what is a good amount of money to be saving how much do you save

dave0000

hi i am young and i dont earn much money so all i can save is £30.00 pound a week is this a good amount to be saving and how much do you save ow and im saving to open a business one that dont take alot of money to start up any type of business about how much money will i need and how long would it take to save it up

GucciMane

I think you are too young yet to worry about this stuff. Spend it on something you want and have fun!

staffie1

There is not a 'right' amount to save - you just save as much as you can afford to, with a plan to budget your spending so that you can progressively increase your savings.

In terms of how much you need to have to start a business, well I think you need to have a clear idea of what kind of business you want to start, then do some research into how much money you need, etc, and get some professional advice about that.

JoeCrystal

Well, basically, 'Saving' for lot of people are making sure that their incomes are less than their expenses. But if you save thirty quids a week, you will get in a year, £1560.

I managed to make good saving by living an utterly frugal existence with minimum wage but it is with an aim for financial independence.

Nevertheless, do you have any debts you need to pay? Do you have an emergency fund enough for six months' expenses? Or maybe that £30 a week is a nice start.

Lokolo

You say young... how young...?

adambro

GucciMane wrote: »

I think you are too young yet to worry about this stuff. Spend it on something you want and have fun!

I must say that is a completely ridiculous suggestion. Saving is an excellent idea for people of any age and limiting your spending shouldn't have to limit the fun you can have, you should have to become smarter so you can get more value for your money. Getting into a saving mentality is particularly important for younger people as it will get them into good habits and proper money sense is essential if the OP wants to run a successful business.

I'm sure we all wish dave0000 the best of luck in starting his own business. He has realised that to do so he will need some initial capital and so it is daft to try to suggest he shouldn't be trying to save when quite clearly he recognises he needs to.

I would agree however with JoeCrystal's suggestion that a good starting point for savings is an emergency fund sufficient to cover a few months expenses should something unfortunate happen.

G_M

I think you are too young yet to worry about this stuff.

OP does not say how young he/she is. And saving is a good habit at any age!

business about how much money will i need

If you are serious about a business, you'll need a business plan. This will help you work out how much you need and what you need to do to get started. Here's a couple of links to Plans. Businesslink and Barclays.

How much to save? As much as you can without becoming a hermit!

john_s_2

Not sure how old the OP is but when I did paperound I got £4 a week. I saved a quid of this. Then I started smoking... I used to put a button in my piggy bank for every pound that I raided out of my savings (I put it in the post office when it got to a tenner), the idea being that I'd replace the button with a pound note next time I got paid.

One day I realised I just had a piggy bank with buttons in :-(

It took me a long time to earn enough to afford to save AND smoke!

Moral of story... don't start smoking. And I agree it's a good idea to put some by for saving. But don't force yourself to live like a hermit either. It's all about balance.

Save up for medium term things like (again not sure how old OP is) computer games, latest trainers, MP3 players. It's great to be able to just walk into a shop and buy these sort of things without having to borrow the money from somewhere or do without. And if you have the money in savings you can buy them when you see them on sale. Good habit to get into.

My motto is "If you can afford to pay off a loan then you could have afforded to save up for it in the first place." (It's not very catchy.)