Here's What the Typical 30-Year-Old Earns Today. How Do You Compare?

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It's pretty natural to be curious about how your income compares to the people around you. And if you're 30 years old, you and your checking account may be ready for a reality check.

At age 30, you're probably no longer a workplace newbie. Perhaps you've been working for almost a decade and, ideally, have already snagged a promotion or two since you started.

All told, the typical 30-year-old worker today earns about $56,000 a year. But there's a difference between earnings among men that age versus women.

The Bureau of Labor Statistics says that 30-year-old men earn a median weekly wage of $1,134. When we multiply that by 52, we get about $59,000.

The median wage among 30-year-old women, however, is only $1,023, which translates to about $53,000 per year. And among all 30-year-olds, the median weekly wage is $1,080, or about $56,000 per year.

But whether your wages are higher, lower, or the same, it's important to do what you can to make your finances work for you. You should do what you can to not only boost your income, but make sure you can live well on whatever income you earn.

How to grow your income

In time, you can set yourself up for higher wages by learning more skills and seeking out promotions. But if you want or need an income boost now, the gig economy is a great place to start.

The nice thing about working a side hustle is that you're earning extra money. You can use it to add to your savings account or build your retirement nest egg (something you should aim to start doing at a young age).

Or, if you're able to save enough money from your regular paycheck, you can use your side hustle earnings to make life more comfortable. That could mean splurging on takeout once a week or treating yourself to a nice vacation every year.

How to stretch your income

Maybe you're unable to work a side hustle and you're limited to whatever income your main job pays you. Whether that wage is at, above, or below the typical 30-year-old's, it's important to do what you can to make it work for you.

It's a good idea to keep your largest expenses as low as possible. This gives you more wiggle room for smaller expenses.

Housing costs, for example, should be kept to 30% or less of your take-home pay. And if you're able to keep it to 20%, you give yourself that much more room to cover other expenses like utilities, streaming services, and entertainment.

The same goes for transportation. If you're in an area where having a car isn't necessary, stick to the bus. AAA puts the average yearly cost of owning a car at $12,182. That's more than $1,000 per month! If you do need a car, get one that isn't too fancy.

Also, be careful with credit card debt, as it can become a costly monthly expense for you to deal with. Try to set up your budget so you can cover all of your monthly expenses on your income alone. Avoiding credit card interest leaves you with that much more money to spend on yourself.

No matter what income you earn, the right strategy on your part could help improve your quality of life until your earnings increase. And if you don't want to wait, it pays to see what the booming gig economy can do for you.

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