<p>It's the end of January and we're all thinking about our bank balanaces, and to add to the strain, finance expert Kelly Smith has just told ATTN what your savings <em>should</em> look like by the time you're 30.</p><p>As a writer and engagement specialist for The Penny Hoarder, Kelly Smith told ATTN that you should have at least six months worth of expenses saved up before you turn 30.</p><p>"I think the goal at any age is to get to the point of having six months of living expenses saved up. Admittedly, it's harder in your twenties but it's a good time to start," Smith explained.</p><p>Obviously 'six months of expenses' is a relative concept, but given the average cost of living is estimated to be £1990, that means you should have £12000 in your bank account right now.</p><iframe allowfullscreen class="giphy-embed" frameborder="0" height="269" src="//giphy.com/embed/bORgIzVQuD93W" width="480"></iframe><p>Of course, having thousands saved for emergencies is a far cry from what many people in their twenties actually have in the bank. Close to three-quarters of Millennials have less than that in savings, and around one-third have no savings at all.</p><p>For those who might find the idea of having an extra six months of living expenses stored up unachievable, Smith suggests keeping at least £1,000 stored away for emergencies.</p><p>The fact that so many young people have little to no money saved isn&rsquo;t a matter of Millennials being more careless with their money than previous generations.</p><iframe allowfullscreen class="giphy-embed" frameborder="0" height="200" src="//giphy.com/embed/3o6ZtmXz8aIfCFEFNK" width="480"></iframe><p>Kelly Smith points to high student loan debt and rising living costs as the reason why Millennials have such a hard time finding money to spare.</p><p>“[Saving is] not impossible, but it can be intimidating,” she says.</p><p>For those Millennials who believe that they are unable to save anything out of their paychecks, Smith says that it&rsquo;s never too late to start saving, and any amount saved is better than none, “even if it's storing spare change in a jar.”</p><iframe allowfullscreen class="giphy-embed" frameborder="0" height="240" src="//giphy.com/embed/xTiTnvIgGb0NB0k1ck" width="480"></iframe><p>She advocates mindful spending as a tool of self-moderation. “I&rsquo;d also recommend Millennials track their income and spending in a conventional spreadsheet or budgeting app,” she says. “Being able to see where your income is coming from and going helps you understand what you can and can&rsquo;t afford to save.”</p><p>You might not be able to keep £12000 in the bank at any given time, but don't let an intimidating, rigid number discourage you from saving. In the case of an emergency, having a few hundred pounds saved will prove far preferable to having nothing at all.</p><p>In any case: a useful reminder to start saving, or at very least buying a lottery ticket each week.</p>

This is how much money you should have saved by the age of 30

By Asda Good Living,24th January 2017

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