Is it worth my while saving money?

Chuchoter

Hope this is the right section. I'm 16 and I've a pretty good job babysitting (I make around €70 a month I'd say) and I'm thinking about getting into the national installment savings scheme. The interest is 20% after 5 years of putting in €20 every month with no tax. The thing is, considering there is a deflation of 2.9% now, if in 5 years there was inflation would my money actually be worth less if I spent it then versus now? Is inflation supposed to go up or down in the next five years? Thanks!!

x in the city

feking hell.

davy stockbrokers future employee right here....

billybigunz

Some life advice.

Your monthly income is a pittance. When you are older and smarter you should be swimming in the stuff but might not have hte opportunities you do now to enjoy it. Enjoy it while you can.

Chuchoter

Lol I get that I'm not making any money its just the money I spend burns a hole in my pocket and then I spend it on crap :P

P. Breathnach

crayolastereo wrote: »

Lol I get that I'm not making any money its just the money I spend burns a hole in my pocket and then I spend it on crap :P

A very sensible point: it's better to save money than spend it on crap. But who is to say that after you have saved a lump of it, you won't spend it on crap anyway?

Okay, I'll trust your judgement. If you accumulate a decent-sized lump of money, you might use it in a more considered way, even if that means buying a better class of crap.

Nothing about the future is certain, but I think National Instalment Savings are a pretty good bet.

tommy21

I would put it into prize bonds. Your not making enough right now to warrant entering that scheme. It will probably be wound up before you've entered enough to see a return (no offence). Prize bonds at least offer a very long shot of winning something, you still have your money and your unlikely to spend it unwisely given you have to wait a few weeks for a refund if you cash them in (you can't at all in first 3 months of purchase, whenever you want then).

dudara

Moved to Banking & Insurance & Pensions

dudara

oldyouth

Just get in to the regular habit of putting some money away as a matter of course. Arrange to put at least 25% of what you earn in to the post office, prize bonds, regular savings account etc. The most important part of the process is that you enjoy spending the remaining 75%.

Money is not the target, it is the benefits that money can bring. If you don't taste the rewards, there is no point in putting anything away for the future

who what when

crayolastereo wrote: »

Lol I get that I'm not making any money its just the money I spend burns a hole in my pocket and then I spend it on crap :P

So just dont spend it on crap.
Maybe start collecting stuff that increases in value over time.
Model cars, stamps etc are fairly inexpensive to get into and its also a hobby.