Just curious...about how much should the average 18 year old have in his bank account?
2007-09-19 20:58:27 · 11 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I live with my parents. I pay for my own school and books (community college). I have about $5,500 in the bank right now. Should I have more?
2007-09-19 21:07:26 · update #1
If they make the money themselfs i dont guess there should be any limit!
2007-09-19 21:02:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I'm 23 and I always tried to have about 2000 for an emergency that i wouldnt touch unless it was extremely important. I figured that that amount would cover just about any car problems, or if i came up short on tuition. For example, if i had 2100 in the bank, i'd tell myself that i had 100 to work with. I used it purely as a back up plan.
But with that amount that you have, you are in good shape. You seem to be doing well with money, so you may want to establish some credit, but dont go overboard. Nothing big, just like a $500 limit card that you can easily pay off each month. I just started earning credit and i feel like i'm way behind already.
2007-09-20 02:02:03 · answer #2 · answered by Toledo Engineer 6 · 0⤊ 0⤋
If you're still studying and very dependent on your parents, then you dont need any bank account yet. But if you're a working student, then you should maintain a modest amount approximately 5k a month. Or an amount where you feel comfortable with which we call it a "buffer cash."
2007-09-19 21:11:22 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I agree with Beach Bum. It depends completely on your parents. If they've helped you out, you'll have some money. If they haven't, then you either have no money, or you have money from loans, so you're in debt anyway. It all depends, but there's no amount that an 18 year old SHOULD have.
When I was 18, I had probably $400. If that helps...
2007-09-19 21:07:44 · answer #4 · answered by sunny-d alright! 5 · 0⤊ 0⤋
I wasn't given a bank account until I was admitted into college. However, once my bank account (that was planned by my dad years ago) was revealed to me, there were several thousands for college tuition.
If you're doing fine with your $5500, you have enough. As long as you're sure you don't spend it all without thinking.
2007-09-19 21:08:05 · answer #5 · answered by pertinential 5 · 0⤊ 0⤋
Honestly, anything is better than nothing for an 18 year old.
Keep saving! You'll be glad you did one day!
2007-09-20 14:40:07 · answer #6 · answered by Smartass 4 · 0⤊ 0⤋
If your parents are filthy rich, they'd probably gave you like 1000 bucks a month and you'll probably could save like 1 2 hundreds.
If your parents are poor, they'd probably gave you like 300 bucks a month and you'll probably spent all and have no savings.
So what kind of parents do you have?
2007-09-19 21:04:24 · answer #7 · answered by Beach bum 4 · 1⤊ 2⤋
As much as you can.Try to save at least 10% of your income and deposit in your account regularly.
2007-09-19 21:08:54 · answer #8 · answered by brkshandilya 7 · 1⤊ 0⤋
Well my parents give me $20 a week.. somehow i manage to save up to 6K..
2007-09-19 21:07:06 · answer #9 · answered by FatCat 1 · 1⤊ 0⤋
if you have anything at that age in the bank your ahead of the game, well unless your rich.
2007-09-19 21:01:52 · answer #10 · answered by Anonymous · 1⤊ 0⤋