We are living in a world where everything is just a costly affair and we face problems when we don’t earn a handsome salary. Even most of you think of saving a part of their monthly income or try to create an emergency fund that would help them meet their emergency expenses. And the most intriguing question among all of us, especially those who are in the 30s is that how should they know whether they are saving enough or not? I will discuss some life-changing scenarios with you when you are in your 30s and how it affects your savings and expenses.
If you understand these situations and your capability to meet those desired expenses without affecting your regular expenses, you will be able to save and get to know how much savings is ‘enough’ for you.
1. When you are recently married and your expenses are high

It natural that your expenses will be much higher when you are newly married because you have new responsibilities to meet now. You might also be planning to have a kid which also increases your expenses much.
2. You are planning to get a new home

Besides managing your new family, you might be planning to shift to a new home now. Getting a home these days, you know is so much costly. To get that, you should have enough savings, or you also can apply for a home loan to get a new house for yourself.
3. You are planning to save for a long-term on a serious note

With increased responsibilities now, you are planning to save towards your long-term goals which will help give your child and yourself a better and secure future.
4. What happens when you lose your job?

If you are the only bread earner for your family, it might be a serious problem for you and your family as well if you lose your job. To meet such a situation having an emergency fund will help you a lot.
This is a checklist that will help you to save properly
How would you meet your 6 months expenses including your loan EMIs if you have lost your job?
If you have lost your job, debt funds or Recurring Deposits will be ideal to meet your emergency requirements.
How much time do you have?
Less than 2 years
How much should you save?
At least 1/4th of your monthly income.
How would you meet your child’s higher education and marriage expenses if you don’t have enough savings?
When you reach the 30s or above, another thing that you need to think about is doing considerable savings for your child’s higher education and their marriage. This is the ideal age when you should think of starting savings for that.
How much time do you have?
At least 15- 20 years.
How much should you save?
Nearly 10% of your salary and if you are planning to retire soon, save more of it.
How much savings you should have with you when you get retired?
If you are planning to retire soon, plan to save for that soon to get a happy and comfortable retirement. You can invest in Equity mutual funds to suffice the purpose.
How much time do you have?
At least 15- 25 years.
How much should you save?
10% of your salary and if you are planning to retire soon, save more if you want to retire soon.
So, these were some of the ways using which you can plan your savings for some necessary expenses in your life like retirement, child’s higher education, marriage expenses, etc.