Future finance life?

Question

Okay... I am almost 13, and while sitting on the couch, my parents flipped to the news. I sortof noticed how prices are going up so high now in days, and couldn't help to wonder what it would be like in like 10 years, when i move out, have a car, and a house. And i sortof thought how i would be able to live life, with gas going to be 3.00 a litre. Would it be good for me to put away 10% of all the money that i earn, towards life in the future? Like a big item such as a Condo, or a Car? Also need ideas to earn money. Any help would be appriciated... Thanks

Answer 1

Saving for the future is always a good idea.  I am very happy to hear that you are thinking about your financial future at 13.  There are those older than you that still do not.

Before you get that condo, you may want to think about college.  Being educated for a good career will make buying that condo much easier.  Also, a car that gets more miles to the litre (gallons for me in the United States) will help keep gas expenses down.

Back to saving money.  When I was growing up, I saved as much as I could.  I had a friend, who saved at least 50% of the money he made.  You need to strike a balance between saving and enjoying life.  If you save every penny, you might miss out on some good experiences.  If you save too little, it will be a very long time before you have that condo down payment.

Saving 10% is very good.  However, since you live at home, you might try saving more.  Look at what you spend money on and see if you could be happy spending less.  If so, you will be able to save more.  Whatever you decide, because you are stating to plan for your future, are already ahead of the game.

Happy Saving !!