How to Save $100,000 by the End of Your 20s

Socking away $100,000 in retirement savings by the end of your 20s might seem like an impossible goal, right? Broken down, that’s $10,000 a year during one of the busiest times of your life when you have the least earning potential. Many people this age are still working their way through college, and even once they’ve graduated, their career will still be in its infancy.

But it’s not actually impossible. With a few key strategic decisions and life changes, you could be well on your way to a huge head start on retirement by the time the big 3-0 rolls around.

Avoid Student Debt

Student debt over the last ten years has ballooned into a national epidemic, with students regularly leaving college yoked to debts they don’t have the ability to pay. It’s not uncommon for student debt to last well into your forties and beyond.

Sometimes that debt is necessary. If you’re absolutely certain you’ll be able to enter a lucrative career directly out of college, then investing in your education makes sense. But for many students, getting their degree from a top university is not a justifiable expense, especially when there are so many other affordable community colleges and state schools offering the same degrees at a fraction of the cost.

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Don’t Live Beyond Your Means

A big part of being able to save effectively is knowing how to keep your eye on the prize and be willing to make sacrifices in the here and now to reach your ultimate goal. Have a habit of eating out several times a week? Try and curb the impulse. Instead of getting your own place, room with friends. If you have dreams of traveling, push those to the back-burner for a bit and find adventure closer to home.

The cost of these luxuries may seem insignificant next to that $100,000 target, but over ten years these little sacrifices will add up quick. If you find yourself wavering, just remind yourself of what you’re trying to achieve and how great it’ll be to have financial security at such a young age.

Find a Side Hustle

The natural counterbalance to cutting your spending is to also increase your income. The best way to do that is with a lucrative side hustle or second job. In today’s turbulent job market, it is never advisable to have all your eggs in one basket. It doesn’t have to be anything special, big or fancy, just a simple source of extra income that consistently brings in some additional funds each month.

Be Ready for the Future

The title of this article says it all. Want to have $100,000 in retirement when that 30th birthday hits? Follow the steps outlined above and you’ll be well on your way to achieving it. It isn’t easy, but if you’re serious about your goal, then it is entirely possible to accomplish.


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If you haven’t managed to start saving and find yourself hit with an emergency you don’t have the cash for, then a payday loan could help you get your plans on track. Paydays loans are short-term fast cash options for those who need money between paychecks. There will be plenty of bumps in the road as you work toward your $100,000 goal, so be diligent, don’t get discouraged and use the resources available to you.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Mason Roberts

Mason Roberts is a seasoned economics writer and blogger with a knack for breaking down and simply communicating the ever-changing world of finance. He is philosophically committed to the premise that financial knowledge equals financial freedom.