Asked 2d ago
I've just turned 31 in September and this is just my personal stance on your question. I've always been a huge saver and been in the FIRE movement (Financial Independence Retire Early) ever since I was 18. I've scrimp, save and invested close to almost all of my gross income and lived on a small amount in which I've earned through teaching tuition and other freelance work in which I've used to pay for my expenses, parent allowances etc and this has resulted me having to achieve a 6 digit savings/investment when I was just turning 25 (I've only started working full time while pursuing my degree at the age of 21 when I ORD-ed and had been working in a sales job since then)
At age 30 I would strongly suggest you save at least 1 year of dispensary income as part of your emergency funds. You can either go in hard like what I've mentioned above or go in slowly but surely by slowly saving at least 20 percent of your gross income. Set SMART goals and you'll do just fine.
My suggestion is to try taking on a part time job on top of your full time job and grit through it for a couple of years to build that emergency fund. This can be a job on the weekends and try to only spend what you earn from your part time job only.
If your intention is to save up for a house, wedding and having kids, it would be great if you can communicate and talk to your partner in terms of financing this together since you guys will be in it together in the long run. Work out a monthly joint budget and save towards the goal and have monthly or 3/6 months review on how the plan is turning out.
Hope everything turns out well for you. Best wishes!
It depends on a lot of factors such as family background, education level, gender, marital status, etc.
There is no fixed number since it varies. What you can do, however, set a goal based on the income you earn. For age 30, 1x of your annual salary. 35, 2x of annual salary. 40, 3x of annual salary. And so on.
Hello there! There are a lot of variables involved in this so there's no ONE right amount to advise. One person might have lots of debt after uni, another might have $50,000 after graduating at 23.
I think the whole "SAVE $100K BEFORE 30!" is really blowing up these days. I think it is a very good goal to work towards, but let that be a source of motivation and not something that stresses you up.
I agree with Yang Teng in this, that perhaps you could use your income as a gauge. For this, I might look at having at least 1 year of your income saved up.
If not, you can aim for lump sums (50k? 80k? 200k) depending on your own personal finance goals, for e.g. how much you have to set aside for your future wedding, house etc. This is the method I'm currently following, based on my expectations of how much I'm planning to spend on my future big purchases. :)