It’s always good to have some extra money in the bank, right? But saving isn’t exactly intuitive for many of us. How do you know your money-saving goals are on track? And how much money should you really have saved by 30, 40, 50 or 60?
In our 20s most of us are working to establish careers and—let’s be real—simply get into the habit of saving money. And in the past, we’ve shared how much moolah the average person should have saved by 30. (Hint: It depends on your unique situation.) But the second half of your life is when major expenses might come into play. You may be taking care of family, managing childcare costs, or saving to put your kids through school. Or you might be working toward your retirement plan and paying off a mortgage. All of this means that budgeting with the mentality of flying by the seat of your pants is long gone.
Which, brings us to the all-important question: How do you know how much money you should really have saved by 40, 50, and 60? Read More