How much should a 21 year old save

JJB_

Hello guys

I was just wondering how much you guys had saved when you were 21.

I'm in a bit of a dead end job with no signs of promotion in the near future earning 14k a year and managed to save 6k.

3k of it went on a new car, so left me with just over 3k.

I personally think I should have saved a lot more

How about you guys?

markwilkinson

When I was 21 I had next to zero savings other than a pension. I was too busy drinking and chasing skirt.

So, I suppose you could congratulate yourself, for having built up some savings. My priorities were rather different at that age though :beer:

SliAbhaile

Not bad going at all. When I was 21 every penny of it went on rent and food (and booze). I couldn't afford my first car until many years later.

It's great to think about saving early in life but don't stress, you are probably already £3,000 better off than most of the population.

JJB_

Yeah, I think I may look back and regret worrying about saving, and not going out doing things

Clockwatchersaver

I am 21 years old and I have £18,000.00 saved is that below average?

Zekko

I would say you are doing fine considering your income.

Clockwatchersaver wrote: »

I am 21 years old and I have £18,000.00 saved is that below average?

Oh dear, not again. :wave:

JJB_

:rotfl:Hahaha

Stubod

I have always planned to save 10% of my gross income, and to see that in turn earn an average of 5% per year up to a retirment age of 65........worked so far...and 55 this year....

grey_gym_sock

i am bill gates. is that below average?

jimjames

I think you're doing very well. I know of other people in your situation and similar income who have absolutely no savings despite their surplus income and living at home prior to renting.

If, for example, you know you are going to be spending £700pm on rent in the next 6 months that would seem to be a reasonable amount to be able to save each month if you are at home not paying rent. The person I know ended up moving in after 6 months with no savings to their name.

To be able to buy a car for cash is something that not many 21 year olds (or that many of the general population) would do so it is a pretty good achievement already.

JJB_

This is great encouragement

Thanks all, spurring me too carry on.

I like to budget but it never seem to end up that way