How much should a normal 20yr old have saved?

[shanease134]

Just a curious question. I have never had a PROPER job just done a few bits there and now but always managed to save what I've made.

The question is, what should the normal 18-20yr old have saved with no parental help?

Not jealous, but you realise that's completely unrealistic for most 20year olds?

How much is his wage and what are his outgoings

So what’s your point?
Some 20 year olds have more money than others! Shocker!

20K at 20? That's shit. Most people save that in a summer job after GCSEs. I'd say the norm would be closer to 50k

@Mc2b

Not jealous, but you realise that's completely unrealistic for most 20year olds?

How much is his wage and what are his outgoings

I don't know his exact wage but roughly 20k I would imagine. His outgoings are meals out, alcohol in clubs, gucci clothes and fuel. Apart from that, nothing.

Do young people go wrong though?

Your saying you can easily save 20k by 20 with no financial support by relying heavily on your parents? So with sugnificant financial support then.

And with all due respect whats the point? Why would I want to work every opportunity and save every single penny at 18? Yes saving is of course important but equally at the age life is more about enjoying yourself, building your career, setting yourself up for the future. You need balance

Nothing - I was at Uni. I was lucky enough to buy my own house at 23 though so don't worry too much

I went through multiple student loans at university (in the days when tuition fees were free), had the time of my life and managed to live and pay off my loans in my early 20s. I don't regret for a moment spending my money rather than saving it.

Im 20, currently at uni and renting a house - i had a few thousand saved before being furloughed and then had to use my savings as an emergency, saying saving 20K by 20 is easy is not at all true, unless, like you say, you worked every single day but if you were to die tomorrow your money doesn't go with you - surely as a young adult you want to make memories too?

I don't know his exact wage but roughly 20k I would imagine. His outgoings are meals out, alcohol in clubs, gucci clothes and fuel. Apart from that, nothing
20 years old. Gucci clothes. Splurging in nightclubs and a new car bought outright on 20k? . Subsidised by parents or drug dealer

It is nice when OPs are honest, and don't keep changing the goal posts and reasons for threads.

If you want to understand spending better, then dig into the research on different spending and savings patterns by age - there are entire websites dedicated to that type of information. All people here can give you is personal experiences and links. If you want to know more about how people trust young people with money, then ask that. If you want to rant at us about having a different view of money, well, you've done that.

Not everyone who doesn't have 20k at 20 is 'terrible with money' because of a 'preference to waste their money at a young age'. If you want to dismiss a 'majority of young people' in that regard, that's up to you, but it's rather thinking the worst of people -- and I don't get asking a forum full of people of all ages about this.

Saying many can't do something isn't saying it's impossible for everyone. It's simply acknowledging the reality that many people can't just work those hours and constantly save as they have expenses required to continue existing. All the money I made as while in school, I used to eat and go to school, sometimes I had to do without the former to do the latter -- and that's while a parent was providing a roof over my head which yes, is parental support. Ignoring that is ridiculous, even when considering situations like mine where living away from parents with others was more financially stable for me than living with either of them.

Yes, I then made really expensive choices, but I don't consider immigrating or having kids a waste. Risky choices, certainly, but that's life, which is what I use money for and now significantly older than that, I'm financially comfortable even with a risky start.

I personally would not view what you said as 'the best life' as I have never desired to spent a lot of money in a club or on designer clothes or cars. It's not jealousy, I achieved the goals I had at that age - happily married, immigrated half way around the world, and quite content. Not everyone is financially driven, that doesn't make people 'wrong', just different.

Absolute bs is someone you know on 20k and already saved 30k + 15k on a car + 10k a year in clubswith no financial support.

Assuming they started at 18 theyve not even earnt the 65k that would cost them yet, let alone food/bills/rent. Abd we havent even started on their gucci habit

Stay in school kids

I actually miscalculated it would have cost them 75k

3 years of 200 a weekend on clubs 30k

30k savings

15k car

75k

20k a year even from 16 is only 80k and thats pre tax

He may not travel to work on a flying pig, but someone is telling porkies as those numbers don’t add up!

Me and my now-husband saved up about 10k together when I was 19 and him 20. We’d had a baby and desperately wanted to buy our own little house which we did.

We achieved it through both working and living at my parents so, although we paid board, outgoings were really little. So I wouldn’t necessarily class us as having ‘no parental support’ when they were very kind to let us live there for that period of time- we wouldn’t have been able to save that much if we’d been renting our own place.

If he's on 20k
21 years old
And already has 30k in the bank, bought a 15k car and every weekend spends £200 in clubs and designer clothes every couple of weeks.

He's being massively subsidised by his parents.

You know when you do a search on a poster and you just know it'll be their first thread. Goady nonsense 1/10

@UncleFoster

Absolute bs is someone you know on 20k and already saved 30k + 15k on a car + 10k a year in clubswith no financial support.

Assuming they started at 18 theyve not even earnt the 65k that would cost them yet, let alone food/bills/rent. Abd we havent even started on their gucci habit

Stay in school kids

Exclude the 10k a year in clubs that was a broad example and dont use 200 a week as facts. When you started work when you left High School it's definitely possible.

Ah cross posted, others did the maths

Someone I know with a full-time job has 30k in the bank, a 15k car finance free, buys designer clothes every few weeks, spends 200 a weekend in clubs and lives the best life! He's only 21.

You said he doesn't have to pay any rent or bills, his entire salary is disposable income so of course he can save, have a car and and buy designer clothes.

At 21 I worked full-time but paid for my rent and bills. Most adults do.

Also gucci clothes on 20k is the opposite of good with money

You young people need to save every penny

Also you outgoings should be alcohol, meals out and gucci clothes! Fuck rent or food or water

I had none at that age but I was unusual in that I was a homeowner at 19.

Back when 95% mortgages were a thing and a small terrace could be.picked up for under 30 k. >

So they dont spend 200 a weekend then?

I had no savings at that age. Till I was about 25, all my jobs funded rent, bills, food, bit of fun and nothing else. Till about 28/29, I still didn’t save long term, just travelled a lot

The young person you know is incredibly rare - you must realise that surely? Most 20 year olds are in entry level jobs or at university, having been out of eduction less than two years. It would be physically impossible to save £20k unless effectively supported by parents. Then you'd be moaning about how young people these days can't stand on their own feet

I'm not sure why you think young people are irresponsible with money either. Not trusting your 20 year old with a £20k windfall isn't the same as saying they're irresponsible - all you can surmise from that is that the 20 year old would end up spending it on things the parent wouldn't approve of - that's not the same thing at all.

It is easy to save 20k before the age of 20 in my opinion if you're attentive with money. You could work everyday each summer and constantly save, do every little thing to earn some extra money and waste none of it like the majority do.
I think you're out of touch with how much a teenager can earn.
DD worked all hours that were made available to her each summer between school and university and earned nowhere that amount.
Very few temp jobs offer full time hours, most are zero hours contracts or very low contract hours maybe with potential for overtime.
DS1 earns just over £20 for working 7-12 at the weekends