Saving

[ellen_16]

I am 16. I have a job at a local supermarket and I get �4.87 an hour I usually work 9 hours a week and get paid about �140 a month. I get �100 on the 1st of every month from my parents. I am a manic spender! I'll get a tenner here and a tenner there and it just disappears. I have a card and I can buy things in shops with it and I can get cash out and buy stuff on the interent but i need to stop! I want to buy a car in January so will hopefully have saved about �1000. How do I do this! I need self discipline!!

[CiderMonkey]

why don't you set up a seperate savings account and have a direct debit from your current account into this. you can put aside a certain amount each month, after you have been paid.

if you want �1000 by January you will need to save really hard and I don't think you earn enough to save that much up by then and have enough spending money unless you REALLY cut down.
Can you work full time in your holiday periods? That's what i used to do.

[shinkypink]

Hi Ellen
My boyf and I are in a similar position - although we are looking to save �10,000 for a deposit for a house!!
It seems like a tough target to reach; but if you set yourself a goal that you really want to achieve, it can be done.
Set youself a strict budget; and STICK TO IT!! Put your wages into a savings account, keeping out only what you have allowed yourself to spend (Say �20 a week).
The money soon mounts up; you just need to keep track of what you're spending, and not fritter money away on rubbish!

I also agree with what the last person said about working full time during the holidays - the money soon adds up.

~ Shinypink ~

[WendyS]

Never go out with surplus money in your purse. Take only what you need for emergencies. Throw away your credit card (what is a 16 year old doing in possession of a card anyway - this is another example of irresponsible behaviour by banks or credit oganisations surely?). Set up a standing order from your bank account to a savings account which takes out the money immediately it's paid in. That will force you to live economically for the rest of the month.

[wilsarnie]

WendyS - I think Ellen was saying she has a card that she can use in the shop. At her age I suspect that this will be a Solo or Electron - neither of which will allow credit or to spend money that isn't there!

[stevie21]

WendyS - it'd be illegal to dish out a credit card to someone under 18 : "*another* example of irresponsible behaviour" LOL.
I love it when people imply that the banks hold a gun to your head and make you spend money!

Anyway - the original advice is sound - open a savings account and have an automatic transfer in there on or after your payday. If the savings account doesn't have a cashcard (or if you destroy it) then that'll make it less easy to dip into and spend your savings.

[sue11]

i would suggest that the easiest way to do this is to get your parents to do the saving for you. Especially if they are dishing out money to you every month, then just ask them to hold some back to pay into a savings account for you! You need to get into a regular routine of saving money rather than spending money and it does get easier the more practice you have at saving rather than spending! Best of luck and hope you get that car in January!