Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Back
Scroll to top

How Much Money Should I Have Saved by the Time I am 30?

Are you approaching 30? How much money do you have saved? According to CNN Money, someone between the ages of 25 and 30, who makes around $40,000 a year, should have at least $4,000 saved. However, because everyone’s financial situations are unique and are influenced by their spending habits, income, debt and overall lifestyle, not every 30-year-old will have the same amount of money tucked away — and that’s okay!

Rather than tell you a precise amount that you should have saved by the time you are 30, we will provide you with savings tips to help you reach your specific financial goals, whatever they may be.

3 Financial Goals for People Under 30

By now, you know that the most effective way to save money is to set a monthly budget for yourself and stick to it. Some tips for setting a realistic and effective budget include:

  • Recording your daily spending
  • Tracking your spending habits for at least a month
  • Still budgeting for fun and entertainment
  • Making automatic savings contributions
  • Clearly defining spending priorities

But what else can you do to ensure you have a healthy chunk of change stashed away by the time you hit the big 3-0?

1. Have no consumer debt. By the time you are 30 years old, you should have auto loans, credit cards and other consumer debt paid off. Remember, it’s better to have $500 in the bank with no debt than to have $5,000 in the bank with significant debt.

2. Make at least one (smart) investment. According to Investopedia, “A mutual fund is an investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets.” Mutual funds are the largest and most popular investment vehicle for the retail buyer, making them a great investment option for young people with limited investing experience.

3. Have at least three months of living expenses saved. Everyone should have an emergency fund to better prepare for unexpected events, such as an expensive auto breakdown or unemployment. When saving money for your emergency fund, make sure you are putting money in a savings account (separate from your checking account).

First Bank* Helps You Save

No matter your age, First Bank can help you save money to reach your financial goals. Some savings options that we offer include:

Want to learn more? Contact us or visit your local First Bank branch today!


———
Source:
Investopedia: http://www.investopedia.com/terms/m/mutualfund.asp

Trending Topics

Small Business Loan Rates in North Carolina

For competitive small business loan rates* in North Carolina, stop by your local First Bank branch to compare loans with flexible terms and highly competitive rates. We make borrowing money for your business easy and...

Best Bank for Checking Account – Jacksonville, NC

If you’re looking for the best bank for checking accounts in Jacksonville, NC, it might look a lot like the First Bank’s located on New Bridge Street and Western Blvd. Behind the diversity, convenience and...

What Do I Need to Open a Checking Account?

What do you need to open a checking account? It can vary a little from bank to bank but there are typically some fundamental necessities needed to open a checking account. First Bank has five levels of checking accounts,...

Highest Yield Savings Account – Asheboro, NC

For customers who do not need immediate access to their funds, a Certificate of Deposit, or CD, is one of the highest yield savings accounts offered at First Bank in Asheboro, NC. The Wall Street Journal defines CDs as...

Hassle-Free Savings Account – High Point, NC

Saving your hard earned cash shouldn’t be a hassle. At First Bank in High Point, NC, we understand the importance of saving and we want to make sure our customers aren’t worried about their savings accounts....

5 Financial Tips for Your 30s

Your thirties are a great time to get a handle on your finances and start investing in your future.

Banks That Offer Personal Loans – North Carolina

Have you been looking for a bank that offers personal loans in North Carolina? Are you tired of sifting through endless search results only to be disappointed by your options? With plenty of North Carolina banks offering...

Commercial Mortgage – Asheville, NC

If you are thinking about opening a business in Asheville, NC, consider a commercial mortgage with First Bank. Commercial mortgages can be used to develop or purchase land or buildings that are intended for commercial use....

What is the Best Bank for Small Business?

If you own or plan to own a small business, you might be asking yourself, “What is the best bank for a small business?” With our history founded on the values of small business and by providing many banking...

Open a Banking Account Online at First Bank

The ability to manage bank accounts online has provided us with financial freedom like never before. Consumers may now make payments, transfer funds or make deposits straight from a computer or mobile device. At First...