30-somethings: How Much Should You Be Saving?

2 Mins read

Saving is a crucial habit for people of all ages, but your 30s are a particularly important decade for creating the financial planning that will underpin the remainder of your life. Those in their 30s have had ample time to start saving, and plenty of opportunities to splurge on purchases, vacations, and more. As you enter your 30s you should have a somewhat-formed idea of your career objectives, retirement goals, and much more. These years can be some of your best, but only if you make them fit into the larger picture.

Saving is a key feature in building prosperity and happiness during this decade of change. As a 30-something, you may fit into the larger demographic trend and consider purchasing your first home, you might be getting married (or celebrating anniversaries already), or you may have one or more young children to think about. Finances during this age bracket become muddier and more complicated, but this just means that savings should be an even higher priority for you and your loved ones.

Saving is a lifestyle choice.

Many people put off saving because they want to prioritize spending needs in the present. A new wardrobe piece, pair of shoes, or that new car are important, and the question of where these purchases fall in the grand scheme of things is really the central question when it comes to creating and maintaining savings goals. Building a savings pool is a lifestyle choice, just like any other spending habit you might foster as a component of your daily activities. Life costs money, and saving can be thought of really as just another expense to add to the list.

But saving provides a value addition that most other spending categories lack. When you invest in the stock market, purchase precious metals, or engage with your financial institution’s CD or bond market, you are placing your cash in a growth vehicle that will increase in value over time and protect your assets from the effects of inflation. Saving provides a solution to the issue of work capacity and buying power restrictions. Most of us want to purchase a home at some point, and everyone wants to retire eventually, but these goals are simply unattainable without first making the shift to a lifestyle that preserves rather than burns capital.

Saving is also an exercise in thrifty spending.

Searching for “public car auctions near me,” refurbished electronics goods, and other major purchases at a discount offers another avenue into the mindset of a saver. Saving isn’t just about putting money away for a rainy day or a big buy later down the road. Saving on the cost of the things you already spend your money on is a great way to double-dip on the process of saving money for things you hold more important. Used cars at an auction are a great way to live this mantra. Auctions give buyers a thriving marketplace of items to bid on, and a depressed price point that makes value a free-flowing commodity that can be found in abundance.

Another great place to save money is on a home warranty. Perusing home warranty companies in California can give Fresno, Los Angeles, or Sacramento residents all the facts on what a home warranty can do for your cash flow and savings potential. Warranty policies give homeowners the peace of mind that they need, knowing that their home will be taken care of in the event of a natural disaster, common breakdown issue, and much more. Likewise, warranty policies bundle many essential services together and give you a great deal on the entire package.

With these approaches in mind, tackling savings is a simple project. The easy answer is that 30-somethings should be saving as much as they can, but the reality of savings is a varied and potent mix of opportunities to sock away capital and reduce costs.