How much money should one have/saved up at every age (in his/her 20s, 30s and beyond)?
Hello. I am 20 this year & currently serving the nation. Would like to know more about how much one should have saved up in their 20s, 30s and 40s, especially with the high cost of living in Singapore. I understand that how much one should have also depends on other factors such as spending habits. However, I would like to seek answers (rough estimate) from the community to know more what is good amt to have through real life experiences. I hope this will help other young Singaporeans too. Thks!
11
Post Merged
This post is no longer accepting new comments because it has been merged with Any ballpark figures on how much should you have already saved in your 20s, 30s and beyond?
Discussion (11)
Zac
03 Feb 2021
Noob at Idiots Invest
Reply
Save
Hi there, kudos to you for thinking of milestones to meet! Firstly, this is very subjective as we all have very different backgrounds, inheritance, etc. Other factors such as spending habits, lifestyles differ too.
An extremely rough estimate would be $100k, a very common number. While this make sense to a certain extent, you must consider other commitments that you may have. At the age of 30, there could be many big spending coming your way, such as housing, children, apartment/HDB, motor vehicles, etc. Taking all these into consideration, $100k is definitely on the low end. My recommendation would be to look at your overall financial position. Always cultivate good savings habits as young as possible would be my tip!
Additionally, it is not just about meeting your financial goals at 30. There is a lot more to just finance(money). Family and your other successes are as important, if not more important. All the best mate!
Reply
Save
Chris
03 Feb 2021
Owner and Writer at Tortoisemoney.com
I don't think it's very helpful though, because a lot of how much you can save really depends also o...
Read 1 other comments with a Seedly account
You will also enjoy exclusive benefits and get access to members only features.
Sign up or login with an email here
Write your thoughts
Related Articles
Related Posts
Related Posts
I appreciate your question and the good intentions behind it. It's admirable that you desire to help others and also get plans in motion for your future!
There is no fixed amount that one should have saved up by a certain age. It's not a fair question as everyone is fighting their own battles and there is simply no ground for comparison.
A 30 year old supporting his family with both parents struggling to find unemployment and younger siblings in university simply cannot be compared to a 25 year old with working older siblings and whose parents are financially independent/retired already.
What you may find helpful is to ask yourself what a reasonable income is for yourself at 20, 30, and 40. Then back-calculate to determine how much savings you can achieve at those ages based on a reasonable savings rate that matches your personal circumstances and lifestyle.