New Here and Need Advice

**gungho84** · 01-19-2011, 10:24 PM

A brief introduction I think is needed. I'm 26 years old and debt free. I've worked minimum wage jobs for as long as I can remember and have no "real" training in a particular field.

With that said, I've not really tried to save or invest in my future I just live check to check and don't rack up any unnecessary bills.

What I'm looking for is some advice on how to start saving. I eventually do want my own home (currently I rent at a low cost from my parents), and learn some form of trade (woodworking is one I've always had an interest in) and possibly start my own business.

Should I start by just putting a certain % of my earnings towards a 'general' savings such as 15-20% or should I make a separate savings for each task? Such as 5% towards a home, 5% towards learning a trade, and 5% towards a business fund etc?

**Contrary Housewife** · 01-19-2011, 11:45 PM

Yes. Start saving. I, personally, would start a general fund, an emergency fund (6 months living expenses) and a "there ain't no social security" fund. But at first it might just be the one general fund.

Beyond that it's really your personal choice. What do you want to save for. What is important to you? What has priority?

**frugal is fun** · 01-20-2011, 10:16 AM

I agree with Contrary. Just start saving in a general fund which will be your emergency fund. Dave Ramsey suggests starting with a $1,000. Once you hit that mark see how it feels. You make like seeing one number in one account or you may want to set up separate accounts.

The most important part is the starting part. Once you get going you can always change things around.

Welcome to FV!

**gungho84** · 01-20-2011, 10:59 AM

Thanks. Is there a good percentage to start off at?

**Russ** · 01-20-2011, 11:06 AM

I think the rule of thumb is 10% at your age... BUT I would put as much as you are comfortable with.

Or look at it this way...
If you ALWAYS put 10% your entire life, you will never miss that 10%... or whatever % you choose.

**shoiji** · 01-20-2011, 07:07 PM

I basically have had low paying jobs. Training in a specific area will help you increase your income. If you are interested in woodworking start looking at different ways of schooling and if there is financial aid available especially scholarship money.

Have a budget figured out as far as what you need to pay each month. From there you can figure out how much you can put into savings and possibly into schooling such as books, tuition, supplies.

You are at a good age to go back to school. If woodworking is what you are interested in find out as much as you can about this field. Following what you love especially as a profession is very fulfilling.

Good luck and let us know what you decide.