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
First Bank One Rewards Program: Learn More There are a lot of advantages to being a First Bank debit or credit card holder, but the First Bank One Rewards Program is the most beneficial to you. By simply using your… How to Get a Personal Loan – North Carolina Combing the internet trying to find out how to get a personal loan in North Carolina? Call off the search and visit one of First Bank’s North Carolina locations to meet… 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… Lumberton Bank (Bank in Lumberton) The city of Lumberton, North Carolina, only takes up about 15.8 square miles of land, but within that area there are plenty of shops, restaurants, entertainment, and banks for residents to… Lowest Mortgage Rates – Jacksonville, NC If you are looking for some of the lowest mortgage rates in Jacksonville, NC, your local First Bank can help. Now is a great time to buy a home in… Small Business Loans – Florence, SC With a rising population and a per capita income higher than the state average, Florence, South Carolina, is a promising place for new businesses. First Bank has two locations in… Asheville Savings First Bank in Asheville offers savings accounts for anyone looking to get the most out of their money. Whether you’re under 18 and just starting to learn about saving or… Best Checking Accounts – Florence, SC If you're looking for the best checking accounts in Florence, SC, you have a lot of different options. At First Bank of South Carolina, we have two convenient locations in Florence… Balance Transfer Calculator If your current credit card isn’t meeting all of your needs, consider switching to a First Bank credit card. First Bank now offers the option to transfer your balance from… 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…