I’m a 20F I’ve been able to save a little over $30,000 in the past few years. I’m really proud of myself but I’m not here to brag because I’ve had ALOT of help, I’m here for advice. I grew up in foster care so I get about $1000 a month because of that until I turn 21 in April. I’m currently going to college for computer engineering. I’m going to a community college rn to save some money but next fall I’m transferring to a 4 year. Because of the foster care thing I get cc for free and I should get most of 4 year paid for. I also get a lot of financial aid to help me. I have about 2 years left before I can graduate. I’m working part time at Best Buy. I started a 401k with them a few months ago, they match the first 3% and I’ve been putting in 10%.
Here’s are my expenses RENT - $540 (I’m moving October 1st so that’ll be changing to $300) CAR Payments - my car was $16,000 and I’ve gotten it down to $9,900. I’m supposed to be paying $320 for 4 years with a 2.3% interest rat, but I want to pay it off ASAP so I’ve been putting in like $650-$1000 Car insurance- $180 Phone -$80 Gym, Apple Music, amazon prime etc -$100
My income a month Best Buy - about $1000 Foster Care - $1000 (ends in April) Financial aid - $1250
I just started reading about investing, high yield savings accounts and Roth IRAs and was hoping to get some advice on what my next steps should be because I don’t think my money sitting in my banks savings account with a 0.01% interest rate is the best idea.
I started using the acorns app to start investing my spare change. I don’t know enough yet to do that stuff on my own so I thought it would be a good start.
I’ve been considering opening a Roth IRA with vanguard but I’ve been wanting to finish paying off my car first. Not sure if that’s a good idea or not, but that’s what’s been stopping me from starting it.
Someone told me about high yield savings account and I’m super confused on how those work and where I should even go to start that. Am I able to take out that money if I need it or is it stuck there like an IRA?
Should I try to pay off my car before I start a retirement fund? Should I try to pay it off a soon as possible even though my interest rate is low? What are some HYS accounts that are recommended and trusted?
Any financial advice is welcome and would be greatly appreciated. I’m just not sure where to start or go from where I’m at.
Submitted September 15, 2019 at 07:31PM by Jayus_YT https://ift.tt/31tWcvu
