I need to save up for some things I need (or really want...same thing, right?). What would be your best guess?
I don't know the exact wage yet, so your guess is as good as mine.
2007-08-15 19:36:24 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
1. - I'm only 16--so I won't be able to work full time.
2. - I won't be spending any money on transportation (walking/biking).
2007-08-15 19:50:50 · update #1
that depends on how many hours you work every week. we also have to care about other expenses you have to pay, say, transportation. if you drive there, of course, the expense of gas. if by bike, so you know, nothing.=)
2007-08-15 19:43:43 · answer #1 · answered by Anonymous · 1⤊ 1⤋
If you are working at a fast food joint, you are going to be making minimum wage, which I believe is different in every state. In CA, it is currently $7.50/hr and will be $8/hr in January of 2008.
Now if it's a large chain (like McDonalds), you will make more money if you can make it past the 8 hour mark every day. Smaller personal chains don't have to pay you overtime if you pass the 8 hour mark. After taxes, you will most likely make about $5 an hour, and as a teen, you will only be able to work 20 hours a week and make about $100 a week (after taxes) - that's 20 weeks or five months. At the same time, you will spend a lot of that at the fast food joint eating.
If you need to make more than that fast, consider starting your own business. I know mowing lawns sounds boring, but nowadays, landscaping companies charge $50-$200 a month for mowing grass. You could charge a lot less (say $10-20 per lawn) and you could do a couple lawns a day (even after school) and make $50+ a day without paying taxes. At that rate, you would have your money within a month or two.
Hope this helps.
2007-08-16 02:51:15 · answer #2 · answered by E.T. Barton 5 · 0⤊ 0⤋
Well Im assuming we are talking 40 hours a week, at min. wage, which I will call $5/hour take home (less taxes - just an estimate). That would be $200/week, so if you saved every penny, then 10 weeks (2 1/2 months).
2007-08-16 02:44:01 · answer #3 · answered by Bobbie 3 · 1⤊ 0⤋
Do the math.
Estimate your hourly wage, multiply by the number of hours you will be able to and willing to work per week. Deduct approximately 15% for taxes, etc. and you will have your net iweekly income. (The amount after taxes) Decide how much of that you will save. Divide $2000 by that figure and you will have the number of weeks it will take.
2007-08-16 02:43:30 · answer #4 · answered by Maddy Waddy 2 · 1⤊ 1⤋
We can't even begin to figure without the wage .
Also how many hours per week are you working ?
How much are they taking out in fed and state deductions ?
Wait until you get a check or 2 then you will be able to figure it out real easy .
And how much are you spending on transportation to get there ?
>
2007-08-16 02:44:47 · answer #5 · answered by kate 7 · 0⤊ 2⤋
1 yr to 1.5 yrs with no bills. Heck make that 2.
2007-08-16 02:42:17 · answer #6 · answered by Time To Go 6 · 1⤊ 1⤋