Money Saving For An 18 Year Old

lehoy7

Hi all,

Did originally post this on the 'Save 12k in 2014' thread and thought I should start a new thread by itself.

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I'm new to the MoneySavingExpert forum and felt like this may be a good place to post? If it isn't I would be grateful if someone could point me in the right way to a better thread

So basically I thought I would try this out for 2015. I have just passed my driving test and now is the time to save for a car and then insurance which is a crazy amount! I also want to save for going to America as I haven't been there and it's on my bucket list. My career aspirations is to become a makeup artist which I am self taught at, I would just love to do a course so there is that too. Also I am coming up to a point now where I know I can't really rely on others and have to save for myself.

I only have a job where I work one day a week and I know I need something else. I have just landed an xmas temp job working for M&S in december but after that I don't really have anything.

I am just trying to find the best options for me as I am finding it quite difficult to actually start saving decent amounts. I have a jar where if I put in £2 coins, I can reach over £1000. I am quite sensible with my money that I earn anyway, I never blow it all in one go like some people I know! I like to have a certain limit where I can't go below that and always keep an eye on what I'm spending.

I did write a little plan of action on my phone of the things I want to save for, how I am going to do this and then how I am going to get there. I just put something at the end like 'I should be blessed with the hours I am given to work, it's a constant reminder that it may not be ideal, it all adds up to what I want to achieve and with time & patience, I will get there.'

This is all very new to me as I've never had a savings account put in for me as a child and it just seems like I'm being thrown in at the deep end, I'll find my way somehow but If any of you have any tips, ideas, it would be truly appreciated!

Thanks

JohnnyJet

What is your situation with regards to accounts? Do you already have a bank account and/or a savings account?

Skittles26

The main thing you need to focus on is getting a stable income. Have you applied for any jobs in the cosmetics areas of department stores or boots to follow the make up artist line? Do you have any qualifications?

lehoy7

JohnnyJet wrote: »

What is your situation with regards to accounts? Do you already have a bank account and/or a savings account?

Hi I do have just a standard account with Natwest, I also have a cash ISA with them with nothing in yet :rotfl:

lehoy7

Skittles26 wrote: »

The main thing you need to focus on is getting a stable income. Have you applied for any jobs in the cosmetics areas of department stores or boots to follow the make up artist line? Do you have any qualifications?

Of course, that is exactly the aim I'm aiming towards. I want to provide for myself where money isn't an issue. I have applied for jobs to do with makeup, a lot of them are online applications so they can't really see you for who you are and have said no unfortunately I have had an interview with MAC though, that was quite a good experience

I unfortunately don't have a makeup qualification either. I would love to do a course to feel more confident and to present it as my own business one day but, I believe also if you have the talent, it will shine through and I can't say how much I've practised to get me to where I want to be.

Djene

When is was 18, only a few years ago, I was in much the same position, I just had my Clydesdale Bank Current Account, and had just left High School and into the big bad world of work. I managed to land my self a part time job soon after and was earning about £700 a month. For a year I never really done much apart from work and play video games. So inadvertently I ended up saving about £5,000 in a year.

So, I think your main focus should be getting a permanent job, whether its in your preferred area, or just something till you find that. I think the best time to save is when your young, like 18. As you don't have many bills to pay, no credit cards to get in debt with and as long as your sensible, which you do sound, its very possible to save a lot each month.

I would keep your set up with Natwest just now as you don't want to over complicate things just now. Keep your focus on saving when you have the job to do so, as you have to earn before you save. Perhaps when you get paid, transfer a sum to your savings account and leave yourself with spending limit for the month ahead.

When I was 19 I got my first car. Let me tell you, prepare yourself for money it will cost haha ! My first car was a 1.4 Honda Civic that I got for £1500, and it cost £2400 to insure it for a year. Driving at a young age is expensive, as insurance companies seem to hate us. But I love driving and cars so didn't mind spending the money. After a few years of being careful the price will drop.

xylophone

http://www.west-thames.ac.uk/en/courses/subject/makeup/

Do you need to think about a course like this?

ajdj

Well done for starting to think about saving. Whilst you are living at home and have few/no bills to pay think about setting yourself the challenge of saving a certain percentage of your take home pay. This is a good habit to get into now and think of it as paying yourself again when you get your payslip.

So, if you earn £500 'pay yourself' £250 straight into a savings account. You can alter the % to be whatever you think realistic and sustainable.

I can't emphasise enough how important it is to get started with your career ambitions now. If you want to be a make up artist then get yourself to the nearest college and take the course! You could also think about an evening course in business if you want to be self employed eventually so you have all the skills. It would also be worth contacting some local make up artists and asking to shadow them for a day to get some tips. I imagine there is more money to be made from bridal work than manning a counter in a department store. Think big and make it happen!