How long for an 18-year-old to save $1000?
Saving $1000 from the save jar of a 18-year-old's allowance takes 139 weeks at one dollar per year of age, less with interest or a bigger rule.
Saving $1000 at 18
| Rule of thumb | Allowance a week | Save jar a week | Save jar only | With 2 in every 100 a week interest | Saving all of it |
|---|---|---|---|---|---|
| $0.50 per year of age | $9 | $3.60 | 278 weeks | 95 weeks | 112 weeks |
| $1 per year of age | $18 | $7.20 | 139 weeks | 68 weeks | 56 weeks |
| $1.50 per year of age | $27 | $10.80 | 93 weeks | 53 weeks | 38 weeks |
The save jar is 40 of every 100 of the allowance. Interest is paid weekly by the parent on the balance, as TaskFamily's savings jar does.
What the money usually covers at this age
- most of their own spending money
- clothes, transport and phone
- saving for a car, a trip or study costs
Money skills to practise
- budgeting a whole month
- paid work alongside allowance
- bills, due dates and avoiding fees
At one per year of age the whole year's allowance is $936.
In TaskFamily your child names a $1000 goal, the save jar fills every week and the goal date moves closer, so waiting becomes something they can see.
Free for one household. Premium is $5.99 a month or $49 a year for the whole family, never per child.
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Every amount is worked out with the same functions as our allowance and savings goal calculators. Rules of thumb, not advice on what to pay. The guide text is drafted with AI from these numbers and checked automatically before it is published.