In a bit of a dilemma

[icewater]

I’m 21 years old and about to finish up my contract in mid June. Based off my calculations and current budget I should have €9,500 in savings by the end of the contract. I really don’t plan to work during the summer and will be back in college in September so I’d have a good 2-3 months with 0 income.

Some part of me would like to use my savings as little as possible over the months and have no less than €8,500 -€9k left over. The other part of me is saying f it and spend it all to enjoy a nice holiday.

I’m torn because, yes I would like to enjoy my summer unemployed for the first time in 5 years. But at the same time I’d feel like id regret it because I think im so far behind in savings given the fact I’ve been working since 16.

During college I plan to hopefully find a part time job.. I’m just stuck for summer really and don’t really want to regret losing all I’ve saved.

 

[thenviron]

@icewater

I think im so far behind in savings given the fact I’ve been working since 16.

I hadn't a penny saved until I was 30.

You could enjoy your summer and still have 6 or 7k saved at the end.

 

[fibble]

@thenviron KillerK is spot on, live a little and treat yourself. We all need a break from work from time to time.

There’s some good better deals on things if you shop around and not impulse buy. You don’t have to blow your entire savings to have fun

 

[niko92]

@thenviron Absolutely this - no need to blow the whole thing! Why not enjoy the best of both.

 

[jesuslovesmeandyou]

@icewater Enjoy your summer, I’m sure you won’t regret in the future. You are still so young, you’ll have time to worry about it.

 

[ivan57]

@icewater Money will help you while you're in college if things get tough and you can't handle a part job and studies at the same time. Skipping work for a summer and blowing savings on a 1-way ticket is exactly the sort of thing I've done at exactly 21. If I had that money at 20, I wouldn't have dropped out of college to work. If I didn't drop out of college, I wouldn't have started my company. I have a successful company now and sometimes wonder about what could have been if I could have afforded staying in college working only in summers.

 

[justaguysaying777]

@icewater You know full well 99% of 21 year olds don't have a grand saved, never mind 10. You're behind in no way at all so drop that line of thinking if it's in any way genuine (which I don't think it is).

Real advice - live your life. Later you'll look back and realise you didn't enjoy your twenties because you were too concerned with money. Keep some savings, but don't be the person who's so frugal in their early twenties that they have no memories to look back on.

 

[okieracing]

@icewater Only you can decide what’s right for you but I would recommend just working 1 or 2 days a week during the summer just not to bleed your savings as they will dwindle quickly with nothing coming in

 

[foxic]

@icewater Enjoy yourself. In years to come, when you have no spare time, you'll regret not travelling when you had the chance. It doesn't have to be expensive either. Go. Have fun. Make happy memories.

 

[aliceliddell]

@icewater Do both sensible holiday to enjoy yourself but leave some cash in savings. Seems like most people agree.

 

[blessings43]

@icewater Why not move to some nice sunny spot and chill, get some bar work in a small bar so you aren't going backwards financially and get paid to socialise. Spain, Portugal or Italy you'd still get cheap accommodation in some nice spots. Just chill in the sun for 3 months doing minimal work

 

[pleaserespond]

@icewater You're in a great position at 21 to have a nice pot of savings, and also a savings mentality, so definitely don't worry about being behind. Your post also implies a very "either or" choice, but from what you've said you can keep significant savings and still have a nice holiday for yourself!

It's useful to remember that your savings don't exist in a vacuum, they exist for a purpose. It might be as a safety net, or to buy a car, for a future deposit, to allow you to live a more enjoyable and fulfilling life, or any combination of these! It might be worth thinking about what your savings are for, and how much (if any) you would be comfortable putting towards fun experiences like this holiday.

 

[acutebendigogal]

@icewater You're still young, I wouldn't be worrying too hard about saving. Keep 5 tucked away, spend 4.5. give yourself 1.5k for a holiday and 1k a month to last you as spending money for the summer. You might not spend it all and can hang on to whatever is left each month along with already having 5 put aside. Enjoy your summer, you're only 21!

 

[debs88]

@icewater Go on two month break to SE Asia, you only have one life. Money - you can find

 

[keepwalkingon]

@icewater Budget ur summer a lot of fun stuff are free work part time

 

[yuliette]

@icewater Worked all throughout college, weekends, summers, Christmas. Always had more money than those around me in college.

Missed out on a lot of fun shit like J1s etc. That my friends did. In hindsight, I regret it massively.

Reality is, you'll save a hell of a lot more once you start your career, working full time, hopefully getting a decent wage. Even better if you have the option to stay at home for a year or 2 to boost that savings amount after graduation.

Live your fecking life and don't worry about accumulating points at this stage. Therell be plenty of time for that afterwards.

 

[holly]

@icewater

Some part of me would like to use my savings as little as possible over the months and have no less than €8,500 -€9k left over. The other part of me is saying f it and spend it all to enjoy a nice holiday.

OK so you can be frugal and also have a nice holiday without spending all your savings. A holiday doesn't need to cost 8k, let alone 1k. You can go somewhere in Europe and have a great time staying in a hostel and exploring for a week on 800eur.

 

[holly]

@icewater Everyone saying "enjoy yourself" but realistically, OP, the world is different if you're under 30 in 2024.

Money gives you options

If you start to save this early and don't burn through it all, you can really set yourself up. It doesn't have to go into retirement savings either, you can use it to do extra courses/study a language/start a business in the future. These things could definitely make life a little easier and more fun.

If you don't know what you want to do with your money, think about it. Spending it for the sake of spending it will only have you wondering how you spend so much on deliveroo, coffees and online purchases.

 

[starbright8000]

@icewater Honestly, I would consider that you’re 21 only once. I would invest (yes invest) some of those savings to have a well deserved nice holiday, and save the rest. I think you can afford to spend couple Ks.

 

[peacecar]

@icewater Listen, I'm 36 and have half of that saved, so don't feel too bad. If I was you I'd go inter railing around Europe for the summer staying in hostels and a tent, you'd would spend less than half of your savings and have the time of your life! Go for it!