Quick question !

Bunii_Hugz

Hey everyone I've got a quick question just looking for your personal opinion ... I am 20 years old, have a full time job, a single mum to one dependant and I am hoping one day to own my own home [mortgaged obviously]

... what do you think would be a 'good' amount for a 20 year old to have saved by now ? Thanx

DiggerUK

Bunii_Hugz wrote: »

..... I am 20 years old, have a full time job, a single mum to one dependant and I am hoping one day to own my own home..... what do you think would be a 'good' amount for a 20 year old to have saved by now....

B()gger all is the honest answer.

Having said that, it is not an issue you should avoid.
Slow and steady, sensible and moderate is the wisest advice I can give you.

Here are two areas for you to consider.
Premium Bonds, can be put by in £100 blocks, sod all interest but instant access if you need it. And who knows!!!
National Savings Index Linked Saving Certificates, also need to be put by in £100 blocks, and need to be kept for a minimum of one year to benefit. Can be kept for five years plus. Perfect for long term.

If you have any gold don't sell it, hang on to it, going higher in the long term. I love the stuff.
But that is just my opinion, and best ignored. ( I'm bonkers!!)

To build up short term resources to finance above suggestions, go for best rate instant access Cash ISA.
Best of fortune.
..._

JoeCrystal

The amount does not matter, only the distance to the goal you are hoping for matters.

But it is often quoted that you should have emergency fund of at least six to twelve months of expenses just in case of unemployment and other emergencies. That is good start as any.

Another thing to consider which is important is retirement provision, pension. I know that it is very far off and you got commitments as well, but it is something you have to consider as well.

Cheers

Joe

Sambuka

Strange question OP, not sure you should care how much others your age have in their pockets, the world is very diverse...

I'm 22 and have about £7,000 to my name, It's taken me a year and a half to get to this amount and I think that's crap but then again there are 40 year old's that are in the minuses so maybe it's not too shabby, then again, some 20 year old's are self made multi millionaires...

Meh, life eh. :rotfl:

Marco12452

You have to take your current lifestyle into account. You are only 20 and have a dependant, so expecting to have some security behind you is not really applicable at this stage in tour life as you would have many outgoings on supporting your child.
As mentioned previously figure out what you want, when you would like to achieve it and how much you eill likely need at that point in time (will be more than todays equivalent due to inflation and market values).
Then decide if you have any disposable income and how much of that you can afford to save.
From that point research the options for saving or investing to meet the target amount at the target time. This will depend on the amount you can invest and the risk you are willing to take.