My mother taught me the basics of socializing from a young age. She started with table manners when I was 8, and by 12, she had taught me the importance of money. She’s a very important figure at her company and pretty much the brains behind everything.
This year, she gave me and my siblings $125 a month,excluding transport and food to do whatever we want with it. My younger sister, who’s 8, started spending on stupid things she ends up tossing out, and my older brother, 14, just bought more in-game subscriptions and credits.
According to my mother, she had $10k saved by the age of 16 through part-time jobs and tutoring neighbors during school holidays. By the time she met my father at 26, she had about $50k. They got married at 29, and she had us from 30 onwards.
I’m considered the most mature out of the three of the kids, and I’m very aware of how rapidly house prices are increasing these days. I need about $450k for a down payment to buy a condo (according to ChatGPT, not sure how accurate that is).
Having money means having options, and I love freedom. Imagine knowing you have the capital to invest in properties when you’re young? Sounds like a dream.
How do I save up to get $10k by 16? Any advice?
Comments
Wow you’re already way ahead for 13! Yes, start saving now. It’s smart.
Use part of your $125 for fun, but put a chunk into savings every month even $50/month adds up. Look for safe ways to earn more, like babysitting, tutoring, or selling stuff you make.
Your mom’s right: money = freedom. You’ve got the right mindset just stay consistent and you’ll hit that $10k goal!
If you want to accumulate wealth, have your parents make an appointment for you at a bank to talk to a financial advisor. A financial advisor will tell you how to invest your money, so that it grows faster than it would if it was sitting in a savings account.
You’re very smart to be saving money at such an early age.
I would save as much as possible. Will you have to buy your own car at 16 or when you go to college? Even if you don’t have enough for a condo, you could be able to buy a good vehicle, or at least have a good down payment.
Your mom should be able to open a savings account for you. It gathers interest on how much you put in. So if you put in 60 bucks a month at 13, by the time you’re 16, you’d have 2160 plus interest which is 3.8 to 4%. Don’t ask me to do the math on it lol but it does add up.
I saved every cent I made from 13 to 20. I always had summer jobs. When I was 21, I had money enough saved for a downpayment on a $10,000 fixer upper house.
Your on the right track. If you saved $100/mo till you 16, you’ll have it away $3600. A little more if you put it in to an interest bearing account. That’s assuming you only want to send $25/month (not realistic).
So next step is part time/summer jobs. Same thing, save some and spend some. Saving $10K is a big goal, but it’s doable.
Save everything you can
Open a roth
Yes. One day. Youll be glad you did. Decide what you Need. From the rest decide what you’re willing to save. Immediate gratification is fleeting.
Should’ve started at 7 but 13 is still good
Definitely start saving! When I was just 7 years old; I opened my very own bank account with $50 I had won. Back in those days you did NOT need a parent to be on your account.
Overthrow the capitalist regime that makes you think hoarding wealth is important.
Start saving now while you don’t have any real financial responsibility.
When it comes time for you to maybe get a car you can get what you want within reason while your siblings will get something crappy (assuming your parents don’t buy one for you guys).
I’m older brother is like your siblings and I’m like you. I save what I’m able to and I can basically purchase what I want, other than a decent house of course. But my old vehicle had some transmission issues and was going to cost more to fix than what it’s worth. So I bought another vehicle outright total was around 34,000 after taxes and fees.
$125 a month is great if you aren’t paying for anything.
Ask your mom to bring you to a bank, and learn about savings and investments and interest rates etc.
Definitely save the money! Do use a small amount for something fun though. You sound like a smart, young person. Good luck.