Is $2700 considered a small savings account?

I am 21


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Most Helpful Guy

  • We have nothing to put this amount into context beyond your age. For plenty of people your age, that would be a LOT of money. For some, it's nothing at all.

    I'm reminded of a small scene from some story on Paris Hilton where she was talking about someone who had mentioned spending $15,000 on something - which to him was a lot of money - and as she was repeating this little story to her circle of rich, jet-setting friends (all kids of wealthy families), she said "$15,000 is a PHONE BILL!" And for her and her friends, who travel and party all over the world and think nothing of "roaming charges", that IS a phone bill.

    If you are looking for recommendations, though, I have one for you. Spend <$10 of your savings and buy the book "Rich Dad, Poor Dad" - you can get it on Amazon in paperback or as an ebook on Google Play or iTunes. It is the best book about money that I've ever read. Most of us didn't grow up wealthy, and so we were taught a lot of things about money by people who themselves knew very little about money, and we tend to repeat their mistakes. The author had a real (middle-class, conventional) father and a mentor-father (started poor, but understood money and business, ended up a worth over half a billion), and he explains why so much of what we are taught is wrong, and how to make your money work for you, instead of the other way around.

    You probably worked really hard for a long time to save up that money, but if it's sitting in a savings account, you're actually losing money (inflation is higher than the interest rate that banks offer on savings accounts). And that's okay if that's your "cushion money" for emergencies - being able to access it almost instantly is worth the small loss - but once your savings exceeds the amount you need as a cushion, you need to find ways to make your money work for you. The book will give you some good ideas about that, but more importantly, it can help change your mindset about money and value.

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    • I worked about a year for that and thank you

Most Helpful Girl

  • Its good for somebody who is only 21 years old.

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What Guys Said 4

  • depends on many things. if you are studying and only get pocket money or have a small side job, then it's not bad. if you have been working full time for a couple of years it's not much. but again, then it depends on your job and other things... so I don't know

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    • but overall it's not much money which can be very quickly gone

  • No I think it's a start 🙂

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    • How much do you have?

  • Depends on for how long you've been working.

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    • $10 an hour a little over a year

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    • Ok how much do you think I should have then? How do you not have to spend any money?

    • Well, i do have to spend money to survive. But, i don't have any social life whatsoever and no luxuries at all. Plus, i live with my parents, so rent and dinner is free. I make half of the minimum wage for Turkey though. I don't make it really, the government gives it to me as a share of my late father's retirement pension.

  • It's a night out.

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What Girls Said 1

  • I'm guessing that's around £1350 in British pounds. I'd say that's a pretty good start to be honest :)

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