Does this sound right to you?
Just after Christmas is probably not the best time to be talking about money, let alone being told how much you should have stored away in savings if you’ve reached 30.
Yet here we are…
Kelly Smith, a writer and engagement specialist for The Penny Hoarder, told ATTN: that the amount of money you should have saved by age 30 really depends on where you are in life, but a good guide is to have (gulp) six months of leaving expenses saved.
“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’s a good time to start,” Smith said.
This number obviously varies from person to person. Cost of living calculators estimate the average cost of living is estimated at €2,300 per month, which means you *should* have almost €14,000 squirrelled away.
If you already feel like that’s an impossible feat, you’re not alone. At the very least, Smith says you should focus on having about €1,000 saved for emergencies.
Start small she says – “even if it’s storing spare change in a jar”. Keeping track of expenses will also help.
“Being able to see where your income is coming from and going helps you understand what you can and can’t afford to save,” says Smith.
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