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How Much Money You Should Have Saved at Different Stages of Your Life

How Much Money You Should Have Saved at Different Stages of Your Life

Would you love to be financially independent? Personally, it means having enough money to do whatever you need to be done without having to worry about the state of your finances because your finance is still great.

Yes, I know saving can be quite difficult. But I’ve found that being too strict with savings can boomerang, you have to give little leeway to enjoy yourself and still save. You don’t have to cut off every enjoyable thing in your life to be able to save. So, my advice? Don’t be too strict on yourself about it, you can have fun while saving enough for the future.

This is achievable, yes, you can do it! Let’s see what you can do to make saving easier:

Important Rules to Follow When You Save Money

  • You do not necessarily have to have a specific sum. Instead, you should have a specific percentage.
  • A specific percentage is important because the percentage would adjust as your income and profit increase or decrease, without affecting your livelihood.
  • You do not have to increase your spending rate to match your income. Instead, you should rather increase your saving percentage if you find that you have a lot more money left after your taxes, expenses and bills have been met.
  • Collecting precious items can be an interesting idea to save money. You can collect gold, silver, diamond or anything that keeps appreciating irrespective of inflation.

How Much You Should Save at Different Stages of Your Life

The Stage of Starting your Career

At this stage, you are most probably in your 20s and saving is very unlikely to be a priority as there are numerous expenses. However, it is reasonable that you should aim to save 25% of your overall income yearly. This means that you would try to cover up all your expense (including debt repayment) with 75% and make sure you DO NOT exceed that. If you properly plan your budget, you should be able to save enough for the future.

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    Photo credit: Source

    The Stage of Bringing up a Family

    At this stage, you are in your 30s, 40s, and 50s and long term saving is even more difficult with lots of responsibilities, in addition to short and medium term savings for emergencies and children’s college fees. However, it is advisable that you should have twice the equivalent of your annual income saved up every five years. For example if your annual income is $50,000, you should aim at saving up to $100,000 in 5 years.

    Have your savings account linked to your main account so you can transfer your agreed funds into it at the start of each month. This would make it easier to save and remove procrastination.

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      Photo credit: Source

      The Stage of Thinking of Future Retirement

      At this stage you should take stock of your savings and work out what you might realistically expect from your lifelong savings plans.

      Through all the saving stages, some tips to help you achieve your main saving goals include:

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      Staying on top of your debts and getting a good credit score.

      Your credit score is your financial history and if things get dire you might need to get a loan and you want to be sure that you have been paying off your debts and keeping a clean financial slate.

      Having an emergency fund

      When emergencies happen or you lose job, to avoid dipping into your long term or retirement savings, you can fall back on your emergency funds.

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      At the end of the day, saving towards retirement is a long game of saving and saving and saving money. If you are unable to meet your saving goals, it does not make you a failure. The important thing is to get back on track as soon as you can.

        Photo credit: Source

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        Kyra Taylor

        Writer and Lawyer

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        Last Updated on April 19, 2021

        40 Healthy And Really Delicious Meals You Can Make Under $5

        40 Healthy And Really Delicious Meals You Can Make Under $5

        Ever had those moments where you really wanted to eat something delicious and healthy but didn’t have the financials means to do so? Whether you’re a student or parent, this compilation of 40 great, healthy, and inexpensive recipes will make every night special and help you get fit! No more meals where you have to force the food down! It’s time to make that budget your best friend and turn it into great recipes. Enjoy!

        1. Fish Tacos in Crunchy Shells ($3.56 per serving)

        Is there a better way to end the day than a Fish Taco dinner filled with protein and nutrients and is easy on the wallet? This recipe calls for a boys’ or girls’ night in front of a good movie or game.

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          2. Mini-Meatball Noodle Soup ($3.43 per serving)

          We’ve heard of the delicious spaghetti and meatballs recipes, but imagine having that same meatball goodness in a soup? It’s like Christmas in a bowl. Healthy, warm, and only $3.43 per serving.

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            3. Spaghetti and (Vegan) Meatballs ($2.13 per serving)

            Now it’s time to look at the traditional spaghetti and meatballs recipe, but with a little twist: vegan meatballs. This way, you can enjoy the Italian tradition without adding on the extra calories. I’m sold!

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              4. Kabocha Squash and Lentils ($3.12 per serving)

              Absolutely delicious way to end the day with a Kabocha Squash and lentils dinner. The beauty of this recipe is that you can actually make many other things from the mixture, from dips to full-on meals. All under $5 per serving.

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                5. Baked Coconut Lentils ($0.91 per serving)

                Coconuts are always a good idea, but it doesn’t have to be eaten only for dessert or breakfast. With this great recipe, you can now eat a lunch or dinner filled proteins and a coconut twist. Yum!

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                  6. Easy Marinated Roasted Chicken ($3.40 per serving)

                  We love chicken and at less than $5 per serving, we are in heaven with this recipe. Add some vegetables and rice on the side and you’ve got yourself a full meal!

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                    7. Organic Greens and Goat Cheese Gratin ($2.36 per serving)

                    This is absolutely divine. You get in your healthy greens and your fat macros with this great recipe. Takes only a few minutes to make and it’s easy on the wallet. Bon Appetite!

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                      8. Beef Pot Roast ($3.22 per serving)

                      One word: perfect. This meal will warm your insides and fill you up with the high protein content.

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                        9. Fajita-Style Quesadillas ($0.43 per serving)

                        If you want to eat Mexican tonight but want to stay in your budget, this Quesadilla recipe is your best friend. It’s tasty and filled with healthy ingredients for less than a dollar per serving.

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                          10. Fish Tostadas with Chili Lime Cream ($2.82 per serving)

                          Another great lunch idea for the busy days ahead. Prep this in the morning or the night before and you’ve got yourself a healthy and cheap lunch meal!

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                            11. Beef and Black Bean Chili ($1.36 per serving)

                            Might not look like much, but this amazing chili is actually extremely healthy for you. The protein from the beef and the carbs from the black beans will fill you up in no time, and keep you full for a long period of time. Delicious and warm, just right for the winter!

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                              12. Crispy Fish and Peppers ($2.18 per serving)

                              Amazing recipe for anyone looking to change up their meals while keeping their macros in check and not going overboard on spending. Satisfies your crunch tooth (see what I did there?) and gives you all the protein you need to stay full and lean.

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                                13. Vegetarian Gumbo ($1.50 per serving)

                                You have the perfect macro mix here with the carbs, fats, and proteins. At less than $5 per serving, you’ve got yourself a meal that will last for the whole week!

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                                  14. Mexican White Bean Soup ($0.99 per serving)

                                  With the cold weather creeping in, it’s not a surprise that soups are coming back in style. This great Mexican White Bean Soup dish will keep you warm for winter without making a hole in your pocket.

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                                    15. Black Beans with Mango & Cilantro ($0.38 per serving)

                                    Mangoes make every dish a little bit sweeter, which is why we absolutely love this recipe. A normal rice and bean dish might be a little meh, but add the sugary taste of mangoes and you’ve got yourself a party!

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                                    Black-Bean-Cilantro-Mango

                                      16. Bean Burritos ($0.71 per serving)

                                      If you’re having people over tonight and don’t want to spend too much time or money on food, this dish is a great option! You can even cut up the burritos into pieces and make finger foods while everyone’s watching the game or gossiping.

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                                        17. Five-Spice Beef Kabobs ($2.43 per serving)

                                        The spices in this recipes add a delicious twist to the beef kabobs, which is definitely worth trying!

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                                          18. Cornmeal Crusted Pork ($1.92 per serving)

                                          If you like the fried crunch but want to opt for a healthier alternative, cornmeal is your man. This healthy recipe will satisfy all your fried desires without making you pop open your pant’s button.

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                                            19. Chicken, Tomato & Cucumber Dinner Salad ($2.57 per serving)

                                            Easy to do, extremely healthy, and super delicious. A must-try!

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                                              20. Lentil Soup with Beef and Red Pepper ($1.90 per serving)

                                              I can’t believe how cheap this meal is, especially for all the nutrients it contains. You can make a big pot on Sunday night and divide it into small portions to last you a whole week.

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                                                21. Smoky Mushroom Stroganoff ($1.90 per serving)

                                                Craving pasta but not sure what to top it off with? How about smoky mushrooms with a twist?

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                                                  22. White Bean Tuna Salad ($1.36 per serving)

                                                  You can add this White Bean Tuna Salad in your sandwich or just eat it as-is for a quick lunch on a busy day.

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                                                    23. Sausage Eggwiches ($0.80 per serving)

                                                    Who says you have to eat fast food to get an eggwich? This delicious recipe will give you an amazingly healthy eggwich for less than a dollar per portion. Can you say Breakfast?

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                                                    Sausage-Eggwiches

                                                      24. Baja-Cali Black Bean Salad ($1.17 per serving)

                                                      Great snack to add to a movie-night with friends. You don’t have to use chemically-processed salsas anymore, you can now use this homemade salad for your chip dips.

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                                                        25. Gnocchi, Sweet Corn & Arugula in Cream Sauce ($2.24 per serving)

                                                        Italians always knew how to make carbs look good! This delicious Gnocchi recipe will give your lunch a whole new meaning. Easy to make and only $2.24 per serving.

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                                                          26. Vegetable Lasagna ($1.73 per serving)

                                                          If you were looking for a healthy lasagna, you’ve just found it. At under $5 per serving, you can fill yourself up right away without putting on the extra calories.

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                                                            27. Fajita-Ranch Chicken Wraps ($2.05 per serving)

                                                            Don’t know what to make for lunch this week? How about delicious chicken wraps with a healthy ranch? This recipe will make all your lunches, even the quick ones, healthy and colorful.

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                                                              28. Quinoa with Pan Roasted Brussels Sprouts ($1.24 per serving)

                                                              A dish that has quinoa and brussel sprouts can’t be unhealthy, it just can’t, which is why this dish is one to keep in the books. Easy to make, healthy, and will keep you full for a long period of time.

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                                                                29. Butternut Squash Chili ($1.04 per serving)

                                                                You don’t need meat to make chili now that you have this recipe! It’s 100% healthy, filling, and smells absolutely delicious.

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                                                                  30. Fast Shrimp Bisque ($2.03 per serving)

                                                                  Seafood doesn’t have to be expensive if you know how to do it right, and this fast shrimp bisque is a great recipe to try if you’re in the mood for some seafood!

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                                                                    31. Chicken-Noodle Casserole ($0.98 per serving)

                                                                    Looks divine doesn’t it? This super easy to make dish will satisfy all your taste buds without burning a hole in your wallet or adding a few extra numbers on the scale.

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                                                                      32. Burrito Cups ($1.18 per serving)

                                                                      Entertaining someone tonight and don’t know what to make as appetizers? These burrito cups are a great alternative to chips or other greasy finger foods. All you need to enjoy it is a spoon and a cup.

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                                                                        33. Lemon-Dill Shrimp & Pasta ($2.45 per serving)

                                                                        Another impressive shrimp recipe under $5 per serving. The lemon-dill twist adds a great taste to the dish.

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                                                                          34. Potato Frittata ($0.87 per serving)

                                                                          If you want to eat potatoes for breakfast but still want it to be healthy, this is the recipe for you. At under a dollar per serving, this potato frittata will make you see potatoes in a whole new light.

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                                                                            35. Grilled Pork and Pineapple ($2.67 per serving)

                                                                            Meat and fruits? Oh, yes. The juiciness of the pork mixed with the liquid sugar in the pineapple will make you wish you knew about it sooner.

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                                                                              36. Greek Honey-Lemon Pork Chops ($2.15 per serving)

                                                                              Another splendid recipe mixing sweet and salty for a healthy meal. Easy to make and absolutely mouthwatering.

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                                                                                37. Jamaican Pork Stir-Fry ($2 per serving)

                                                                                You can add this healthy stir-fry to any dish as a side or amply enjoy it as-is for lunch or dinner. You can even make a wrap sandwich out of it if you’re in a rush to eat.

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                                                                                  38. Herbed Salmon ($2.49 per serving)

                                                                                  Salmon contains a healthy dose of fats that will boost your metabolism, lower inflammation, and make you happier. At under $5 per serving, need I say more?

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                                                                                    39. Five-Spice Pork Kabobs ($1.96 per serving)

                                                                                    Exquisite recipe under $5 per serving that will most definitely awe everyone at your dinner party.

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                                                                                      40. Stuffed Sweet Potatoes with Mango-Black Bean Salsa ($1.24 per serving)

                                                                                      You don’t have to eat sweet potatoes alone anymore with this flavorful recipe.

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                                                                                        Featured photo credit: Featured Photo Credit: 5 Dollar Dinners via 5dollardinners.com

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