If you are looking for how much you should have saved by 30, then you must either be saving for retirement or worried that you are behind on your savings based on your age. It’s one of the most common questions people ask as they are hitting their 30s or if they’re already in that age group. In this post, we will look at how much you should have saved by 30 and also how you can hit your retirement goals. 

How much money should I have saved by 30?

In our last post on how much you should save for retirement, we used 15% of your annual revenue, but in the case of how much you should have saved by 30 is relatively more. If you are concerned that you haven’t been saving as much over the years, there are still ways you can rapidly multiply your savings without giving up hope that it may be too late. 

Your personal finances shouldn’t be treated the same as everyone else’s, because everyone has different objectives and commitments they have to meet that match their cost of living. Recommendations from most online finance websites similar to Clever Hustle Wallet are not meant to give you a personalized number for how much you should have saved by age 30, but rather a general methodology for a figure that would help you to become financially secure. 

If you earn $100,000 per year, it is recommended that you have 50% saved up by age 30. This means that if you start earning 6 figures in your mid-20s, you can hit these savings goals in 5 years. If you’re below $50,000 at age 30, it doesn’t mean you’ve failed. It simply means two things: Your income is low, or you needed to invest more. 

 Right now, you need to start putting strategies in place to make $50,000 in the next 5 years. 

How to Have $50,000 Saved Up by Age 30? 

Now that we have discovered that $50,000 is ideal for good savings at 30, what if you have $0 or even way less than the amount you should have saved by age 30? 

The first thing you need to do is find a way to make more money. Whether it’s finding a side hustle or looking at investing for the next 5 years. If you make minimum wage or your current income just covers your bills, then you need to learn a new skill or start a side hustle. If you’re already maxed out on working hours, then you need to start fixing your finances in a way where your spending decreases and your investing and savings increase. 

Once you have decided which of the two you need to focus on, you’ll start automating your savings. Don’t depend on your brain to remember to save or invest; the best way to never miss out is by using a system that will be your reminder and actually get it done. 

Having $50,000 by age 30 or 35 would require you to save $833 per month. 

How to save $50,000 by age 30? 

There is one major shift you need to make to save $50,000 by age 30, and that is putting that savings in a separate account. Doing this will help you plan and execute that goal within 5 years. Automate your savings in a high-yield savings account so it also earns interest while sitting there for 5 years. This new account is your safety net and should not be taken from. 

Each week, you can automate your savings into 4 parts of $208.33. This way, you can always ensure you’re not making a big leap but actually putting in the require about slowly. 

Note: if you’re saving for retirement too, this is a great way to continue for 35 years and add 15% of your total income of $100,000 towards your retirement. So let’s do the math: if 5 years give $50,000 and you put a 15% payment each year, then over 35 years, you will have saved at least $875,000 plus compound interest ( if you save in a high-yield savings account) and increased income. 

Fastest Way to Save $50,000 by age 30 

If you want to save $50,000 fast by age 30, don’t just save, but invest in index funds with medium risk and good historical performance. Investing your money in stocks that have been projected to perform well can help you reach more than $50,000 by age 30. 

When you invest in technology and real estate stocks, you’ll typically get significant returns on your investment. Investing doesn’t only happen on the stock market but also through private investments.

Although you have no control over how the market performs, you can control the investments you choose. At 30, you should have a retirement portfolio that is accumulated in stocks.

How much money should I have saved in my 30s?

We have identified that at age 30-35, it is ideal to have $50,000 saved up. If you are in your late 30s and you still haven’t saved enough, it doesn’t mean you’ve failed. All it requires is an adjustment to your personal finances and an aggressive investment plan.