How Much Money do You Have in the Bank?

Basically I'm 21 and I have approximately £1500 to my name when you combine both my savings account and my current account. Do you think that this is a reasonable amount for someone my age?

Basically, I'm going to absolutely work my arse off from now on, as I want to save up enough money to see me through university comfortably and then either start renting a flat or take out a mortgage when I finish my intended degree, at which point I will be 27 or 28 (I'm hoping to start a medical degree).

What about yourselves, how much money do you have, and are you saving for anything in particular? Or do you just like having a safety blanket, where you have the peace of mind that, if something goes wrong, you are pretty much covered?

EDIT: It's also worth mentioning that I'm currently on course to have saved up approximately £4000 by next summer, after which I can hopefully have a full time job and save up at least another couple of grand through the summer. At least, that's the plan anyway.

(edited 12 years ago)

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Reply 1

DannyM786

I'm 18 and have about 2k available to me but I'm not saving for anything. 1500 is a fair amount and being 'reasonable' depends on the person and their circumstances. There's no set guide to how much we should have at different ages. It doesn't really act as a safety blanket for me because my parents are quite supportive so if I ever need anything I can always ask them.

Reply 2

darthgirlie

98p until i get paid woop!

Reply 3

Leavemyarcelona

Original post by DannyM786

Good man, that's a fair amount to have saved up for your age. Nice one.

Reply 4

Just Josh

£3 i think. Not even kidding. I don't really get much or use much money...

48p

Original post by darthgirlie

98p until i get paid woop!

Every penny counts.

Reply 7

AbuAK

17 and have $3600 Canadian in my bank.
Love the Alberta scholarship programs.

Reply 8

Leavemyarcelona

Original post by AbuAK

17 and have $3600 Canadian in my bank.
Love the Alberta scholarship programs.

Good stuff, what were the requirements for your scholarship?

Reply 9

Bill_Gates

21 about 15k in my current account anything else i'd rather not discuss.

Jeez alot of negative rep for speaking the truth, well its 16k now anyway.

17k now.

22 now and have 20K.

nearly 23 in April 30k

32k now

P.S this is all my own money which i've made whilst at university (final year) and no parental help or hand outs.

(edited 10 years ago)

Reply 10

AbuAK

Original post by Leavemyarcelona

Good stuff, what were the requirements for your scholarship?

If I convert it to UK grades, I needed a "A" average in Gr.10, Gr.11 and Gr.12 to get $2500.
$1100 from my job, I would have more saved up but my car eats up too much petrol :/

Reply 11

LMAC

I currently have a whopping -£1.47 in the bank..

Reply 12

rjm101

I know its a bit of a taboo to talk about this stuff but I've never minded and I've allways been curious about how much other people have too.

I'm also 21 and at the moment I have £6750. I earned a fair bit during placement year just through expenses.

During the summer I wanted a lot of things but I have this thing that I dont like breaking barriers. I had 7k and I sold off a lot of things I no longer use just to keep it above that but that only held on for so long.

I made about £600 selling off some old FPV gear. I would probably of had 10k if I didnt have any expensive hobbies. Other than that I bearly ever socialise.

Once I get 10k I would like to invest some of it in something but I'm totally lost on what to do. Doubt banks would pay any interest as its nothing to them but the reason behind me wanting to do that is because 0.5% interest in savings just isnt worth thinking about lol.

(edited 12 years ago)

Reply 13

lazy smurf

Currently minus £550 ish.

Reply 14

Aivicore

£16.47, so it looks like I'll be making everyone's christmas gifts this year...

I wouldn't mind if I'd spent lots and that was why, but somehow the fact that's all I have left after bills each week is slightly depressing.

not enough

seriously besides a joke, 2p, Im ashamed :frown:

Reply 17

ch0llima

What I have saved may seem like a lot, but in reality my working friends earn about that a year (after tax). Makes me feel a bit poor.

It's a very large cushion and might serve as part of a house deposit one day.

Reply 18

rjm101

Original post by ch0llima

Thats true but most of us are sutdents and have always been students. Also you forgot to mention how much you actually have??

Reply 19

Leavemyarcelona

Original post by rjm101

You're the same as me in that respect. You've got an extremely healthy bank balance for your age though, nice one. You put me to shame lol.

I don't know the first thing about shares either, to be honest, although I do know that I would personally prefer to have the money in the bank as money, if you know what I mean, as opposed to having it in the form of shares or assets. That's purely my personal preference though.