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 Ok, my husband and I really need to cut back on our monthly spending and i need your help? |
monthly bills
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internet 35
cell phone 85
credit card min payments-150
auto insurance 140
vehicle payment 5... |
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 I got an unexpected work bonus today of £1500? |
What do you think I should do with it?
Additional Details
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 Please help i need £100 by tuesday? |
I have used both my overdrafts from my current accounts
I'm only 18
Is it possible to get another overdraft on money and have the money in the same day or Tuesday
... |
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Now I am a college student living with ... |
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Personally, I am psyched. I'd outlaw dollar bills and pennies in a heartbeat if I ... |
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College Kid | Is 18 too young to save for retirement? |
I don't know if this is adsurd but I really want to save retirement right now. |
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The Scorpion
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The sooner you start the better. A person who saves simply from 21-28 and stops, will end up better off than someone who starts at 28 and saves all the way until retirement age!!! It's called the Power of Compounding Interest. |
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needtoknow
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NO!!!!!!!!!!!!!!!!!!!!!!!!!!!!! That's a great age to start. You can start saving/investing small amounts, & as your income increases, increase the amount of your savings. That way, when you are much more mature (like me!), you won't have to worry about how you will make it through your retirement. You'll already have a lot invested & saved! |
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Nancy
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It is a good idea and when you are that young you can put say 50 a month away and it will add up to lots when you are 65. Go for it. |
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lt4827
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That is great! The more you save the more your nest egg will grow!!! Contact a financial planner and go in for a talk, find out all the options. |
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Friend T
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Age is not a basis of savings. The point of saving is this: the more money you save in more time will yield more. If you save while your 18, your portfolio after 20 to 30 years will dramatically increase. The principle of interest is rate x base x time. The more time the higher your base will increase. |
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gorgeous
 |
one is never too young to save! start while you're young and you can be guaranteed of a secured and independent old age.
a 10 for you young man. go go go!!! |
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john p
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no |
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robertdr60
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No, you are quite wise in considering your retirement needs now. Compound interest even at todays low rates will really add up over the years. Even if you believe the doomsday people that say the world wide economic system will collapse by the time you reach retirement age, you'll still have money saved up to buy canned food and shotguns. :-) |
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bidhutnet
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No, the younger the better. I'm 24 and just now starting to save for retirement. If you invest and save in your 20's you have a much greater chance of being rich and retiring one day. For some good advice I would suggest you read a book by Dave Ramsey called "The complete money makeover" and it will teach you to live frugally and how to invest and set up your financial future. Best of luck and happy holidays |
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Archer10002
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no i don't beleive 18 is too young, in fact I started then also.
I used a simple formulae that has always worked for me. It works on percentage of your income:
Living costs (ie rent, board, phone, electricity etc) - 60%
Spending Money - 10% (ie. night out, dinner out, movies, etc)
Savings - 10%
Debt Repayment (ie loans, hire purchases etc) - 10%
Addtional Expenses (ie, clothing, medical bills, etc.) - 10%
This has worked as 10% of my income goes to savings, 10% for spending money. If I wanted to get an item on hire purchase but the payments were more than 10% then I didn't get the hire purchase and saved for the item instead.
This has helped me out of a bad financial situation and helped others when I showed them also.
Hope this helps also. |
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Kris Z
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If you have everything you need and your family taking care of you and you have all the money you need for school then i would start saving . If you put it into a retirement account and you need it for school or a living expense as you didn't give any other information. You would have to pay a penalty if you took it early and then what good was it to put it away. If you have everything go for it. I f not i would be a little cautious on it as you might need it. If it was easy everyone would be rich when they get old.
It just doesn't work out unless you want to live like a miser or get a really high rate of return because of inflation. Inflation will make everything cost more and you'll have less money. |
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lithum666
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Is 65 years old, too old to work? |
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doggybag300
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NO!
If you start now and invest it in a money market account, you will retire a millionare. I sure wish I would have had your wisdom when I was 18. |
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Yarcofin
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How much are you making? If you are just working a minimum wage job it is NOT WORTH IT. For one thing you probably hardly pay any tax right now. Save to contribute to your retirement later on... it's tax free so use it later when you are making more money to offset your higher taxable income.
Plus once you get a better job your employer will likely contribute or even match your savings each year if you are lucky.
Save money right now, but don't do it for retirement. Save up a nice down payment for a house. |
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