How much money do you have in your savings account? How much do you think you should have? Do you think you have as much saved as the average person in your age group and income bracket?
Today’s younger generations may not have as much saved as our parents once did (and their constant reminders aren’t exactly helping!). Which is probably why savings are on the mind for one 29-year-old woman on Fairygodboss. She wrote into the FGB Community to share exactly how much money is currently in her savings account — and to ask other women to disclose the same.
More than 20 FGB'ers responded to share the amount in their own savings accounts, as well as their thoughts on this subject. The answers could not have been more different. From $500 to $150,000, each woman who responded had taken a slightly different approach to saving. And that’s okay! Others offered advice on how they’ve saved so much and what apps they’ve used to do so. Below, we’ve rounded up takeaways from some of the top responses.
1. You should have saved 3-6 months of living expenses.
One FGB'er responded with advice from financial guru Dave Ramsey, who recommends always having three to six months of living expenses. This is solid advice and will prepare you for unforeseen job loss or other potential financial hardships. Another FGB’er replied to this poster and said that Ramsey’s first savings step is having $1,000 saved at all times, and the second step is paying off all debt.
2. Try using money saving apps.
This woman recommended Status Money in particular. This app will allow you to compare your own savings to others in your location, your age group, your income level and more. While you shouldn't always be comparing yourself and your finances to others, this app would be a good reference point to know if you are behind or ahead in your savings game. Other apps, like Clarity, Mint and Chime, work to actually help you save money, sending you savings reminders, helping you weed out unnecessary monthly expenses, charting exactly how you are spending and saving your money, and more.
3. Simply save as much as you possibly can.
While the apps that help you compare your savings to others can be beneficial, you may not be able to save as much as your peers. Maybe you have more student loans, you have a child to take care of, you’re working on renovating your home, etc. The best you can do is to save as much as you possibly can, have enough to fund yourself in case of emergences, and work on spending your money as wisely as possible.
4. Know that every person is different.
In the 23 comments on this post, each person said something different about her own savings. One FGB’er has around $10,000 but wishes she had more. Another lives in a big city and struggles to save, saying she has around $800 in her savings. A third is 26 years old and has $150,000 saved. Every person has her own income, responsibilities, and savings strategies.
Have a money-related question yourself? Post it in the FGB Community and receive advice and personal stories from thousands of women who are rooting for you.