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What to do with £500? Watch


    (Original post by Octohedral)
    Save it all with the best interest rate you can get (although you will get so little interest that premium bonds might be better). I can't stress this enough - it's your life, but to me it seems ridiculous seeing 16 year olds buying Ipads when their bank accounts are empty and they are two years away from supporting themselves. Get a big cushion of money for university and you will have a really good three years.
    Hardly any students support themselves.

    Anyway I'm going to take the opposite opinion to the majority of the thread. It's just the way I was raised, that if I get money at Christmas/birthday in lieu of a present then I should treat myself because it's a gift if you get what I mean?

    For example. I'm 17, starting uni in September and have been working part time since November.

    I basically work to help me through uni, so the majority of wages are saved.

    However my birthday is in January so I saved the Christmas money and added my birthday money to that and bought driving lessons.

    So my advice. If you want the iPad then get the iPad but try to look for work when you hit 16.

    Buy an iPad if you really want one! If you've got the money and there's nothing that you desperately need to buy or save for at that point in time then why not? If you put it away somewhere you can't touch it then it'll annoy you it being there and not being able to spend it and if you have it there then it will gradually disappear on stuff like takeaways and cinema tickets. Just don't buy anything stupid like £300 sunglasses because they always get sat on or left somewhere.

    A load of people are saying that you should start saving for uni but really now that you're 16 you could get a part time job for the next couple of years in a supermarket or something (tesco's pays really well! Especially on sundays!) and save up money for uni that way if you want to go and if not then you could use it for a car or travelling.

    You've got 2 years and it might not sound that long but if you work every sunday for example for say a year and a half (allowing time for you to actually get a job) and work extra days in the school/college holidays (another benefit of supermarkets like tesco because you can pick up tons of overtime) you'll be making like 200 a month and at least 700-800 a year in over-time. If you spend 100 a month and save the other 100 and some of your overtime money then thats 100*18+ 1000 = 2800... Pretty healthy fund for going travelling or uni or maybe getting a car?
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Updated: May 16, 2012
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