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 Savings Should I Have At Age 30?

Do you know how much savings you should have at age 30? Unfortunately, there is no exact answer. Expert advice conflicts between encouraging 30-year-olds to save more and investing their already saved money into assets.

However, if you’ve been saving the recommended 10-25% of your income in your 20s, then you’re already off to a great start!

Estimated Amount of Savings by Age 30

How much savings you have, or should have, depends on your income. CNN Money provides the following estimates for people in their 30s to use as a guide to retirement savings.

Income Estimated Savings Amount
$40,000 $60,000
$65,000 $97,500
$90,000 $135,000
$115,000 $172,500

If these aren’t the numbers reflected in your savings account balance, don’t panic! This can easily be an over- or under-estimation for many, especially depending on when in your 20s you began saving.

Focus on Investing Over Saving

Rather than focusing on the number you should or should not have by the time you’re 30, you should instead focus on investing and paying off your debt. You have plenty of time to save up for that trip to Bermuda, but that shouldn’t be done while you’re carrying credit card debt.

Money Under 30 recommends three financial goals that you should hit by the age of 30:

  1. Pay off consumer debt as soon as you can, including credit card debt and auto loans.
  2. Save an emergency fund of at least three months’ (or more!) worth of living expenses in case you are suddenly unemployed or have to foot a pricey car repair bill.
  3. Begin investing, as that adds to your net worth more than how much you’ve set aside in savings thus far. Consult with an investment advisor before making any investments.

For more advice and guidance on savings, investing and retirement, contact your local First Bank* branch today.


———

Sources:

Financial Samurai: http://www.financialsamurai.com/how-much-savings-should-i-have-accumulated-by-age/
CNN Money: http://money.cnn.com/gallery/retirement/2015/09/01/how-much-do-i-need-for-retirement/2.html
Money Under 30: http://www.moneyunder30.com/how-much-money-saved-30

Securities and insurance products are offered through INFINEX INVESTMENTS INC., Member FINRA/SIPC. INFINEX INVESTMENTS INC. and FB Wealth Management, a division of First Bank, are affiliated entities. Investment and Insurance Products are:

NOT Bank Deposits NOT FDIC-Insured HAVE NO Bank Guarantee
NOT Insured by any Federal Government Agency May Go Down in Value

 

Trending Topics

Get the Best Checking Accounts from First Bank in Wilmington, NC

If you are looking for some of the best checking accounts in Wilmington, NC, you are in the right place. With several convenient locations in Wilmington, each offering six types of checking accounts,...

Get Maximum Flexibility With a Small Business Credit Card

Many small business owners often find themselves managing their business operations, financials, customer service and more. First Bank wants to lessen your workload with a small business credit card to streamline your...

Mortgage Rates 101: Information You Should Know

Acquiring information about mortgage rates is a vital step in the home buying process. Mortgage rates vary based on several factors, such as the amount and type of your loan and your credit score. To get better mortgage...

Where to Get Mobile Payroll Solutions

In today’s on-the-go world, you can do just about anything from a mobile phone, tablet or laptop. If you run a business in this tech-driven environment and have employees to pay, you might be wondering where to get...

Four Different Types of Services | Banking

A bank’s job is to provide customers with financial services that help people better manage their lives. As technology advances and competition increases, banks are offering different types of services to stay...

Best Savings Account for Kids – Wilmington NC

If you live in Wilmington, NC, and you are looking for the best savings account for your kids, visit your local First Bank. We offer a savings account for kids that comes with all sorts of...

Best Bank for Checking Account – South Carolina

With options like First Bank, you shouldn’t have to feel uncertain about whether or not you’re making the right choices with your hard earned cash. Make the switch to First Bank and you’ll see why we are...

Best Small Business Bank in Asheville, NC

Between managing a payroll, paying utility bills, budgeting overhead costs, and balancing your revenue and expenses, running a small business brings big financial responsibilities. First Bank¹ can help small...

Mobile Banking – Jacksonville NC

If you’re looking for more flexibility in managing your accounts, First Bank provides mobile banking in Jacksonville, NC. Access your accounts from the comfort of your own home, our free Mobile Banking service brings...

Online Money Hacks – First Bank

If you are active on social media, you’ve probably tried a “life hack” at some point. Life hacks are little things you can do to make your life easier. For example, tying a small piece of bright...