How Much Money Should I Have Saved by 30? (And What To Do if You’re Behind)

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Wondering how your savings stack up by age 30? Whether you’re focusing on retirement or just want to ensure you’ve got a sufficient emergency cushion, it’s a good question to ask — especially in this economy, when life’s necessities cost more than ever.

If you’re just beginning your stash of savings, or even if you’ve been working hard at it and simply feel behind, this guide will show you how much experts recommend you save — and how to catch up quickly.

How Much Do Americans Save?

According to the U.S. Bureau of Economic Analysis, Americans are only saving about 4.6% of their paycheck. This may not seem like a lot, but inflation and other factors have caused Americans to save a lot less than just a few years ago.

With a median weekly salary of about $1,194 as of April 2025, per the Bureau of Labor Statistics, this means Americans are only saving about $238 per month.

Average Savings At Age 30

While we don’t have exact data for Americans at age 30, the Federal Reserve conducted a survey in 2022 to review consumer habits. The data revealed that the median savings balance in transaction accounts for Americans under 35 years old is about $5,400.

In addition to cash in the bank, the median retirement account balance for Americans under age 35 is around $18,880 as of 2022.

In other words, those under 35 have about 24,000 to put toward savings — retirement or otherwise.

If your savings and retirement accounts are less than $24,000 at age 35, you’ll need to save more aggressively going forward for common financial goals — including an optimal retirement situation. Here’s what’s recommended by experts like Fidelity.

Savings Goal by Age 30 Based on Salary

So what exactly does it mean if you’ve got under $24,000 saved by age 35? How much should you have saved by age 30? The answer to this question is more about your financial future than how much you have saved so far.

If you simply want a ‘rule of thumb’ for how much to have saved at age 30, follow Fidelity’s recommendation to have assets matching at least your annual salary.

To truly determine how much you should have put away at age 30, you first need to define your financial goals.

Example

If you want to retire at age 65 with $2 million in the bank, it’s a good idea to run some calculations on how to get there.

How Your Savings Can Grow Over Time

Let’s say you’re 30 and only have $25,000 invested. If you get an 8% market return for the next 35 years on that money, you’ll end up with about $369,000. This is nowhere near your $2 million goal.

Instead, you will need to either save more money by the time you hit 30 years old, or invest more going forward.

For example: If you have $50,000 invested at age 30 — and you continue investing $500 per month until age 65 at an 8% return — you’d end up with $1.7 million. This is much closer to your goal.

Here’s an example of what you’ll need to invest based on how much money you’ve got at age 30 to retire at age 67 — assuming a compounding 8% return.

How To Boost Your Savings by 30

If you want to save more and start hitting your big financial goals, such as a balance equal to your annual income, you’ll need to take a few intentional steps to get there. Here are a few powerful things you can do.

Set a Budget That Prioritizes Saving at Least 20%

First things first: You need a budget.

Budgets aren’t restrictive tools designed to make life miserable — they’re simply a roadmap for your money to make sure it doesn’t get lost in the day-to-day shuffle. A good budget is like bumper lanes for your financial life; you have some room to be flexible, but you’ll still end up hitting your goals.

Creating a budget based on your fixed and variable expenses can give you a baseline to work with. Then you can add in fun and entertainment, like restaurants, concerts, travel, coffee, etc., with spending limits on each so you can still hit your savings goals.

Automate $50-$100 Transfers to Savings or Retirement

One way to make sure you save money is with automation. You can set up automatic transfers from your checking account to your savings account regularly, moving money away from your spending account and safely into your savings.

For example, if you get paid every other Friday, you can set up a recurring transfer of $50 to move money into your savings account. This will help you save $1,300 in a year without even thinking about it.

Open a High-Yield Savings Account for Better Interest

High-yield savings accounts pay you higher rates of interest than standard savings accounts. Opening a high-APY account can help your money grow faster. Make sure to shop around for the highest APY accounts.

Increase Your 401(K) Contributions if You Get a Match

If your workplace 401(k) account has a “company match,” you can effectively earn free money by contributing.

As an example, your employer may offer a 50% match on your contributions for up to 5% of your salary. That means if you make $50,000 and put in $2,000, which is 5%, your company will contribute $1,000. That’s an extra $1,000 with no extra effort on your part.

Cut Recurring Expenses and Renegotiate Bills

One way to quickly save more is to simply negotiate a lower amount on your monthly bills. Most fixed expenses can be negotiated lower, such as car insurance, internet bills, cell phones, and more. Outside of your mortgage or utilities, you can easily switch providers for fixed services and save more cash. The money you save can be redirected toward your savings and investment goals.

Pay Off High-Interest Debt to Free up Money Faster

While paying off debt might not build your savings account balance, it will ultimately help you save and invest more in the future. High-interest debt, such as credit cards and personal loans, can cost you a lot of money in interest. The faster you pay these accounts off, the more you’ll have to save and invest. We recommend paying off one debt at a time — and then using the savings to pay off the next debt even faster.

What To Do If You’re Behind on Savings at 30

Saving money is easier said than done. Don’t be downtrodden if you’re not at the “recommended” savings threshold by the time you’re 30. Put your effort toward these things instead.

Don’t Panic: Focus On Building Habits Now

It’s never too late to cultivate healthy financial habits like those mentioned above. Don’t underestimate the power of small changes to your lifestyle.

Knowing exactly where every red penny goes is paramount when it comes to saving money. Something as simple as optimizing your wallet to earn the most rewards for your everyday spending can result in hundreds of dollars in value each year. Routinely audit your financial habits and stay consistent when you identify a needed change.

Boost Income With Side Hustles or Certifications

It’s easier than ever to make money with a side gig nowadays. From reselling items on Poshmark to delivering food with DoorDash to pet sitting via Rover, launching a small business is often as simple as downloading an app and taking a couple of minutes to register.

Of course, you should never stop improving your skill set and increasing your knowledge. Pursue new certifications, licenses or anything that can complement your profession (or not).

Revisit Goals: Retirement, House, Kids–Then Plan Backward

What’s most important to you? Do you want to own a house in the picturesque suburbs? Do you want multiple children? A yacht?

Figure out all your non-negotiables and estimate the cost of those things. Then work backward to better understand the resources you’ll need to allocate to pay for all of it. You may realize periodically that some of those things you fantasized about should be considered a bonus unless your financial situation improves dramatically.

Use the GOBankingRates’ retirement calculator to see how much you need to save each month to hit your long-term goals — and start with what you can. Every dollar you save in your 30s will grow more than any dollar saved later.

Bottom Line

Experts recommend that you keep at least 1X your salary by age 30 saved and invested in retirement. But if you’re not there yet, don’t worry — there are a ton of things you can do to catch up.

One of the best ways to grow your savings balance is by investing consistently in your 401(k) or an IRA and automating the process of saving. Don’t forget to have at least one month of expenses in the bank for emergencies before you start tackling other savings goals.

Jacob Wade contributed to the reporting for this article.

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