Am saving enough? Im almost 21?

Hi, I'm 20 and in my first year of university in the uk at the moment.

I am going to presume that at the moment you don't pay for housing or insure a car or anything? I'm going to try and use worst case as a comparison because I don't know your income/outgoings etc. $33,000 is about £20,000.

start uni with £1,000

receive £4,500 a year for student loan.

work a minimum wage job on the weekend/holidays and earn over £4,600 a year.

lets say some added extras etc get 11,000 for the year. (that's $18,000ish I think)

Now, accommodation fees are £4,200 for the year

food (£50 a month) is £600

doing good so far

a car is £600

tax + MOT is £100

insurance is £1,200

that is £6,700 spent on purely necessities. starting with only 11,000 and paying for those things only you still have 4,300 ($7,000) some of it may be needed for appliances/clothes/meds/etc. you can still survive.

You have more than that already without any of your loans/grants/financing etc. in the now, you are doing good. however lets think long term;

find out how much it is to rent and insure for a year a house/flat in your area. strive to make at least double that amount every year if not more, this will build up in the few years you have before you actually start paying for your own house.

Also, there are the absurd matters of you having to pay for health care, and paying off your uni debt strait away. I don't know how that factors in.

sorry if I messed up any math, I hope this helps a little, from my point of view you look to be doing good (but I don't know the whole thing) you should probably ask professionals though.

it sounds like you're doing very well: you will want to have an emergency fund of 6 months salary or 9 months expenses & once your emergency savings is fully funded you can begin investing: 10% of your salary for wealth building & 15% for retirement.

and you can always save more if you want.

Your doing well..... Research I Savings bonds as well because this account would help keep some of your savings above inflation. Take the company matches through a 401k.

Treasurydirect.gov

Best of luck. Take Care

Your doing a hell of a lot better then I did at that age.

Keep up the good work and invest and save all you can.

If where you work has a 401k plan, it would be a good

idea to join into it.

You're off to a great start! Check out DaveRamsey.com for some practical online advice related to money, investing, insurance, and more.

Hi Michael you are in the right path... to freedom.

The only thing I will add is focusing in producing more http://instantonlinejobfinder.blogspot.com/ not only in saving.

Happiness is not a place to go, but a way of travelling.