Experts: Here’s How Much Money You Should Have in Your Savings Account in Your 30s

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Do you know how much money you should have in your savings account by the time you’re in your 30s? While this amount may vary depending on a variety of personal factors, those in their 30s should keep a certain amount of liquid savings in their savings account and focus on contributing to and/or maxing out additional types of savings accounts. Here’s how much money should be in your savings account in your 30s.

Breaking Down Americans’ Average Amount of Savings

In GOBankingRates’ Best Banks 2023 survey polling 1,000 Americans, 35% of respondents between the ages of 25 to 34 and 30% of those 35 to 44 have $100 or less in savings.

In a separate GOBankingRates freeform survey polling 1,002 Americans, 30% of respondents between ages 25 to 34 and 29% of those 35 to 44 said they have $500 or less in savings. Fourteen percent of those between ages 25 to 34 and 20% of those 35 to 44 said they do not have any savings. 

How Much Should Be in Your Savings Account in Your 30s?

The general baseline for savings in your 30s is based on your expenses. Kendall Meade, CFP and financial planner at SoFi, recommends having three to six months’ worth of expenses in your emergency savings account at any time. 

“Three months is sufficient if you are in a dual income family or have a stable career. Six months is recommended if you are a single income family or have a variable income,” Meade said.

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Robert Bolden, lead wealth advisor at Bolden Wealth Management, also recommends at least six months’ worth of savings because it’s a big enough financial cushion for those in their 30s. This is especially true of a layoff in which you may be out of work and having trouble paying bills for a certain amount of time. Being proactive about your savings, including building up a savings cushion of six months’ worth of expenses, allows you to avoid going into credit card debt.

Where Else Should You Focus On Saving?

If you already have a substantial amount of money in savings, what other accounts should you focus on maxing out next? Noah Schwab, CFP at Stewardship Concepts Financial Services, recommends reviewing these accounts.

  • Employer-sponsored retirement accounts: Many employers offer 401(k), 403(b) or 457 retirement plans which allow you to contribute a portion of your pretax income to a retirement account. These plans often include an employer match, which means your employer will also contribute a certain percentage of your salary to your retirement account.
  • Individual retirement accounts (IRAs): There are two types of IRAs: traditional and Roth. “With a Traditional IRA, you make contributions with pre-tax dollars, which grow tax-deferred until you withdraw it in retirement,” Schwab said. “With a Roth IRA, you make contributions with after-tax dollars, and the money grows tax-free, and you won’t owe taxes on withdrawals in retirement.”
  • Health savings accounts (HSAs): An HSA is a tax-advantaged account that can save money for medical expenses. Contributions are made with pretax dollars, and the money grows tax-free. If you use the funds for eligible medical expenses, Schwab said the withdrawals are tax-free.

Should you open any other types of savings accounts or put more money into another account? Schwab recommends working with a financial advisor to develop a personalized savings plan and assessing your financial goals, obligations and lifestyle when determining how much money to keep in savings.

More From GOBankingRates

Methodology: GOBankingRates surveyed 1,000 Americans aged 18 and older from across the country on between December 7 and 12, 2022, asking nineteen different questions: (1) What category does your current financial institution fall under?; (2) Have you considered changing Banks within the past year?; (3) If you have considered changing banks in the past year, were any of the following factors? (select all that apply):; (4) Which feature, perk, or other offering is most important to you when opening an account with a new institution?; (5) Are you currently satisfied with all your banking products and services offered by your Bank/Credit Union?; (6) Would you ever have different types of accounts across multiple banks? (i.e. Checking at Chase, but Savings at TD Bank); (7) What is your most preferred method of banking?; (8) Which of the following is the biggest factor of you staying with your current bank?; (9) Which of the following bank accounts do you currently use/have open? (Select all that apply); (10) How much is the minimum balance you keep in your Checking Account?; (11) How much do you currently have in your Savings Account?; (12) What amount of a sign up bonus would make you consider switching banks?; (13) Have you considered using any app-only banking platforms (aka neobanks) in the past year (e.g. Current, Upgrade, Chime, Dave, etc.); (14) How important is it to you for your bank to be affiliated with a crypto exchange/platform?; (15) In the past year how often have you written a physical check?; (16) When was the last time you visited your bank in-person?; (17) Why would you choose to visit your bank in-person? (Select all that apply); (18) When you think about banking, do you think of it as something you need or don’t need?; and (19) What services/products do you expect from your Bank and/or Credit Union? (Select all that apply). GOBankingRates used PureSpectrum’s survey platform to conduct the poll.

GOBankingRates surveyed 1,002 Americans aged 18 and older from across the country on between January 30 and February 1, 2023, asking six different questions: (1) How much savings do you have?; (2) If you lost your job, what would be your immediate concern?; (3) How much do you take financial advice from influencers/personalities on social media, TV/Radio/podcast personalities or other financial experts in the media?; (4) Have you been laid off from your job in the last 12 months?; (5) How worried are you about layoffs/being laid off from your current position?; and (6) How much has your energy/utilities bill changed over the last year?. GOBankingRates used PureSpectrum’s survey platform to conduct the poll.

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