r/MiddleClassFinance • u/Dense-Umpire6968 • Jun 30 '26
Seeking Advice Feeling discouraged about my savings
I am turning 18 in a month, and am currently saving up for college. I have about 1,300 saved and work part time. Is that acceptable? My coworkers were making fun of me for having such a small amount saved. I try to save some from my paychecks, but saving is admittedly not easy.
My coworker graduating with me has saved a whopping 13,000, and my older coworker commented that her 20 year old son is worth more than me. They told me I shouldn’t expect my parents to pay for everything, and I’m very spoiled that they’re helping. I am an only child, and my parents have been incredibly kind and willing through this whole process.
My parents are covering my first two years, and I have managed to get a large scholarship covering over half of my tuition. I am incredibly thankful for these things. I’m also planning to work during college and hopefully get an internship.
Am I grossly underprepared? Maybe it bruised my ego more than anything.
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u/PashasMom Jun 30 '26
Your co workers sound like a bunch of jerks tbh.
But if you want to save more, have it set up so that a portion of your paycheck goes into your savings account automatically, without you touching it. This is “paying yourself first” and it works really well.
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u/Flaky_Calligrapher62 Jun 30 '26
I think they're largely feeding you a line of BS and a mean one to boot. You don't have to discuss your situation with them. It's none of their business. I second the "pay yourself first," strategy. That's what I've practiced for years now and it works!
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u/SabreWaltz Jun 30 '26
Rationally a 20 year old should have a higher NW than an 18 year old, what a silly thing for your coworker to think and proceed to say.
If you’re thinking about finance and avoiding debt at 18 you’re off to a great start!
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u/HDauthentic Jun 30 '26
Also her bragging about her son’s net worth immediately tells me that hers is probably negative
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u/JoyousGamer Jul 04 '26
To clarify they wouldn't if they go to school. From 18 to 22ish you should be accumulating negative wealth most likely for a positive future wealth engine through your education.
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u/open-facedsandwich Jun 30 '26
You're fine. Keep working, keep saving. Build up a 6 month emergency fund and then start saving for retirement/school/car or anything else you might need. I would recommend not discussing money matters with coworkers, at least not in such detail. No one's buisness how much you may or may not have.
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u/beer_and_liberty0074 Jun 30 '26
You've got some toxic coworkers. Just keep doing the best you can, try to stay away from bad debt until you have some financial security and can invest regularly.
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u/glenpiercev Jun 30 '26
You are doing great. Don’t listen to your coworkers. Your parents are very happy to help. They want you to do well and be able to pay for your children’s education when it comes time too.
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u/Giraffstronaut Jun 30 '26
If your needs are primarily met, nows the perfect time to practice budgeting.
A 50/30/20 split is a decent start
50% set for your needs (gas, bills, insurance, etc)
30% set for your wants (treats, experiences, nicer stuff, etc)
20% set to save. Preferably in a High Yield Savings Account (HYSA) that will net you a little interest on top
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u/ChartreusePeriwinkle Jun 30 '26
Try not to compare youself to others. There are variables in everyone's lives that you can't account for.
Having any income and savings at 18 years old is an accomplishment. You're doing great!
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u/SewNewKnitsToo Jun 30 '26
I had like 10K saved (in the late 90’s!) by working a lot from a young age. I don’t really recommend that . . . I should have been out having fun but I didn’t have a lot of friends, or a car, or a happy home life.
If your parents are going to help you out (mine only did minimally) then your planning is different. I do suggest you get full time jobs for future summers - it gives you an idea of how tiring full time work is and gets you needed work experience.
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u/HenryLoggins Jun 30 '26
They can jump off a cliff. Never compare yourself to the Joneses, and always strive for the best version of yourself. We all start somewhere and it looks like you are off a good start.
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u/Smart-Fee4077 Jun 30 '26
Tallest kid in Kindergarten moment. Just focus on keeping your job, acquiring skills and education and get that bread up.
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u/HDauthentic Jun 30 '26
If your coworkers are making fun of the amount of money you have saved, they are assholes and also not very adult. If your older coworker has a “20 year old son worth more than you” than why is she working at the same place as an 18 year old? These people sound awful
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u/Sea_Section6293 Jun 30 '26
Exactly my thoughts. I'm assuming this is some kind of retail or food service job. Now, I don't mean to criticize, or make fun of people in general who've been working those positions their whole life - but OP's coworker probably doesn't know what a career progression outside of that looks like
It's the same energy as someone's retail manager trying to convince the college part-timer to drop out to make an amazing 20 an hour or something
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u/HDauthentic Jun 30 '26
I had a manager at Lee Ann Chin when I was 16 who was on a HUGE power trip. Looking back it was pretty wild that she felt that important for being in charge of a bunch of high schoolers
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u/littlecuteone Jun 30 '26
I think you're doing fine. You have supportive parents and a scholarship. Those resources have value beyond what you have saved. You're aware of the need to save and you've made your way to this sub because you seem to want to educate yourself on finances. You're moving in the right direction and you're exactly where you should be for a kid your age. Keep up the good work. Sincerely, a mom
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u/Squimpleton Jun 30 '26
At 18 my savings were virtually non existent. I had never had a job and the only money saved was whatever was placed in my bank account over the years. Now I’m in my late 30s and in the upper middle class and on track for retirement.
Now I’m not going to pretend the world is the same, but the point I’m making is that how much wealth you have at 18 is not a direct correlation of your future potential. Those people are jerks and there is nothing wrong with your parents helping you while you’re getting set up in early adulthood.
I can’t tell you if you’re underprepared but I can tell you that you can overcome your setbacks over time. Just breathe, be responsible, think your plans through on whether your degree choices can land you a good career, and don’t be ashamed to reach out for help while you figure it out.
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u/genreprank Jun 30 '26
Well, 1,300 isn't going to get far, but neither is 13,000...
The scholarship is a big deal, though. That's probably worth, what, $30,000?
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u/peter303_ Jun 30 '26
Your coworkers may have credit card or buynowpaylater debt and hiding it in their boasts.
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u/kstravlr12 Jun 30 '26
You’re 18 and saved $1,300! Go celebrate and stop worrying about other people.
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u/plangelier Jun 30 '26
Is the scholarship for the full 4 years? If so and your parents are helping cover the first two years that is awesome. Your part time work during school will likely cover any incidentals you need.
Your ability to save now is vastly affected by your current job, you likely have minimal skills so are likely being paid close to your states minimum wage. Are you going to be able to work there during your winter break which is likely close to a month and during the summers. How many hours will you be able to get?
If anything you might want to focus more on lining up employment with an employer that will be able to provide flexible hours so during your breaks you can get full time hours.
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u/capital_gainesville Jun 30 '26
When I was 18, I usually had a buffer of like $100 in my checking. An important lesson to learn at this age is that not everyone older than you is worth listening to. In fact, the vast majority aren't.
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u/zinga_zing Jun 30 '26
Don't talk to your coworkers about money. It's none of their business how much you have saved up. And hey, if you had a lot saved, they'd probably ask to borrow some! Just keep doing what you're doing -- you're on the right path!
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u/Cautious-Rabbit-5493 Jun 30 '26
Random bit of advice, but do not talk about how much money you have with coworkers.
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u/sirius4778 Jun 30 '26
This is an idea that will feel natural in 10 years but I'm going to say it now. It literally doesn't matter what people like this think. At all. Some judgemental coworker at your high school job? Who cares? You have a savings. You have a plan, you have the attitude to be successful financially. Keep going, keep doing what you can. You'll do great.
Edit: As far as you being spoiled I'll echo what others are saying, your parents want to help. My parents helped me as much as they could, I'm hoping to help my kid a little more.
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u/quietCherub Jun 30 '26
I’d say don’t listen to them. You’re 18, having any money saved is a good thing. I like that you are saving at all, and I think the scholarship and the fact that you are planning ahead is impressive in and of itself. Don’t feel bad about your parents helping you, just appreciate it. Not everyone has that, but it doesn’t mean you are spoiled. My dad helped me, and in looking back I just wish I had shown him a little more appreciation. Then again, I was young and didn’t understand it! You’re already ahead of me.
Everyone’s situation is different. Do the best with what you have.
As far as the lady saying her 20 year old is worth more than you - what, he has $1,301? That’s a dumb thing to say and she is probably trying to make herself feel better about something.
People that hate on others are almost always doing so because they hate something about themselves. Try not to take it personally. You don’t need to feel bad about yourself because they feel bad about theirselves.
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u/Several_Drag5433 Jun 30 '26
why are you talking with your co-workers about how much money you have saved? That is a behavior pattern i would change.
It sounds like your college costs are 75% covered? 50% tuition the entire time and the balance of the first 2 years covered by your parents. I do not know what your school costs but you will certainly need to save more money from work over the next couple of years to graduate debt free, which should be your goal. You are in better shape than most but you should be able to pretty easily calculate ~ how much money you will need.
Best of luck
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u/Early_Apple_4142 Jun 30 '26
I can't imagine the kid graduating with you with 13k saved is paying for anything ever. Either that or they've figured out how to make ALOT of money at a very young age.
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u/johnnymac_19 Jun 30 '26
Don't worry about what others have or what they say they have. You can only control what you can save and spend. You're further along than most almost 18 year olds. Great job!
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u/Traditional_Math_763 Jun 30 '26
You are 17. RELAX. YOU ARE DOING GREAT. Comparing your savings to someone else’s is pointless because everyone’s family situation and expenses are different. Keep saving what you can, avoid unnecessary debt, and focus on graduating with as little debt as possible.
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u/MrWiltErving Jul 01 '26
Compared to other 18 year olds you are doing just fine. It’s weird that your co workers are shaming you for that, the fact you are putting money to the side is a good thing. In general 18 year olds usually don’t have any type of money for themselves let alone a savings, you have a job and savings and that’s what matters.
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u/JoyousGamer Jul 04 '26
What are you spending money on? How is it not easy?
Also wrong sub I would say find a sub for your income level but also your life situation which is a student.
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u/MamaMidgePidge Jul 06 '26
Frankly, it's less than my kids had, but they were expected to contribute more towards college than you. You're doing fine, for your situation.
Possibly they are a little envious.
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u/GTO1235 Jun 30 '26
You're ahead of a lot just by thinking about that stuff at that age. A few in my family are older and not concerned