How much money Americans in their 30s saved in 2023—and how to save more, according to a CFP (2024)

In your 30s, your list of financial burdens is probably growing, including everything from paying for child care to saving up for a first home.

Despite these challenges, Americans in their 30s managed to save the most money out of any age group in 2023, according to data from New York Life.

Those in their 30s socked away an average of over $9,800 last year. While that number is lower than their goal of saving around $12,000, it's still much higher than the average amount saved by those in their 40s, who came in second on the list with around $6,900 in average savings.

The fact that Americans in this age group managed to save thousands more than their peers in other cohorts is surprising, Shaun Melby, a certified financial planner at Melby Wealth Management, tells CNBC Make It.

It could be because people in their 30s have been able to pay off more of their student loans during this decade, he says, boosting their ability to save. Plus, "at a typical corporate job, you're entering your years when you're starting to hit your peak earnings," he says. "So maybe people are avoiding lifestyle creep and are able to sock some of their money away."

While financial planners often recommend saving around 10% to 15% of your gross salary, savings goals are "really case by case," says Melby, whose median client age is 38.

"Really, it all comes down to everyone's own situation. If they're wanting to be part of the [Financial independence, retire early] movement and retire by the time they're 40, they're going to have to save a whole lot more than 10%," he says. "Likewise, if they're OK with working into their 70s, they don't need to save as much."

A key factor keeping people in their 30s from saving even more is often child-care costs, Melby adds. Parents in the U.S. spend around 24% of their household income on child care each year, a recent report from Care.com found.

"With college, in theory, you've got 18 years to save," says Melby. "But child care, we have to pay for that once the baby's born. That is a big anchor holding back people in their 30s from saving more money."

If you're in your 30s and want to save more this year, here are two strategies to help stash away more cash.

Automating your savings is an easy way to trick yourself into saving more without having to think too hard about it.

"Successful saving is all about the habit," Bankrate senior vice president and chief financial analyst Greg McBride told CNBC Make It last year. "The easiest way to establish that habit is to take it out of your own hands and automate it."

To do so, set up automatic contributions to your savings account every month by creating monthly withdrawals from your checking account, Melby says. If you have a 401(k) deduction on your paycheck, you're already automating some of your savings.

He also recommends setting up automatic contributions to any investment accounts you may have.

Knowing what you want to do with your money is essential for a healthy financial life. It may sound simple, but creating a plan and setting clear money goals can give those in their 30s a sense of purpose when dealing with their finances.

These goals could include saving for a down payment on a first home or for your kids' education, or building a solid foundation for retirement.

"You can save all the money in the world, but if you don't know what that money turns into in 40 years and what that means for your retirement, you're kind of going into the woods without a map," says Melby.

Your 30s are an ideal time to get this plan together, Melby adds.

"You still have plenty of earning years ahead of you, so if you get on the right track and execute that plan, it'll have a material impact on where you end up in retirement," he says.

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