The amount of money you should aim to have in your savings will depend on your income, your living expenses, your age and your savings goals.<\/p>
Let\u2019s take a look at the average savings for Brits in each age group so you can get an idea of where you\u2019re at. If you\u2019re a bit below the average, don\u2019t worry, we\u2019ll also outline ways to boost your savings balance.<\/p>
You should aim to have at least 3 months\u2019 (and ideally 6 months\u2019) worth of living expenses in your savings. This is to ensure you can get by if you were to suddenly lose your job or be out of work for another reason, such as health problems or a change in your personal circumstances. If you were to find yourself out of work, your standard living expenses like rent, mortgage payments, energy bills and grocery bills don\u2019t stop.<\/p>
If your monthly living expenses are \u00a31,000, you should aim to have \u00a33,000 in your savings at the very least. If your living expenses are higher at, say, \u00a32,000 a month, you should aim to have closer to \u00a36,000 in your savings at any given time.<\/p>
To work out your current living expenses you need to look at your bank statements and calculate how much is coming in and how much is going out each month. The amount that\u2019s left over (if there is any) is your monthly savings. The amount that\u2019s going out is how much you spend to live.<\/p>\n
![\"Savings](\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/apps.png\")
\n<\/div>\nOpen an account in less than 5 minutes, then track it from your phone. Plus explore a range of features like round-ups, auto-saving, pots, goals and more.<\/p><\/div> \n
![\"\"](\"https:\/\/img.youtube.com\/vi\/0MPhR77eII0\/maxresdefault.jpg\")
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