It’s a tough time at the moment for Millennials, with money being one of the biggest issues, or should I say lack of it.
We constantly see prices rising, wages staying the same and actually owning your own home has become a distant dream, but it seems that if you start becoming more conscious about saving, by the time you’re 30-years-old you could be in a healthy financial position.
It can be hard to know how much money you should be putting aside each month, but money expert Kelly Smith – a writer for The Penny Horder, is here to help us.
She says that the amount you should have saved up really depends on where you are in life, but ideally, you should look to try and have six months of living expenses saved up by the time you’re 30.
Speaking to Attn, Kelly said: “I think the goal at any age is to get to the point of having six months of living expenses saved up.
“Admittedly, it’s harder in your twenties but it is a good time to start.”
Kelly puts the struggle of saving down to high student loan debt, rising living costs and more complicated, tech-filled lives.
“(Saving is) not impossible, but it can be intimidating,” she says.
According to the Office of National Statistics, the average household spend, including rent is £531 per week.
So if we follow Kelly’s advice, we should be looking to save around £13,800 by the time we hit the big 30. This approximately equates to six months’ worth of living expenses, which should be a minimum amount anyone should have stashed away in case of an emergency.
That seems like a big ask to put away that much money, but if you start being savvy and saving in your early twenties, then who knows, you could be well on your way to a nice healthy amount of savings.