This Is the Average 30-Something's Cash Savings Balance

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  • It's important to have cash on hand for emergencies and different goals.
  • The average 30-something may have more cash than you'd think.

How does yours compare?

Having money in savings is important. First, you need to have a fully loaded emergency fund because you never know when life might throw you a curveball. If you were to lose your job or get stuck with an expensive car or home repair, not having savings could mean having to rack up costly credit card debt.

What’s more, you may have different goals you're saving for, like buying a house or upgrading an existing one. And a savings account is a great place to stash that cash.

Now you may end up having more cash savings on hand in your 30s than in your 20s. That's because your 30s may be when you're finally earning more money at work and you've finally managed to shed the annoying debt you racked up in college. 

But do you have a large amount of savings for your age? A small amount? Somewhere in between? If you're curious about that, read on.

What 30-somethings have in savings

The average cash savings balance among people in their 30s is $35,434, reports Personal Capital. Now before we go any further, let's talk about averages for a second. 

When you take an average, it's possible for a few very large numbers to pull the final number up. That's why it may be more helpful to know the median savings balance among those in their 30s. But unfortunately, we only have the average to work with.

It's also worth noting that while the average cash balance in savings for 30-somethings is $35,434, that doesn't necessarily represent all of the cash people have. Personal Capital also reports that the average person in their 30s has $29,229 in a checking account and $28,148 in what it calls "other" cash. That may be cash earmarked for a specific goal -- it's hard to know.

Are you happy with your savings account balance?

It's natural to want to know how much other people your age are saving. But whether you have more than $35,434, less, or a comparable figure, the reality is that it's important to assess what your savings balance means for you.

Let's say you have $36,000 in your savings account (because hey, it's a nice round number), and the purpose of your savings is to serve as your emergency fund. If you spend $6,000 a month on expenses, guess what? You're actually in very good shape as far as an emergency fund goes. 

On the other hand, let's say you have that same $36,000 in the bank, only you live in an expensive part of the country and spend $10,000 a month on expenses. In that case, you only have enough money to cover about three and a half months of living costs. If your goal is to have six months' worth, you're short.

That's why as much as it's okay to compare your savings to the average 30-something's, ultimately, you should evaluate your personal needs and aim to sock away enough money to buy yourself the financial security you deserve. It may be that you only have $18,000 in savings. But if you keep your living costs to $3,000 a month, you're in the same good shape as someone with $36,000 in savings who spends $6,000 a month.

In fact, comparing your savings to other people's should really be nothing more than an exercise in curiosity. You shouldn't let it make you feel bad about yourself or dictate the goals you set.

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