17 Nov 2020
How much savings your have at the age of 26? I am 26 now. I have been working for 7.5 years. My saving is around $40k. Is it healthy?
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Long answer short, depends on your lifestyle and hopefully that 40k covers at least 3 to 6 months of your monthly expenses!
Put that 40k in a high interest savings account too. You start investing with the money that you've earned if that 40k covers that monthly expenses that I've mentioned. ETFs, REITS, Unit Trust etc. Diversify diversify diversify!
All the best!
$40k at 26 seems pretty ok!
But I would say instead of focusing on the amount and your age, I would suggest you to focus on how many % of your salary you are saving.
For e.g. if you are earning 4k a month - after CPF deduction (saving 50% of your salary) and you have been working for 4 years (without salary increase through this 4 years and recieve an AWS 13 month AWS and no PB), you should have approximately 106k excluding interest.
The number is just arbitrary like many have said and I think you should look at it relatively instead. How much income are you earning? What does your budget look like every month? You should look into minimising your spendings and paying off debt as fast as possible. Think about going into investments or find an alternative source of income!
Hi, as Kai Le mentioned, the amount is just an arbitrary number.
It depends more on your living ex...
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I think there is nothing much to compare.
The more you compare with the people around you, you reach to two extreme. Either you get frustrated about yourself or you start to get proud of yourself.
Neither is good for your soul.
What's best is to be better than yourself yesterday.
Draft out a goal at the end of the day on how much you want to save.
Work out a plan on how you want to reach there.
Be it increasing income, increasing savings rate, decreasing expense.
All of it will help.
From there look to improve on who you were the day before and you start to feel satisfied with your life.