So, I want to begin saving money..

Nitrojan

Nitrojan

Nitrojan

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Ok, so I am 18 and I have managed to work myself up to landing a job as a Quantity Surveyor.. somehow haha. I have been thinking lately that I want to do the sensible thing and begin saving money each month from my wages instead of doing what most young people do and either splash it on impulse buys, pee it up the wall or just spend spend spend on unecessary stuff.

I'm not saying I would be putting much into the savings account each month as to be honest, I am still on a student/trainee wage but something like £400-£500 would be reasonable per calendar month.

I was just wondering if anyone could maybe give me a bit of advice - what would be the best thing for me to do? Hopefully in the future, I aim to save enough money to move into property development as a hobby in addition to my current job in order to make a bit more cash but as I said - that's way off yet.. I need to become qualified in my current job first!

Some of my colleagues have told me to begin looking into ISA's or Hedge funds? Any ideas?

Just trying to do the sensible thing :D
 
I've been trying to do that - but I'm still on my apprentice wage and it's almost impossible :(

As soon as I'm fully qualified I plan on putting away a large chunk every month for a deposit on an apartment...
 
Captain_Slick said:
World's Most Boring Teenagers! brought to you by OcUK.
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You wont be saying that in a few years time when the savers are better off and have something to show for their efforts instead of a beer belly and moobs ;)

On a serious note.. it's sensible.. what's so bad about that? I'll still have money left over each month to do the things I want to do :)
 
Nitrojan said:
You wont be saying that in a few years time when the savers are better off and have something to show for their efforts instead of a beer belly and moobs ;)

On a serious note.. it's sensible.. what's so bad about that? I'll still have money left over each month to do the things I want to do :)
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I say go for it if you can!

I can't not go out with friends at the weekends - I'm enjoying myself too much :p

But once I'm fully qualified I'll have the money to save and enjoy myself :D
 
Nitrojan said:
On a serious note.. it's sensible.. what's so bad about that? I'll still have money left over each month to do the things I want to do :)
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It's because you're young. Yes saving is sensible (and you should be praised for even considering it) but you also need to enjoy life.

All work and no play makes Jack a dull boy.
 
Same as all investments, what risk are you willing to take with the money? Typically, the higher the risk the more you could potentially earn.

£400-500 a month sounds a decent amount and making sure you keep paying that will make you more than most investments over a short period of time. Set up a standing order to another account for the day after you get paid then you won't be tempted by it - treat it as another bill.

Property development sounds like you'd need enough money for a deposit plus some to do the work? Researching what you'll need to save will be the next step...
 
LordSplodge said:
It's because you're young. Yes saving is sensible (and you should be praised for even considering it) but you also need to enjoy life.

All work and no play makes Jack a dull boy.
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I agree but I will still have enough money left over to do the things I want to do so it's win-win :) I just wanted some advice on what to do with the money I want to save.
 
When I graduated and was still living at home, I saved around £1,200 a month whilst still having a very good life. It paid off as I could afford a house deposit (£20k) when I was 24.

I just put all of mine into ISA's.
 
alfalavala said:
Same as all investments, what risk are you willing to take with the money? Typically, the higher the risk the more you could potentially earn.

£400-500 a month sounds a decent amount and making sure you keep paying that will make you more than most investments over a short period of time. Set up a standing order to another account for the day after you get paid then you won't be tempted by it - treat it as another bill.

Property development sounds like you'd need enough money for a deposit plus some to do the work? Researching what you'll need to save will be the next step...
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Property development is just an idea.. it wont become do-able until at least 5-6 years of saving :p
 
Basher said:
When I graduated and was still living at home, I saved around £1,200 a month whilst still having a very good life. It paid off as I could afford a house deposit (£20k) when I was 24.

I just put all of mine into ISA's.
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This is exactly the sort of thing I hope to achieve. Ahhh ISA's..
 
That true Lord but at the same time I'm sure this young fella has put enough to one side to still enjoy life. That said, ISA's are a good way to invest money with low risk. Myself and my partner both have ISA's and they've worked well for us. You are limited by the amount you can pay into them over a given amount of time though.

Hedge funds I have no idea about but to me they sound risky from what my friends have told me...some of which are hedge fund managers and they would appear to make as much as a loss as they do a claim....personally I'd stay away.

What else does that leave you? Well, I don't know. I think if you're capable of saving £400-500 a month (and to be able to afford a nice enjoyable lifestyle too) then your best bet is to seek advise from a commision free financial advisor rather than an internet forum.
 
Nitrojan said:
Some of my colleagues have told me to begin looking into ISA's or Hedge funds? Any ideas?
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Get an ISA to start with, it's the best investment you can start with for the amount of money you can save per month. Then read up on other possible investments and make your choices once you have a sizeable lump sum to make it worthwhile investing it.

As for hedge funds ?!!? What??! you can't invest in a hedge fund directly in your position. What exactly were your colleagues referring to?
 
Vintage_Geek said:
Hedge funds I have no idea about but to me they sound risky from what my friends have told me...some of which are hedge fund managers and they would appear to make as much as a loss as they do a claim....personally I'd stay away.
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You have friends who are hedge fund managers :eek: :eek: :eek: Can you get me a job there ???!???
 
Marky said:
Says the one that lists "Model Railways" as one of their interests :p

FACE! :p
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Model railways aren't boring. Most grown men would secretively love to spend thousands of pounds building a massive layout. Add in some real steam O gauge engines and it's even better.

Nitrojan said:
You wont be saying that in a few years time when the savers are better off and have something to show for their efforts instead of a beer belly and moobs ;)

On a serious note.. it's sensible.. what's so bad about that? I'll still have money left over each month to do the things I want to do :)
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Surely the savers are more likely to have beer bellies and moobs since they're the ones staying in every night eating pot noodles for every meal?

I was calling you boring for posting on the internet asking for help with saving money at 18, not for saving money in general anyway.

I'm 19 and my ISA is full to the brim. I'm also a shareholder in the company that I work for (which have actually almost tripled in value since I got them). My advice to you is to go to whatever bank you're with and have a chat. They love using money to make more money.
 
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