I am 13 years old and my family keeps telling me to save up my money but i didnt listen. I am broke right now and i don’t have a savings account. When do you think is a good time to start saving up for college or a car.
Star if you think this is a good question! 
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13 years ago.. If your family keeps telling you to save, then they should have started a savings account when you were born…
I did for my kids, and when my grandson is born in March I will start one for him also..
By time you retire there will be no social security, in other words the government will not be helping to support you like they will support your parents when they retire.
So My friend start saving now. And as soon as you start working, I would suggest that you look into an IRA, if you don’t know what that is talk to your parents or an adult that will explain it to you.. The IRA will be for when you retire….
I also gave you a star…… ; )
The sooner the better! Since you have no expenses and responsibilities, right now would be the best time. When you get older, and have a car & hella money… it’s going to be so much harder to save, trust me :]
Open up 2 accounts, one for savings the other just for when you need money for shopping etc, but make sure the account for your savings has a good interest rate so the more you put in there the more interest you’ll accumulate.
The sooner the better. You just need to decide how you want to save your money. Are you going to open a savings account? How often are you going to make deposits?
Most importantly you need to be able to actually save your money and let it grow (meaning don’t touch it until you need it). Lots of people can put money in the bank, but very few can leave it in the bank.
I started saving when I was 11 and since I have paid own way through university and bought my own car.
It never too early to start in fact sooner you start better it is because of something called compunding factor where you earn interest upon interest. I used to deliver papers and every portion of my allowance went into savings and it added up.
Yesterday. Its the same answer for all of us – we should have started earlier. But at least you go this information at 13 – some people dont’ get it til they are 50. It takes some discipline. Start with just 10% of everything you earn. If you earn $1, put a dime in a place you can’t easily get to it – like a piggy bank. If you earn $10, put $1 with that dime. When you get enough go to the bank and make a deposit. Eventually you’ll see that account grow and you’ll want to put in 20% or more. It takes discipline.
Never too early as everyone here is telling you. Use the power of compound interest to start working wonders for you. Not only that however, when you start to save you end up with much more than just money. You end up with character and discipline. You make the incredible connection between work, money, savings, and satisfaction. You become less materialistic and put value where it should be placed. Start saving today and you will never be sorry you did!
Hope this helps!
Ok, first you cannot open an IRA as you are a full time student, so don;t listen to that guy.
Second, if you want to save, save for things that matter to you; i.e., dating, college etc.
Do not bother saving for returement, a house or other long term things. It is not worth it.
$100 today, which can take you months to earn, means more to you today that $10,000 to you in 15 years. SO spend now when you are young enough to enjoy it. You will have plenty of time to save for the big things. When you graduate college and start your full-time career, that si the time to start saving for the big things.
There is no better time that the present!!
You have time on your side… because with compound interest, the longer you let it sit, the faster it grows.
Be a kid.. but yes.. you parents are wise in this regard.. Stick back some of your allowance and lawn mowing money.. and when you go off to school.. you’ll have a nice nest egg to start you off, and you will have learned a valuable lesson about being smart with your money….
because time is money — the early you invest, time will make all the difference — say you invest 100 and let it right till 65 –if you waited till say 53 you would have to invest 3800 to have the same money at 65!!!
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