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How much should a normal 20yr old have saved?

251 replies

shanease134 · 12/10/2020 15:40

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?

OP posts:
imfatletsparty · 12/10/2020 17:24

Well this is a long thread for a stealth boast...

Jaxhog · 12/10/2020 17:25

Depends on your circs.

I saved nothing as I had to work to pay my way through Uni. (eating homemade pilchard pizza)

Flower3411 · 12/10/2020 17:26

It's 100% not normal for a 20yr old to have that much saved, I'm actually laughing at the ignorance.

riotlady · 12/10/2020 17:26

I don’t understand the point of this thread. “Young people are so irresponsible, why can’t they be more like my friend who lives with his parents, pays no rent and spends all his money on designer shite and clubbing”?

timeforanewstart · 12/10/2020 17:28

Of course your friend is on a crazy wage for his age if he has saved £30000 drives a £15000 car etc
In two years
Also you don't mention how much rent he pays or is he also living at home rent free

titchy · 12/10/2020 17:30

@riotlady

I don’t understand the point of this thread. “Young people are so irresponsible, why can’t they be more like my friend who lives with his parents, pays no rent and spends all his money on designer shite and clubbing”?
Grin I know! I'd be embarrassed if that was my kid!
SheSaidNoFuckThat · 12/10/2020 17:31

So he's opening his own garage? So he's a mechanic or sales?

shanease134 · 12/10/2020 17:32

@SheSaidNoFuckThat

So he's opening his own garage? So he's a mechanic or sales?
Works on accident damaged cars sorry for not clarifying.
OP posts:
timeforanewstart · 12/10/2020 17:33

So when your friend goes into the real world and has to pay rent ans bills then tell us how well he is doing
He does have full support he lives at home rent free , if he was paying £1000 in rent and bills his situation would be very different
I take it you are very young

shanease134 · 12/10/2020 17:34

@timeforanewstart

So when your friend goes into the real world and has to pay rent ans bills then tell us how well he is doing He does have full support he lives at home rent free , if he was paying £1000 in rent and bills his situation would be very different I take it you are very young
He is saving up to buy a house. He isn't looking to rent.
OP posts:
SheSaidNoFuckThat · 12/10/2020 17:35

Ok then 🙄. Well apprenticeships have clearly gone up in pay in your area, which is where incidentally?

SheSaidNoFuckThat · 12/10/2020 17:37

A panel beater/vehicle refinished apprentice would be on under £150 a week in my area

Mc2b · 12/10/2020 17:39

He has not saved up the amount of money without parental help and now he's opening a garage on top of all that? Hmm

timeforanewstart · 12/10/2020 17:40

So he will have a mortgage and bills even if no rent
And if he repairs cars i assume he had to do an apprenticeship for at least couple years so must of been a well paid apprentice as well
Your friend is very lucky as most 21 years olds won't of had the same oppurtunities and i think you need to appreciate everyone has different circumstances there is no average

namechangeforfriday · 12/10/2020 17:40

I’ve lived in several different cities and met people from all different backgrounds and I don’t know a single person with 20k saved before the age of 20. The only people with that kind of money are those who were given a trust fund. Even someone living at home, an entry level wage is very unlikely to pay them enough to save that much. But why is it wrong in your opinion that people want to move out? For some people living independently is more of a priority than saving at that age. That’s not wrong of them, just a different approach to life.

NoSquirrels · 12/10/2020 17:41

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.

Up to 18, you need to be in education, so you're unlikely to save much. From 16-18 maybe you earn a bit from working full-time in holidays (under-18s wages, probably, as you're a cheap hire) and maybe a part-time term-time job if you're not doing a lot of studying in your free time.

From 18-20, then, you've got 24 months to make best part of £20K. So you need to save up between I guess £500-£800 every month from whatever job you have, if you're working full-time now.

You need to be subsidised by your parents board and lodging, not be studying further education (otherwise you're in debt), and so you'll need a salary of at least £17,000+ I reckon to save at the top end. That would let you spend some money on socialising, phone contract, clothes, commute to work etc.

But you need to be pretty privileged. You need a family who'll willingly put you up still for no money, and you'll need a job you've found in a tough economic market straight away that you finished school.

The vast majority of 18 year olds are basically brassic.

timeforanewstart · 12/10/2020 17:42

Im guessing you are very young as well and don't no a broad amount of people as your friends all seem very priviledged

TheFairyCaravan · 12/10/2020 17:46

@RelaisBlu

Providing a 21-year-old with rent free accommodation IS contributing to their finances, can't you see that OP? Otherwise the money he spends on designer clothes would have to be spent on putting a roof over his head!
Exactly. DS2 (23) and his girlfriend have just bought a house because her parents allowed them to live with them rent free for 2 years. They’d never be in the position they’re in now if they’d had to pay rent, food, bills etc.

DS1 has a substantial amount of savings, and a posh car, because he’s in the army and his housing costs are minimal.

They both appreciate how bloody lucky they are.

NoSquirrels · 12/10/2020 17:48

Not every parent charges their children board! People I know if they do charge them it's only to put that money away for the childrens own future. They don't charge them to actually help them in anyway.

This is a shitload of privilege right here.

Do you think the parents that do charge their adult 18+ offpring rent are mean, somehow? Or do you think maybe they cannot afford to subsidise another adult in their home once the benefits they received for them as children/under-18s stop. Single parents stop getting child maintenance from NRPs when the child is 18. A whole host of top-up benefits stop, and more stuff gets charged for - increased council tax etc. Lower income families love their kids as much as wealthier ones - but it's a privilege to be able to not charge rent. It means you're already better off than the majority.

Nothing in this life is "free". Someone somewhere is paying for it - so if it's not you paying rent/board then your parents can afford to pay it for you. It's not cost-neutral and not everyone starts off on the same baseline.

Audreyseyebrows · 12/10/2020 17:49

I had zero savings at 20. Dd has some (we haven’t helped) which she’s saving to travel. Ds has none.
I was too busy having fun and wasn’t wise enough to look forward more than a week or so!

XiCi · 12/10/2020 17:51

How much did YOU have at 20 OP? Did you have a much privilege as your crush?

Audreyseyebrows · 12/10/2020 17:52

Your friend is lucky.
We never charged rent but the two that have left knew that they were privileged by not contributing financially to the household.

jajoja123 · 12/10/2020 17:53

I know someone who has just walked straight into a paid internship at 25k plus benefits (pension, bonus, health insurance) and has also had fees paid for her 3 yr BSC all at the age of 18...oh and a laptop. These things happen...they are not the norm of course but they happen!

BackforGood · 12/10/2020 17:57

Wow, this OP keeps on giving, with the delusional, made up figures Grin

I was going to answer some points, starting with the ridiculous, stereotyping prejudice that really is ageism at it's worse, but I feel the moment has passed, and the made up numbers and complete disregard for actual facts seems to have taken over.

PerfidiousAlbion · 12/10/2020 17:58

He must be selling ringers or doing a side hustle.