A recent study found that 69 percent of surveyed adults had less than $1000 in savings, while 34% have no savings at all. With this data it’s pretty clear that many of us struggle when it comes to finance.
With this being said, it can be a bit of a struggle to know how much money you should have saved at any point in time.
Kelly Smith, a writer and engagement specialist for The Penny Hoarder spoke to ATTN. She shared saving advice that might just help you take a step in the right direction (or at least scare you out of buying a coffee every morning).
Of course, the amount of money you should have in your 30s depends on what life stage you are at. Do you own a home, are you married, do you have kids or are you a travel-addict swanning off at a moments notice? These are all things you need to take into consideration.
Either way, Smith told ATTN that we should aim to get to the point where we have “six months of living expenses saved up.”
The average monthly living expenses in New Zealand is $1,273, that is for the essentials only. In theory then, you should have roughly $7,638 saved at any given time. There are a lot of things to take into consideration. What city do you live in? Do you rent or own a home? Are you single or married? Kids? etc.
The best thing to do is create your own rough guide for monthly living costs and come up with your own saving plan.
At the very least, make sure you have at least $1000-$1500 saved up at any time in a rainy day fund.
If you aren’t a savvy saver, you might want to get an account at a completely different bank, or at the very least a separate account that you can’t access from your card.
You can read more of Smith’s tips here.
Image Credits: The Demeler