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I'm a 22 year old college student who currently works at a manufacturing plant making $11.33 an hour in Mississippi. I'm a prospective occupational thearpy assistant student hoping to start the program at local community college in August. I'm also in the Army Guard so all of my tuition is covered plus if I do get into the program ill bring in $680 a month plus my drill check which is $200 a month pay grade E4. Here's how my financial situation is as of now.
Checking account-$500
Savings account-$1,500
I feel like I should have much more in my savings but I was unemployed for a period of time and wasn't bringing any income in. I plan to use my savings for moving expenses after I complete the OT program.
If it was you how would you structure these two accounts? Is a CD beneficial in today's time? I'm lost as to how to go about this. My main objective though is to save as much as possible. Mind you I still live with my mom rent free and I have a car note of $400 a month. How would you go about this if it were you? Thanks
Yes, I think you're doing fine, too. I would not get a CD, there is no reason to lock up your money for a long time for low interest rates. There are some money market accounts that might pay more interest than your savings, but some may require a bigger sum to open. I would check out online banks like ING, Amtrust, etc, they often pay more than brick and mortar banks.
I'm an O.T., btw, and you should be in great shape after you graduate. Best of luck!
If it was you how would you structure these two accounts? Is a CD beneficial in today's time? I'm lost as to how to go about this. My main objective though is to save as much as possible. Mind you I still live with my mom rent free and I have a car note of $400 a month. How would you go about this if it were you? Thanks
The biggest obstacle is your car note. 400 a month is pretty steep on your income when you're also wanting to build up savings. A less expensive car would go a long way in freeing up more to save.
How much would you guys put into savings each month?? Whats a good amount to have? I make about 350 a week at work; Plus my guard check goes into my savings account that is about $200.
It depends on your expenses, and what you have left over after paying your bills each month. After bills, I calculate how much I'll need for gas, food, etc during the week, keep a little more for unexpected expenses, and save the rest.
How much would you guys put into savings each month?? Whats a good amount to have? I make about 350 a week at work; Plus my guard check goes into my savings account that is about $200.
At this stage in your life good grades and resume (Extra curriculars) is more important so long as you have enough to move to your first job. (Particularly since you can live at home... and if it takes you a couple months to get a job you won;t be living under a bridge.)
Do an extra AT over the summer and save that money, perhaps try to pay off the car by graduation and have a few thousand in the bank, and then drive that for the next 10 years...
Don't forget to live a little... go out with coeds, enjoy a vacation so long as it doesn't break the bank... enjoy life.
Life is about balance, don't look back and regret not going to more football games or whatever your thing is.
What is the interest rate on your car loan and how much time is left on it?
Open a Roth IRA and contribute every extra dollar you have into it now while you're making so little.
See if there are any scholarships you qualify for at your college, or at any you're interested in transferring to. It makes more sense to pull a 4.0 and get scholarships then work 40 hours and have your grades suffer. Often professional organizations will have student memberships and offer scholarships as well as additional education or mentoring opportunities.
Your age 22. I see some problems. But you can correct them. Identify some specific goal that would increase your net worth over time. This is something that is usually done at age 16. At age 22 you should be well on your way to either a college degree leading to a good income or a comparable business interest. And it seems you are not. So do some serious self study and look at your history to find your skills. Match up a suitable goal based on your abilities and focus on that above all else. Beware that some college degrees are worthless. Do your home work. Also do not overlook other non college but certified skilled works. The trick is to match correctly.
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