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20th Oct 2022

Expert reveals how much money you should have saved by the age of 30

Jack Peat

national insurances changes explained

Oh… damn

With the cost-of-living crisis starting to bite, well-meaning but pretty devastating financial advice on savings is probably the last thing we all need.

Waitrose has today reported that sales of spam and fish heads are up by a third as shoppers look to budget and adopt the ‘use-it-all trend’.

A poll for the supermarket found that 72 per cent of consumers are now “more mindful” about their grocery budget and more than a third were “very concerned” about how the rising cost of living will affect them in the coming months.

Some 32 per cent said they looked out for special offers more than ever before and 27 per cent have taken to planning their meals in advance.

With that in mind, finance expert Kelly Smith has dished out some advice on how much savings people should have by the time they reach the big three O.

She told ATTN that 30-year-olds should have at least six months’ worth of expenses saved up.

“I think the goal at any age is to get to the point of having six months of living expenses saved up. Admittedly, it’s harder in your twenties but it’s a good time to start,” Smith said.

According to research, the average cost of living in London (excluding rent) for a single person is £919, or £5,514 over six months.

In Manchester that drops to £728, or £4,368, while in Edinburgh it is £678, or £4,068.

At the very least, Smith says, you should have $1,200 (£1,070) put away for emergencies.

Don’t panic if you haven’t, though—the same report points out that according to Time, three-quarters of Millennials have less than that amount saved and around a third have no savings at all (in America, at least).

In any case: a useful reminder to start saving, or at very least buying a lottery ticket each week.

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