17 year old wants to save

mcbean2011

hi guys, im 17, full time job, earning 8k at the moment, but this is going upto 24k in august. woop.

ive got some savings going into santander 1st home savers account each month but should i be doing much else. its at 3.5 K at the moment. also have a small childs trust find when i reach 21 so that is a small help.

This next few months will be tight as i have my car insurance renewal which will be probaly £1500. im just going to pay this monthly as i can afford it and the £700 i had saved for it what should i do.

Put it into a isa or drip feed it into a regular saver?

Also when i get paid, the usual phone bill, gym bill rent etc gets taken off, i need £200 a month for fuel and my savings, but i always find money to bet on football which is so bad. i always seem to scrape through after loosing the money,

should i therfor take extra savings out of my account so i have no money to gamble but to make me through the month, like partying and going out etc.?

Any advise or any tips for a young one like me is appreciated.

thanks

pararct

An ISA will have additional tax advantages particularly if you are earning £24k. You will not pay tax on the interest earned although there is a limit on how much you can invest in any one year.

Scour the market for the right one though it probably won't be at Santander....

Oh and get rid of the betting habit.....

1. You are not old enough to be doing it now legally....

2. These things have a habit of creeping up on you and taking over your life....

BitterAndTwisted

You're young. You should be finding time to have a load of fun before the time comes when you have to have different priorities. Save some, spend some and have some decent holidays while you can.

Put that £700 into some instant-access savings so you've got something for the unexpected. The rest should be stashed away in an account where you have to give three month's notice.

pawlala

If you're going to bet then do it the matched betting way, after all you've made it to MSE so you can't not look into it....!

mcbean2011

i do have loads of fun etc, go out and party woop . but from today im stopped betting and all. trying to save for the upcoming months cause it will be hard before i go onto the big wage.

will be worth it though. will start a sig or suming when im earning the big money

PasturesNew

What job do you do? I could do that.
£24k's a fortune imho; I need to change jobs, what do you do?

I do hope it's not something hard/manual as I can't do that

PasturesNew

OK, the OP PM'd me - and it's not a job I can do.

Male stripper's really not my thing
And the 18 rule is when he can do the full monty.

So, it's back to the drawing board for me then.

Cheers for the PM mcbean

mcbean2011

pastures new your funny. im sure im saving money just thinking about mse.

keep savings guys

FATBALLZ

Don't believe ISAs are the panacea of saving, I've got about £13k in them all earning about 2% interest, they're a bit crap to be honest, I would take the money out but plan to spend it on a house soon so no point moving it. The banks seem to take the tax free element as profit for themselves by lowering the interest rates. The money I am earning the best interest rates on at the moment are my NS&I index linked bond (about 5.5% tax free atm) and my HSBC regular saver (8%, although you need to pay for an 'advance' account to get this rate). Check out all the interest rates first before you put money anywhere, don't just assume ISAs are the best so dump your money in one with a pants interest rate.

Depending on how long a period you're saving for you may be better off with a stocks and shares ISA, although don't know if you need to be 18 to open one.

diable

don't get a girlfriend thats MSE

slummymummyof3

diable wrote: »

don't get a girlfriend thats MSE

Ooooh how synical!