How Much Should the Average Middle-Class Family Have in Savings? Experts Weigh In

A family gathers around a piggy bank.

Have you ever wondered whether you’re saving enough? Between monthly expenses and paying off debt, it can be hard to know what the ideal number in the bank should be, when it comes to building up a sizable nest egg.

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“When we talk about middle-class families and their money, it’s not just about numbers,” said Alyssa Huff, real estate specialist at Sell House As Is. “It’s about helping them feel secure and hopeful about their future.”

Here’s what experts recommend you stash away.

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First, Consider Your Unique Situation

Gary Gray, budgeting expert and co-founder at CouponChief, said that before getting into the numbers, you have to address that how much you put aside in savings as a family really comes down to the size of your family, whether or not you own a house, your age, education and more.

“Couples without children, for example, and homeowners will have higher average savings balances,” he explained. “Ideally, you want enough saved to cover at least 6 to 12 months’ worth of expenses.”

Discover More: What Income Level Is Considered Middle Class in Your State?

Consider Having a Solid Emergency Fund

If your monthly expenses total around $5,000, Gray said, your emergency fund should aim to be between $15,000 to $30,000. “You need this cushion to help with unexpected expenses like medical bills, losing a job or unforeseen home repairs without feeling the strain.”

“Think about a regular family, dealing with bills and dreams,” Huff added. “Now, imagine giving them a safety net for when unexpected things happen. That’s what an emergency fund does. It’s not just about saving money; it’s about giving them peace of mind.”

“If they spend around $4,000 a month, having $12,000 to $24,000 saved up means they can handle any surprises that come their way,” she added.

Now, Consider Your Retirement Savings

An emergency fund aside, Gray says families should also put away 10% to 15% of their income for retirement. “For instance, if you earn $60,000 a year, that means setting aside $6,000 to $9,000 annually towards your retirement nest egg. And, another 5% to 10% of your income for general savings.”

Other experts agree.

“Retirement isn’t just a far-off idea,” Huff noted. “It’s a way to have a happy and comfortable life later on.”

She said that by putting aside 10%-15% of what they earn each year for retirement, families aren’t just planning for when they’re older — they’re making sure they’ll have enough money to enjoy life when they’re not working. “Imagine them putting away $500 to $750 every month, not because they have to, but because they’re excited about what’s to come.”

“These aren’t just numbers on a page, they’re the building blocks for a better tomorrow,” she said. “Every dollar saved means families are making their financial future better, step by step. So let’s work together, with sleeves rolled up and spirits high, to make sure every family can look forward to a future full of good things.”

Consider Homeownership

According to Martin Orefice, CEO of Rent To Own Labs, one factor in how much savings a middle-class family should have is whether or not they own a home.

“Homeownership is expensive; in addition to your mortgage, your property taxes, your utility payments and homeowners insurance, you also need to have enough money on hand to cover any unexpected maintenance or repair costs,” he said.

He said a good guideline here is that you should have enough money in an emergency fund to cover at least 2% of your home’s value at any given time. “So, if your home is $300,000, you should keep at least $6,000 just for unexpected home repairs, in addition to any other emergency fund.”

Don’t Forget Education Savings

“If you’ve got kiddos running around, you know how fast they grow up — and how expensive education can be!” said Tom Bruzek, real estate expert at Selling Land Fast. “Whether it’s college or trade school, it’s smart to start squirreling away some cash early on. Depending on your plans and the type of education you’re eyeing for your kids, it could be anywhere from $50,000 to $200,000 per child.”

“Yep, it’s a hefty sum, but saving a little each month can really add up over time,” he said.

And Lastly, Remember Your Other Goals

“Life’s not just about work and bills,” Bruzek highlighted. “We all have dreams — whether it’s owning a home, going on epic vacations or cruising around in a new car.”

He emphasized that setting aside savings for these goals is key. “The amount you save will depend on what you’re aiming for and when you want to achieve it. But by prioritizing and planning, you can make those dreams a reality.”

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