So I was reading a forum on money management today, and the numbers that people in their mid-twenties and late twenties stated in regards to their savings was shocking to me!
So many of them have saved up between $10,000-$250,000 and it was making me wonder if this is the norm for the majority and I’m just behind in things or if these are people born into upper classes??
What exactly should be the minimum savings that a single person in their mid pr late twenties should have??
It would vary by profession, income, lifestyle, commitments and length of time someone is saving. I would not worry about some 'norm' and instead try to save a certain percentage of your income, manage budgets etc.
Re: Minimum savings in mid twenties?
^ Well said. Live within your means, spend less than you earn, invest for the long term wisely, do not follow the fad of the day.
Re: Minimum savings in mid twenties?
Financial planners advise minimum savings of half of your annual income in your mid-20s, going up to twice the annual income by the time you hit 40.
Re: Minimum savings in mid twenties?
Min of 10% of your monthly income should go to saving. And I am not talking about Saving as in emergency fund, I am talking about Saving as in retirement fund.
Re: Minimum savings in mid twenties?
What will you spend on groceries if you save twice your annual income and how can you save more than what you earn. 
Re: Minimum savings in mid twenties?
If you earn $100k per year and you are around 40 yrs old, you should have around $ 200k in savings.
I was responding to OP’s question about how much savings one should have, and not how much you should be saving every month/year 
Re: Minimum savings in mid twenties?
lol, money. love how it rules us.
Re: Minimum savings in mid twenties?
If you earn $100k per year and you are around 40 yrs old, you should have around $ 200k in savings.
I was responding to OP's question about how much savings one should have, and not how much you should be saving every month/year :)
Thanks for explaining it. I was confused.
Re: Minimum savings in mid twenties?
Financial planners advise minimum savings of half of your annual income in your mid-20s, going up to twice the annual income by the time you hit 40.
Does that include retirement and non-retirement savings both ?
Re: Minimum savings in mid twenties?
Does that include retirement and non-retirement savings both ?
Thats just retirement/long term savings. Most planners recommend an emergency fund to cover 2-6 months living exps.