Saving Money - 16 Year Old

[DebbieL]

I can't imagine anyone thinking your idea to save at your age is stupid! Way to go, and I'm proud of you. I'll bet you are a very intelligent young man, and you will do so well in life with your attitude. I wish you all the very best. Don't worry about what others think of your ideas - you are on the right track in life

[mom-from-missouri]

Do you have any expenses that you will be having to pay as a result of your working that you need to consider?? Such as uniforms?

Since you now have a job, will your parents require you to pay your cell? Do you have a car with expenses? If your parents get you to and from work, are you paying them back at least for the fuel?

Our daughters save 50% for long term savings, give 12% to the church, reimburse us for their fuel, put 10% into their short term savings (such as for a new electronic gaget or camera, and spend the rest as spending money.

I buy their camp and activity fees, food and clothing, but if they want the high dollar jeans instead of what I normally pay, they pay the difference.

I have noticed that after they started earning some money on their own, they quit spending as much on candy, gum and disposable items as they did when they were just given the money for birthdays and such. Now they know what it takes to earn it.

[BudgetSurgeon]

Well,

The title of this Post pretty well says it all...

I'm 16, just got my first part time job, and well, I guess you can say now that it is my time being spent to make the money, I have realized I don't like blowing it... I'd rather hold on to it and keep it...

I'm looking for a little advice on how much to take out every month... It is currently just a part time job, so I am not making a ton of money, but I figure it is never to early to start...

Basically, What I am asking is, say I make 200 bucks every 2 weeks (400 a month)... What percents should I withdraw?

Savings - (Money just to have in Cash, at home in a Drawer): ___?___ %
Spending Money - (Money Basically to just have in my wallet for Hobbies..etc.): ___?___ %

Some people may think this is stupid to do at such a young age, but I figure the way things are going right now in the economy, it wouldn't be a bad idea to start...

Thanks for Reading and I look forward to Reading the Responses,

Cole Mayfield

Cole, hats off to you, dude. The fact that you are 16, and thinking in these terms, puts you light years ahead of the pack. Most 16 year olds are just concerned with spending every dime they make-great that you are thinking in savings terms.

My advice to you would be as follows - save as much of that money that you can. At your age, living at home with your folks (presumably), I would aim to save a high amount of your take home - somewhere in the 85-90% range. Sticking to this fixed % amount will teach you at an early age what it means to budget your money, and to help ingrain this type of thinking well into adult life. 16 year old like to have fun too, but condition yourself into equating free thing with fun things. You don't need to spend feverishly in order to enjoy yourself....and that goes for people of any age.

Continued success with your outstanding and mature budgeting outlook.

Sincerely,

BudgetSurgeon

[Ochayebeers]

Well done for being so aware at your age.

Most people in the UK never learn what you have already!

[DebbieL]

Well done for being so aware at your age.

Most people in the UK never learn what you have already!

Neither do most people here in Canada!