is it really necessary for me to start saving at the age of 18?!?

Question

so im 18 in May, and i was j/w, is it bad that i only put away about 20 dollars a week.....is something better than nothing? I work ALOT, but i have a lot of bills to pay, along with my stuff like clothes, tanning, and getting my nails done. I have NO way of saving my money, its so hard for me...and i just want to cry sometimes when i realize how much i spend instead of saving!!!! Please give me suggestions!!! I need it!

Answer 1

I think it is fantastic that at age 17 you have the discipline to save $20/week.
In answer to your question: Is it necessary? Nope, not "necessary", but extremely wise.
It is stunning to me how many people in their 40's and 50's have virtually no savings, and suddenly expect someone else to take care of them should they have "needs."

If you are saving $20/week, and have been for a while, treat that money as money you never had, and can't get your hands on. Don't all of a sudden think of the $20 as newfound income. Just keep doing what you have been doing. You are, at age 17, being far more responsible than the vast majority of people.

The key to success is what you typed in your question. You work a lot, and you save. But, you manage to have money left over for tanning and nails, which are luxuries, not necessities. So, it seems to me you have a good head on your shoulders, and are light-years smarter and more responsible than the majority of the population.

The $20/wk you save has compounding interest benefits, provided you have put that money in some sort of investment or interest bearing account.

Good luck. You are on the right track, and should be very proud of yourself.

Answer 2

SAVE UP !!

...Juz Think Of All The Stuff You Could Buy
&& How Much Better Your Future Would Be

Try Doin Your Own Nails! And Sunbathing Even More :] !! Maby Visting Charity Shops Or Swapping Clothes With Friends

Your Half Way There By Realising You Need Too Save
&& You Never No Saving Could Be Fun!!

Dont Cry Over It Just Remember ^^^ And Dont Get Too Stressed Out Over It
Everyone Comes Too This Problem So Speak Out About It

Good Luck Chick xxx

Answer 3

It's very important to save. Think about all the money you spend. How much is spend on needs and how much on wants. You need some clothes, but probably not as many as you buy. Tanning and getting your nails done is a luxury, not a necessity. How about all your bills? Are they wants or needs. I think you have so many wants that you will never be able to save. If you make more money, you find more things to want.

If you can, do automatic payroll deduction going into a savings account. It will be money that you never see so you won't spend it. The easiest way to accumulate money is to let your money earn interest in a CD or some other account. You should also be putting money in long term savings like a 401k account that you will be able to take with you no matter where you work.

If you never plan on buying a car or a house or anything else that costs more than $20, you don't have to bother saving. If you have plans for your future life, you have to save to be able to make those plans real.

Answer 4

You're already on the right track. Saving money is vital if you even want to think about a financial future.

I work at a bank and I constantly see people who live from paycheck to paycheck. And although many Americans do this, some of our clients do not understand that low or negative balances result in fees. They constantly overdraft their accounts because they don't have anything in savings.

If you really want to have a stable financial future, invest in a Roth IRA. It's a retirement account that works on "compound interest." I won't explain all of it here. The best thing you can do is shop around for the best rates and talk to bankers.

Many people are concerned with "now" instead of "later." And later is when they'll really need the money. If you truly are low on cash, try saving several dollars a week. Anything you put away today will help you tomorrow.

Also, do you have a good checking account? The best ones have no monthly charges and no minimum balances. Find a bank with a savings account that has a high interest rate.

Good luck.

Answer 5

I know it sounds far out, but saving money is the most important things a person can do, aside from healthcare! NO matter how old you are! Bad events & car wrecks don't care how old you are, nor do debtoers! If you can manage $5.00 a week that would be better than none. A good goal:start saving towards a $1000 emergency fund, little by little! 18 turns to 28 faster than you think! Believe me, my husband and I have been together for almost 10 years & I am 27, he is 29, and money has always been an issue. Just in the last year we have completely changed our outlook on money! Let me say that we try not to live so cheap as to look "homeless" but we have a nice affordable house, 1 vehicle, and NO credit card debt. We try making a budget & ps. I hate that word, but it works. But you must put aspot for your savings. That was part of our plan. So now we feel more free and not weighed down. We actuall save 10,000$ in 6 months for land next door!

Bottom line-Save yout little heart out and always look for ways to be frugile. It won't matter is your nails got done or your a brazilian goddess in 10 or 20 years if you are scraping by for food & rent. (my mom's almost 50 & she still does) It's so sad & she works her but off!
The more less-extravagant you are now, the better the rest of your life will be later! Way more than you can ever imagine!
Don't be afraid of thrift stores, or trading post! I find some really great things for my family there...not Saks ...but abercrombie, ralph lauren, gap & such. That's what washing machines are for, and dishwashers!!!! Nobody knows that they came from goodwill & I don't appear cheap!
It was hard for me to get with the program, not I am coming around.
Let friends & family know that you'd really like a gift certificate to the salon for holidays, or birthdays. Anything like that helps and doesn't sound selfish.
Looking on the curb for lost cash does not hurt either, Ha Ha.

Good Luck & Wishes for felling better! I know things will look up if you put you r heart into it! Remember, you are in control of your life, just you. Make it the one you want!

Answer 6

I would say yes, definently start saving hun. You never know what will happen tomorrow. Summer is just around the corner and that should save you the money of having to go to a tanning salon. This is just my opinion, but what I would do is on your pay day take one thing that is not an immediate necessity and put that money in your savings account that otherwise you would spend on that item. I did save I had 3,000 dollars saved between the ages of 16-18. my mom got into my account and managed to spend it without my consent. I was a minor and she had to be on my account as well. I never expected this and never thought I would be 24 with all these health problems. To sum it up I was married for 3 years beat and then stabbed. I couldn't get away, if I tried he would eventually find me and when he dragged me home it was just worse. I had a stroke in 2004 which left me numb on my whole left side for 7 months. I went back to work 2 weeks after the stroke.Because I had a daughter. And I finally made my husband leave on October 23, 2004. I now have seizures and mini strokes and I am not able to work or drive because they can't control them with meds. I never figured I would be 24 in a wheelchair, and that just goes to show that things happen. Sorry for babbling, but I wanted to give you an example of what I said when I said crap happens. Good luck sweetie. !!

Answer 7

First, it's a great habit to develop to live on less than you make. It's called living below your means. That doesn't mean you can't have anything you heart desires. Just make a plan to get what you want when you can afford it.

Second, the beauty of saving now, is time for compound interest to give you lots of money in the future. Look around for something that calculates y the value of your savings over the years. It's staggering how much money you could have say to retire around age 60 at just $100 a month compounded from 19 to then. Heck, I'll find the calculator and check for you.

If you save $100 a month for 42 years, you will have $264,051.43. you will have paid in only $50,500 . I just used 6.5% interest where if you were investing in stocks in a no load index fund you may gain higher interest.

Time is on your side, invest in your future now. As your income increases, save an additional amount each month. If after 10 years, you save an additional $25 a month, you'll have another $30,000 in your savings account. $300,000 to retire on is nothing to sneeze at.

Answer 8

$20 a week will grow faster than you would think. Open up a 401K plan. If at 18, you were to save ONLY $20 a week for about 45 years, you would end up with around $800,000. If you were to wait until you were age 25, you'd only have about $400,000 at the same age.

Don't listen to the people that say spend it all. You can still save a little and have some to spend. There are lots of cool calculators out there that can figure your estimated savings.

Answer 9

you are very smart girl. YES YES YES YES if i could i would of feel all of the screen with the word YES. Well as you know
try to wright down what are the most important thing to you like first what 2ND what and so on.
then try to see what are those things not so necessary. Like tanning first of all is not healthy to begin with. You are 18
around age 30 you will look like 70 u do not need those unnecessary and early wrinkles on your face and body. put certain budget only for clothing and for some reason if your are short wait for next budget. Your nails if u can just don't do it right now u know the cheapest filling for nails is $25.00
there with $25.00 and your $20.00 that you said you putting aside it will be $55.00. its hard but if you want to be ahead in your life just CUT CUT CUT those unnecessary stuff out of your life. Good luck

Answer 10

This is the advice that my 55 year old health teacher would give you. If you don't have time to save, then you must have time to pay. You don't need nice clothes, a tan, or your nails done. I bet your bills are cell phone and items like that. Very unnecessary stuff, so unless you want to work your butt off everyday during college, I suggest you find what your real needs and priorities are now.