Am I okay financially? Watch

SweetLeilani
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I’m 17 so I pay for my own lunch and any shopping like clothes or leisure activities (which is perfectly fine). I have two part time jobs earning me a rough total of £300 per month plus a small bursary (£40-£50). Almost a third goes into my savings account which I don’t touch so it has £1000 so far. However by the end of each month I find my regular account, which gets £240-50 every month, running almost empty.

Yes I am probably spending unnecessary money on clothes and going out with friends, which I could cut back on. Should I, or should I not worry about it too much?
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Bio 7
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Is buying clothes a constant then? That could definitely be cut back.

If you can afford it, because only you will know what you need money for, and you feel it’s worth spending then there isn’t a problem.
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Eesshh
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Look, through personal experience I would say save every penny you can. I was once your age. I too worked part time and I earnt approx 200 pound more. But I had the mentality of spending my money on clothes, takeout, perfumes and everything a teenager would want. I’m now 22 and in my final year Uni and I regret every unnecessary penny I spent in my teens.

My advice, when you go out or see something you want, question yourself if it’s a “need or want?”
If you need it, buy it. If it’s just something you want, be wise.
(Original post by SweetLeilani)
I’m 17 so I pay for my own lunch and any shopping like clothes or leisure activities (which is perfectly fine). I have two part time jobs earning me a rough total of £300 per month plus a small bursary (£40-£50). Almost a third goes into my savings account which I don’t touch so it has £1000 so far. However by the end of each month I find my regular account, which gets £240-50 every month, running almost empty.

Yes I am probably spending unnecessary money on clothes and going out with friends, which I could cut back on. Should I, or should I not worry about it too much?
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Jack22031994
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(Original post by SweetLeilani)
I’m 17 so I pay for my own lunch and any shopping like clothes or leisure activities (which is perfectly fine). I have two part time jobs earning me a rough total of £300 per month plus a small bursary (£40-£50). Almost a third goes into my savings account which I don’t touch so it has £1000 so far. However by the end of each month I find my regular account, which gets £240-50 every month, running almost empty.

Yes I am probably spending unnecessary money on clothes and going out with friends, which I could cut back on. Should I, or should I not worry about it too much?
I mean you arent in debt, which is good.

You could cut back on clothes as I wouldnt say it was a necessity.

You arent in a bad position. You have more money in savings than I did at 17! (and you have a social life unlike me who didnt have one then!)
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SweetLeilani
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I agree it’s a good idea to cut back on spending, the fact that it’s the holidays does mean I’m going out more.
I should also mention I take £30 out of my bank every week to put towards interailing with friends at the end of the year so that’s a constant outflow of money. Perhaps I should work a bit more as well... though currently I work 6-7 hours every Sunday for £5.60 an hour (plus babysitting jobs), and I sort of don’t want to sacrifice more time I could be spending with friends or revising.
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hello_shawn
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Social life? How do you earn money with one lol.
I've had a stable job for nearly two years now, and I only got the job nearly two years after graduating. I know that not having a job will kill me, so I just have to keep on working to the best of my ability. Outside of work I know what I don't do, which is spend unnecessarily
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Jack22031994
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(Original post by SweetLeilani)
I agree it’s a good idea to cut back on spending, the fact that it’s the holidays does mean I’m going out more.
I should also mention I take £30 out of my bank every week to put towards interailing with friends at the end of the year so that’s a constant outflow of money. Perhaps I should work a bit more as well... though currently I work 6-7 hours every Sunday for £5.60 an hour (plus babysitting jobs), and I sort of don’t want to sacrifice more time I could be spending with friends or revising.
You seem to be sensible with money, and have it all planned which is good for someone your age.
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Y333EEE
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I'd probably cut back on the clothes spending but other than you're doing pretty well, don't know any 17 year olds with £1k in their savings personally
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sknudson
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I'm in my 30s and barely have 1,000 socked away for an upcoming bedroom furniture set. It's the first time I've had cash in my savings in several years. You're more than fine to have 1K at 17 put away.
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scorpion95
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Yeah I think that you are ok financially but you could be better. Try cutting back a little bit on your spending in places such as buying clothes that you don't need. You could try selling your old clothes to recoup some money which would be good and help a little bit. You can still go out but maybe look at where you can make some savings in that area. You could also look at trying to do some overtime to earn a bit more money if you wanted
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Simonthegreat
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Looks like you are doing well for yourself. If you want more money in the bank then just cut back on buying too many clothes.
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CoffeeGeek
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You're doing fine for a person that is 17. If you think you're unnecessarily spending too much on clothes then cut back of course.
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mattymoo432
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Please, - and I cannot argue this enough - make the most of being young, still living at home with no responsibilities, to save every penny you can. Not saving enough is something everyone regrets years down the line.

Create a life-plan, setting out your immediate, short, medium and long term needs, wants and aspirations.
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