Hey there, young adult! Are you feeling discouraged because your savings account is nowhere near $7,000 by age 21? Don’t worry, you’re not alone. While the median salary for a year of full-time work should lead to that amount of savings, everyone’s financial situation is unique. Factors like cost of living and career path can affect how much money you have saved. So, focus on your own financial goals and make a plan to achieve them. Don’t compare yourself to others or societal expectations. Keep saving and stay positive!
How much money should I have by 21?
By age 21, assuming you have worked full time earning the median salary for the equivalent of a year, you should have saved a little more than $7,000. Read on to learn why you shouldn’t be discouraged if your savings are nowhere close to that number.
It’s easy to feel like you’re falling behind when you hear about other people’s savings goals. Maybe your friends have more money saved up than you do, or you’re comparing yourself to the unrealistic expectations set by social media. But the truth is, everyone’s financial situation is different, and there are many factors that can affect how much money you have saved by age 21.
One of the biggest factors is your cost of living. If you live in an expensive city, your living expenses will likely be higher than someone who lives in a more affordable area. Additionally, if you’re supporting yourself financially or helping out your family, it can be challenging to save money. Don’t be discouraged if you’re not hitting the $7,000 mark – it’s just a benchmark, not a hard and fast rule.
Another factor to consider is your career path. If you’re in a field that pays well, you may have more money saved up than someone who is just starting out in a lower-paying job. However, it’s important to remember that your career is a journey, and everyone’s path is different. Just because you’re not making a lot of money right now doesn’t mean you won’t in the future.
It’s also essential to keep in mind that everyone’s financial goals are different. Some people prioritize saving money, while others focus on paying off debt or investing in their education. There’s no one-size-fits-all answer to how much money you should have saved by age 21. Instead, it’s important to focus on your own financial goals and make a plan to achieve them.
In conclusion, don’t let societal expectations or comparisons with others discourage you from pursuing your own financial goals. Whether you’ve saved $7,000 or $700, it’s important to focus on your own journey and make a plan to achieve your financial goals. Remember that your financial situation is unique, and there’s no one-size-fits-all answer to how much money you should have saved by age 21. Keep working hard, stay focused on your goals, and you’ll be on your way to financial success.
A video on this subject that might interest you:
#financialgoals #moneymanagement #earlysaving #budgetingtips #millennialmoney
TO READ THIS LATER, SAVE THIS IMAGE ON YOUR PINTEREST: