I’m 22, and was living with my mom for pretty much my whole life. She took care of me and paid for my education. I’ve got a semester or two left (I fucked up a little) and I’ll be graduated. My mom got cancer last year and passed away this May. She’s the only family I had and I’ve been struggling really hard. I’m was homeless for a little while, but a coworker let me move in, and pretty much I just live paycheck to paycheck. How can I start saving money?
My current expenses are:
225 a month for school 65 for phone bill 100 a month for car payment 60 a month for insurance
My paycheck every two weeks is typically around 600-700 from working two jobs, one relies on tips so it varies.
Usually though after groceries and gas I’m left with no money and will often overdraft or borrow money.
I’ve been thinking of getting a credit card to put gas on so that hopefully the payments will be spaced out and I can start saving some money. I just dont know what to do I’m pretty directionless because I have no family and all my friends are as poor as I am
Was recently forced to be on my own, how do I be smart with the little money I have?
byu/KangarooLanky4454 inpersonalfinance
Posted by KangarooLanky4454
39 Comments
Which country are you in? There must be some government resources you can utilize.
Other than that, maybe you should stop attending school, so that you can concentrate on finding a better job or working more. You need money more than anything else. It’s good that you have friends who’re willing to help you.
Do not get a credit card. Do not use debt to cover expenses at all.
In your situation, you should be able to get grants to cover tuition or qualify for free tuition at the college. That frees up 225 a month.
If you want you can play the points game with credit cards find “The point guy.” If you’re really good at math and excel it works out. Either that or shwag bucks.
Just remember to spend less than you make.
Collect every bill.write them down in an excel for each month.
At the end of each week sit down and try to figure out what could be cheaper.
For example, my phone bill is 7€ a month.
I only have a SIM but never call or write anyone, mostly use free WiFi and WhatsApp or other messengers
Idk if my advice will help. However, be careful when getting a credit card. Debt can accumulate pretty quickly. You can start saving money starting off with as little as possible to be honest. Even if it’s a few coins or dollars. I’ve done it before & of course it’s going to grow slowly. For the future, I’ll say to network with people in the field of study. Begin building relationships with colleagues because that could either make you or break you. It’s already difficult finding a job so if you know somebody. It can help. Thats my advice. im sure others will say different
Sorry to hear about your stuggles.
Based on those numbers you are spending >$200 a week on food/other things. To answer your question spend less on food or things that are not listed on your expenses. If your expense list is completely accurate you need to spend less on food, Rice is inexpensive and easy to cook, chicken is also inexpensive, you can get some veggies for relatively cheap.
How often are you eating out? Where do you shop for groceries? What does your diet look like.
The credit card is an atrocious idea. It will only exacerbate all of your problems.
Discipline and lifestyle change are your most likely methods of improving your situation.
* Monitor and optimise your income and expenses
* Eliminate your debt
* Set aside money for your personal emergency fund (3-6 months’ expenses)
* After that you can try to save or invest for your future
You already get into debt every month, so a credit card will just make it more comfortable to accumulate even more debt…
Can you get a student loan/s? It’s better to have a cushion and take on student loan debt than to risk homelessness again. It also generally gives a lot better terms than credit cards
Be careful on the credit cards, that buys time, and loses more money.
1. Look into SNAP benefits, you probably qualify
2. You may qualify for survivorship benefits under social security. Call social security ASAP and ask about this. It cuts off at 22. So do this NOW.
3. Did your mom work? Call her employer and ask if she had 401k or life insurance benefits. Check unclaimed.org for benefits in her name.
4. Lifelinesupport.org may show you qualify for a reduced phone plan.
5. Did your mom have a will? Or did her estate go through probate court. You need to answer this question and determine how to proceed.
6. Lastly, creditors may come to you asking you to pay off her debts. They’re scumbags and you aren’t legally required to pay any medical or other debt she may have held. Tell them to go fuck themselves.
I’m so sorry for your loss. You’ll get through this though. Stay strong.
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Number 1 way to save money is through making smart food choices.
Are there any food pantries nearby? They can be a great free resource.
Learn to cook some basic meals with rice, lentils, or quinoa. They are cheap, filling, and nutritional
beans and rice make the bank account nice. and also pasta but that doesn’t rhyme.
I’m sorry you’re in such rough spot to say the very least.
The hard answer to hear is that income needs to be greater than expenses. As you’re a student and working two jobs you gotta find a way to get above water and not open a line of credit which would incur high interest that’ll just dig a deeper hole.
Do you need the car? Would it be cheaper to take public transit?
If you graduate, what are the chances to land a higher paying job?
Will you have student loans?
Obviously if you’re not a student you could try to pick up more hours at your job to bring in more money and some breathing room.
There’s guides in this thread on how to build a budget and plan for your future, it won’t be easy but you can do it.
Go to a food pantry or two for food. Your school probably has one. Talk to a counselor or social worker at your school who can connect you with any services you would qualify for. Offhand I am thinking food stamps and perhaps scholarships or stipends from your school for struggling students.
Your best bet will be study hard, work and graduate and look for a better paying job. You will probably need to keep two jobs to get yourself to a stable place and look for ways to cut costs. It’s nice that your coworker was willing to share space. Do everything you can to keep this spot by being thoughtful and considerate of your roommate. Be a quiet, neat roommate and you both win by sharing costs.
Do not pile debt on a credit card unless you pay it off EVERY MONTH so you have no interest accrued on the card. Interest on cards is outrageous and will quickly drown you.
Why’s that phone bill so high? You only have one line, correct? Call the phone company and see if you can find a cheaper plan. Next, do the same with your car insurance. All bills, in fact. Utilize food banks in your area for groceries.
Don’t go to those payday loan places. And if I were you, I wouldn’t get a credit card either
Also, this might sound extreme….but after the semester…..check dumpsters for usable stuff like mini fridges or microwaves. Resell them at the beginning of the next semester to help pay tuition
I am so sorry for this situation!
Who is helping with her estate? Are they close enough to lend you a hand?
Overall, please see if you can pick up a few shifts but if not please avoid credit. Once you have it, people generally pay more than they can pay back each month and then you are caught in a vicious cycle.
It is hard to pay back an overage from month to month PLUS 20-30% interest!!!
Your expenses seem in line with your income. Please look to student aid and support, they will also recommend food banks. This is what they are for. When you have finished school and are working your career job, donate it the food back instead of an extra coffee- that way you can pay back what you were supported with today.
But 100% speak to your student aid office.
Also if you are only a few course short of completion, speak to your professors to see if you could help them for some pay. This doubles as a great reference for your career job once you graduate.
Again, my condolences and I really wish you all the best!!!
It will be a grind. Honor your Mom by finishing your school and being a great part of society!!!
So you’re making ~1200-1400 a month and your listed bills are 450/mo. Groceries and gas certainly shouldn’t be more than 800 a month for a single person. There’s either expenses you’re forgetting e.g. subscriptions or you need to figure out cheaper eating. You are unlikely to be able to save much until you graduate and get a full-time job. Which sucks but is expected. Student loans could help and shouldn’t be horrendous for two semesters worth.
A CC still has to get paid at the end of the month or the interest will eat you alive.
I’m sorry about your mom. You’ve had to carry more than most at 22.
You make about $1200–1400 a month. Fixed bills are $450. That leaves $750–950 for gas, food, and life. The goal is to stop overdrafts and build a small cushion.
1. Track every dollar. Write it down daily.
2. Cut costs: ask your school about aid, hardship funds, or deferment. Drop your phone plan if you can.
3. Skip the credit card. It will trap you in interest.
4. Save the first $100–200 as an emergency buffer before anything else.
5. Push income up where possible: more hours, side work, campus jobs.
6. Use help: food banks, student emergency aid, community programs.
First win is to stop losing money. Next win is a small cash cushion. After that, you can think long term.
I am so sorry for your loss! You are young and right now it may be impossible to save money. Keeping yourself in school and off the streets is very impressive. Just keep doing what you’re doing now and don’t worry about having savings f you can’t afford it. Finish school and find a better job in your field. As time goes by and you earn more, you’ll be able to start saving money. You’re so close!!
You’re already off to a good start simply by recognizing the relationship between income and expenses, something sadly that eludes many people.
My suggestion to you is to go to your local public library and start reading books about personal finance. It will change your life and it’s free. Good luck.
Work on getting a good career that is somewhat guaranteed. Only assume debt in that pursuit and not otherwise.
Example: get a low paying internship in a great field and get through the summer on credit cards type thing.
Head to your college or public library and ask at the information desk what they’ve got for online classes, meetings, referrals for personal budgeting and finance. A public library near me has courses on [Gale.com](http://Gale.com) for accounting and finance which includes personal budgeting and finance. Going through the library system will mean that it’s free, which is why it’s worth the trip.
Short term: try saving $1 a week. Try saving your change from the items you buy. When you reach some amount–$20? $100?–you may have enough knowledge from your personal finance class to know how you want to invest that money so that it starts earning interest.
My experience with credit cards was that yes, it made it possible to live short term, but the interest rate was awful and I could not pay off the balance every month so the money I owed became more and more. It took some years but I got it paid off. I have carried a balance maybe 2-3 times since and hated every moment of it.
If there’s a place that takes scrap metal near you, you might start driving through affluent neighborhoods to find aluminum and copper. Ferrous metal (steel and iron) bring very little money but they are easy to find. The scrap metal places pay you a check on the spot. Wear jeans, long sleeves and gloves to protect your skin–no point in doing this only to get stabbed by metal and have to go on antibiotics.
I take it that your mom’s estate had no assets to leave to you? It happens, especially when there’s illness like cancer that eats away at the person you love and at their resources. I checked Social Security survivor benefits. It appears that you don’t qualify, unfortunately, but to see for yourself go to [https://www.ssa.gov/survivor](https://www.ssa.gov/survivor) . You might be able to raise some money by selling her stuff, but I’m thinking that’s been done already. If she’s got ugly gold colored jewelry that you have never liked, you can try sending it to Express Gold Cash to see what they will pay for it.
Please accept my condolences for your loss. Tell your coworker that I think she’s making the world a better place by helping you. I hope you are blessed with good luck.
Go talk to your college financial aid/student resources offices ASAP, explain the dramatic change to your situation and ask for help. They should have strings they can pull to help in many different ways, but it will vary college by college as to what that help looks like.
First.. I’m sorry that you are in this situation, reading what you wrote actually made me tear up a little…
I don’t have any solid advice as far as “oh cut back on this or that” because your recurring expenses are all very reasonable already… there is no “cutting back” that will reasonably make a difference.
The thing that does stand out to me is your income… 600 – 700 every 2 weeks is brutal, it is damn near impossible to make that work.. I work ONE full time job and make around 600 per week and it still doesn’t feel like nearly enough (because its realistically not) but I think you might want to look at employment options.. and I get it, that’s a big ask because its an actual hellscape to be applying for jobs right now.
Depending on your situation you could cut your phone bill down to just $25 (assuming your phone itself is not part of the bill) by switching to something like Visible.
> My paycheck every two weeks is typically around 600-700 from working two jobs, one relies on tips so it varies.
you need to earn more money.
a credit card isn’t going to solve the fact you make $1200 a month and your bills not including food is $1000 a month
Please go to your financial aid office TODAY and tell them your situation. What state are you in? Does your dad claim you as a dependent? If not your aid probably changed a lot since your mom died. You need to get counseling not just financially but also your mental health since it sounds like your support system has been upended. Your school can help with both those things.
Get a cheaper phone plan: things like Visible are much less than $65 and not worse service. That will get you $30.
Go to food banks for food.
Don’t take out any type of student loan, or use a credit card to cover expenses. Go directly to the school office and speak to a counselor and or the financial aid officer.
Sorry about your mom and your recent struggles, but you’ll get through it. The only expense I see here that you can reduce is gas and food. Walk, ride a bike more often than not if it’s feasible. You say you get tips, do you work for a restaurant, if so, have you spoken to the chef about food they going to discard? What about grocery store saving apps, and sticking to a diet that is relatively inexpensive? SNAP benefits will certainly help if you’re out spending your paycheck. Also need to make sure you’re helping out your coworker who’s letting you crash. Do whatever you can do to make it up to them, even light chores or making them dinner will go a long way. Don’t burn any bridges
Contact your schools financial aid department to see what they can do with your change in circumstances.
Many colleges and universities have a food pantry. This can help you with food expenses. If they don’t have one or, it’s not enough, find one in your area. Also check to see if you can get on Snap or EBT.
Lower bills you have. Compare car insurance rates with different companies and check out lower cost and prepaid phone plans. There’s also Lifeline services, if you qualify.
Cut out unneeded things. Don’t eat out. Don’t drive places you don’t need to go (to save gas), ect. Don’t buy things you don’t need. It’s easy to say but hard to do.
Do everything you can to avoid getting a credit card. The last thing you need is to add credit card payments to an already stretched budget.
Focus on getting good grades and graduating so you can move on and start a better life.
You can change your cell phone service to MVNOs like US Mobile, Mint mobile etc…
>groceries
What are you buying? Can you survive on eggs and ground meat by buying them in bulk?
I don’t know what area you are in but I get payed +tips what you are weekly not even working 40 hours from only one job.
I’m in the same boat (paycheck to paycheck) and my only advice I would have is to find a cheap hobby. I chose working out
INFO: what’s your major?
Don’t get a credit card. Your rate will be high due to your circumstances, and the interest will cost you more in the long run.
– since you’re a semester away, start looking for full time entry level jobs in your field, and applying
– did you redo FAFSA or talk to financial aid center? Your financial aid amount should have increased substantially, especially since you are near homeless and your moms passed (meaning less parent income)
– downgrade phone plans or switch carriers. Mint mobile is like $20/month. Or if it’s the phone itself, you can buy a cheap phone outright
Hate to be that person. You said you/Mom only had each other, and your dad had alienated you for being queer. I bet your mom put her estate/401k in your name to have, but your dad wants it for himself and got lawyers involved to do so.
– find your mother’s will, if she has one.
– Be proactive of claiming your moms life insurance/401k/assets, and being informed.
– DONT TRUST YOUR DAD TO DO IT FAIRLY (especially since he’s not willing to take you in).
– If possible, get your own lawyer. And don’t sign anything without reading it first
When you are poor and hungry the best job is at a restaurant. There is always food available. Coffee shop does not offer that benefit.
There are phone plans that would save you about half of what you’re paying. I went with us mobile and it’s good so far.
Be very careful with your food budget. Eating out is SO expensive over time. Try to plan your meals. Learn to make rice and lentils- they’re healthy and cheap. Also if you learn to make a roasted chicken you can make a ton of meals from just that. ( Barefoot Contessa’s recipe is fool proof- leave out the fennel to make it cheaper).Remember to use your freezer- if you make a lasagna you can freeze portions and pull out the night before. Try to avoid premade snacks and chips. It’s really easy to pop your own popcorn and you can buy it in bulk.
You’ll need to save for inevitable car expenses now. Put a little to the side when you can.
I’m sorry you’re having to learn all of this so suddenly. It took me a while to get it all together, but these are things I’d tell myself if I could go back in time.
I don’t know if this is possible where you live- or what your options are but when I was in school I worked in a restaurant at night. The timing was ideal for full time school and tips were excellent plus you get fed. Good luck!!!
Budget budget budget. Spend less than you make.
I’m so sorry for your loss.
It sounds like you need to work more hours and get a higher paying job. Do not get a credit card to survive.
Many people (most?) don’t have the luxury of finishing college at the “typical” speed but that doesn’t mean you won’t finish it. We need to eat, have shelter, basic clothing and transportation covered before we can indulge in higher ed. Your credits aren’t going anywhere.
What can you do to earn a living now? What options are available to you?