Hello! I am 17 with two casual jobs, I am saving for a car but each fortnight when I get my pay slip I always debate on how much to put in to my savings. My only "need" is gym fortnightly which is $45. anyone know any good percentages i have: car, general savings, and spending.
also for my birthday I am going on a little staycation where I want to shop and also go out, how do you think I should approach this? as in make a savers for it or no? if i do make a saver how much do I put in yknow?
also any recommendations for financial advice books for anything?
Teenager saving for a car but also everything
byu/Salt-Tour-6497 inpersonalfinance
Posted by Salt-Tour-6497
6 Comments
Budgeting: https://www.reddit.com/r/personalfinance/wiki/budgeting
$90/month for a gym?
A simple split might help: savings for your car first then a small portion for spending and a separate fund for short term things like your staycation. Consistency matters more than perfect percentages at your age.
Are you planning to buy a car at 18?
As I’m assuming you don’t pay any rent I suggest to save 80% towards the car, 10% going out and 10% additional savings.
There is no secret here. Spend less than you earn. Part of being an adult is prioritizing expenses and deciding what’s more important. If your overpriced gym and staycation are more important to you than a car, then by all means, spend money on those. Just know it will delay your car purchase.
A simple way to keep it consistent is to split your pay into something like 50% car, 30% general savings, 20% spending, then treat your birthday trip as its own mini fund you top up weekly so you can enjoy it without dipping into your main savings.