Help an unsure 17 year old.

king156

Hi all first post here.
So I turned 17 just this December and now that's its the new year I thought it would be a good idea to set myself a new years target. I am aiming to save £10,000 by 2016! So I have currently managed to save £1k into my NatWest current account from selling on ebay. I will keep running my ebay business which brings In around £50 a week. An I have a job which I work 3 days a week bringing in £90 a week. That's £140 a week im bringing in. I live at home and don't pay rent so all that money is simply being saved and current have £1k saved from ebaying.
So really I just need ideas as to how to reach this goal and how much I would need to deposit each month to reach it. Should I open a high interest savings account?
Thanks in advance.

Savingdad

As I see it if you want £10,000 by December 31 2016 and you have 1k now you need to add 9,000 in 12 months, that's £750 a month, £173 a week or just underv£25 a day.
If your already getting £140 a week that you can save its not to much more you need to find to make your goal.

king156

Thanks for your help. Would it be wise to open a savings account do you think?

Al1x

king156 wrote: »

Thanks for your help. Would it be wise to open a savings account do you think?

Yes you should. Santander have a savings account for people up to 18 called the 123 mini account. You can get 3% interest on balances over £300. I can't remember if there is a maximum amount you can have in the account that earns interest. Might be worth looking and comparing several accounts.

fragmented

Have you already got a bank account for your ebay business ? It will make your accounts/tax easier to manage.

king156

Al1x wrote: »

Yes you should. Santander have a savings account for people up to 18 called the 123 mini account. You can get 3% interest on balances over £300. I can't remember if there is a maximum amount you can have in the account that earns interest. Might be worth looking and comparing several accounts.

Will do ill check around see whats out there.

king156

Quick question how do I view my posts I cant seem to find it. I have to actually manually find it in the forum surely that's not the only way is it?

king156

Hi no I just keep all my money from ebay in paypal. And I don't turn over enough yet to pay tax.

soolin

king156 wrote: »

Hi no I just keep all my money from ebay in paypal. And I don't turn over enough yet to pay tax.

Even if you are below the tax threshold you will need to declare your earnings to HMRC- and of course you will need to be using a business eBay account.

asajj

king156 wrote: »

Quick question how do I view my posts I cant seem to find it. I have to actually manually find it in the forum surely that's not the only way is it?

Click on your name and choose "find all posts by king156"

There are number of threads asking similar question you do - so i advise you to look at the forum first as people sometimes get tired to answer similar questions :P

For Ebay - if you regularly sell stuff, you might get in trouble for not having a business account and registering with HMRC.

For Savings accounts - yes you should. First you can earn interest, second personally I don't trust to leave all my money on Paypal for a long period of time.

XXSCOTSLASSXX

king156 wrote: »

So I have currently managed to save £1k into my NatWest current account from selling on ebay.


Hi no I just keep all my money from ebay in paypal.

confused by that answer......

Is this someone elses paypal account or your own?? Just Paypal t&c's state .... 2.1 Eligibility. To be eligible for our Services, you must (iii) if you are an individual, be at least 18 years old.

If it is someone elses account I would advise to move the money asap...and wait till your 18 to sign up for your own account..... there may be tax implications for that person if you continue to use it.