Child with a job- how much should I save??

heathermarie

I have a part time job aged 16 & I want to put a portion of my wages into my ISA each month, what do you think is a good portion to put in (I earn about £70 a month). 

eskbanker

There's no right or wrong answer to that, but much depends on what you want to do with the money - many at that age would spend it all, whereas others may have something specific in mind, such as saving for a gadget/car/holiday/event/guitar or for further education, and others still would be keen to minimise spending and start building up for the longer term, such as a deposit on a property, so somewhere between 0% and 100% should fit your aspirations!

IvanOpinion

Well done heathermarie.  When I was your age my parents told me 1/3rd for necessary spending (clothes food etc.), 1/3rd for enjoyment spending (holidays, luxuries etc.) and 1/3rd for saving. Good luck.

Bravepants

I wouldn't bother with an ISA, just open an instant access savings account and use that. I agree with IvanOpinion's scheme above, that sounds the way to go. However, I don't think the amount you save each month is as important as actually developing the saving habit! So well done on starting early.

Zanderman

Don't limit yourself to an ISA, unless you have one with exceptionally good interest (which you might if it's a junior ISA).

There's usually better (though don't get too excited, nothing's very good interest-wise at present) interest rates in ordinary savings accounts these days and an ISA is only a tax wrapper - and you'd not, at present, be paying tax anyway.

cattie

Hats off to you heathermarie & how good it made me feel to read your post, seeing as so many younger people don't think about savings these days.

My father taught me the importance of saving when I was young & I always encouraged my son to save when he got himself a weekend job. I can still remember all these years later how good it felt when my savings had reached the grand sum of £100!  

I think as long as you try to pick an account that gives you the best return for your money & not leave yourself short of spending money, you'll be fine. Keep your eye on interest rates & when they hopefully start to increase, move your savings to better paying account. 

kinger101

An ISA wrapper isn't needed, as you shouldn't be paying any tax on < £1K interest.  So just look for the best interest rate available to you.  Having said that, NS&I are offering 3.25% on their junior ISA if you can lock it away until you're 18.
https://www.nsandi.com/junior-isa

Echo 100% what BP said about saving being a great habit to get into.  Too many people who never got into that habit wondering why they're still renting in their 30s and 40s.

Ceme3000

I remember as a youngster my gran always saying "spend a little, save a little, and if you want something save up for it, don't have it on the never never" 

As a result the only loan I have ever had was for a mortgage, when I wanted a newish car I rode around on an old moped for 5 years while I saved up for one.  Different attitudes and different times, but it was good advice.

Anyway, well done OP for wanting to save a little.