TLDR at the bottom.
I am 24yo in the US and have saved up my first $20k and wondering if there is a better way to be treating my finances. I currently have a cash rewards credit card, just opened a second one due to suggestions which has different cash rewards, and a checking account. These are through BOA and Amex.
My salary pre-tax is ~35-40k and I spend about 1.5k on necessary monthly expenses due to high cost of living. I do not have a car, my own home, or loans/debt. I pay 5% of my salary post-tax into a Roth account through work. I think I save about $500/m but TBH I'm not really sure. BOA says I save ~$750 but I'm not sure if that is correct.
I am independent with no dependents, pets, or health issues. I am planning/hoping to go to graduate school (doctoral program so ~7 years) sometime in the next couples years, so my biggest unknowns right now are that I don't know what city I will be in and I don't know what my tuition will be (programs vary from '$0 and I get a stipend' to 'I pay $30k/year for the first few years'). Either way, I can assume that I will not have a more substantial salary for quite a while so I am saving now while I can. While I am financially independent, in the case of an emergency I would have help if needed, so I am not super worried about a large emergency fund.
My main questions are is there a better way to be storing money? Should I pay a higher percentage of my Roth savings? What percentage should I be saving at this point? Budgeting/tracking apps (tried Mint). I was looking into a high yield savings account, but I am a little confused about this. In general, I don't really understand a lot about financial planning etc. and could use some advice! I have zero knowledge about investments.
TLDR: I am a young adult with no debt/loans, no assets, and a low salary and high cost of living. I have 20k sitting in a checking account and I am wondering if there is anything to do with it. Also looking for general financial advice because I know very little.
Submitted February 20, 2020 at 08:56PM by Playful_Parsley https://ift.tt/2SLDT36
