How much money should I have saved as a 17 year old?

“A good rule of thumb is to save 10 percent of what you earn, and have at least three months’ worth of living expenses saved up in case of an emergency.” Once your teen has a steady job, help him set up a savings program so that at least 10 percent of earnings goes directly into his savings account.

What should a teenager save up for?

What to Spend Money on as a Teenager

• Weekend nights out with friends.
• Car insurance.
• Data plan on your smartphone.
• Gas for your car.
• After school vending machine snacks.
• Driver’s Ed.
• Driver’s license fees.

How much should you have saved by age 30?

By age 30: the equivalent of your annual salary saved; if you earn $55,000 per year, by your 30th birthday you should have $55,000 saved By age 40: three times your income By age 50: six times your income By age 60: eight times your income

How much could I save with $5000 a month?

I Could Save… If you start with $5,000 and save an additional $200 each month while earning 7.00\% on your investment, you will have accumulated $284,576.69 after 30 years. Click here to see how your savings grow each year…

Are You Too Young or too old to save money?

No matter what stage of life you’re in, one thing will always remain the same: You’re never too young — or too old — to save money. Using your age can be a helpful way to calculate your potential savings and estimate how much money you should save for various life events.

How much should you have saved for retirement?

For example, if you’re able to save $400 per month for retirement 30 years from now, and you think you can achieve a 7\% return on your money each year, enter “$400” as the Monthly Savings Amount, “30” as the Number of Years and “7\%” as the Annual Rate of Return. If you already have $5,000 saved up, enter “$5,000” as your Current Amount Saved.