Hello all, I am a 16 y/o who just landed my first job. I’ve been working for a week and began thinking about what I was to do with my first paycheck. Not wanting to be like my friends who’ve all blown money they’ve earned on big ticket items they don’t use, I decided to be more frugal and save more money.
I make $10.60/hr and have worked 40 hours this week. I am trying to make as much money before school starts August 23rd. In the school year, I am scheduled to work 6 hours/week. I also get $5 a week from my parents for doing household chores like mowing the lawn, vacuuming, and helping my dad with his projects. By the end of the summer, I should have $800 from my job.
I have $2,700 in one savings account from birthday/Christmas money and allowance I have saved up. In a second account, I have $300 saved (this is the savings account my paycheck will go into). I also have about $125 in cash that I’ve been using for little trips to farmers markets and fast food joints.
Being a high schooler, my expenses are very low. I don’t have to pay for a car, food, rent, anything like that. My only real expense is paying for gas which is about $5 a week, and the occasional trip to McDonald’s which is about $10 a week. I ride my bike to work. The only big outstanding debt I have is $275 for a speeding ticket my parents gave me a loan for.
I will be going to college, my dream school being West Point. My family has been around the service for a while and I’ve always been drawn to life in the military. However, I feel like I save a little bit in case I don’t get in. I know that my parents have a generous amount saved for my college education.
My questions are as follows:
How should I save / what should I do with my money?
About how much should I keep for myself (knowing that I don’t want to spend much money)?
How do taxes work? (I’ve heard that since I don’t make much, I won’t have to pay taxes)
I appreciate any and all responses.
Submitted August 11, 2018 at 09:56AM by PM_ME_LARGE_FISHES https://ift.tt/2OwnH0F
