Starting first job soon
I'm about to start my first job making 18.50. I don't have a credit card or any bank account established yet, and I don't really want to ask my family is well known for not handling money well. I'm wondering what should I start doing first? I've watched many YouTube videos but I'm kinda failing to grasp the concept of investing, Roth IRA, etc. My grandmother's already bought off the house we live in, and because I take care of her, I don't pay any type of rent or bills and I want to start saving up to go to college. What should I do first?
Starting first job soon
byu/BunnyTakestheCake inpersonalfinance
Posted by BunnyTakestheCake
1 Comment
You’re actually in a great position since you don’t have expenses, so keep it simple. Open a checking and savings account first, get your paycheck deposited there, and start consistently saving a good chunk of it. Don’t worry about investing yet focus on building your first $1–2k as a safety cushion and getting used to saving regularly. Since you’re aiming for college, it also helps to track your progress so you can stay motivated; even a simple spreadsheet template online can make that easier. Once you’ve got savings habits down, then you can start looking into things like a Roth IRA.