How Much Money Should You Have in Your Savings Account at 30?

By age 30, you should ideally have accumulated significant savings for your future—not just a retirement nest egg, but also an emergency fund and money set aside for major life goals. According to Fidelity, a leading financial services company, you should aim to have saved at least one full year’s worth of your annual salary by the time you hit 30. If you’re falling short of this target, don’t panic. The key is to start making strategic moves now to accelerate your money-saving efforts.

Increase Your 401(k) Contributions

One of the most effective ways to boost how much money ends up in your retirement savings is to increase your 401(k) contributions. Traditional 401(k) plans accept pre-tax contributions, which means your take-home pay won’t take as big a hit compared to putting the same funds into an after-tax savings account.

Many 401(k) plans include an auto-increase feature that raises your contribution percentage by 1% each year until you reach a maximum of 10%. If your plan doesn’t offer this, you can manually increase your contributions whenever your income rises or on whatever schedule works for you.

Capture Employer Matching Contributions

If your employer offers matching contributions for your 401(k) or similar defined contribution plan, you’re essentially looking at free money. Matching can take different forms—a percentage of each dollar you contribute, a percentage of your salary, or a fixed dollar amount. The catch? Many plans have a vesting period, meaning you’ll need to stay with the company for a certain number of years to fully claim the matched funds.

The bottom line: if you’re not taking advantage of employer matching, you’re leaving cash on the table.

Start a Side Income Stream

Looking to supercharge your savings account balance quickly? A side hustle is an excellent way to generate extra income beyond your regular paycheck. Whether you offer services like tutoring, coaching, or freelance work, or monetize a hobby like jewelry-making or pet care, that supplemental income can grow substantially if you save and invest it wisely over time.

Pay Off High-Interest Debt Faster

High-interest debt drains your ability to save. One smart approach is to consolidate that debt with a personal loan, which typically offers lower interest rates than credit cards and comes with a fixed monthly payment. Once you’ve paid off the consolidated debt, redirect those monthly payments straight into your savings.

Prioritize Paying Down Student Loans

Student loans are a major barrier to reaching your savings goals by 30. Research from Fidelity found that people carrying student debt contribute 6% less to their retirement accounts than those without it. The data is sobering: 79% of survey respondents said student loans reduced their ability to save, and 69% lowered or paused their retirement contributions because of student debt.

If possible, aim to eliminate your student loans within 10 years, but don’t abandon your employer’s 401(k) match in the process. Once you’ve crushed that student debt, the money you were paying monthly becomes available for boosting your total savings.

Sometimes Prioritize Savings Over Aggressive Debt Payoff

If your student debt isn’t extreme and won’t derail your ability to qualify for major loans like a mortgage, you might choose to prioritize funneling extra funds toward savings rather than accelerating debt repayment. Just ensure you always make minimum payments on your loans. This strategy can help you catch up faster on your 30-year-old savings target.

Open an IRA for Tax-Advantaged Growth

Retirement accounts beyond your 401(k) can supercharge your savings account growth. You have two main options:

Traditional IRA: Funded with pre-tax money that grows tax-free until retirement—similar to a 401(k) structure.

Roth IRA: Funded with after-tax contributions, but withdrawals after age 59½ are completely tax-free (including earnings), provided you meet eligibility requirements. You can also withdraw contributions penalty-free at any time.

Consider consulting a tax professional to determine which option aligns better with your situation.

Put Your Savings on Autopilot

Self-employed? No 401(k) at work? You’ll need to take the initiative to open your own retirement account and fund it consistently. The most effective approach is to automate contributions through direct deposit, setting up regular increases at scheduled intervals. Even if you have employer plans available, automation often helps you save faster than manual contributions ever could.

Direct All Windfalls to Your Savings

Every bonus, tax refund, pay raise, or cash gift represents an opportunity to close the gap between your current savings and your 30-year-old benchmark. The discipline of funneling unexpected money straight into your savings account—rather than spending it—creates meaningful momentum toward your financial goals.

Claim the Saver’s Credit Tax Break

Depending on your income and filing status, you might qualify for the Saver’s Credit. If you’re contributing to a retirement account, you could claim 10%-50% of your first $2,000 in annual contributions as a tax credit. That translates to up to $1,000 in credits for individual filers or $2,000 for married couples filing jointly. Best of all, this stacks on top of other retirement savings tax benefits.

Stop Overthinking and Just Start

Whether you’re $5,000 short or $50,000 short of your 30-year-old savings goal, the best move is simply to begin. Look for ways to trim expenses and increase income—you’ll uncover money that can go directly into your savings account. Once you build the habit, it becomes self-reinforcing. Financial discipline, like any skill, strengthens through consistent practice.

The path to hitting your savings benchmarks by 30 isn’t about perfection—it’s about progress. Start today, and you’ll be amazed at how quickly your money can accumulate.