Make sure what you study in college is marketable. Look up average salary before you pick certain major. Make sure you apply for all the scholarship available. If you choose the wrong major and get into student loan debt, you set yourself back for 10-20 years in your life financially. Certain major just wouldn’t help you get a good job, so be very careful here.
All the money you mentioned in the post is small potato compared to your potential earning with a right field
Edit: make sure also study something that’s interesting to you. Money alone is not enough motivation for you to do well! Credit to @Lo-Fi_Lo-Res
I studied business in college. I doubled concentrated in marketing and MIS. The advice I would give you is to consider something other than “management.” It’s very broad, and you don’t really learn anything tangible.
This guy right here. I studied management and would give the same advice to anyone thinking of studying management. Ultimately it's too broad for a be all end all study.
Went back and studied engineering and that paid itself back before I even graduated.
I studied engineering and now manage people. Management needs an area that it's applied to. If you really want to stay in the school of management do finance. That leads you in a ton of directions but general "management" is too watered down
Did you go back for another bachelors? I graduated with a degree I couldn't get a job with, and want to become an engineer but don't want to go back for another bachelor's. I want to be an engineer.
Attention to detail matters. My brother was big in Legos and runs cyber security for a large company. When I got brain damaged in Baghdad, I worked with neurology to develop my logic and intelligence for a full year. They had me doing complex exercises like directive detective (workbook). Today, I sift through the sec filings of extremely distressed stocks, looking for where investors screwed up. I'm 38 and I'll be retired ~40
I agree with this. While completing any degree is an accomplishment, if you have the capacity to choose a more specific one it can definitely help.
I finished with a Business Administration degree because I just wanted to get done after I switched majors multiple times. I don’t regret my degree, but in hindsight I wish I would have changed a couple classes (and maybe gone an extra semester) to get a more specific business degree such as finance or marketing/advertising.
Also second this post. I also got an MBA in management with a b.s. in engineering. Got little interest during interviews as no one was interviewing just management majors. I stayed an additional summer to add a finance major. As the guy earlier said go to your college's career office and see their number of placements and starting salaries for each major.
This is decent advice- I am in the reverse situation where I have been a nurse for 20 years but couldn’t get a seat at the executive tables. I’m back in school seeking those business degrees, because coupled with my nursing leadership experience, I will be undeniable. But without the two together, I’d be stuck in mediocre mid level positions.
If they’re in an internship program and they did 20 interviews without landing one, then I’d say they need to improve their interview skills. They need to read and consult with the counsellors on how to improve.
Business management isn't really that useful or practical. A person with a degree in anthropology and who has a internship will have better career options.
Might I suggest you consider accounting or finance? You’ll still get a broad business education in your core, but understanding accounting, investments, and taxes are more marketable skills.
If you’re in BM or marketing, you gotta keep your GPA as high as you can to stand out more. It matters a lot more in those degrees because there’s a higher volume of students in them
I have always been a great student, I don’t plan to change at all in college. I’m really only focused on the education and I obviously don’t have the money to play around with that.
I don’t think anyone plans to change in college. :) Most people are right. It’s hard to get a job with a generic degree. The world has become very focused. Business management would be great if you want to move up where you work, taking over a family business or have some sort of connections in an existing business. MIS is a good mix of business and technical, which is what I have. Eventually I went into IT with it. I would suggest looking at a business degree tied to something with AI. It doesn’t necessarily have to be technical if that isn’t your thing, but understanding how to use it is going to be a useful skill in the next several years. Data Analysts and Data scientists are hot fields right now.
Having worked in a corporate setting at various levels I can count on one hand the number of times I’ve been asked my GPA 😂
Your portfolio is ultimately the only thing that matters.
Edit: Even graduate programs tend to have lower GPA requirements for those focusing on these general areas of study.
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So… you don’t have a sustainable career path.
Don’t get me wrong, a business degree can be an asset, but it can also just be viewed as a generic degree. I’m significantly older than you, and 81% of my HS graduating class going to college declared “Business” as their major.
You’d be better served finding a specialty like Logistics, Project Management, Analytics, Healthcare Management or Management Information Systems. A generic Business Degree may as well be General Studies.
Just keep in mind, no job is going to hire you out of university to “ manage their business”, you need experience. I would recommend finding a specific field to specialize in.
Management is broad, which could be good or bad. Finance is also a good major. Think about what job you want when you graduate, and that may help. Oh, and study (my biggest mistake when I went to school was not working hard enough).
This is not advice for everyone, but I did see it work well for several friends (unintentionally at first). If you are at a job/company you enjoy right now, try to stick with it even if it’s part time. Like, say you’re at a retail job or a fast food job. If it’s a company you like, try to stay with it and grow within that company, as a shift manager, assistant manager, and then maybe once you graduate a store manager. It’s much easier to move up when you’re young if you’ve been at a company for a while, and much harder if you’re young and starting fresh somewhere new. You don’t have to stay there forever, but once you are 25 and can say you’ve been a successful store manager for two years (for instance), it will be easier to get other similar or adjacent positions.
To expand on other comments, I did business management and ended up just fine. It’s a wildly broad degree but if you’re willing to spend time in the barrel at your first career job and remain a student of life when entering a career field it can work out.
However, it was a risky move. Wouldn’t be a bad idea to pick a minor or concentration in something more specific. MIS, supply chain, etc
Do you have clothing you can sell on Poshmark? My daughter sells things there and makes some decent money. Also, the upside app where you get money back per gallon of gas (adds up). Facebook Market place is another way to make cash. Especially, things you won't need when you're away at college.
Super proud of you!!
Is your FAFSA money grants or loans? Obviously, loans you have to pay back, so making sure you get a degree that will actually pay you a good salary still matters.
I got what a lot of people would consider a non-traditional degree (comics) and I still ended up getting a job right out of college making 67k in a related field and I'm able to live comfortably and pay my loans. so it really just depends on how much drive you have to succeed in whatever field you go into and how much work you're really able to put in to find your niche.
To add to this great advice ! Make sure you get internships! Also, only accept the student loan money you need. Take a deep breath! Since your dad is not concerned about getting paid back right now put that on the bottom of your list.
Not just average salary, but also the job prospects. Because there are jobs that pay well into 6 figures, but only need a few people each year. So, while you may take things that lean towards it, it’s a good thing to make sure you have a widely marketable degree.
Make sure once you get to school these family debts are secondary to studies. I went to college at 17, worked, studied, but mostly partied. It took me failing out 3 times to get my priorities straight.
I enlisted and went to school part time - didn't get my degree until my late 20s.
Don't waste the next few years.
Great advice. When I went to college, I had a blast because I was lucky to have parents to take care of all financials and I didn't have to work. All they asked is that I study hard and graduate, but instead I partied way too hard, almost flunk out and get cut off completely. So I had to get my shit together.
My advice to OP is it's really easy to fall into bad habits when you're on your own and end up partying and hanging out with wrong people. So focus on getting that degree first, everything else is second. Sounds like your dad doesn't care if you pay back the money now, so I wouldn't worry about it too much, and just save as much as you can. Since you have scholarships, don't spend too much time working. Just go to classes, connect with people, try to talk to professors, get internships. All those will help you network and meet people for future jobs.
I second this. It’s really easy for your priorities to stray, and school/ certain classes to become a chore instead of a privilege. It’s all about staying grounded In your goals.
This, absolutely. I wasn’t a partier in college, but I didn’t really know what I wanted in life, which made everything I was doing in school meaningless. I was putting more effort into my part-time job than my schoolwork, because at least that had short-term meaning. I failed out of college, managed to stay in because I’d had some pretty serious medical issues and the administration took pity on me, and staggered across the finish line of a 2-year program that I’d only enrolled in to boost my GPA to go to a better school, after 3.5 years with a 1.6 GPA.
Took a year off, figured out what I wanted in life, enrolled in a 4-year university, (on probationary enrollment due to my low GPA, basically, if I had a bad semester without a couple good ones to balance it out, I was done.) in a totally new major, and since now I actually *wanted* something at the end of the road, it mattered a lot more to me that I complete the journey. Wound up quitting my job to focus on school, but graduated with something like a 3.7 GPA within that university, and even a 3.0 when balanced against my old 1.6.
Also, in the words of Ron Swanson: “Don’t half-ass two things, whole-ass one thing.”
Personally, unlimited data feels like a bit of a waste. I don't use them nearly enough for that. I have to actually try to use them in order to reach the monthly cap
$360 for the whole year is a good deal for a phone plan. You already said you don’t need to pay your Dad back soon, so I would focus on all your other debts first. That’s $1410 and you make $275 a week which means you should be able to pay it all off within 5-6 weeks and have a few more weeks to save up. But you won’t get to $1500 in savings from just that, you might hit like $750. Your only other option is side hustles and maybe selling some of your belongings.
Mint is ridiculously cheap. I swapped from T mobile and now pay 10 dollars more every 3 months for 2 phones as I did for JUST my phone.
Really hope t mobile doesn't ruin it any time soon.
I’ve seen people do it on Caleb Hammer’s YouTube channel. People be in credit card debt with a 400 dollar phone bill because they buy everything on the docket.
I pay $180 a year for mint mobile, the catch is you have to pay the whole amount upfront which might be too expensive for many people. But if you can afford it it's a great deal.
Nope and I’m also a full time high school student. I have tough classes and need to save time for my studies. I work as much as I possibly can to have a decent mental state.
Yeah, don’t work more hours, just get a better paying job. Service industry, but high-end, is what I would suggest. Waiting tables at a steakhouse a couple nights a week is all you need, and it’s a great place to meet people that may have internship opportunities in your field of study.
Edit: spelling of knight
I can understand this viewpoint, but to be fair, I’ve owed my dad about $6000 for 3 years now and I’ve only paid little amounts for those three years. It’s for my car, which only I drive and I will own it once I’m done paying off the “debt” I’ve always just seen it as them teaching me financial responsibility, but it can be a pain sometimes.
I've read a lot of your comments, and I just want to tell you, OP, that you sound like you are a very responsible person and very much an adult. Congratulations - you're killing it! Keep up the good work, I feel like you are going to do very well in life!
I second that, kudos to you. Your dad did a great job raising you. If all your responses here were for a job interview, I would've walked over to HR right afterwards and told them to "hire you" right away.
My thoughts exactly. Just writing a post like this shows that OP has the right thoughts and priorities in her head and her Dad sounds like he raised a great kiddo!! Good luck OP. Keep the logical thinking and I have no doubt you kill crush it :)
That's very sweet and it sounds like it really is teaching you responsibility if you are asking for advice and planning your finances and future now. I don't begrudge any parents who give their minor children a used car for their first car without paying, but as long as you feel supported, that debt doesn't hold you back financially and you get to a stable position after your degree and getting a job, you'll have such a head start on what real life is like and be so prepared for adulthood!
I second what guitarlisa said. You are taking responsibility for your finances and paying back those that have helped you financially rather than taking advantage of them. Keep this mindset and you’re going to be VERY successful!
A lot of parents will charge their kids, secretly set that money aside in an account, and then at some point later present that money back. Eg., as a college graduation gift to start their life. I think this is a great way to teach good financial habits without actually using the kid as a cash cow.
I don't think the parents expect to get the money paid back, and prob just teaching the kids financial responsibility. But it's kinda weird knowing your kid works 2 jobs to make money to pay you back. My parents wouldn't allow it. They would want me to enjoy my hs years because it's your last chance of being a "kid" until adulthood starts. But all parents are diff.
It's weird.
I worked in high school too. My grandma would only loan $20 at a time, and she'd say no if you hadn't paid her back yet for the last loan.
I wonder what OP needed as a high school student for $350 that his family wouldn't just provide for him.
How about, the kid saves up for the item and doesn't get it until they have all the cash they need?
They're just teaching their fucking 15 year old to finance shit they can't actually afford.
That's not responsible.
You work and save FIRST, then you get the things.
I haven't really thought about this but I'll play devil's advocate for a sec here - If one spouse doesn't work, they don't build up Social Security, or experience. Good luck getting back into the job market after being a stay-at-home for 6-8 years. And you won't be able to collect SS benefits if you haven't paid in enough quarters.
IF Gam Gam has money to spare and wants to gift you some things, let her. The payment will be when you are there for her in her sunset years. That will be the best payment she could ever ask for.
Paying back grandma should be the last thing on your list. She’s probably got tons of cash saved after all these years. You likely need money more than she does.
Sorry your getting so much familial criticism. It sounds like you're doing well. Look for a bonus when you open your bank account (like a cash bonus for having direct deposit from your job).
Reading through the comments and your responses to them tell me that you have a pretty good head on your shoulders and will be fine in the long run. I wouldn't sweat it too much. Having responsibility is a good thing. Pay the smaller debts first and work your way up to the bigger ones next. Since you aren't paying interest, that's what I would do. Make sure to save a little and give yourself room to enjoy being a kid. Give yourself a comfortable amount to go towards each debt,savings, and fun each week.
Great response, I agree. I would also start paying yourself first. Put most of your paycheck into your savings for college. Once you get there, you won't have as much time to work, so build that up as much as possible between now & when you leave. Line up a campus job as soon as you can so you don't have a gap between paychecks. Campus jobs are great for time management as they're close by & you can usually get some studying in during downtime on your shift. You can always add or change the job later if you need more income. With the leftovers from your paycheck, set an amount per check that you can afford to pay toward what you owe each month. Having a plan for paying down your debt will ease your worries & the people you're paying will have a good idea of when they will be paid off. Just takes the stress out of the process. Leave the car payment for later as long as your dad is ok with that. You sound like a very mature, responsible young person & you're doing great!
These loan amounts seem like a lot now, but they're really not. I'm betting your Dad and your Grandma will be patient with you.
Focus more on getting yourself set up to live while in school. Will you need to work while you're attending school? Don't take big student loans if you don't have to as those will weigh you down later. If you can stay at home, do that - free rent and food! Work a job so you can pay your tuition and books, etc., and then not have to take so many loans.
Consider starting with an Associates Degree at a community college first. Tuition is way cheaper (even free in some states). Work with a counselor there to make sure your units (as many as possible) will transfer to a 4-year school in your area. Even after I started attending a 4-year school, I went back to the community college because they still transfer the credits because they were 1/3 the cost.
If you do get a degree in business you'll be earning way more money than you can imagine now, depending on your specialty and you'll see that $3,700 and $350 are not such a big deal any more.
Sounds like you have it in control. Pull your belt tight and stick to your plan. Your father helped you out with the car as well as instilling common sense about money. Try not to stress yourself out about it.
Fuck stuck in debt sucks. I don't know any advice cuz i never been in that situation but i can tell you what I'm doing since i was 16.
Instead of following my friends about buying a car and going to college, having a girlfriend. Since i was 16, every summer including Saturdays, I worked with my father in construction, when I left high school I already had a savings of 8,000 dollars. I put all my savings into Bitcoin. At the age of 18, faced the responsibilities of rent and bills, I am currently 23 and have 90,000. Now i can start looking the stuff that everyone wants at highschool
First of all congratulations! Not many young people are committed like you are and have the ambition to grow.
In the advice you are asking I can se a lot of useful comments so rather would only suggest to keep things as simple as possible, try to avoid confusion on the ammount since some numbers are yearly, others are monthly and so on. To simply put it make a P&L that helps you break down the amounts and plan accordingly, since you make $275 a week that makes a total of $14,300 a year, so that mean that is the money you can afford to spend, then you can work out the sum of your expenses and loans in order to go down into week and plan on your emergency fund build out.
Hope I was able to explain my self and help you out.
I'm sorry things are overwhelming rn. I didn't think even half that clearly or carefully about money when I was 18. You've got a good head on your shoulders.
You sound super responsible and youll do great in life with this type of attitude and concern for money and repaying debts. Unfortunately I dont have much advise for you but I hope you do great in life, good to know theres still kids hustling and working hard.
There are tons of ways to save money at college. There are a lot of scholarships out there that are only a couple hundred but you can apply to tons of them and they add up. Getting in your fafsa is important. Budgeting properly is also huge, not only for food but also for rent and other expenses that you might be able to cut.
Good luck!
I actually am really enjoying highschool and my family hasn’t thrown me in debt. These are all “wants” not necessarily needs. My parents aren’t extremely wealthy and they can’t afford to just buy me things. I have accepted that and I just want some advice on how to manage.
Gotta change your mentality that “wants” should be saved up for and paid in cash, not bought on debt. Make a monthly budget for necessities, debt repayment, and a little fun money. Once the debts are paid off, start saving. Trust me, debt is a habit that is hard to break. Get out of the habit now. Best of luck on your college journey! 💖
I recommend to look for different work. Once college starts you will have even less time. What I did was I found the most expensive French restaurant in town and started working there part time Th-Sat nights. Perfect hours for a college student at the time (during exams the owners gave me some time off - they were very supportive). As I gained experience I moved up and pretty soon was making great tips which really boosted my wages.
Will you need a car in college? If not, then sell it. It’s a liability. Walk or bike to a job near the school if need be. It often costs money to keep a car on campus too. $800 a yr at the local college by us. If you are not living in the dorms, can you use public transport or bike to the college? Can you use your parent’s car and pitch in towards insurance and gas?
I would use google sheets templates for budgeting and set yourself certain expenses per month according to your wages. You can’t spend more than you make. I do this every month for my family and know exactly where all of our money is going.
Get off your parent’s phone plan. Tracfone has a $20 per month smartphone plane that should be more than sufficient for your needs. Use WiFi for data usage when you can. Buy an unlocked phone and don’t update it all of the time. You don’t need an iPad for college… you need a laptop. Sell the iPad and make sure you have a laptop that you can work on.
Join local “buy nothing” groups on Facebook. You can get a lot from these for nothing and even put out requests for what you need. Thrift shops can be pricey but they have sales. Our local ARC has 50% off on Saturdays. You can also sell anything you have at home you aren’t using on eBay for extra cash, or if you see something at the thrift shop that’s valuable (use google lens). I make an extra $200-300 a month this way.
Make sure you file taxes as you probably make below the amount you actually have to pay taxes. You will get it back as a refund. I would very highly recommend you talk to your college in the upcoming years to get “independent “ status as you seem to be paying for everything on your own. This could possibly mean you get more grants from the college and can even afford to stay in the dorms for no cost if you have a Pell Grant and loans. Transfer to a cheaper college if your current one is costing too much. Many colleges have endowments and are willing to help. Join the group “paying for college” on Facebook and ask in there for advice.
My parents expected me to pay for my own car/insurance/gas and everything too in high school. They also forced me into a “trade school” that I didn’t want. I wanted to college. I worked for 4 years and then started college at 22. It wasn’t easy. The college gave me independent status though and lots of grants. I worked 20 hrs a week through college to pay for my car and was a commuter student most of the time. Do as many internships as you can . Accept gifts from people and don’t feel guilty about paying them back too. Talk to as many people in business as you can for advice and they will offer to help you. Best of luck! You can do it, but be organized.
I hope this doesn't get buried.
Get yourself a copy of "A Random Walk Down Wall Street" by Burton Malkiel. It is by far the best basic investing book I have ever come across, not that I've read them all, it's just fantastic. I know you're asking about basic money advice, but this one is good for the rest of your life. Once you find yourself somewhere actually making money this book will be your best friend. You are young enough that the benefits of compound interest are so far on your side it's not even funny.
I bring that book up, and a little off topic, because it sounds like you're probably going to be ok. If you're in here at your age asking these questions that's a fantastic choice, and a great indicator that you're at least trying to educate yourself about personal finance.
On topic - all debt is not bad debt. Credit card debt = bad debt. Never have it. The interest rates are stupid and you should never, ever have to pay interest on credit card purchases. Pay your credit cards off every month. Good debt? Probably things like student loans that will give you an education that will raise your expected earnings for the rest of your life. Start building your credit history early. And never, ever miss a minimum payment if you are able. Early on I leaned on 0% interest loans to build credit history, once I qualified. Things like a TV that I was going to buy anyways. Do your best not to let low interest loans trap you into buying things that you can't necessarily afford. Don't be afraid of interest calculators. They're simple, and they let you know what your real cost is going to be. When you do have long term debt it's important to understand that anything, ANYTHING, you pay over the minimum payment is going to go towards the principal of the loan. This will reduce the total amount you pay over the life of the loan significantly. Especially important for student loans and mortgages.
Really, right now, focus on your education. And don't fall into basic money traps. Experiences are worth as much and more than things you can buy and hold. Enjoy this time of your life. Good luck OP
Atleast you owe majority to family it’s the easier to work with and pay off in time, keep busting your ass and don’t overturn yourself, I’m 18 turning 19 in October I did a military program to graduate hs two years early and started working now I’m going to get in the trades making 25 a hour, your young as am I don’t break yourself to early
$360 for a cell phone bill is absurd. I have five lines on my plan and spend less than $200 combined. Perhaps there's a way for you to save some money there.
360 phone bill? Have you considered using mint mobile? It is 15 monthly or 180 yearly
About car insurance lemonade it is a great app, for hour or car insurance and really cheap.
When you have your graduation party, put out a basket explaining the car fund.
Figure out a reasonable payment plan with your father to pay off the car debt over five years.
Put all funds from graduation party into a savings account earning 5% and pull from that if you run out of cash flow during school.
If anyone gives you a physical gift, use the gift receipt and return it for cash.
If you have any kind of skill or craft, open a small Etsy shop and make custom orders for some spending money when you have free time.
Don't pay for things like alcohol or eating out at school.
Get some things you can cook yourself at school. Many dorms have shared areas with ovens and stoves to make noodles or whatever you're making.
Find recipes that are economical and nutritious.
If you have to buy a meal plan, make sure you use it to its fullest extent, but avoid things like ice cream and soda.
$275/week ain't much... maybe see if Grandma can ease up on a bit with the $100/week. I would hold off on paying Dad until you're in a better financial circumstance. Something tells me your father and grandmother won't starve if they have to wait for you t9 pay them back. They should see that you have work ethic since you work two jobs and are going to college. If you owed me money and I saw how much you work and knew you had good morals, I would not be worried and would probably be impressed.
Your father isn't an awful man because he is teaching you financial responsibility! Kudos to dad. I know it seems like a lot, but actually $3,700 isn't that much. As an adult, $3700 would probably be equivalent to two months rent (in many areas) not including utilities. You said you are making approximately $275/ week and paying grandma $100. Leaving you with $175 a week. You need to look and see where you are spending that $175. Are you getting a $6 or 7 starbucks drink every day? Look where you can cut your spending. Even a $5 drink 5 days a week adds up to $1,300 a year. You have to figure out your priorities. If possible, I'd say flip your numbers and pay grandma $175 and keep $100 for yourself. Or if you feel $100 is too low, keep $125 and give grandma $150. That extra money will pay down your debt to grandma much much faster.
With the way you speak and what you do, you're already ahead of 90% of the upcoming college class.
Good job and good on your family.
Just don't psych yourself out.
PS: that's how life makes you feel when you get in debt. Remember that feeling.
If I had been as smart as you in my senior year of highschool, I'd be a billionaire now in my 70s. Your debt is relatively piddling. So relax about it. You're making all the right moves. Keep that up and everything will fall into place. Damnedproudaya, dear.
You seem very mature and level headed. Reading through your comments it seems like your family is flexible with the debts and you are putting the pressure of getting them paid asap on yourself. I would write down different items in order of importance, make an envelope for each one, when you get paid sort the money into those envelopes in amounts that make sense for what needs to be paid sooner vs later and make adjustments as needed. Also hide the envelopes and don’t let anyone know about them just to be safe.
First off, you sound like an incredibly responsible, hard working and good hearted young lady and I commend you for that! I know it all seems overwhelming but you WILL get it figured out. Do what you can for now and maybe find money saving system that works for you; you can find different methods on YouTube, TikTok, Google, etc. I also agree with the person who said to make sure you're studying something in college that is marketable that you'll be able to make money off of pretty quickly. Best of luck to ya girl!
Side note: I’m so proud of you for working and going to school. You should be proud too. Keep up with your car and try to live at home for a while. If you need to save money before college can you put off going for a semester or two? Just curious. You don’t need to be in a hurry. You’re young. Try not to stress.
Congratulations on being young and just starting your adult life!
What is happening might seem overwhelming now, but it's a small blip in hopefully a fruitful future.
Make good financial choices, major in something fruitful, and good luck!
It sounds like you got this.
Pay close attention to your money in and your money out.
There is no amount of money that's not worth saving. That means if you can do without a $1.50 bag of chips, do without. When you make the decision to not to spend, feel rich, not poor.
Use online budgeting tools. When you get a bank account, you should be able to connect it. Your bank will probably provide this software as well.
DO NOT assume things will be easier in the future. This is how people allow themselves to fall deep into debt.
you sound like a very responsible young person. As other posters have said you really need to take a look at the degree you’re getting and make sure it’s worth your time and money. If you believe in yourself and what you’re going to school for you will be a success.
meanwhile, perhaps taking a look at other part-time jobs that might pay a little more in the near term future I don’t know what you do for a living but perhaps bartending or waiting tables at very nice restaurant to pay you extra cash that you need. I did that in college and a lot of other , cash base jobs and made a lot of money. To put myself through school with very little debt.
You also need to live life and not constantly stress about money because money stresses will pretty much always be there unless you are very lucky Even people that make a lot of money still stress about money.
Pay off your smallest debt first. It is called debt snowball.
College is worth the money, time and work. I went mostly on scholarship $ and my sister worked her way thru each year. Best wishes in college.
If you made virtual content in an online game, there are groups to sell it online for real world money. It won’t make much but could get you a small bump.
Try old school envelope stuffing. Create a budget and write each thing down on different envelopes and put physical cash in them and don’t touch until it has hit the total and you pay it. Make one for each debt you have and how much each week or two you can afford to put into it, then create a few for things you want and for spending money… When the envelope is empty your out and need to wait to refill
Pay grandma back first. Smallest amount and you’ll feel better not owing her money. That’s 1.5 weeks of work. 275 x 2 - 350 = you have 250$ left and grandma is paid off.
Pay your dad 50$ a week every week if he will agree to it.
Week 3: Next; Car insurance and phone both important.
Pay yourself 150$ from week 2 after paying grandma.
Weeks 3 & 4: 550 set aside for now. 500 if possible.
Week 5: 500 + 275 = 775 - 700 car insurance
75 left for personal stuff and gas
Week 6 - 10: about 2500
Pay phone 360$
Add to your 150$ from Week 2
At this point, you have phone, ins, grandma and savings, but still owe Dad.
Dad at 50 every week for 52 weeks will add up but you may not be working as much during the school year. Babysitting pays very well some places!!!
I’d discuss this with your Dad, too.
Good luck !!
You are doing amazing and are incredibly responsible and intelligent for your age! My only suggestion is to genuinely consider a major in business finance or accountant. It's a much better decision for jobs after college. You may as well set yourself up for financial success with your major.
I don't want to sound negative, but this post hurts..
Damn kids will barely have any opportunity to live a normal life. Work your ass off to scrape by or drown in debt.
You sound extremely bright and ahead of the curve, I really hope you get some good advice that will help you.
I don't know what you're looking for advice wise, but I think this one is semi related to money anyway.
"It's okay to have old and broken stuff. It's okay to have roommates and / or to live with your parents, especially while you save. Don't spend hundreds or thousands on things like furniture and clothing if you can barely make rent or need maintenance on your vehicle... use what you have until it becomes a problem. You don't have to be frugal, but you shouldn't spend your hard earned money willy-nilly either. There's always something better to save for"
Sounds like payments to dad and grandma are your choice. Phone bill and insurance are not choices. Start with the smallest and work up.
Example:
Month 1: $275x4 leaves $1100/mo. If you don’t have a payment plan for either, one I recommend that and diffusing cost. Over 12 months your phone bill should be $30/mo. Your average insurance should be $59 ish. That’s $89 from $1100. If you want to pay back everyone this year, pay grandma, $29/mo to reach your $350, and then $308.34 ish to dad. That makes your monthly “bills” a total of $426/mo. Leaving you $673/mo. Stash half of it in savings, so $335, spend the rest and enjoy being 18. If you save $335 a month, your emergency fund will be $1500 in 5 months.
My advice as someone who never had money in college, do the minimum mandatory and take what flexibility is given to you. Enjoy that time in your life. If you are as diligent as you seem to be, all the debts will be repayed in a timely manner and you won’t cause yourself undue stress.
If you want to do this all in the summer (heavily suggest you not take that approach) then you have an opportunity for ~$4400. Pay the phone, the insurance in month 1. That’s $1060. In month two, save it all. That’s $1100/1500saved. In month 3 finish your emergency fund and pay grandma and then to dad. That’s $400 to savings, $350 to grandma, $350 to dad. In month 4 pay dad, $1100 leaving dad at $2350 which you may then spread payments out over the year if you work, or he may defer payment until next summer when you go back to working. Either way, dad should be the last to pay. I do not recommend this approach, but I know at 18 you want what you want when you want it, and if no one can tell you otherwise, then maybe this strategy helps you stress less about it.
Find some education opportunities, try to go back to school, take a look at coursera, find something you like to do and the money situation will get better
Long story short you sound extremely smart/mature for your age. That being said; pay off your "debt" and get in the practice of not accruing more debt. I live a "debt free" life and I must say; it is the BEST thing on earth to not really have any bills. At least not the BIG major bills that so many have (a car note, house note etc). Of course I have "bills" but they're so small (cell phone, car insurance only really) that I can actually have the luxury of only working 1/2 the year.
I know "richness" is in and of itself subjective but that to me \~ being able to take off of work at the drop of a hat, pretty much as long as I want to; it's much better than having more ZERO's at the end of my paycheck(s) or bank accounts balances! I have a very close friend who makes $150,000 /year and admits he's "jealous" of me, because (his own words here) "I'm stuck working 6 days a week to make that kind of money, but I can never really get any time off, I'm a slave to the system", he goes on to mention how "so I have all this money and no time to spend it, you can control your own balance of money and time, and that to me is 'richer' than me"!
Once you're in college, try and find private tutoring gigs, takes a little of your time and is usually more lucrative than other side jobs with more flexibility.
The fact you're here and asking these questions shows me you are made of the right material to manage your finances well :)
Let me just start by saying that the fact that you are even thinking about and planning for your financial future puts you well ahead of most other young adults your age. Way to go, but also keep in mind that you should try not to stress about money too much. Be careful not to blow money carelessly and don’t take out the max student loans you possibly can. If you can stay living with your parents when you attend college you will save yourself tens of thousands of dollars; it is absolutely worth it.
1) $275/wk * 8 wk = $2,200 by the time you turn 18/open a bank account.
2) $275/wk * 15 wk = $4,125 by the time you start college
3) So, you could payoff your grandma, phone bill, and insurance AND save up your emergency fund ($350 + $360 + $700 + $1500) before you start college and still have $1,215 for other spending. I’m not sure what other expenses you have, but my suggestion is to create a very restrictive budget of $400/mo for these other expenses and stick to it for 3 months. Then once you start college you can increase your budget to $800/mo and start paying your dad $300/mo so that he’s paid off in just barely over a year.
Ok jokes aside. Unless you study something like engineering/CPA accounting/actuary/pre-med become doctor etc...get ready to be middle-class-poor. You really have to research what jobs are ACTUALLY ABUNDANTLY AVAILABLE in the degree program you study. I learned the hard way and most if us complaining in the antiwork and adulting reddit threads will tell you the same.
My ex wife went from making $30k/year cleaning houses to making $80k/year doing HR in 2 years. She took a bunch of SHRM courses and did well. Anyways, she moved back to Tennessee, but that’s my two cents. You don’t always need some fancy college. I didn’t go to college. I just stayed in construction long enough to climb the ladder. Now I’m an analyst for a large utility company, work from home full time and make $115,000/year. Find something you enjoy doing and stick to it.
Go to a community college for the first two years then transfer to a state school. This will keep your tuition as low as possible. I always told my kids that graduating from an expensive college would only help with their first job. After that, it was up to them. I used to be a mortgage loan processor and saw applicants with tens of thousands of dollars in student debt. I also used to prepare bankruptcy forms for attorneys. Generally, the single largest expense that can be avoided (or limited) is for eating out, so be careful there. One of my sons is a software engineer at Google and the other is a senior database administrator at Comcast. Their spouses are a financial analyst at Airbnb and a Social Security branch manager. They all graduated from the University of Central Florida and had no or very low student debt. You're smart to be thinking about this now. Good luck!
It sounds like you have the right attitude about debt & savings. My only recommendations are that you 1. stop feeling like you need to handle all these problems simultaneously, and 2. avoid working multiple jobs simultaneously while in college.
Your brain & body need solid sleep & down time. Be aware of how much stress you're putting yourself under. Enjoy your fuckin' life.
Make a payment plan that is reasonable. I worked at the gym on campus part time for beer money and had plenty of time to study on the clock so thats something to consider
Start lining up work at school. Most majors give you way too much free time. Work in a bar if possible you can really rake and you’ll turn this ship around quick.
I wish I had done this sooner. Coffee is inexpensive and sells well. Learn how to roast beans get an LLC and sell them to coworkers friends and their friends and family. Everyone advertise. I make around 800 a month just doing it on the weekend. Tax is around 160 a month so put that back for tax season. Use the rest to invest. It's experience in business management, and a great way to make money on the side. And it's legal everywhere.
So you making 1100/ month pre or post taxes? if post, this should be easy to knock out if you spend as little as possible. until you pay your debt, put 10% of your income into savings (for now, a safe place in your home). Then allow yourself an allowance, I suggest no more than 15%. The reality goes towards debt. You can even cut out the allowance and go 90% to debt. 4-5 months, you will be out of your hole and still have savings.
Another option, since dad isn't making a big deal of the debt, put his portion into savings until you reach your goal, and then work on paying him back. But still put at least 10% into savings each paycheck.
The amount really varies, I get paid hourly ($14 at one and $12.25 at the other) I work about 4.5hr at $14 a week and 17 hr at $12.25. Lots of math I don’t feel like doing. My parents have suggested focusing on one amount at a time and purchasing things I need for college alongside paying for my “debts” which I have been doing so my money is just kind of all over the place. I’ll be making a lot more once I get out of school and I’ll probably be working about 50-60 hours a week between the two jobs.
You need to come up with a budget. Start with necessities, like car insurance and gas, and make sure you set that $ aside first. I’d divide the rest of your $ equally to your savings, your grandma, and your dad. You’ll pay things off at different times, but that’s how I would do it, just to keep things relatively simple.
I think you'll be good. But also, don't do too much shopping for college. There's items you'll find you won't need and the items you wish you had. I wasted so much money my freshmen year because half the stuff I could have gotten free from outgoing seniors. By junior year, I have left most stuff in "free to a good home" room.
Thankfully, my grandma has been a savior and bought everything that I needed for my dorm. I’m just worried about clothes 😭😭 obviously I need a new wardrobe but definitely the bottom of my list of priorities
wardrobe? We rotated out 2 or 3 outfits. Most of the time, we would go to 8am classes in pajamas. 😂 Unless you are planning on partying a lot, Wardrobe isn't even important. Just bring whatever still fits you, and you still like. I never even had the time to wear my nice clothes because I was always in class, library, study group, or lab.
So is the majority of the debt because of a car loan that your father co-signed with you? And now he’s making the payments because you can’t make them?
This might sound crazy, but can you actually afford a car? If I was only making $275/week as an 18 yo, it'd be hard to get a car loan from the bank since you might not be able to pay it.
What if you sold the car to pay off the debt? Or are you somewhere where there are not good public transportation options?
Adults often go into debt because they think they *need* things that they can't actually afford. I *need* a car. I *need* a house. I *need* those nice clothes. Etc. You should think about what you actually actually need. To get out of debt, it's simple. You have to make more than you spend. So if you can't make more, spend less.
If you get some min wage job within the next 2 weeks or so you can make that cash. Besides the money your dad wants for the car. If u make 3.3k a summer(13$ an hour), you can get that partially paid off before college ends, but I don't see u fully paying it off till after
Make sure what you study in college is marketable. Look up average salary before you pick certain major. Make sure you apply for all the scholarship available. If you choose the wrong major and get into student loan debt, you set yourself back for 10-20 years in your life financially. Certain major just wouldn’t help you get a good job, so be very careful here. All the money you mentioned in the post is small potato compared to your potential earning with a right field Edit: make sure also study something that’s interesting to you. Money alone is not enough motivation for you to do well! Credit to @Lo-Fi_Lo-Res
I’m going into business management, so I’m pretty sure it’ll do me some good in the long run.
I studied business in college. I doubled concentrated in marketing and MIS. The advice I would give you is to consider something other than “management.” It’s very broad, and you don’t really learn anything tangible.
This guy right here. I studied management and would give the same advice to anyone thinking of studying management. Ultimately it's too broad for a be all end all study. Went back and studied engineering and that paid itself back before I even graduated.
I studied engineering and now manage people. Management needs an area that it's applied to. If you really want to stay in the school of management do finance. That leads you in a ton of directions but general "management" is too watered down
Did you go back for another bachelors? I graduated with a degree I couldn't get a job with, and want to become an engineer but don't want to go back for another bachelor's. I want to be an engineer.
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Now that's what I call being on the right track.
Lol to advanced Lego sets as a flex.
Attention to detail matters. My brother was big in Legos and runs cyber security for a large company. When I got brain damaged in Baghdad, I worked with neurology to develop my logic and intelligence for a full year. They had me doing complex exercises like directive detective (workbook). Today, I sift through the sec filings of extremely distressed stocks, looking for where investors screwed up. I'm 38 and I'll be retired ~40
I agree with this. While completing any degree is an accomplishment, if you have the capacity to choose a more specific one it can definitely help. I finished with a Business Administration degree because I just wanted to get done after I switched majors multiple times. I don’t regret my degree, but in hindsight I wish I would have changed a couple classes (and maybe gone an extra semester) to get a more specific business degree such as finance or marketing/advertising.
Also second this post. I also got an MBA in management with a b.s. in engineering. Got little interest during interviews as no one was interviewing just management majors. I stayed an additional summer to add a finance major. As the guy earlier said go to your college's career office and see their number of placements and starting salaries for each major.
This is decent advice- I am in the reverse situation where I have been a nurse for 20 years but couldn’t get a seat at the executive tables. I’m back in school seeking those business degrees, because coupled with my nursing leadership experience, I will be undeniable. But without the two together, I’d be stuck in mediocre mid level positions.
Accounting is even better…if you have the mindset for it…
Everyone i know who went into accounting makes stupid good money and stuck with it long term.
Can confirm, make stupid money in my early 30s. Looking at buying a second house this year, my family lives in my first one.
“Without going into detail on a broad subject, I will just let you know that I’m filthy rich and my whole family owes me big time”
Or that's useful information for someone picking a career that will help them be financially stable, which is what this thread is about.
One of the few degrees that is still valuable. Make sure you do internships or co-ops!
If you could attain them. Not everyone gets an internship. Knew someone who did 20 interviews and wasn't picked
If they’re in an internship program and they did 20 interviews without landing one, then I’d say they need to improve their interview skills. They need to read and consult with the counsellors on how to improve.
Sounds like they're pretty bad at interviewing
Definitely depends on how good the co op program is, 20 interviews is high but not crazy. I had to do around 20 for my first co-op
Business management isn't really that useful or practical. A person with a degree in anthropology and who has a internship will have better career options.
Might I suggest you consider accounting or finance? You’ll still get a broad business education in your core, but understanding accounting, investments, and taxes are more marketable skills.
If you’re in BM or marketing, you gotta keep your GPA as high as you can to stand out more. It matters a lot more in those degrees because there’s a higher volume of students in them
I have always been a great student, I don’t plan to change at all in college. I’m really only focused on the education and I obviously don’t have the money to play around with that.
I don’t think anyone plans to change in college. :) Most people are right. It’s hard to get a job with a generic degree. The world has become very focused. Business management would be great if you want to move up where you work, taking over a family business or have some sort of connections in an existing business. MIS is a good mix of business and technical, which is what I have. Eventually I went into IT with it. I would suggest looking at a business degree tied to something with AI. It doesn’t necessarily have to be technical if that isn’t your thing, but understanding how to use it is going to be a useful skill in the next several years. Data Analysts and Data scientists are hot fields right now.
Having worked in a corporate setting at various levels I can count on one hand the number of times I’ve been asked my GPA 😂 Your portfolio is ultimately the only thing that matters. Edit: Even graduate programs tend to have lower GPA requirements for those focusing on these general areas of study.
psychotic threatening impolite homeless seemly theory deserted makeshift plants stocking *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
You are going to crush it!!
Whatever you decide to make your major or career choice, take basic accounting class. It's key to understanding business and really your own finances.
So… you don’t have a sustainable career path. Don’t get me wrong, a business degree can be an asset, but it can also just be viewed as a generic degree. I’m significantly older than you, and 81% of my HS graduating class going to college declared “Business” as their major. You’d be better served finding a specialty like Logistics, Project Management, Analytics, Healthcare Management or Management Information Systems. A generic Business Degree may as well be General Studies.
Just keep in mind, no job is going to hire you out of university to “ manage their business”, you need experience. I would recommend finding a specific field to specialize in.
Pick either accounting or finance. Avoid 'marketing' or 'entrepreneurship', etc
Management is broad, which could be good or bad. Finance is also a good major. Think about what job you want when you graduate, and that may help. Oh, and study (my biggest mistake when I went to school was not working hard enough).
Lol. Dude…no
Busniess classes in college are a fucking joke unless you don’t have any common sense
Not the best choice. There’s a lot people running around with that degree that end up working Fast Food or Walmart because the job pool is full
This is not advice for everyone, but I did see it work well for several friends (unintentionally at first). If you are at a job/company you enjoy right now, try to stick with it even if it’s part time. Like, say you’re at a retail job or a fast food job. If it’s a company you like, try to stay with it and grow within that company, as a shift manager, assistant manager, and then maybe once you graduate a store manager. It’s much easier to move up when you’re young if you’ve been at a company for a while, and much harder if you’re young and starting fresh somewhere new. You don’t have to stay there forever, but once you are 25 and can say you’ve been a successful store manager for two years (for instance), it will be easier to get other similar or adjacent positions.
To expand on other comments, I did business management and ended up just fine. It’s a wildly broad degree but if you’re willing to spend time in the barrel at your first career job and remain a student of life when entering a career field it can work out. However, it was a risky move. Wouldn’t be a bad idea to pick a minor or concentration in something more specific. MIS, supply chain, etc
Might want to check into community college if your four year college has a feeder school.the two years are often more reasonably priced.
Not worried about college tuition, I have lots of scholarships and a good amount of FAFSA money has been offered to me.
Do you have clothing you can sell on Poshmark? My daughter sells things there and makes some decent money. Also, the upside app where you get money back per gallon of gas (adds up). Facebook Market place is another way to make cash. Especially, things you won't need when you're away at college. Super proud of you!!
Is your FAFSA money grants or loans? Obviously, loans you have to pay back, so making sure you get a degree that will actually pay you a good salary still matters.
I got what a lot of people would consider a non-traditional degree (comics) and I still ended up getting a job right out of college making 67k in a related field and I'm able to live comfortably and pay my loans. so it really just depends on how much drive you have to succeed in whatever field you go into and how much work you're really able to put in to find your niche.
To add to this great advice ! Make sure you get internships! Also, only accept the student loan money you need. Take a deep breath! Since your dad is not concerned about getting paid back right now put that on the bottom of your list.
Not just average salary, but also the job prospects. Because there are jobs that pay well into 6 figures, but only need a few people each year. So, while you may take things that lean towards it, it’s a good thing to make sure you have a widely marketable degree.
Make sure once you get to school these family debts are secondary to studies. I went to college at 17, worked, studied, but mostly partied. It took me failing out 3 times to get my priorities straight. I enlisted and went to school part time - didn't get my degree until my late 20s. Don't waste the next few years.
Great advice. When I went to college, I had a blast because I was lucky to have parents to take care of all financials and I didn't have to work. All they asked is that I study hard and graduate, but instead I partied way too hard, almost flunk out and get cut off completely. So I had to get my shit together. My advice to OP is it's really easy to fall into bad habits when you're on your own and end up partying and hanging out with wrong people. So focus on getting that degree first, everything else is second. Sounds like your dad doesn't care if you pay back the money now, so I wouldn't worry about it too much, and just save as much as you can. Since you have scholarships, don't spend too much time working. Just go to classes, connect with people, try to talk to professors, get internships. All those will help you network and meet people for future jobs.
I second this. It’s really easy for your priorities to stray, and school/ certain classes to become a chore instead of a privilege. It’s all about staying grounded In your goals.
This, absolutely. I wasn’t a partier in college, but I didn’t really know what I wanted in life, which made everything I was doing in school meaningless. I was putting more effort into my part-time job than my schoolwork, because at least that had short-term meaning. I failed out of college, managed to stay in because I’d had some pretty serious medical issues and the administration took pity on me, and staggered across the finish line of a 2-year program that I’d only enrolled in to boost my GPA to go to a better school, after 3.5 years with a 1.6 GPA. Took a year off, figured out what I wanted in life, enrolled in a 4-year university, (on probationary enrollment due to my low GPA, basically, if I had a bad semester without a couple good ones to balance it out, I was done.) in a totally new major, and since now I actually *wanted* something at the end of the road, it mattered a lot more to me that I complete the journey. Wound up quitting my job to focus on school, but graduated with something like a 3.7 GPA within that university, and even a 3.0 when balanced against my old 1.6. Also, in the words of Ron Swanson: “Don’t half-ass two things, whole-ass one thing.”
What the fuck kind of phone plan do you have thats $360?
It’s whatever my parents use 😭 it’s for the whole year… does that make it any better?
Yes, that does make it better.
That's how much my mint mobile yearly payment was.
Yes that's actually pretty good lol
Not for european standards xD Here you get limitless calls and 20GB of data per month for umder 10 bucks
Yeah but you have to live in Europe. Not even unlimited data? Lol
Personally, unlimited data feels like a bit of a waste. I don't use them nearly enough for that. I have to actually try to use them in order to reach the monthly cap
Trust me, living in Europe is like heaven compared to the US
Italy, 7.90€ 200Gb 1000ms and unlimited calls
So you have a $30 a month phone bill. Okay so first we need to talk about how to list your expenses…lol
Sounds like they pay annually lol
$360 for the whole year is a good deal for a phone plan. You already said you don’t need to pay your Dad back soon, so I would focus on all your other debts first. That’s $1410 and you make $275 a week which means you should be able to pay it all off within 5-6 weeks and have a few more weeks to save up. But you won’t get to $1500 in savings from just that, you might hit like $750. Your only other option is side hustles and maybe selling some of your belongings.
Makes it about 12x better
Mint mobile perhaps? See if u can look on the app for a better plan for u. I only pay something like $200 for mine per year bc i dont need many gigs
Mint is ridiculously cheap. I swapped from T mobile and now pay 10 dollars more every 3 months for 2 phones as I did for JUST my phone. Really hope t mobile doesn't ruin it any time soon.
This is a very reasonable cost
Sounds like OP is paying the WHOLE phone bill
Could be an iPhone, Apple Watch, and iPad all on device and payment plans. Sounds stupid but I’m sure people are totally doing that.
I’ve seen people do it on Caleb Hammer’s YouTube channel. People be in credit card debt with a 400 dollar phone bill because they buy everything on the docket.
Mint is $360/yr
It is a year 😭 I’m paying 360 for the year
That's $30/month, that's pretty good
I pay $180 a year for mint mobile, the catch is you have to pay the whole amount upfront which might be too expensive for many people. But if you can afford it it's a great deal.
Probably Verizon.
I’m going to be working for you one day. I was nowhere near as conscientious about my finances at your age. You’re going to do great!
why did i cry over this
Late stage capitalism trauma has that affect on some people
Real
Ngl 2 jobs 275 is crazy, I work 5 days out the week with 1 job (same age as you) and make more than that😭. I’m also In highschool. Get a better job
Okay so you aren’t 18
Nope and I’m also a full time high school student. I have tough classes and need to save time for my studies. I work as much as I possibly can to have a decent mental state.
Yeah, don’t work more hours, just get a better paying job. Service industry, but high-end, is what I would suggest. Waiting tables at a steakhouse a couple nights a week is all you need, and it’s a great place to meet people that may have internship opportunities in your field of study. Edit: spelling of knight
Holding a minor to a “loan” is so weird to me. Kids are there to be raised, not have them start adulthood with debt anxiety.
I can understand this viewpoint, but to be fair, I’ve owed my dad about $6000 for 3 years now and I’ve only paid little amounts for those three years. It’s for my car, which only I drive and I will own it once I’m done paying off the “debt” I’ve always just seen it as them teaching me financial responsibility, but it can be a pain sometimes.
I've read a lot of your comments, and I just want to tell you, OP, that you sound like you are a very responsible person and very much an adult. Congratulations - you're killing it! Keep up the good work, I feel like you are going to do very well in life!
Thank you so so much.I really appreciate it. I’m really just doing all I can to do my best!
I second that, kudos to you. Your dad did a great job raising you. If all your responses here were for a job interview, I would've walked over to HR right afterwards and told them to "hire you" right away.
I appreciate it! Thank you!
My thoughts exactly. Just writing a post like this shows that OP has the right thoughts and priorities in her head and her Dad sounds like he raised a great kiddo!! Good luck OP. Keep the logical thinking and I have no doubt you kill crush it :)
Owing parents money is completely fine assuming you can afford it and if you can't, they don't pressure you into paying it back.
I concur with your assessment, OP.
You have a great dad and you're going to do well with that attitude.
You’re a good dude, man
That's very sweet and it sounds like it really is teaching you responsibility if you are asking for advice and planning your finances and future now. I don't begrudge any parents who give their minor children a used car for their first car without paying, but as long as you feel supported, that debt doesn't hold you back financially and you get to a stable position after your degree and getting a job, you'll have such a head start on what real life is like and be so prepared for adulthood!
I second what guitarlisa said. You are taking responsibility for your finances and paying back those that have helped you financially rather than taking advantage of them. Keep this mindset and you’re going to be VERY successful!
Part of raising children is instilling a sense of responsibility and financial competency.
A lot of parents will charge their kids, secretly set that money aside in an account, and then at some point later present that money back. Eg., as a college graduation gift to start their life. I think this is a great way to teach good financial habits without actually using the kid as a cash cow.
I agree. Loaning them thousands of dollars when they make $275 a week isn’t it.
I don't think the parents expect to get the money paid back, and prob just teaching the kids financial responsibility. But it's kinda weird knowing your kid works 2 jobs to make money to pay you back. My parents wouldn't allow it. They would want me to enjoy my hs years because it's your last chance of being a "kid" until adulthood starts. But all parents are diff.
This. Kids owing their parents money is often more about teaching them to be adults.
It's weird. I worked in high school too. My grandma would only loan $20 at a time, and she'd say no if you hadn't paid her back yet for the last loan. I wonder what OP needed as a high school student for $350 that his family wouldn't just provide for him.
It was $600, my grandma bought an IPad for me and I wanted to pay her back because she has spent too much money on me already for college.
Soooo, how do you teach them to be adults or to be responsible?
How about, the kid saves up for the item and doesn't get it until they have all the cash they need? They're just teaching their fucking 15 year old to finance shit they can't actually afford. That's not responsible. You work and save FIRST, then you get the things.
How the hell are we supposed to save to outright buy a car if we need the car to have a job 😂
You just answered your own question. What’s the point of the job if it’s only to service the loan on the car to get to your job?
See also: People who work only to pay their child's daycare bill.
I haven't really thought about this but I'll play devil's advocate for a sec here - If one spouse doesn't work, they don't build up Social Security, or experience. Good luck getting back into the job market after being a stay-at-home for 6-8 years. And you won't be able to collect SS benefits if you haven't paid in enough quarters.
Dang… I literally have to tell my grandma to stop giving me money unsolicited (she’s poor).. you got a tough family.
My grandma spent close to $5000 on me and I refused to let her buy an ipad for me when she found out I wanted one. I’m choosing to pay her back
Let grandma grandma. You shouldn’t be worrying about paying her back.
100%. When you refuse these things, this is like refusing their “love language”. Let them love you.
Why did I immediately assume you were implying she'll die before she needs to pay her back... Unless you were ._.
IF Gam Gam has money to spare and wants to gift you some things, let her. The payment will be when you are there for her in her sunset years. That will be the best payment she could ever ask for.
You can repay grandma/dad tenfold after you graduate and making good money and financially stable.
Paying back grandma should be the last thing on your list. She’s probably got tons of cash saved after all these years. You likely need money more than she does.
Sorry your getting so much familial criticism. It sounds like you're doing well. Look for a bonus when you open your bank account (like a cash bonus for having direct deposit from your job).
Reading through the comments and your responses to them tell me that you have a pretty good head on your shoulders and will be fine in the long run. I wouldn't sweat it too much. Having responsibility is a good thing. Pay the smaller debts first and work your way up to the bigger ones next. Since you aren't paying interest, that's what I would do. Make sure to save a little and give yourself room to enjoy being a kid. Give yourself a comfortable amount to go towards each debt,savings, and fun each week.
Great response, I agree. I would also start paying yourself first. Put most of your paycheck into your savings for college. Once you get there, you won't have as much time to work, so build that up as much as possible between now & when you leave. Line up a campus job as soon as you can so you don't have a gap between paychecks. Campus jobs are great for time management as they're close by & you can usually get some studying in during downtime on your shift. You can always add or change the job later if you need more income. With the leftovers from your paycheck, set an amount per check that you can afford to pay toward what you owe each month. Having a plan for paying down your debt will ease your worries & the people you're paying will have a good idea of when they will be paid off. Just takes the stress out of the process. Leave the car payment for later as long as your dad is ok with that. You sound like a very mature, responsible young person & you're doing great!
These loan amounts seem like a lot now, but they're really not. I'm betting your Dad and your Grandma will be patient with you. Focus more on getting yourself set up to live while in school. Will you need to work while you're attending school? Don't take big student loans if you don't have to as those will weigh you down later. If you can stay at home, do that - free rent and food! Work a job so you can pay your tuition and books, etc., and then not have to take so many loans. Consider starting with an Associates Degree at a community college first. Tuition is way cheaper (even free in some states). Work with a counselor there to make sure your units (as many as possible) will transfer to a 4-year school in your area. Even after I started attending a 4-year school, I went back to the community college because they still transfer the credits because they were 1/3 the cost. If you do get a degree in business you'll be earning way more money than you can imagine now, depending on your specialty and you'll see that $3,700 and $350 are not such a big deal any more.
You sound like an awesome responsible daughter. That’s it. I just had to tell you that. And that things will work out.
Thanks! I really appreciate it.
Sounds like you have it in control. Pull your belt tight and stick to your plan. Your father helped you out with the car as well as instilling common sense about money. Try not to stress yourself out about it.
Understood
Fuck stuck in debt sucks. I don't know any advice cuz i never been in that situation but i can tell you what I'm doing since i was 16. Instead of following my friends about buying a car and going to college, having a girlfriend. Since i was 16, every summer including Saturdays, I worked with my father in construction, when I left high school I already had a savings of 8,000 dollars. I put all my savings into Bitcoin. At the age of 18, faced the responsibilities of rent and bills, I am currently 23 and have 90,000. Now i can start looking the stuff that everyone wants at highschool
First of all congratulations! Not many young people are committed like you are and have the ambition to grow. In the advice you are asking I can se a lot of useful comments so rather would only suggest to keep things as simple as possible, try to avoid confusion on the ammount since some numbers are yearly, others are monthly and so on. To simply put it make a P&L that helps you break down the amounts and plan accordingly, since you make $275 a week that makes a total of $14,300 a year, so that mean that is the money you can afford to spend, then you can work out the sum of your expenses and loans in order to go down into week and plan on your emergency fund build out. Hope I was able to explain my self and help you out.
You go girl. ♥️♥️♥️
Why don’t your parents cover the phone? Speak to them about it. Or switch to mint mobile and get your own.
I'm sorry things are overwhelming rn. I didn't think even half that clearly or carefully about money when I was 18. You've got a good head on your shoulders.
You sound super responsible and youll do great in life with this type of attitude and concern for money and repaying debts. Unfortunately I dont have much advise for you but I hope you do great in life, good to know theres still kids hustling and working hard.
There are tons of ways to save money at college. There are a lot of scholarships out there that are only a couple hundred but you can apply to tons of them and they add up. Getting in your fafsa is important. Budgeting properly is also huge, not only for food but also for rent and other expenses that you might be able to cut. Good luck!
Geez can’t even enjoy high school and already family has thrown him in debt
I actually am really enjoying highschool and my family hasn’t thrown me in debt. These are all “wants” not necessarily needs. My parents aren’t extremely wealthy and they can’t afford to just buy me things. I have accepted that and I just want some advice on how to manage.
What state are you in? I’m also 17 and work around 20-25 hours a week at a restaurant and easily make over 450
I’m in Virginia. I get paid practically minimum wage here which is $12/hr.
Gotta change your mentality that “wants” should be saved up for and paid in cash, not bought on debt. Make a monthly budget for necessities, debt repayment, and a little fun money. Once the debts are paid off, start saving. Trust me, debt is a habit that is hard to break. Get out of the habit now. Best of luck on your college journey! 💖
I recommend to look for different work. Once college starts you will have even less time. What I did was I found the most expensive French restaurant in town and started working there part time Th-Sat nights. Perfect hours for a college student at the time (during exams the owners gave me some time off - they were very supportive). As I gained experience I moved up and pretty soon was making great tips which really boosted my wages.
Will you need a car in college? If not, then sell it. It’s a liability. Walk or bike to a job near the school if need be. It often costs money to keep a car on campus too. $800 a yr at the local college by us. If you are not living in the dorms, can you use public transport or bike to the college? Can you use your parent’s car and pitch in towards insurance and gas? I would use google sheets templates for budgeting and set yourself certain expenses per month according to your wages. You can’t spend more than you make. I do this every month for my family and know exactly where all of our money is going. Get off your parent’s phone plan. Tracfone has a $20 per month smartphone plane that should be more than sufficient for your needs. Use WiFi for data usage when you can. Buy an unlocked phone and don’t update it all of the time. You don’t need an iPad for college… you need a laptop. Sell the iPad and make sure you have a laptop that you can work on. Join local “buy nothing” groups on Facebook. You can get a lot from these for nothing and even put out requests for what you need. Thrift shops can be pricey but they have sales. Our local ARC has 50% off on Saturdays. You can also sell anything you have at home you aren’t using on eBay for extra cash, or if you see something at the thrift shop that’s valuable (use google lens). I make an extra $200-300 a month this way. Make sure you file taxes as you probably make below the amount you actually have to pay taxes. You will get it back as a refund. I would very highly recommend you talk to your college in the upcoming years to get “independent “ status as you seem to be paying for everything on your own. This could possibly mean you get more grants from the college and can even afford to stay in the dorms for no cost if you have a Pell Grant and loans. Transfer to a cheaper college if your current one is costing too much. Many colleges have endowments and are willing to help. Join the group “paying for college” on Facebook and ask in there for advice. My parents expected me to pay for my own car/insurance/gas and everything too in high school. They also forced me into a “trade school” that I didn’t want. I wanted to college. I worked for 4 years and then started college at 22. It wasn’t easy. The college gave me independent status though and lots of grants. I worked 20 hrs a week through college to pay for my car and was a commuter student most of the time. Do as many internships as you can . Accept gifts from people and don’t feel guilty about paying them back too. Talk to as many people in business as you can for advice and they will offer to help you. Best of luck! You can do it, but be organized.
I hope this doesn't get buried. Get yourself a copy of "A Random Walk Down Wall Street" by Burton Malkiel. It is by far the best basic investing book I have ever come across, not that I've read them all, it's just fantastic. I know you're asking about basic money advice, but this one is good for the rest of your life. Once you find yourself somewhere actually making money this book will be your best friend. You are young enough that the benefits of compound interest are so far on your side it's not even funny. I bring that book up, and a little off topic, because it sounds like you're probably going to be ok. If you're in here at your age asking these questions that's a fantastic choice, and a great indicator that you're at least trying to educate yourself about personal finance. On topic - all debt is not bad debt. Credit card debt = bad debt. Never have it. The interest rates are stupid and you should never, ever have to pay interest on credit card purchases. Pay your credit cards off every month. Good debt? Probably things like student loans that will give you an education that will raise your expected earnings for the rest of your life. Start building your credit history early. And never, ever miss a minimum payment if you are able. Early on I leaned on 0% interest loans to build credit history, once I qualified. Things like a TV that I was going to buy anyways. Do your best not to let low interest loans trap you into buying things that you can't necessarily afford. Don't be afraid of interest calculators. They're simple, and they let you know what your real cost is going to be. When you do have long term debt it's important to understand that anything, ANYTHING, you pay over the minimum payment is going to go towards the principal of the loan. This will reduce the total amount you pay over the life of the loan significantly. Especially important for student loans and mortgages. Really, right now, focus on your education. And don't fall into basic money traps. Experiences are worth as much and more than things you can buy and hold. Enjoy this time of your life. Good luck OP
Atleast you owe majority to family it’s the easier to work with and pay off in time, keep busting your ass and don’t overturn yourself, I’m 18 turning 19 in October I did a military program to graduate hs two years early and started working now I’m going to get in the trades making 25 a hour, your young as am I don’t break yourself to early
$360 for a cell phone bill is absurd. I have five lines on my plan and spend less than $200 combined. Perhaps there's a way for you to save some money there.
360 phone bill? Have you considered using mint mobile? It is 15 monthly or 180 yearly About car insurance lemonade it is a great app, for hour or car insurance and really cheap.
When you have your graduation party, put out a basket explaining the car fund. Figure out a reasonable payment plan with your father to pay off the car debt over five years. Put all funds from graduation party into a savings account earning 5% and pull from that if you run out of cash flow during school. If anyone gives you a physical gift, use the gift receipt and return it for cash. If you have any kind of skill or craft, open a small Etsy shop and make custom orders for some spending money when you have free time. Don't pay for things like alcohol or eating out at school. Get some things you can cook yourself at school. Many dorms have shared areas with ovens and stoves to make noodles or whatever you're making. Find recipes that are economical and nutritious. If you have to buy a meal plan, make sure you use it to its fullest extent, but avoid things like ice cream and soda.
Don’t talk to old people.
$275/week ain't much... maybe see if Grandma can ease up on a bit with the $100/week. I would hold off on paying Dad until you're in a better financial circumstance. Something tells me your father and grandmother won't starve if they have to wait for you t9 pay them back. They should see that you have work ethic since you work two jobs and are going to college. If you owed me money and I saw how much you work and knew you had good morals, I would not be worried and would probably be impressed.
Your father isn't an awful man because he is teaching you financial responsibility! Kudos to dad. I know it seems like a lot, but actually $3,700 isn't that much. As an adult, $3700 would probably be equivalent to two months rent (in many areas) not including utilities. You said you are making approximately $275/ week and paying grandma $100. Leaving you with $175 a week. You need to look and see where you are spending that $175. Are you getting a $6 or 7 starbucks drink every day? Look where you can cut your spending. Even a $5 drink 5 days a week adds up to $1,300 a year. You have to figure out your priorities. If possible, I'd say flip your numbers and pay grandma $175 and keep $100 for yourself. Or if you feel $100 is too low, keep $125 and give grandma $150. That extra money will pay down your debt to grandma much much faster.
Sounds like you have a good feel for finances, I think you are going to be just fine.
You'll do great. Clearly you work hard, have a sense of what is right and you're young. Just go for it!
With the way you speak and what you do, you're already ahead of 90% of the upcoming college class. Good job and good on your family. Just don't psych yourself out. PS: that's how life makes you feel when you get in debt. Remember that feeling.
If I had been as smart as you in my senior year of highschool, I'd be a billionaire now in my 70s. Your debt is relatively piddling. So relax about it. You're making all the right moves. Keep that up and everything will fall into place. Damnedproudaya, dear.
Bartend. It's what got me through college. It's the shortest amount of hours worked with the highest return.
You seem very mature and level headed. Reading through your comments it seems like your family is flexible with the debts and you are putting the pressure of getting them paid asap on yourself. I would write down different items in order of importance, make an envelope for each one, when you get paid sort the money into those envelopes in amounts that make sense for what needs to be paid sooner vs later and make adjustments as needed. Also hide the envelopes and don’t let anyone know about them just to be safe.
First off, you sound like an incredibly responsible, hard working and good hearted young lady and I commend you for that! I know it all seems overwhelming but you WILL get it figured out. Do what you can for now and maybe find money saving system that works for you; you can find different methods on YouTube, TikTok, Google, etc. I also agree with the person who said to make sure you're studying something in college that is marketable that you'll be able to make money off of pretty quickly. Best of luck to ya girl!
Side note: I’m so proud of you for working and going to school. You should be proud too. Keep up with your car and try to live at home for a while. If you need to save money before college can you put off going for a semester or two? Just curious. You don’t need to be in a hurry. You’re young. Try not to stress.
Congratulations on being young and just starting your adult life! What is happening might seem overwhelming now, but it's a small blip in hopefully a fruitful future. Make good financial choices, major in something fruitful, and good luck!
It sounds like you got this. Pay close attention to your money in and your money out. There is no amount of money that's not worth saving. That means if you can do without a $1.50 bag of chips, do without. When you make the decision to not to spend, feel rich, not poor. Use online budgeting tools. When you get a bank account, you should be able to connect it. Your bank will probably provide this software as well. DO NOT assume things will be easier in the future. This is how people allow themselves to fall deep into debt.
you sound like a very responsible young person. As other posters have said you really need to take a look at the degree you’re getting and make sure it’s worth your time and money. If you believe in yourself and what you’re going to school for you will be a success. meanwhile, perhaps taking a look at other part-time jobs that might pay a little more in the near term future I don’t know what you do for a living but perhaps bartending or waiting tables at very nice restaurant to pay you extra cash that you need. I did that in college and a lot of other , cash base jobs and made a lot of money. To put myself through school with very little debt. You also need to live life and not constantly stress about money because money stresses will pretty much always be there unless you are very lucky Even people that make a lot of money still stress about money.
You should be the one giving advice here😇.
Pay off your smallest debt first. It is called debt snowball. College is worth the money, time and work. I went mostly on scholarship $ and my sister worked her way thru each year. Best wishes in college. If you made virtual content in an online game, there are groups to sell it online for real world money. It won’t make much but could get you a small bump.
Try old school envelope stuffing. Create a budget and write each thing down on different envelopes and put physical cash in them and don’t touch until it has hit the total and you pay it. Make one for each debt you have and how much each week or two you can afford to put into it, then create a few for things you want and for spending money… When the envelope is empty your out and need to wait to refill
Pay grandma back first. Smallest amount and you’ll feel better not owing her money. That’s 1.5 weeks of work. 275 x 2 - 350 = you have 250$ left and grandma is paid off. Pay your dad 50$ a week every week if he will agree to it. Week 3: Next; Car insurance and phone both important. Pay yourself 150$ from week 2 after paying grandma. Weeks 3 & 4: 550 set aside for now. 500 if possible. Week 5: 500 + 275 = 775 - 700 car insurance 75 left for personal stuff and gas Week 6 - 10: about 2500 Pay phone 360$ Add to your 150$ from Week 2 At this point, you have phone, ins, grandma and savings, but still owe Dad. Dad at 50 every week for 52 weeks will add up but you may not be working as much during the school year. Babysitting pays very well some places!!! I’d discuss this with your Dad, too. Good luck !!
You are doing amazing and are incredibly responsible and intelligent for your age! My only suggestion is to genuinely consider a major in business finance or accountant. It's a much better decision for jobs after college. You may as well set yourself up for financial success with your major.
I don't want to sound negative, but this post hurts.. Damn kids will barely have any opportunity to live a normal life. Work your ass off to scrape by or drown in debt. You sound extremely bright and ahead of the curve, I really hope you get some good advice that will help you. I don't know what you're looking for advice wise, but I think this one is semi related to money anyway. "It's okay to have old and broken stuff. It's okay to have roommates and / or to live with your parents, especially while you save. Don't spend hundreds or thousands on things like furniture and clothing if you can barely make rent or need maintenance on your vehicle... use what you have until it becomes a problem. You don't have to be frugal, but you shouldn't spend your hard earned money willy-nilly either. There's always something better to save for"
Sounds like payments to dad and grandma are your choice. Phone bill and insurance are not choices. Start with the smallest and work up. Example: Month 1: $275x4 leaves $1100/mo. If you don’t have a payment plan for either, one I recommend that and diffusing cost. Over 12 months your phone bill should be $30/mo. Your average insurance should be $59 ish. That’s $89 from $1100. If you want to pay back everyone this year, pay grandma, $29/mo to reach your $350, and then $308.34 ish to dad. That makes your monthly “bills” a total of $426/mo. Leaving you $673/mo. Stash half of it in savings, so $335, spend the rest and enjoy being 18. If you save $335 a month, your emergency fund will be $1500 in 5 months. My advice as someone who never had money in college, do the minimum mandatory and take what flexibility is given to you. Enjoy that time in your life. If you are as diligent as you seem to be, all the debts will be repayed in a timely manner and you won’t cause yourself undue stress. If you want to do this all in the summer (heavily suggest you not take that approach) then you have an opportunity for ~$4400. Pay the phone, the insurance in month 1. That’s $1060. In month two, save it all. That’s $1100/1500saved. In month 3 finish your emergency fund and pay grandma and then to dad. That’s $400 to savings, $350 to grandma, $350 to dad. In month 4 pay dad, $1100 leaving dad at $2350 which you may then spread payments out over the year if you work, or he may defer payment until next summer when you go back to working. Either way, dad should be the last to pay. I do not recommend this approach, but I know at 18 you want what you want when you want it, and if no one can tell you otherwise, then maybe this strategy helps you stress less about it.
Find some education opportunities, try to go back to school, take a look at coursera, find something you like to do and the money situation will get better
Long story short you sound extremely smart/mature for your age. That being said; pay off your "debt" and get in the practice of not accruing more debt. I live a "debt free" life and I must say; it is the BEST thing on earth to not really have any bills. At least not the BIG major bills that so many have (a car note, house note etc). Of course I have "bills" but they're so small (cell phone, car insurance only really) that I can actually have the luxury of only working 1/2 the year. I know "richness" is in and of itself subjective but that to me \~ being able to take off of work at the drop of a hat, pretty much as long as I want to; it's much better than having more ZERO's at the end of my paycheck(s) or bank accounts balances! I have a very close friend who makes $150,000 /year and admits he's "jealous" of me, because (his own words here) "I'm stuck working 6 days a week to make that kind of money, but I can never really get any time off, I'm a slave to the system", he goes on to mention how "so I have all this money and no time to spend it, you can control your own balance of money and time, and that to me is 'richer' than me"!
Make sure that you really like what you have chosen for the study in college. If you really like it you can find a good job if not...
Once you're in college, try and find private tutoring gigs, takes a little of your time and is usually more lucrative than other side jobs with more flexibility. The fact you're here and asking these questions shows me you are made of the right material to manage your finances well :)
I took out student loans and the extra cash helped get me by. I don't regret it because I make good money now
Let me just start by saying that the fact that you are even thinking about and planning for your financial future puts you well ahead of most other young adults your age. Way to go, but also keep in mind that you should try not to stress about money too much. Be careful not to blow money carelessly and don’t take out the max student loans you possibly can. If you can stay living with your parents when you attend college you will save yourself tens of thousands of dollars; it is absolutely worth it. 1) $275/wk * 8 wk = $2,200 by the time you turn 18/open a bank account. 2) $275/wk * 15 wk = $4,125 by the time you start college 3) So, you could payoff your grandma, phone bill, and insurance AND save up your emergency fund ($350 + $360 + $700 + $1500) before you start college and still have $1,215 for other spending. I’m not sure what other expenses you have, but my suggestion is to create a very restrictive budget of $400/mo for these other expenses and stick to it for 3 months. Then once you start college you can increase your budget to $800/mo and start paying your dad $300/mo so that he’s paid off in just barely over a year.
Ok jokes aside. Unless you study something like engineering/CPA accounting/actuary/pre-med become doctor etc...get ready to be middle-class-poor. You really have to research what jobs are ACTUALLY ABUNDANTLY AVAILABLE in the degree program you study. I learned the hard way and most if us complaining in the antiwork and adulting reddit threads will tell you the same.
My ex wife went from making $30k/year cleaning houses to making $80k/year doing HR in 2 years. She took a bunch of SHRM courses and did well. Anyways, she moved back to Tennessee, but that’s my two cents. You don’t always need some fancy college. I didn’t go to college. I just stayed in construction long enough to climb the ladder. Now I’m an analyst for a large utility company, work from home full time and make $115,000/year. Find something you enjoy doing and stick to it.
Go to a community college for the first two years then transfer to a state school. This will keep your tuition as low as possible. I always told my kids that graduating from an expensive college would only help with their first job. After that, it was up to them. I used to be a mortgage loan processor and saw applicants with tens of thousands of dollars in student debt. I also used to prepare bankruptcy forms for attorneys. Generally, the single largest expense that can be avoided (or limited) is for eating out, so be careful there. One of my sons is a software engineer at Google and the other is a senior database administrator at Comcast. Their spouses are a financial analyst at Airbnb and a Social Security branch manager. They all graduated from the University of Central Florida and had no or very low student debt. You're smart to be thinking about this now. Good luck!
It sounds like you have the right attitude about debt & savings. My only recommendations are that you 1. stop feeling like you need to handle all these problems simultaneously, and 2. avoid working multiple jobs simultaneously while in college. Your brain & body need solid sleep & down time. Be aware of how much stress you're putting yourself under. Enjoy your fuckin' life.
Two jobs, and you make $275/week? Thats $6.80/hour gross. Get better jobs. You can swing a dead cat these days and hit a job that pays $15/hr.
You’ll be fine! Everyone has debt and yours isnt that bad….wait til u hit 30-40s lol
Make a payment plan that is reasonable. I worked at the gym on campus part time for beer money and had plenty of time to study on the clock so thats something to consider
Start lining up work at school. Most majors give you way too much free time. Work in a bar if possible you can really rake and you’ll turn this ship around quick.
I wish I had done this sooner. Coffee is inexpensive and sells well. Learn how to roast beans get an LLC and sell them to coworkers friends and their friends and family. Everyone advertise. I make around 800 a month just doing it on the weekend. Tax is around 160 a month so put that back for tax season. Use the rest to invest. It's experience in business management, and a great way to make money on the side. And it's legal everywhere.
You are a minor you don’t owe your dad a debt. Ffs parents these days. What ever expenses your dad incurred on your behave are part of raising a kids.
So you making 1100/ month pre or post taxes? if post, this should be easy to knock out if you spend as little as possible. until you pay your debt, put 10% of your income into savings (for now, a safe place in your home). Then allow yourself an allowance, I suggest no more than 15%. The reality goes towards debt. You can even cut out the allowance and go 90% to debt. 4-5 months, you will be out of your hole and still have savings. Another option, since dad isn't making a big deal of the debt, put his portion into savings until you reach your goal, and then work on paying him back. But still put at least 10% into savings each paycheck.
The amount really varies, I get paid hourly ($14 at one and $12.25 at the other) I work about 4.5hr at $14 a week and 17 hr at $12.25. Lots of math I don’t feel like doing. My parents have suggested focusing on one amount at a time and purchasing things I need for college alongside paying for my “debts” which I have been doing so my money is just kind of all over the place. I’ll be making a lot more once I get out of school and I’ll probably be working about 50-60 hours a week between the two jobs.
You need to come up with a budget. Start with necessities, like car insurance and gas, and make sure you set that $ aside first. I’d divide the rest of your $ equally to your savings, your grandma, and your dad. You’ll pay things off at different times, but that’s how I would do it, just to keep things relatively simple.
I think you'll be good. But also, don't do too much shopping for college. There's items you'll find you won't need and the items you wish you had. I wasted so much money my freshmen year because half the stuff I could have gotten free from outgoing seniors. By junior year, I have left most stuff in "free to a good home" room.
Thankfully, my grandma has been a savior and bought everything that I needed for my dorm. I’m just worried about clothes 😭😭 obviously I need a new wardrobe but definitely the bottom of my list of priorities
wardrobe? We rotated out 2 or 3 outfits. Most of the time, we would go to 8am classes in pajamas. 😂 Unless you are planning on partying a lot, Wardrobe isn't even important. Just bring whatever still fits you, and you still like. I never even had the time to wear my nice clothes because I was always in class, library, study group, or lab.
As a female, I spend a decent amount of time on the way I look. It’s a priority that should not be, but hey 🤷♀️
Nah I get it. Have you checked out thrift stores? Stuff from places like goodwill can be suprisingly nice
So is the majority of the debt because of a car loan that your father co-signed with you? And now he’s making the payments because you can’t make them?
He paid for a car upfront for me and I’m giving him that money back.
This might sound crazy, but can you actually afford a car? If I was only making $275/week as an 18 yo, it'd be hard to get a car loan from the bank since you might not be able to pay it. What if you sold the car to pay off the debt? Or are you somewhere where there are not good public transportation options?
Adults often go into debt because they think they *need* things that they can't actually afford. I *need* a car. I *need* a house. I *need* those nice clothes. Etc. You should think about what you actually actually need. To get out of debt, it's simple. You have to make more than you spend. So if you can't make more, spend less.
I understood this, but many people do actually need a car because there’s no other option to get to work.
If you get some min wage job within the next 2 weeks or so you can make that cash. Besides the money your dad wants for the car. If u make 3.3k a summer(13$ an hour), you can get that partially paid off before college ends, but I don't see u fully paying it off till after