2007-08-28 06:08:50 · 28 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
save 50% and spend 50%!
2007-08-28 07:19:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Have fun with it!!! I did a paper round on a sunday when I was a kid and I got less than £10 a week. If you're doing more than one day and getting a reasonable amount then why not save some for something you really want like maybe computer games, a bike, trips out with your friends, dvds etc. I'm sure you family would be proud of you being so sensible but make sure you enjoy your teenage years cos you've got a few more til you need to worry about the big bad world!!
2007-08-28 13:15:55 · answer #2 · answered by Doreen 4 · 1⤊ 0⤋
Save 20% and spend 80%.
For every £1 you have, put away 20p.
For every £10 you have, put away £2.
For every £100 you have, put away £20.
For every £1000 you have, put away £200.
Then, if you have any left after spending, put that away too.
One thing I wish I'd have learnt when I was your age is the value of money. Now I'm in debt and it's going to take a few years to pay off!
If you can learn about money now, what it's worth and how important it is to secure your future, then you'll be leaps and bounds ahead of everyone else!
You sound like you already have a good head on your shoulders if you're thinking about this.
TIP - Use the next few years to think about what you would really like to do to earn your money when you're older. If there's not a profession that interests you then think about starting your own business.
There are no limits to what you can do with your life. You just need to work hard and think smart.
Good luck :)
2007-08-28 13:20:33 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Do a bit of both, save half use half.
Good idea to be thinking about the future, im 18, i wish i had got a job at 13 and saved up, because now i can drive but cant afford a car!
2007-08-28 13:14:48 · answer #4 · answered by Clare 5 · 1⤊ 1⤋
My brother and I both worked since we were 11. He retired a millionaire at 58 because he saved, that was seven years ago.
I'm still working and don't know when I can retire because I spent most of it - save a lot - spend a little.
The best way for someone your age to invest is to save until you have enough to open a brokerage account in fidelity, tia-clef or vangard - you'll be rich before you're 40.
Oh yes, make sure that both of your parents have JOINT signature in the account and make them sign an agreement that they will not spend your money.
2007-08-28 13:20:07 · answer #5 · answered by mikeleibo 2 · 0⤊ 1⤋
at age 13 don't worry about a saving plan yet, one thing you're not making enough to even think about savings any, have fun with your money while you can , after college when you get you're first real job then set up a savings plan and a retirement plan
2007-08-28 13:22:10 · answer #6 · answered by ? 2 · 0⤊ 0⤋
Have fun, but save a little for something you may want in the future!
2007-08-28 13:13:04 · answer #7 · answered by Greybeard 7 · 0⤊ 0⤋
You can do a little of both but then if you have big dreams like starting your own aircraft factory in future, it's not too late to start saving.
2007-08-28 13:21:23 · answer #8 · answered by fanciful me 2 · 0⤊ 0⤋
Have fun with the pennies you earn.
Get decent schooling as it will be much more of a benefit getting a decent job..
A decent job will pay more in a week than a paper-round in a whole year!
2007-08-28 13:15:11 · answer #9 · answered by Anonymous · 0⤊ 1⤋
i would save some of it but spend too. while you are young and care free. it's good that you are asking about this sort of thing now, rather than in 10 years when you are older and facing bills and other expenses.
get your parents to open up an ing savings account online for you. you can have them transfer money in to it for you. it's about a 5% interest rate now too. and always going up.
that's a great way to save and have your money earn interest too.
kudos to you
2007-08-28 13:13:46 · answer #10 · answered by nataliexoxo 7 · 0⤊ 1⤋