Experts Say You Should Have This Much Money Saved By The Time You're 35

It's crucial to save money to avoid having to borrow money from friends or family. According to Be the Budget, you should always have some money saved up in case of an emergency, since we all know that anything can happen at any given moment. For instance, if you're married and your spouse suddenly loses their job without warning, you'd be able to dip into your emergency savings to keep paying expenses until they get a new job and you have two incomes again. Or, if you have a car and somehow get into a crash where there's damage to both vehicles involved, that emergency savings will help you pay for the necessary repairs.


Furthermore, it's never too early to start saving for when you retire, so you won't need to stress about it too much later in life (via The Balance). Think of it this way: if you're working super hard in your early 30s so that you'll be able to relax and enjoy life in your late 60s, you should ensure that you're saving enough money so that you can realistically retire at the age you want to stop working. So, exactly how much money should you have saved by the time you're 35?

It depends on your yearly expenses and income

Surprisingly, there's no magic number that every 35-year-old person should have in their bank account. The amount of money you should have saved up at 35 prominently depends on how much you spend per year. According to the Financial Samurai, the ideal amount of money to have in your savings at that age is four times the amount of your yearly expenses; if you have even more saved up, that's even better! For example, if your yearly expenses are a total of around $20,000, you should have about $80,000 in your savings. Moreover, if you pay around $50,000 in expenses each year, $200,000 is the ideal amount to have in your savings.


T.RowePrice looks at this matter differently, explaining that you should have between one and 1.5 times your salary or how much money you make per year in your retirement savings when you're 35. For instance, if you bring in $30,000 per year, it's best if you have between $30,000 and $45,000 in your retirement savings at 35.

How to save money in your 20s and 30s

We understand that saving money in your 20s can be challenging, especially with how high prices have been for, well, everything lately. Plus, we know how tempting it can be to spend our paychecks on all the hottest new fashion trends and adventures with friends. However, it's good to start budgeting in your 20s (via CNBC). You can easily download an app or visit a website to help figure out how to do this, and it'll be worth the effort because having a budget will prevent overspending. Mint and Acorns are two such apps that help people budget and, therefore, save some money, per American Family Insurance. Plus, you should put money aside for emergencies. As much as we hate to admit this, unfortunate events can happen to people of all ages.


Saving money in your 30s is even more crucial than saving money in your 20s. So, when you're in your 30s, you should analyze your budget and determine any changes you might need to make depending on where your life is at, per Bankrate. Additionally, your 30s are an excellent time to sit down and think about your career. Remember back to your early 20s when people would always ask where you saw yourself in 10 years? Are you there yet, and is that still what you want? If not, you should ask yourself where you want to be professional and how to get there if you aren't quite there yet.