I'm a freshmen in college and I just got a part time job. I need some money saving and spending advice. I know I'm young but I would love to save up for a a condo or a home. (I don't want to live where I live now) I'm not sure how much I should put into savings and how much I should put into debt/checking. The only bill I have is to pay for my own gas so that's about 40.00 a month. Everything else my mother pays for. As for my spending habits I go to Starbucks one night a week and I love to buy anime books. So around 25.00 to 30.00 a month.
So any advice and tips about money for me?
Save what you can and avoid credit cards. If you need a card, get one and pay it down every 2-3 months. Be responsible with your credit, Believe it or not, credit is more important than "cash on hand". Don't go crazy with your money. Try to save 50% of what you make and don't go in debt.
Lucky you. Your Mom pays for everything.
Spend your money to live well during your school years. Nothing you could save now will add up to much once you get a full time job.
If you're living at home and have a part time job you should be paying your parent(s) for rent and food. The economy is very poor now and unemployment is the highest it's been since the late 1970's or before so I'd say stop the starbucks and anime thing and put the rest of your money into savings to use for an emergency first and to pay for your schooling in college. One cannot save when they owe. You didn't mention you have a car. So how could you possibly save for a condo if you aren't even paying your bills now????
Depends on how much you plan on spending on a condo/home and WHEN you want to be prepared to buy. If you want to live in a metropolitan city in the U.S. you're looking at $375,000+ for a condo. Higher if you are thinking San Francisco or Manhattan. First set your price range then you can figure out how much you have to save and for how long. Location is a critical factor when deciding to buy a home/condo especially for resale value.
A good target to shoot for a down payment is $40,000. In low cost states like Texas, Florida or Arizona you could get a $100,000 condo. You'll pay $20,000 down plus closing costs and you'll have an additional $18k or so to buy furniture and leave in savings to cover home insurance and other household expenses.
Save all you can in the early years and when you get cash gifts from your parents - sock it away in mutual funds. You should be able to buy something by the time you graduate in 4 years. Keep it for 4 years then trade up or rent it out.