Will this be enough money to save up for a car?
I'm 16 right now, and I work at a banquet center. I make minimum wage per hour for one day a week. (Sometimes two if it's busy). I get paid every Friday. So I was wondering if I save up my money, and put it in the bank would that be enough by the time I'm 18? I either want to buy a Pontiac g6 (2008- 2005) or a Honda civic (2009-2004). And they usually cost around 8k - 10k. I also have $3,100 saved in my account. Would this be enough?
If you are 16 and a student, you can start using student credit card. After 2 years if you keep working you will save some money and have a good credit. Think about it. You are starting with 3 grand. I started with 0
Save every cent and you should make it
Do the math.
Figure $6.50 an hour after tax.
$5000 would take you 770 hours.
$7000 would take 1077 hours.
And that's assuming you save every cent.
12 hours per week on average for a year would be 624 hours.
So in a year and a half you should be able to meet or exceed your goal assuming you can average 12 or more hours per week and you don't spend it elsewhere.
(That's very important, you can't buy 2 energy drinks a day it slows you down)
But every dime you spend, means it takes longer to reach your goal.
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