Sunday 25 October 2020

How much money you should have by age

I saw quite a few videos talking about how much money you should have saved by age 20,30 and 40. It is interesting as it is what the society thinks you should have by a certain age considering that you have worked for a number of years.

In Singapore, Seedly released an article as well to show how much you should have saved by what age. Definitely, you have to understand that it is a gauge and it doesn’t matter if you have not achieved that amount because life is not all about money and not a linear growth.

In the Seedly article, this was a guide released by them but they definitely highlighted that it is not a competition but good to have goals set.

Here's How Much You Need to Save According to Your Age

Life is about ups and downs and so you never know how much you will really have at a certain age. But as a guide, I think it serves as a good rough basis.

Definitely, online there are lots of other videos on how much you should have saved by age. The first video I saw on this topic was from Andrei Jikh and the second I saw was from Graham Stephan, both of whom are huge YouTubers.

How Much Money You Should Save (Amount by Age)

How Much Money You Need To Save By EVERY AGE

Graham video is good because it shows how much of your income you should have saved for example by age 40, you should have 3X of your salary saved, how much to have invested and also should be looking into getting a house.

It is good to have clear and specific goals along the way, but dont be too hard on yourself because there really isn't a hard and fuss rule.

I like Graham's version of it because it covers a little more areas and also actions on what you should be doing.


  • Based on research, net worth of -$27,000

  • What you should start doing:

  • Get a credit card

  • Open a retirement account, in Singapore start contributing to your CPF

  • Have 1 to 2 months of savings



  • Have a good credit score

  • No "bad debts" - like no credit card debts

  • Saved 1X annual income (depends)

  • Be able to save 20% of your income


  • 3X your annual salary saved/invested

  • Buy a house (depends)

  • Know your yearly spending and aim for 5 to 7 times of that amount invested


  • 7x your annual salary saved/invested

  • Paying off your house

  • Understand your spending to estimate amount needed for retirement


  • 10 to 12x annual salary saved

  • Paid off house

  • Last lap of saving as much from your income

  • Slowly withdraw from retirement accounts if needed

With more money and a plan ahead, retirement will seem more relaxed and to be honest, many retire without a set amount in their bank accounts. For my mum, she is lucky to have some money in her CPF and also a little cash savings saved up. She will be relying a lot on CPF for her retirement but she has paid off the housing debt and currently have just the utilities, phone and insurance bills to pay.

She wasn't expecting herself to retire so early but in a way, she didnt wait till she had a million dollars so just make sure you are living life to the fullest!

As a guide, I feel that you just need to know that you are in control of your finances at the different stages of your life and know that there will be times when you need to save up more and times when you can spend more. Money is really something that can be earned and so we should not place our happiness all on money alone. Spend time with your family and friends as well.


  1. I think Graham's advice is more for the American. I feel the American do carry a heavier debt when they are younger, generally I feel Singapore young people carry like debt when they are out of the university. They also may start paying for their housing at a younger age compare to their American counterpart. It will be interesting if you can share a more Singapore perspective. Thanks!

    1. Hi! Thanks for the suggestion, yeah, his perspective is definitely much more catered to the American. Will incorporate more Singapore situations into my videos/articles :)

  2. I like Graham Stephan's videos too.

    DESTROY the like button for the YouTube algorithm !

    1. Hi Buaytuckche, do remember to SMASH the like button!