tjfinvestor
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You are off to a terrific start, here is a sweat budget for a 20 something all based on take home pay i.e., net pay. 60% for common living expenses e.g., rent, utilities, food, clothing, transportation, 15% short-term savings or debt reduction, 15% long-term savings (retirement) and 10% mad money to spend on whatever you want. If you can do this, you will be wealthy by the time you 65 with at least 20 more years of life in you. |
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ξήĢŁĭŞĦ ŗǾşξ ©® ღஐღ
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thats a decent amount if your not leaving yourself skint all the time ..
it is good to save, but you have to experince life too |
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Philip H ©
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Stick in a ISA mate, make so the old Inland revenue cant take a slice |
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birchalltheaxehero
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Depends, if £450 was alot when you was 18 and you never had any money to enjoy your self, carry on putting £450 away because at least you have money to do stuff with. If you can afford to put more away and still have some left over for your self then I think you should save more. |
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dunrobin46
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Well done for being so self disciplined.
Yes £450 is good.
You might want to consider what percentage of your wage was £450 when you were 18 and trying to increase it so that you save the same percentage of your present wage.
The big advantage in what you are doing is that you are unlikely to get caught up in borrowing and credit.
Well done sir. |
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Sasha B
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a month! Yes at the age you are then yes, |
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kittyCat
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I think that's a great amount - I would love to be able to save that amount each month.. but unfortunately those pesky bills keep coming through the letterbox!! Save while you can!!! |
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billy mac
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its good to save and have a little money behind you but always remember you cant take it with you. |
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Max Power
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This depends on what your goal is for the future , i myself would be putting at least £150 of that into a pension scheme , £150 into a long term savings scheme and the balance in a ordinary savings account , when this account tops out £5000 , then transfer some into the long term |
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Jim
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Keep it up and do not touch it. Good job. |
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matured
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What are u saving for? Get out there and enjoy life, u could be dead tomorrow. |
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STEVEN F
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I would recommend 15% of your income put towards retirement. Without knowing your income, a specific amount is not valid. |
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Tweedles
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I wish I had been so considerate of my future at 18...kudos to you for being so thoughtful.
I would say that you should continue saving the £450, definitely enjoy yourself (your only young once) and save any surplus that is left at the end of the month. :) |
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taz c
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£450 a month is an excellent amount to be saving every month. If you've got enough, at least treat yourself to a holiday, or buy something nice for yourself. If you can guarantee you'll still be able to save that much in a few years, then keep half, or two thirds aside for the future, & spend the rest on yourself. |
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Lucky
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Oh my god £450 a month?? How on earth do you manage that? Please tell me you still live at home and have no mortgage/rent!
I earn a decent enough amount and I work in finance and think i'm doing well if I save £100 a month. I know it is a lot better than some people anyway!
Before I had a mortgage and was just renting, I saved about 15% of my salary a month and that was plenty for all I needed to buy somewhere including a bit of a deposit etc. That's the main thing I think to save for really.
It depends what you earn of course - I think if you can manage it about 10% of your salary is a pretty decent sensible amount to save. You should definitely live a little as well, you're only young once and trust me once you get on that slide into late twenties there won't be as much fun stuff to spend it on (the idea of going out clubbing 3, 4 or 5 times a week now terrifies me!).
Do you have a pension? It's worth putting some of your monthly savings into a pension scheme as early as you can as well as saving for your more immediate future. |
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Pakistani Chap
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Enjoy life and spend your cash! Money is just something you need incase you don't die tomorrow.... How many times have you heard about some wealthy person, who died and left behind millions to his pet dog geoffrey ..... you wouldn't wanna be one of those would you... Live each day like it's your last..... (and one day you'll be right) :) |
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