Saved By 30


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By 30 you should have saved as much as you can but not enough to retire by 65. This is because 30 years is half the age of retirement and you still have more years ahead to save. But does this really answer the question of how much money should I have saved by 30?

It all depends on your lifestyle and financial constraints. Again when did you start receiving earnings?  At such age range some individuals are still receiving aims from sponsors instead of earnings.

Let us forecast it, how Much Money Should I have saved by 30

According to Jamela Adam an author in Forbes Advisor, by age 30, a good rule of thumb is to aim to have saved the equivalent of your annual salary. Let’s say you are earning $50,000 a year. By 30 it would be beneficial to have $50,000 saved.  

But like I initially said your standard of living can determine the level of your financial status by 30. For instance, if you earn much, but your spending habit is out of control you may not be able to save. Again, if you simply don’t have some future financial objectives you may still not save much or anything.

On second thought, you might be struggling to meet some financial obligations like repayment of student loans. Or you might be struggling with low-income earnings.

All this and more are the limitations to what could stop you from saving something or nothing by 30. But then even at age 30 you still have enough time to start saving either for retirement, investment, or future financial goals.

1. Build an investment

If you actually want to have some savings before or by 30 you should consider building an investment. You can take off time and learn the different investment options available and choose one.  

Do not dwell on the thought or imagine that it is too early to invest. Starting early to invest is one way of actualizing your financial goals and attaining financial freedom. You can start by investing a portion of your earnings in a short-term investment. Short-term investments can bring immediate cash within a short period.

Work hard and monitor the progress, within a short period, if it starts yielding earnings then it will increase the money you should have saved by 30.  

An example of such short-term investments could be commodity investments, rentals, and more. These investments are capable of earning you some profit within a short space of time.

2. Start a side hustle

Apart from short-term investment, here comes another similar way to save if you are interested in saving enough by 30. You can consider finding a side hustle. Even if you are already earning a salary from your job, you can’t be guaranteed to save much from it.

Not enough to give you an attractive net worth by 30 years. Therefore to help increase your worth, consider starting a side hustle that will not contradict your main means of income. There are many part-time jobs you can attach to your immediate means of revenue.

For instance, you can start freelance jobs, and register with freelance platforms like Upwork, Fiverr, and others. You may also choose to start a blog and own a website, or find an editing and proofreading job and many more.  

With any of these part-time jobs, you could be able to substitute it with your main job. If you continue this way by the time you approach 30 years you will record a huge net worth.

3. Create a special savings account

Create a separate account that is only meant for deposits. Stick to a decision that you will be making deposits without withdrawal until the age of 30.

Even if emergencies occur, rather than withdraw from your special savings you can decide to borrow and pay back within time. Your special savings are targeted towards determining how much you should have saved by 30.

4. Cut down on expensive living

It is not how much I should have saved by 30 that matters but making up your mind to save a particular amount of money.  If you want to save something interesting and encouraging you should also consider cutting down on expensive living.

Maybe you should adapt to frugal living but do not overdo it because you still have more years ahead. The decision to resort to frugal calls for sober reflection because there are some expenses you cannot cut down.

For instance, your rent bills, lighting, water, and transport, although the amount on these bills may be stable you still have a solution towards minimizing it. Since the cost is unchangeable you can reduce the rate to which you use them.


While those that are not stable you can minimize their cost. This inexpensive living habit could help you increase your savings rate.

5. Learn personal financial tips

Understanding personal finance tips could help you know how to achieve goals. Personal financial tips deal with an individual’s financial activities. It covers all areas such as income, expenditure, savings, budgeting, investing, and tax management.

A good knowledge of personal finances could give you the awareness you need to control your income effectively and save enough by 30.

6. Set financial goals

People mostly save with goals, they do not just save but they have objectives for setting aside some of their earnings.  They also have a mission for trying to live frugality.

Therefore, if you are trying to save some amount of money by 30, you should also have a clear financial goal for this.

Having goals can help you save too but if eventually your goals do not work out you have still achieved a savings goal.

What are some limitations to saving by 30

1. Lack of discipline

Discipline includes monitoring your spending habits. If you are so loose in your spending you will find it difficult trying to save something by 30. Lack of discipline towards savings usually results from procrastination.

If you find yourself in the habit of reckless spending at a young age it’s all because you assume it is too early to start saving. In most cases when a young adult observes an inability to save it is best to gain motivation through laying down some financial goals.

2. If you are not earning

Many studies and research shows that younger adults between the ages of 19 and 29 are still in school. While some are just getting out of school and seeking employment.

If you find yourself in any of such groups it means you are likely not to have any savings. If on the contrary, you have savings, you may not have much because you have no means of earnings.

3. Inflation

During inflation, there is a general increase in goods and services.  This situation can affect the saving habit of an individual who is trying to build a net worth by 30.

Such areas as making purchases and paying bills can reduce the amount of monthly savings. But if the individual’s earnings are increased to correspond with the price increase then there might be positive results.  

4. Low income

Usually, most young adults between the ages of 19 and 28 are placed on a lower grade level in salary. This may result from being a fresh graduate to having zero working experience.

When the income becomes low it usually affects their saving rate. Because of this, they will have to save according to their low earnings. Better still they can find other means of substituting their salary but the low income is still a limitation.

5. Financial obligations

You may wonder why financial obligation could be a limitation when you are earning and still below the age of 30. But this can be true if you have senior elders to take care of. The situation demands that you take care of many responsibilities when income arrives.    

Bottom line

If you want to know how much you should have saved by 30, draw out a plan and set goals.

If you have a means of earning income it becomes an advantage and you can budget and forecast your outcome.  

In a nutshell, it all depends on your willingness and persistence to achieve your plans to save by 30  

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