Managing money as a teen.

Zephyz

Zephyz

Zephyz

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Joined
24 Dec 2011
Posts
125
Hey, I'm 17. To older people, if you were my age again, how would you have managed your finance? I would like to maximize any potential I have to manage money. I have an ISA so far with around £1600 at 2.6% intrest. So what's your tip for younger people? Especially when it comes with housing. (Sorry it's hard to explain, so the question may not be worded properly.
 
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Impossible to say really without knowing your situation. Are you employed? Student?

Most people would say save, save and save some more. But this is not much use if you aren't earning much, you'd be better off spending your money and having some fun, and worrying about saving for a house when you start earning.

Stay with your parents for as long as you can though. Living in the real world is expensive.

Good job on saving £1,600 though, that's a nice saving for a 17 year old.
 
Woah, stop right there! Why are you saving for a house at 17?! Go out and buy cocaine and hookers.
 
yhack said:
Woah, stop right there! Why are you saving for a house at 17?! Go out and buy cocaine and hookers.
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Nah, not saving a house, just managing finance as I wanna be prepared later on in life.

Craigus said:
Impossible to say really without knowing your situation. Are you employed? Student?

Most people would say save, save and save some more. But this is not much use if you aren't earning much, you'd be better off spending your money and having some fun, and worrying about saving for a house when you start earning.

Stay with your parents for as long as you can though. Living in the real world is expensive.

Good job on saving £1,600 though, that's a nice saving for a 17 year old.
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Student, I hope to get a summer job. I plan to move out of the house between 19-23.
 
Mr-White said:
tbh I wish i'd just spunked mine up the wall and had a good time while I could.

MW
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Yet some people did that and wish they thought like the OP.

OP a bit of advice, make your own path, think of your own thoughts, design your own world.

Never listen to other people if they tell you what to do but always accept advice and be prepared to change as it suits you.
 
Zephyz said:
Nah, not saving a house, just managing finance as I wanna be prepared later on in life.


Student, I hope to get a summer job. I plan to move out of the house between 19-23.
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Spend some of it and enjoy your younger years!

If you are a uni student then move out when you finish uni (technically you will have officially moved out before then). If not then you could always move out now and see how you find it! Move to a uni city and you can find cheap accommodation!
 
Have a good lifestyle, save what you can, don't blow it on stupid things. I've got savings of over £6k (on top of inheretance) earnt since I was 16. Now 21 and have been able to add over £2k to my savings during my first year and summer at uni and living a great lifestyle (4 nights out a week at points, decent proper food and nice clothes, etc). Should be able to add another 4k to that by next summer and have a £3000 paying internship lined up for 8 weeks next year.

I plan my finances in a spreadsheet and update it every other evening or so, takes about 10 mins but keeps me entirely in check and has enabled me to save a lot.

That said, I was working 60 hour weeks during the summer and during my gap year I was doing full time retail for the majority of it. I also run a non studenty car (MX5), have a good phone contract and am not at all devoid of luxuary. I put it down to simply not spunking money up the wall on pointless things.

I simply do not understand how most students are poor; I think I honestly have the most disposable income I'll probably have for a long while.
 
although im not that much older than you. i would have fun with some of the money its best to enjoy it while you have it, yeah its good to save for learning to drive and stuff (assuming you dont already) dont get me wrong!

although i currently earn nothing (volunteer until full time employment in 2 weeks)
the money i have had i can say i enjoyed spending it even though when i was earning i wasnt earning a lot, its good to enjoy it like the occasional weekend out with friends or new games etc...

although now i do wish i had saved more, i dont regret spending my money on the things i have :) even though i have brought some stupid things in my time :)
 
Just enjoy it, plenty of time to save when you hit your 20's. I used to buy what I wanted, go where I wanted, just live it up and enjoy having no responsibilities or bills.

Before you know it'll you'll be in your own place settled with a child, trust me. :p

Life is far to short to care about finances at that age.
 
Hxc said:
Have a good lifestyle, save what you can, don't blow it on stupid things. I've got savings of over £6k (on top of inheretance) earnt since I was 16. Now 21 and have been able to add over £2k to my savings during my first year and summer at uni and living a great lifestyle (4 nights out a week at points, decent proper food and nice clothes, etc). Should be able to add another 4k to that by next summer and have a £3000 paying internship lined up for 8 weeks next year.

I plan my finances in a spreadsheet and update it every other evening or so, takes about 10 mins but keeps me entirely in check and has enabled me to save a lot.

That said, I was working 60 hour weeks during the summer and during my gap year I was doing full time retail for the majority of it. I also run a non studenty car (MX5), have a good phone contract and am not at all devoid of luxuary. I put it down to simply not spunking money up the wall on pointless things.

I simply do not understand how most students are poor; I think I honestly have the most disposable income I'll probably have for a long while.
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kegz665 said:
although im not that much older than you. i would have fun with some of the money its best to enjoy it while you have it, yeah its good to save for learning to drive and stuff (assuming you dont already) dont get me wrong!

although i currently earn nothing (volunteer until full time employment in 2 weeks)
the money i have had i can say i enjoyed spending it even though when i was earning i wasnt earning a lot, its good to enjoy it like the occasional weekend out with friends or new games etc...

although now i do wish i had saved more, i dont regret spending my money on the things i have :) even though i have brought some stupid things in my time :)
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Thanks for the insights, maybe I'm probably overreacting. I think I'll just keep doing what I do now whilst spending it on things that I want.

Whilst the thread is here, any members want to post anything wise such as life lessons or something they wished they did so us younger members can do. Something you regret not doing when you were my age.
 
I wish I saw more of the world, i'm quite restricted in that sense now with a family.

Would have loved to have done a snowboarding season/just travelled around meeting new people and cultures.
 
As you are young, your outgoings are generally low because you will not have to commitments you will later on (large purchases, children etc).

I don't think you should be too concerned about saving at your age, but it's something to get in mind when you are settled in a career.
 
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Zephyz said:
Thanks for the insights, maybe I'm probably overreacting. I think I'll just keep doing what I do now whilst spending it on things that I want.
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yeah id just do what you do now :) enjoy bits of it.

youll look back in later life and wish youd enjoyed some of it!

i mean yeh houses and cars are sensible but they arent as cool as star wars edition xbox 360's like i brought! haha

Just enjoy your younger years :)
 
TRAVEL TRAVEL TRAVEL!

Keep saving, then travel the entire world! Get drunk, do crazy things, get a piercing, get a tattoo, sleep with women from all over the world, get drunk!

Do it by yourself too, most humbling and character building experience you can do imo!
 
Megahurtz400 said:
TRAVEL TRAVEL TRAVEL!

Keep saving, then travel the entire world! Get drunk, do crazy things, get a piercing, get a tattoo, sleep with women from all over the world, get drunk!

Do it by yourself too, most humbling and character building experience you can do imo!
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Pretty much this.

I've spent the last 3 years saving and it really hasn't been fun. About to blow it all on travelling :)
 
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