This is one of the most common questions I hear, and often there’s a question behind the question: How do I compare to other people my age?
You can see how fit you are, which of your friends has a ‘manager’ title, and how many are in a serious relationship.
But you can’t see other people’s savings. And you can’t ask about it – that would be rude, right? No one talks about money! And often, the visual cues are misleading; Your friend with the big house and the bougie BMW may be deep in debt.
When women ask me how much they “should” be saving, what they really mean is:
“Am I behind?”
“Am I doing enough?”
“Should I be worried?”
Maybe you’re asking the wrong question.
Instead of a magic number – I should be saving X – think about it in a way that feels right to you; that motivates you. The simple truth is, saving something is better than saving nothing.
For example, here’s an idea from David Bach, a personal finance author:
“I pay myself for the first hour of the day.”
Before you pay taxes
Before you pay rent
Before you pay everyone else…
Pay yourself. Your first hour goes to your future.
If you work eight hours a day, that’s roughly 12% of your gross income (i.e., before taxes). If you make $50,000 a year, that’s $16 a day.
If that feels like too much, could you save the first 30 minutes? That’s $8 a day.
(That’s another little mind game that can help: Breaking bigger goals into daily wins.)
When you frame your goal as something that just feels right (I absolutely deserve to pay myself for one hour a day!), now your savings goal isn’t just a number, it’s a privilege. A gift to yourself.
If paying yourself the first hour doesn’t do it for you, here are a few other ideas for motivating yourself:
“I’m making savings a habit.”
Consistency matters more than the numbers.
If you make $50,000 and save $5,000 per year, your savings rate is 10%. That’s a decent savings rate.
If you save even 5% steadily for 10 years, you’re likely to end up ahead of someone who saves more aggressively for one year and stops.
The key to consistent savings is to make it automatic. Set up a transfer from checking to savings every month – or better yet, every week. Want to save $5,000 in a year? Transfer $96 a week ($14 a day) into a high-yield savings account.
“I’m saving for …
A trip to Italy? A used EV? Your own home?
The more specific you are about why you’re saving, the easier it is to pass up spending on less important things.
Open a new high-yield savings bank account and name it with your goal. Write it on a sticky note on your laptop and before you click “buy now,” ask yourself: Is this worth delaying my Italy trip or going into debt to do it?
“How many months of freedom do I want?”
If your paycheck stopped tomorrow, how long could you cover the basics? That gives you breathing room and reduces stress.
1 month = stressful
3 months = stable
6+ months = strong
If your essential expenses are $3,000 a month and you’ve saved $9,000, you’ve bought yourself three months of time to take a sabbatical or look for a better job. That’s freedom.
What if you’ve only saved $1,000? You’re not alone. Half of Americans say they don’t have enough cash to cover a $1,000 emergency, and 21% of people have no emergency savings at all. The good news: Psychologically, having any amount of emergency savings boosts your sense of financial wellbeing. How much does it take to save $1,000 in a year? $2.75 a day. Use this simple calculator to figure out what a small deposit adds up to.
“I’m growing my net worth.”
Net worth = what you own minus what you owe.
You don’t need it to be huge, you just want it moving in the right direction. How do you do that? Two ways:
- Shrink your debt. Pay an extra $50 a month on a credit card.
- Grow your savings. Even a 1% savings rate – $9.62 a week for someone who earns $50,000 – makes a difference.
If last year your net worth was minus $20,000 and this year it’s minus $5,000, that’s massive progress.
Track your net worth a couple of times a year on paper, so you can see the progress.
Two simple nudges
- Instead of “How much should I be saving?” ask:
- Am I paying myself first?
- Do I know why I’m saving?
- Is my freedom fund growing?
- Am I saving consistently?
- Is my net worth trending upward?
If the answer is yes to some or all of these — you’re doing better than you think.
- Think small. When you break bigger goals into weekly milestones or daily steps, your brain sees progress more frequently. Each small step creates a mini-finish line, which reinforces motivation.
That’s why loyalty punch cards work, progress bars motivate us, and “just one more minute” keeps us going.
Wealth isn’t built in one big leap. It’s built in the first hour of every day.