Need help with money/budgeting
Im 16 years old and I work part time, im slowly saving up for a car and have around a grand saved up (realistically not that much for a good car but I believe my family members are helping). Schools starting back up and I have the bare minimum to get through…
Im 16 years old and I work part time, im slowly saving up for a car and have around a grand saved up (realistically not that much for a good car but I believe my family members are helping). Schools starting back up and I have the bare minimum to get through a week, I am very low on clothes and my budget (if i have one) isnt that high. Do I stick to the same 4 pairs of jeans, and keep my money close? Or do I spend a little on clothes. I know this sounds really dumb and immature and I agree with that but me nor my family isnt the best with saving/spending. Any advice helps, thanks! Is there a certain budget I should impliment, I dont have any bills/subscriptions and I spend a good bit on food/hangouts.
Collected discussion
Click the pf wiki click budgeting Budget your priorities. What anyone else thinks doesn't matter. Anything you spend today you cannot invest for it to grow larger for you in the future. $20k invested in sp500 and left alone for 40 years is $1.5mil today Also read the "advice", "your age" section
i make around 400$ a paycheck, if not more, so around 450-550 biweekly, I only work on the weekends. Id like to believe id be able to pay for everything. Gas shouldnt be as big of a problem. I only need to drive to work and back.
Where do I start with investing and all of that stuff? Im kind of blind in it, would I need a laptop or is a phone sufficient?
Vt, VTI+vxus, total world stock market, over time, has a likelihood to greatly exceed short term treasuries or hysa. How long are you investing for? Lt 5yrs, sgov or hysa is fine. 5+, total market index. You can easily find 4% hysa, such as Barclays select savings ($15 one time fee to join aarp will be made up quickly by the increased apy) and $400 bonus if you deposit 40k for 6mo Click the pf wiki click flow chart. And "advice", "your age" section VT couldn't be easier. You just buy when you can and leave it alone for years
Can you afford the insurance/maintenance for a car?
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For clothes, do you have any local thrift stores? It can be hit or miss finding what fits and looks good to you but it will be a fraction of the cost of buying new.
For clothes Go to Walmart you can get decent quality relatively cheap. And you're only 16 you shouldn't spend all that much money on your first car anyways.
There is plenty of time to save. get the clothes you want get the car, 3 enjoy your life 4. start saving