How much should you have saved by the time you hit your 20s, 30s, 40s, 50s and 60s?

This was something I have kept asking myself plenty of times. So I figured it was time to do some investigating. In everyone’s defense, saving money isn’t the “coolest” thing to do. Admittedly, yes, it’s hard. But you know what’s even harder? It’s when you have zero savings when you need it the most!

So why is SAVING so important, anyway?

  • It helps you pay off your debt

A lot of people grew up thinking that getting into debt was as common as breathing air. It’s like once you land on your first job, debt is somewhat inevitable.

This definitely is NOT true.

When you have money set aside, you are not relying a 100% on your source of income. When an unexpected expense pops up, you have the necessary funds to pay off your debt rather than swiping your credit card or taking out a loan.

  • Emergency Fund

With saving, you are paying yourself first.

The money you set aside will serve as a protective cushion when a financial crisis tries to pull off the rug under your feet.

  • You’ll get stuck in the Rat Race

If you’re whole paycheck is always gobbled up by bills then you’ll continue to live working and working just to pay off your bills. With that, you may find it difficult to start saving. Talk about rat race!

  • For retirement

Thank goodness for SSS, but hey! Don’t count on that alone. Having that plus a savings fund worth X times your annual pay will probably let us sleep better at night.



There is no one-size-fits-all when it comes to SAVINGS GOALS. The intention of this post is NOT to make you feel miserable if you find yourself left behind. The targets stated below still varies from one person to another as we have different lifestyles, different age of retirement, and different situations in life. Instead, use this as a benchmark and reference to see how far you’ve come and how much effort you still need to put in towards your goals.

If you google the savings goals per milestone, you’ll be getting a hundred of results.

Allow me to narrow down the recommendations for you. From surveys around the world such as Fidelity’s rule of thumb, I find financial expert Kimmie Greene’s timeline more easier to grasp.

Ok then, so how much money should I have saved?

The answer varies from person to person as we all live different lifestyles and face different situations. But as a good rule of thumb, financial experts recommend having 3-6 times your monthly expenses for emergencies.

How well have you been doing for your age? Let’s check it out below:

In your 20s: Breathe life into your emergency fund

Regardless of age and income, this should be everybody’s starting point.

Though it may be tempting to spend your first paycheck, aim to build your emergency fund too. Nothing beats having that peace of mind knowing that you have a fallback whenever sh*t happens.

The trick I used to do back then was to never touch my 13th month pay. Imagine how much you could have saved by now if you opted to stash your yearly bonuses.

By age 30: Have the equivalent of your annual salary saved

This includes any retirement contributions, funds from your employer, cash, and investments.

By age 35: Have 2x of your annual salary saved.

Make sure by this time you are also investing with good returns. Time is still on your side but do not take this time for granted. The earlier you start, the more you can benefit from the magic of compound interest

By age 40: Have 3x your annual salary saved.

By age 45: Have 4x of your annual salary saved.

By age 50: Have 5x of your annual salary saved.

By age 60: Have 7x your annual salary saved.

By age 65: Have 8x your annual salary saved.

“Wait! What? You have got to be kidding me…”

Stop the panic mode. Yes. These may seem too ambitious. But financial experts have estimated that saving 10x (times) your preretirement income by age 67, together with other steps, should help ensure that you have enough income to maintain your current lifestyle in retirement. 

Again, as mentioned earlier, the targets stated above still varies from one person to another as we have different lifestyles, different age of retirement, and different situations in life. Instead, use this as a benchmark and reference to see how far you’ve come and how much effort you still need to put in towards your goals.

For the curious ones, where do I stand?

I have just turned 30. As of this writing, I’m a bit short on the 30s’ goal due to wrong financial decisions (I’m human too lol) but I’m almost there! Just a few tweaks and turns before I reach my target.

If you’ve managed to earn more than what’s stated above then kudos to you! You deserve a pat on the back as you are doing a great job!

If you’re behind, don’t fret! More and more people are living longer and so will you. There are still ways to catch up. The key is to TAKE ACTION.

Are you thinking of ways to jumpstart your savings? Here are some posts that might help you:

The clock is ticking. Find a strategy that suits you best to help boost your savings today

By Ameena Rey-Franc

Recognized as one of the Top Finance Blogs in the PH. Ameena Rey-Franc (founder of TTP) is a former Banker and BS Accountancy graduate turned Blogger, Keynote Speaker, and entrepreneur. Currently an RFP delegate, she is also the Author of a book about Financial Resilience and has held seminars for reputable companies like GrabFoodPH, Pru Life UK, VISA, JPMorgan Chase& Co., Paypal, Fundline, Moneymax, and many more. The Thrifty Pinay's mission is to empower women to LEARN, EARN, and be FINANCIALLY-INDEPENDENT no matter what life stage they are in.

2 thoughts on “Savings Goals by AGE -20s, 30s, 40s,50s and 60s Philippines”
  1. Majority in their 20s make financial mistakes, but it’s ok as long as you will get back and start saving. This blog is very helpful for those who don’t know where to start. Kudos to Thirfty Pinay!

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