Hey, don’t feel bad if you haven’t saved $7,000 by the time you turn 21. Sure, that’s the average amount you should have saved if you’ve worked full-time for a year, but everyone’s financial situation is different. Instead of worrying about societal expectations, focus on developing good financial habits and working towards your own goals. Keep in mind that there are many factors that can impact your savings, so don’t be discouraged.
How Much Money Should You Have at 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 get caught up in the pressure of society’s expectations and feel like you’re falling behind if you don’t have a certain amount of money saved by a certain age. However, it’s important to remember that everyone’s financial situation is unique and there are many factors that can impact how much money you have saved by age 21.
For example, if you come from a low-income family, you may have had to start working at a young age to help support your family. This could have impacted your ability to save money. Or, if you decided to pursue higher education after high school, you may have taken on student loans which can take years to pay off.
It’s also important to remember that saving money is a skill that takes time to develop. If you’re just starting out in the workforce, you may not have had the opportunity to learn how to budget and save effectively yet. Don’t be discouraged if your savings account isn’t as robust as you’d like it to be.
Instead, focus on building good financial habits now that will set you up for success in the future. Start by creating a budget and tracking your expenses. Look for areas where you can cut back on spending and put that money towards your savings. Even small amounts can add up over time.
Another way to boost your savings is to look for ways to increase your income. Consider taking on a side hustle or freelance work in addition to your full-time job. Use your skills and talents to create a business or offer services to others. There are many opportunities out there if you’re willing to put in the effort.
Remember, it’s never too late to start saving money. Whether you’re 21 or 51, there are always steps you can take to improve your financial situation. Don’t compare yourself to others or feel like you’re not doing enough. Focus on your own goals and take action towards achieving them.
By age 21, you should have saved a little more than $7,000 assuming you have worked full time earning the median salary for the equivalent of a year. However, it’s important to remember that everyone’s financial situation is unique and there are many factors that can impact how much money you have saved by this age.
Instead of getting caught up in societal expectations, focus on building good financial habits and taking steps towards achieving your own goals. Whether you’re just starting out in the workforce or you’re further along in your career, it’s never too late to start saving money and improving your financial situation.
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