Saving and Spending money for teens?

Question

I just started a job and alot of people have been telling me to save every bit of what I earn, which I think is silly, since I only got a job so I can buy things with money that I earn't. I have 2 accounts in the bank, one that I can access and another which I cannot touch until I reach a certain amount of money (I can change this certain amount I want to reach any time) this account also adds interest on the amount I put in monthly.

Should I be putting in 50% of what I earn weekly, or more or less?

Answer 1

50% is a lot to save!  A great tip that I learned from reading "The Richest Man In Babylon" is to save 10% of EVERY dollar earned!  This money is not to be touched but invested at a high rate of interest!

To read a free copy of "The Richest Man In Babylon" please visit  http://www.Money-Fatherspirit.com

Answer 2

keep one paycheck each month, to spend on what you want. If it isn't spent by your next paycheck, put it all away.

OR

Put 75% of your money into the account. THen you have 25% and are still getting interest on what you just put in.

Answer 3

50% is a good amount. When you get to college, you will be really glad you put all that cash aside!! Sounds like you are being very responsible. It's your hard earned money, and you should be able to spend some of it how you see fit to spend it!

Answer 4

yes that is a good idea, but it depends on how long you have the job. I have only out about 20% of my checks in my savings and the rest in my checking.

Answer 5

50% seems like a lot, but if you can afford it, I would say go for it! It will add up faster the more you save up.

Answer 6

I think you are a teenager and it is my duty as an elderly person to give you a friendly advice.As a teenager you are bound to be tempted for spending on so many things like clothes, hotelling with your friends, movies and so on. But remember in rainy days  nobody will come to your help except the bank balance you have saved.Therefore my request to you is that you should save at least 10% of your earning regularly.