Question by Jessica: I am 15 years old and I want to start saving my money now for a house, car, etc. Any tips?
I am only 15 and getting a job soon, so I thought I should start saving up my money now. Nobody wants to be poor when they’re older right?
What should I start doing now? When I get a job I want to take half of every paycheck I get and put it in a bank account or something?
Any tips?
Best answer:
Answer by Lola
very smart idea. also what i did was pay in cash for everything and put all coins i got back in a big jar and never touched it. you will save so much unexpectedly by doing this.
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When you make a purchase, think, “do I really need this?” If you don’t really need what you are purchasing, then don’t buy it. Always put back at least 20 – 25% of each check. When you are 15, you don’t absolutely have to have anything but food, basic clothing, & shelter; so save now and benefit from it later.
saving money is the first, then is the way to get more money, i.e. try to work to earn more money, that’s the key point.
I started saving for this stuff around 15 too. What I did was put away a certain amount of money every time I got it. When you get a job, set up two accounts. One for off-limits and one for your use. If you get direct deposit you should be able to set it up so that you can send a certain amount of money to two or more accounts. Set it up for say 80% (or less) of your money in your everyday account and then add on another bank account and have them automatically set it up for 20% (or more) depending how much you want sent to your everyday account. This way you don’t see it, it does not get in your hands and you can’t spend it. Do this immediately, so that you do not get use to having this “extra” money. Talk to Human Resources at your place of work and they will know what you are talking about by splitting up your check between two or more accounts.
At 15, you should haven’t very many expenses in your life. How much you save is really going to depend on how much you make. 50% should be the minimum, especially if you are working more than 15 hours a week. $ 100/month should be PLENTY for luxury items (new clothes, cheap make-up, movie tickets, concert tickets).
So, I would save everything except $ 100/month if you have no expenses. Go with your parents and open a savings account at a local bank and deposit your money each paycheck in there.
I see NO reason to set up two direct deposits. Your bank should be able to set up recurring transfers if you want to open a checking account/debit account as well. You should be able to tell the bank to automatically transfer $ 100 each month to the checking/debit account.