MANILA -- The first month of the year is nearly over, and if you haven’t set a saving goal yet, it’s urgent that you do.

If you’re thinking you have too many bills to pay at the moment, and you have time to focus on this later – you actually don’t – as any single life emergency will prove to you. Hospital bills can wipe out one’s entire savings and even land you in debt. Then there are family problems where you feel you must help, or losing a job. Just because we do not like to think of these things does not mean they will not happen.

One strong case in point is the ongoing government shutdown in the United States. While this is not the first time US government activities came to a halt, as there have been shutdowns during the administrations of Ronald Reagan, George H.W. Bush, Bill Clinton and Barack Obama, running at 4 weeks now and with no relief in sight, this has been the longest so far, and most painful.

As many as 800,000 federal workers are affected, many of whom live from pay check to pay check. While 380,000 were furloughed and told to stay home until the shutdown is lifted, the rest who hold essential functions, or work relating to public safety, still have to go in everyday but without pay.

The struggle is very real for these workers. Those who are staying at home are driving for Uber, selling their personal stuff on eBay or in their yards, visiting food banks, even launching crowdfunding pleas via online donations. The essential workers are in no better position: they pay for commutes to work, and meals, but worried how long they can afford to, plus if they will get paid eventually.

If you think about it, these workers have lost only about a month’s pay but sadly, they have no savings cushion when the shutdown pulled the rug from under their feet.

While there is no one size fits all when it comes to saving goals, there are some recommendations drawn from surveys conducted across all seven continents that target how much one should have set aside by certain age milestones.

Let’s cover them here, and check how you are doing at your age. If you are ahead, that places you in the minority. You deserve a pat on the back and make sure you keep up the great job. If you are meeting the target, stay on course but try to beat the goal so you can look forward to a really comfortable retirement life. We are all living longer, and chances are you would too so the more you have socked away, the better. Falling behind? Well, the clock’s ticking so plan a practical strategy to boost your savings ASAP.

Goal #1 Breathe life into your emergency funds.

This is the place to start for everyone, regardless of age or income. Before inflation woes and global financial crises, money experts advised 3 months’ worth of income or expenses, whichever was higher, should be your emergency money pot. In recent years, they’ve adjusted the goal to 6 months, better if 9 months as people who lose their jobs for instance need 6 months to a year on average to find new work.

Goal #2 One year of salary in yours 20s.

Most individuals begin working after college, starting at around age 21. It can be tempting to splurge your first pay, but if you also do it for the second and are currently on an unhealthy spending pattern, correct that now. Your goal should be, after setting aside an emergency fund, to have at least one year of salary saved before you reach 30. One simple way to do it is to save your 13th month pay every year you are working. Or you could set aside at least 10 percent of your monthly pay for the next decade.

Goal #3 Two times your annual pay in your 30s.

For 35-year olds give or take a few years, you should double your annual income in a savings pot and start investing it for better returns. If you are far off this mark, time is still on your side but don’t let this advantage slip by. The earlier you begin and the bigger your saving pot, the more you can put the magic of compounded interest work for you. Try and make your savings inaccessible. Better to open an account with no ATM access, or if you are investing it, look for long-term and better yields so the penalties will make you think twice if you are ever tempted to tap the funds.

Goal #4 In your 40s, 4 times your annual income should do it.

With four times your annual income in your bank and investment accounts, you are also making sure no mid-life crisis or existential angst for yourself. While mid-life crises are usually tied to emotional transitions, some studies have shown that one trigger is dissatisfaction with one’s lifestyle. And if you are suddenly looking for a change, say a new job or to travel and see more of the world, guess what will help make that happen? Money in the bank and savings that can absorb these life changing shocks.

Goal #5 If you’re 45, target 5 times your salary saved before you hit 50.

At this stage, you should be enjoying an income boost or being paid more than you ever were in your working life. You don’t need to be a C-suite executive – if you stayed in one company for a decade or longer, your tenure will ensure that you have been receiving pay increases or even bonuses for a few years now. We hope you’ve been putting that to good use, saving for rainy days and the retirement years now looming in the horizon. And if you are thinking you have retirement pay or pension to look forward to, don’t count on that alone. Having that plus a savings fund worth 5 times your annual pay will let you sleep better at night.

Let’s hope these savings guideposts will help you in 2019. Leave your lack of budgeting skills and saving failures in 2018. Time sneaks up on you, so the sooner you get started, the greater the likelihood that you'll meet these saving goals.