How much should a 23 yr old lady have in the bank saved by now>?

Answer 1

As others have pointed out, there is no exact answer. However, from the link below, the median net worth of a 20-29 year old (all assets minus debts) is 7,800 dollars. Unfortunately, people in this country do not save up as much as they should.

As a general rule, at your age you should be saving at least 10% of your income. You need money for emergencies and to save up for a down payment on a house. You should not be running any credit card debt.

Answer 2

I don't think there is a definitive answer for that. It depends on what the lady's goals are and how much she's making.

A 23 year old that makes $30,000 a year would likely be able to save a whole lot more than one that makes $20,000 a year.

Figure out your goals. Start putting money away to reach those goals. Pay of any debt you have now. Learn how to invest. You can put it in a bank. You can buy stocks and funds.

It's not a question of how much you SHOULD have but how much do you want and how are you going to get there.

Answer 3

There isnt a correct answer to your question. More important is to establish a discipline of saving and investing as early as possible. Some 23 yr olds dont have any savings because they are in school for example. BUt start saving early and regularly and this will be to your advantage in the long run.

Answer 4

Savings are not directly connected to age.
It depends upon your income and future plans.

Money can be a difficult thing to handle, especially if you don't have much of it. Managing your finances can be tough if you have to break it down into groceries, bills, tuition fees, and other expenses. However, it is always sensible that you put a portion of your salary into savings, even if it's just a few dollars every week.

Answer 5

Ideally a $1000 a year is right on track, so for you $23,000 in and IRA would get you one hell of a retirement and not even have to add to it anymore.

Many factors play part in this though such as if you are in school and not working.

Money can be saved no matter what though simply by paying attention to your finances.

Answer 6

It depends on your attitude and lifestyle. For me it was important to be saving for a deposit for housing. But I feel that investing in yourself through education and travel is also valid so you would have less than me in the bank due to making that investment. I wanted a tangible investment first before I started to travel and educate myself. It hink the fact that you are even thinking a bout it is good news, instead of just stumbing through.