Advice to a 19yo?

guitarman001

Thought I'd be doing a bit better now after 5 years into engineering. Still at home aged 27 saving £1k a month if I'm LUCKY! Just downed out about the whole thing.

jimjames

shaneshaneshane wrote: »

But then to save 1k a month if your living at home isn't too challenging providing your working...

you will find the majority fit into that bracket.. there are exceptions though!

Even working its still pretty hard I think. For many people the temptation to blow it all on new cars, eating out and clubbing means that they have very little left.

Well done to anyone who is able to save that sort of money for their future.

Lokolo

guitarman001 wrote: »

I'm constantly baffled by the 18-24 year olds who join up and say they're saving £1k+. Used to think I was doing ok but I can see now that I really am not.

I am "one of those", but I am 23, in a decent job, but I leave home at 7am, get back 7pm. I live with parents. I don't have a gf. I have almost 17k posts on an internet forum.

Money isn't everything

I do like to think myself as little bit cool though, I will go out and get completely trashed and people find me funny! I think you should do what you're good at, I am pretty good at saving money compared to a lot of my friends so I do that.

opinions4u

I left school at 18 and found work. My disposable income has never been higher. The "Living with parents and earning" period of life is one where there is a massive opportunity to build up some substantial savings. It will often never repeat.

I bought my first house at 22. The bills started coming in, but I was still solvent.

I married at 25 and inherited some kids and had two mortgages, including a negative equity property. Times were tough.

I did some breeding and we lost an income. Times got very, very tough. Good planning saw us through.

Years on, I can honestly say that I have never been better off .... than when I was aged between 18 and 22.

Amit92

Thanks for your opinions guys ...last year I lived in student accommodation cost me about £5k! Hence I have student debt to pay about £7.5k but forget that for now. I'm currently on a placement for a year or two hopefully within an Investment Bank, as I am planning to change degree.

My advice? Enjoy life while you're young because when you're 40 and have plenty of £ you can't really enjoy life as much even though you have the £.

To me? Life isn't all about money. I happily spend £100s on designer clothing, travelling and clubbing. Life is more about experience and the people you meet.

originalmiscellany

For what it's worth, I'd get a credit card and use it for simple purchases where you repay in full every month by standing order, thus building up your credit score as a reliable user of CC's. In years time that'll be a huge help I can tell you.

StevieJ

I was going to say get out there and enjoy yourself but you seem to have all angles covered :beer:

Amit92

StevieJ wrote: »

I was going to say get out there and enjoy yourself but you seem to have all angles covered :beer:

Haha thanks, though partying/clubbing on a monthly basis costs me about £150-200! Adds up over the year! Though I need to enjoy life whilst at a tender age.

atush

I would echo, but say instead 21-24 as I went into higher education.

I stayed at home for a year after, but as I had a student loan for only one year of 4 (my parents paid for 3 years) I did pay them from age 18, a weekly payment for room and baord which was higher but cheaper than rent and food. So I did have xtra funds that I di not have later in life. I wish I could say I saved them for a rainy day. But instead, I paid off a car and student loans with it. At least I didn't go into debt lol.