How much money should I have saved by 30?!

17 Aug 2023

2 minute read

How much money should I have saved by 30?!

It’s a hot topic, so let’s talk about it. At MyPayNow, we want to ease the pressure that comes with turning 30. No matter your situation, one thing remains the same; it’s never too late (or too early) to save! We’re here to tell you how, so you can get ready for a future of financial independence👇.

Step 1. Create financial goals

There is no exact amount that is right for everyone, so it’s important to create goals that work for you and your income! You can work towards your personal goal by budgeting and investing in your 20s 📈.

💸 Read our other articles on how to budget here:

How to define your financial priorities

Money Habits for a lasting impact 

Step 2. Get a high-yield savings account

Traditional savings accounts don’t earn much interest; that’s where high-yield savings accounts come in handy. They’re a perfect option for where to put your emergency fund so you can passively grow your income without doing much! Who doesn’t love some extra cash? 💰

Step 3. Invest in your career

Investing in your career is going to be more beneficial than almost any financial investment you will make. From increased earnings and the satisfaction that comes from personal growth, working on your career moves will set you up for success. In your 20s, you might have learnt what you like to do, and gained a bit of life experience along the way. Now, we want you to identify your strengths and start to invest in your potential!

Need more upskilling? There are also loads of affordable or free education programs out there to help you work towards your professional goals. Check out General Assembly or your state’s Tafe short courses ✍️.

Step 4. Save more as you earn more

When you do come into extra cash, whether via your tax return, birthday gifts, or Christmas bonuses, be careful not to overspend just because you have a ‘lil extra dough. Otherwise, you might end up spending more than before! The easiest way to do this is allocating a portion of these funds into your high-yield savings account. Before you know it, you’ll be able to treat yourself to bigger purchases down the line without sacrificing financial security!

Whether your dirty 30s are fast approaching or they’re already behind you, by following these tips you can watch your savings flourish in no time. If you haven't started saving yet, don’t feel discouraged! It’s never too late to start. Besides, MyPayNow has your back 24/7 so you have the chance to relax and focus on bigger things ahead. Happy saving 🥳!

Disclaimer: This content is not intended to be financial advice. If you do seek financial advice, please speak to a finance professional.