Ok, this sounds like I'm a basic human being, and that may be true, so please bear with me.
I'm in my mid twenties and living in one of the EU countries. Currently working on a minimum payed job. Thinking of taking up a part-time job too. Weekly working anywhere between 48-55 hours.
My monthly expenses are roughly:
600 euros - rent+food (I don't pay for electricity/gas and internet - which are fairly cheap anyway; water is free)
There is a future prospect of reducing rent cost down to 200 euros, but that is still a speculation at this point
20 euros - mobile phone bill
100 euros - other expenses, such as: junk food, sodas, sweets and so on
100-200 euros - family support
120 euros - transport cost (but I cut this down to 5-10% now)
100-300 euros (every 5-6 months) - mostly clothes
I have no debt, mortgage or similar. At the end of the month, I usually save anywhere from 400 euros (rarely) up to 1000 euros. On average it's around 700 hundred every month. And that's where the problem is for me! I have no idea what do to with money I earn. It just keeps piling up in my bank account. I have a feeling I'm somehow wasting money by not doing anything with it. Am I wrong? Should I:
Open a savings account? Is it worth it? How much money should I move to it? Is it better to put money in it on a monthly or yearly basis?
Have an emergency fund? If so, how much money should I put in it? I've read around this subreddit anywhere between 1000 euros up to 5-6 months worth of expenses. I already have enough for more then 6 months. Is it worth putting more money in the fund pass that point?
Invest? I have no idea where to begin with this one. I have zero knowledge about it and I don't want to fuck up and lose a lot of money.
Is there anything else I'm missing here?
I'm generally trying to get a grasp around finances since it's all fairly new to me. This is the first time I'm employed for a full time and paid regularly. I've been visiting this subreddit a lot and trying to inform myself, but I'm still hesitant to do anything with my money.
Submitted March 24, 2019 at 07:12AM by Rabdah https://ift.tt/2JAqfgo
