I apologize if this isn’t the best sub to post this in. Regardless, I was wondering if I could get some advice with my financial decisions.
Previous to the last 1.5-2 years, I never had a significant income, or a stable income at that. I was a college student, working random minimum wage jobs to help get some cash. I graduated about a year ago, and several months ago landed a great job. I also have a side gig where I make a small but helpful amount of cash each week. Now, I have a steady and dependable income. I’m slowly building up my savings.
To sort it out: I have two accounts with two separate banks. Bank 1 is a checking, and a savings. They are both standard accounts. I also have a credit card open with this bank. It is a standard credit card (it was my first ever card I opened last year, solely to help build up credit) with no rewards program whatsoever. I mainly use Bank 1. This is where my direct deposit goes, and where I pay most bills like rent and living expenses.
Bank 2, my account was opened for my auto loan. I deposit money from my second job into this account. My second job pays off my car loan and insurance with ease, and is used primarily for that. I may open a credit card with Bank 2 as they have a really good reward program.
I’m not making a crazy amount of money, but between all of my expenses, I am easily able to deposit anywhere from $600-$1200 into my savings every 2 weeks. Is there a specific savings account I should look into? A friend mentioned to me that I am getting taxed on my savings, and it made me rethink some financial decisions that banks defaulted to me, but I am also unsure of where to start/what to look into.
Side note: I also put 10% of each paycheck into a 401k through my company so I am saving for retirement slowly through that as well.
Thanks reddit!!
Submitted July 10, 2019 at 11:04PM by MSMIT0 https://ift.tt/2xGCNu3
