Everyone knows that saving is important. But how much should you actually save? This is the best amount to have saved before you are 35
You must have saved this
It is logical that you cannot always save equally well, at every stage of life. You can be short of money as a student, but when you turn thirty, things start to get a bit more serious. The idea is that you have your life in order around this age. You are increasingly preparing for the future and probably have a career, a car and a house. This future also includes saving for your pension and a family. Financial expert Kimmie Green says that by the age of thirty, you should have an amount in your accounts that corresponds to your annual salary. At the moment, the average income is around €2,816 per month, which after some calculations comes to €36,500 per year.
Future plans
A starting capital of €36,500 is useful for the first five years, but by the time you are 35 you will need to have saved more. What is this amount? In five years, it is best to have saved an annual salary again. This pattern repeats itself every five years until you retire. If you follow the advice of financial expert Kimmie Green, you will have saved a considerable amount, which you can use for all kinds of things.
This is how you should save
Do you really want to achieve this savings goal? Then you will have to put aside more than twenty percent of your income every month. Put this in a separate savings account and decide for yourself whether you want to see the balance. When you see such an amount, you will want to spend it faster than if you do not come into contact with it and only deposit money into it.
Other saving methods
If you find this saving method too drastic, we have found a number of other ways to keep some pocket money close by:
- Automatic saving: Set up automatic saving, and choose an amount that is transferred to the savings account immediately after receiving your salary. That way you hardly notice that you are saving, while of course you are.
- 52-week challenge: You save €1,378 per year. By saving €1 in week 1, €2 in week 2, €3 in week 3, etc. you can save a good amount and play a kind of game at the same time. Every week you save one euro more, until you reach €52 in week 52.
- Saving stamps: Save money while you do your shopping: it is possible with saving stamps. It may sound a bit silly, but it is a very good way to save money without noticing.
