How much should I have saved by 25 and when I am 28

vaporate

scott_lithgows wrote: »

You should save £0 by age 25 as you should have spent it all on holidays and enjoying your youth!(perhaps £1k for a rainy day)
By age 28 you should have your own place but have no more than 6k as it affects your benefits if you start a family.

Exactly. I only have around 1k but then I had no parental help what so ever with university. Went away every summer for 3 months during uni breaks to America, Czech republic, Poland ect.

I rather live thanks. No point in being the richest corpse in the graveyard.

Moreover, I would never buy a house, not that I could afford to, in this day of age. Totally too expensive and so not worth it. Not unless you want to give it to your kiddies when you are dead maybe? lol

malik999

All of these types of threads are subjective. There are so many personal/ndividual variables they make no sense. It depends on how much you earn and your personal circumstances. Reading the information in the OP though I genuinely feel quite sorry for him in some respects. 14k per year and asking how much he should be saving?. 14k per year at that age I would have expected zero savings and alot of debt.

mitchaa

redpin wrote: »

im a bit on the extreme scale
aged 20, living with my parents rent/bill free. im saving £250 out of £305 pw, and have accumulated £18.4k since starting work late 2008. which leaves me with £50 i spend on driving lessons, haircut, breakfast at work and travel. im trying to save as much money as i can to reach my goal of 100k as soon as i can; preferebly by time im aged 26.
for occasions like xmas and birthdays aswell as nights outs, im usually able to get overtime to pay for it so i dont have to eat into my £250pw savings
once i've reached that target i'll start spending my money, and let the interest from the savings top it up

You may never reach the age of 26 though so what's the point?

So you'll get to £100k and then spend it? What's the point in that? As soon as you spend a £1 of it, you will no longer have that £100k that you are craving for. £1 turns into £10, £10 turns into £100 and £100 turns into £1000.

Interest on £100,000 minus tax will be peanuts if you are wanting it as an income provider.

£50pw on driving lessons, haircuts, travel and breakfast? A double driving lesson once per week is going to cost you £50, never mind, travel, haircuts, and breakfast added on top. When you have passed your test, and get yourself a car, that £50pw will easily turn into £150pw when you factor in car costs, fuel, insurance, tax, MOT and servicings.

I am also in the ''dont be miserable, you only live once camp''

Save when you have your life sorted by all means, but at 20, you should be out every weekend, sha*ging everything that moves before 1 day, its too late and you wondered why on earth you lived such a frugal life.

I would feel a little embarrassed if I were you, not contributing to the household. You seem to be almost proud that someone else feeds and keeps you for free?:think: Where's your self pride?

Whatever floats your boat though, we are all different.

Lokolo

mitchaa wrote: »

You may never reach the age of 26 though so what's the point?

So you'll get to £100k and then spend it? What's the point in that? As soon as you spend a £1 of it, you will no longer have that £100k that you are craving to do.

Interest on £100,000 minus tax will be peanuts if you are wanting it as an income provider.

£50pw on driving lessons, haircuts, travel and breakfast?

A double driving lesson once per week is going to cost you £50, never mind, travel, haircuts, and breakfast added on top. When you have passed your test, and get yourself a car, that £50pw will easily turn into £150pw when you factor in car costs, fuel, insurance, tax, MOT and servicings.

I am also in the ''dont be miserable, you only live once camp''

Save when you have your life sorted by all means, but at 20, you should be out every weekend, sha*ging everything that moves before 1 day, its too late and you wondered why on earth you lived such a frugal life.

I would feel a little embarrassed if I were you, not contributing to the household. You seem to be almost proud that someone else feeds and keeps you for free?:think:

Whatever floats your boat though, we are all different.

Talk about scrouge.

I'd rather be a compulsive saver than having to go to the debt free wannabe board in 5 years trying to clamp down on my thousands and thousands of debt, having to live very frugale when I have kids and a wife to look after.

Life's easy when you're young, save up for when life's tough.

Plus you'll never get things like this is you live for the moment:



OM NOM NOM NOM

Absinthe_Fairy

I think I fall into the middle here.

I think it's important to have fun, especially when you're young, but I don't think it's a good idea to get into debt. I'll turn 25 this year and I only have about £1000 saved (which will probably go on a flat deposit and first month's rent when I move out of uni halls) but any money I saved prior to this was put towards my MA. As it happened I got funding towards my course so I've been on holiday this year and I'm going again in March - I could have just saved the money, but I was expecting to be £1000s in debt with a Career Development Loan at this time, so I just see the money as a bonus! If I had been in debt I wouldn't have gone on holiday, mind.

When I start full-time work I'll think about saving properly.

Infidel

I should never have left home. I've managed to save nothing at all. I have no choice but to "Live for the moment".

Should this bird return to the nest? :think: Answers on a postcard, thanks.

vaporate

Great reading. Thanks guys.