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How much money should an 18 year old have saved/be saving?
I am a university student with a loan. I’m just wondering what the average savings are for an 18 year old?? What’s a good amount to put away each month? I know it’s a broad subject as people have their own individual incomes but I’m struggling to find any type of average statistics online. I just want to know what an average amount would be to put away each month. For myself I have a help to buy Isa and a separate savings account but the amount I put away in those vary every month. I have an income of about 575 from my loan and then roughly 400 per month from my part time job. If anyone would like to share (it’s personal information so no worries if you don’t want to) but it would be helpful. Thank you.
Hey
Your question is an open question and one subject to an individual's circumstances, EG
Someone living with parents, no rent, etc half decent pt job and sensibleness will save a lot more than
someone paying renting, part rent, min wage job and or applicable to both lots how you look after money.
The only thing I can say to you is try never to borrow moany as why but something for 3k and repay 6k?
Always have savings to fall back on if possible
Never try to run before you can walk
Having stated the above, IMO you are a good un and wil do well judging by the questions you have raised as many in your age group and a lot more older than you live from hand to mouth or worse.
Good luck I hope you get the answer you are looking for.
Your question is an open question and one subject to an individual's circumstances, EG
Someone living with parents, no rent, etc half decent pt job and sensibleness will save a lot more than
someone paying renting, part rent, min wage job and or applicable to both lots how you look after money.
The only thing I can say to you is try never to borrow moany as why but something for 3k and repay 6k?
Always have savings to fall back on if possible
Never try to run before you can walk
Having stated the above, IMO you are a good un and wil do well judging by the questions you have raised as many in your age group and a lot more older than you live from hand to mouth or worse.
Good luck I hope you get the answer you are looking for.
all depends , depends on your trust fund from ur parents , there is no normal amount , personally I'm taking year out so I have that with savings of like 20k to go towards having fun at uni, but u can do uni with no savings, just the loan and ur parents money if you are smart with it, spend what you think is right, don't put money away and get to age of 50 nd ask yourself oh wow I wish I did this, oh no u didn't, u we're saving so u couldn't spend it, not worth it
Original post by gabriellax123
I am a university student with a loan. I’m just wondering what the average savings are for an 18 year old?? What’s a good amount to put away each month? I know it’s a broad subject as people have their own individual incomes but I’m struggling to find any type of average statistics online. I just want to know what an average amount would be to put away each month. For myself I have a help to buy Isa and a separate savings account but the amount I put away in those vary every month. I have an income of about 575 from my loan and then roughly 400 per month from my part time job. If anyone would like to share (it’s personal information so no worries if you don’t want to) but it would be helpful. Thank you.
It vetoes a lot from person to person. People can be at college/uni/working full time/whatever.
As long as you are saving something, and you yourself are happy with how much you are saving then that's all that matters.
I've been working since march, so I was a 17 years and 9 months back then. Did it full time. Still work. Chose not to go to university (and glad I didnt) and so far right now saved up about £1000, after I brought my first car for £800 And spent £2600 on the insurance. I also probably spent £1000 on other things, including petrol etc. I'm now 18 and a half and earning about £300/week but spend £50/week on petrol, £4/week on road tax (VED), and £3.75/week on phone bill. I live with my parents rent free! (But I do help out when I have to). So it all depends on how you spend your money and how much you earn etc.
Original post by Gilo200
all depends , depends on your trust fund from ur parents , there is no normal amount , personally I'm taking year out so I have that with savings of like 20k to go towards having fun at uni, but u can do uni with no savings, just the loan and ur parents money if you are smart with it, spend what you think is right, don't put money away and get to age of 50 nd ask yourself oh wow I wish I did this, oh no u didn't, u we're saving so u couldn't spend it, not worth it
While you should definitely enjoy the money you have, it is wiser to budget some of that into saving. If you don't have savings or an emergency fund, you will realise that one day if you really need money, you will be broke. Having an ISA at a young age could turn £5k alongside £100 each month for 50 years and could be worth +100k. People often complain why they have no money... its because it all went down the drain.
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