Celebrating both my longest apartment (13 months and counting in one place), and my first full calendar year of not being homeless since I was 13.
I posted about a month ago, and have taken the advice received about building credit and here is my current situation:
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26 year old bartender.
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500/ month rent
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100/month phone bill
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60/ month in subscription services
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100/month charity donations
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I started tracking my tips and it has helped a lot with monitoring my spending.
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I make 1,000 a week in tips on slow weeks and 1,800 a week on good weeks.
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550 credit score with 2 delinquent medical bills I plan on paying off around holiday season when I get extra $$
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applied and received 2 secured credit cards ($200 each) discover, and capital 1. (Thanks for the advice)
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currently using these cards to pay for my subscription services and phone bill, nothing else. Trying to build credit and then apply for a 3rd card through my bank.
As far as bank and liquid assets I have:
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1 checking that I don't let fall under 1,000 Currently: $1,400
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long term savings (transfer 250/week goal is to even touch this money and have 12k in a years time) currently: $1,500
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short term savings (transfer 100/week and is for vacations and other 'short term' savings) Currently: $400
I've never really had more than 3k in my life at any given moment. I know this isn't a lot of money but it's more than I'm used to. I used to be homeless and it feels weird to me to have this.
Basically where I'm at is I feel like I could/ should be doing something with the money that I have but feel like it is too little to invest in anything. So what are some benchmarks I should hit or have so I can tell myself, self, you have X amount saved up- you should start investing with this other money that you have. And where should I look to invest?
I'm looking at IRAs etc but still feel like I should have MORE in liquid cash saved before I start opening a retirement account. Starting one now feels like putting the cart before the horse.
If someone can gently give me some advice as to what 'normal' people do with their money, I would really appreciate it. I'm a little lost.
Submitted October 30, 2017 at 10:07AM by felixbaumgartner424 http://ift.tt/2zQYIOl
