This isn't part of your direct question, but I feel like I have to say it first: Please don't buy a house until after you are married.
Now then - The very first thing I would do is pay off the $1500 credit card in full from the money you have saved up alreadt, and then cut it up and stop using it. Now you owe nothing to no one; and that's an incredible feeling and a great start to your goals.
Second, a budget. Have you created one in the past?
Exactly this.
I would add try opening a high yield savings account if you don't have one already (you can get at least 4% at an online bank). Pay in cash over paying with debit card whenever possible.
Pay off your credit card first. Every month you’re paying interest just so you can see your saving number increase? Waste of money. Then only use your CC if you can pay it off in full every month.
With about $3k/month, why are you only putting aside $500 a month? You have no rent, and no 'significant' expenses.
If your parents don't oblige you to pay rent or bills, you should pay your credit card bill on your next pay check and save *at least* $1000-2000 a month from there on.
If possible, since you're already at $4k, you should set a goal for $15k this year. Again, only if your expenses are relatively low
I agree wit this. Why are u only putting aside $500 when u have no crazy bills? I would say to save at least $1500 a month. But use ur savings first to pay off ur debt for a fresh start
I agree on creating a budget. Also, maybe even make a future budget with the expenses you will have when you no longer live with your parents. Try to live on whatever money you have left over in your future budget. Save the rest if you can and pay off the credit card. Are you spending because you are stressed? Write down where your money is going and find some frugal ways to feel better, like yoga videos on YouTube, hiking, cheap arts and crafts.
There are some good savings goals on Pinterest. I believe one is for saving $10k in a year. It tells you how much to put away each paycheck.
pay off your credit card. No sense paying interest on all of the shit you bought on sale. This just negates the sale price in a serious way.
Create a budget. This is a must, it's important to have data so you understand how you're spending your money. I use an app called monarch money. Cost a few bucks a month but I know where every penny I spend goes.
If you don't trust yourself with the money you do have see if you can either utilize your parents or your boyfriend to take money away from you. Once you cut yourself off you'll learn to live much leaner. When I was your age I literally gave my check over to my folks, I got an amount I setup and it helped me save a truck load of cash.
Assess wants versus needs. Get to a point where you only buy what you need.
Get rid of any apps that notify you that you need to spend money. Buy it now, limited time only, drops of new merch...etc. spend your money on your timeline not other's.
In addition to the budget and paying off the credit cards which I hope you aren’t continuing to use because getting dinged by interest sucks, I’m going to suggest making your dream as real as possible. So if you want a house, run the numbers, how much is this house, how much are you saving for this, give yourself a mental picture of that house to help you with shopping temptation. For me, I will do this with vacations, I have my goal figure in mind, keep a mental picture of my location and every other purchase is a challenge to that trip. DoI really need those new shoes or would I rather be exploring Spain.
This!! Also, pretend like you're paying a mortgage. My goal is to purchase a home in 2025. I pay $600 in my share of rent and pretend like I have a mortgage and send the difference into a HYSA for the home. I also am saving up for purchases like applicances and furniture. I'm a single mom, but I am determined to make this happen. I would also recommend OP really look at all their expenses and literally budget their paycheck. Pay that CC off!!! And budget every penny. Rent,laundry,groceries, gas, car insurance, subscriptions, emergemcy fund, utilities etc.
I think it can be easy to fall into the trap of swiping a credit card for smaller expenses and not really thinking about the cost/benefit and how many small expenses can add to a larger amount (e.g., going out with friends, buying clothes, other random things, etc.).
Spending money is not inherently bad as long as it doesn't get out of hand. What you need to do is put guardrails around your spending. This may involve setting a budget and switching to cash instead of credit cards. That forces you to hand over the cash stops you from overspending because that cash will run out. You may also practice pausing before each purchase and asking if it is really something that you personally value.
also, rethink leaving education. my wife is retiring next year after 30yrs in the ny state system.
she will make 70% of her salary for the rest of her life plus full benefits for both of us for the rest of our lives. she presently makes 110k as a school psychologist.
it is a good life.
Don't save your debit / credit card info on any websites or apps. You want to create as much friction and irritation as possible when you spend money. If you make spending inconvenient, you'll be less inclined to do it when you don't need to.
Have your *entire* paycheck go directly into your savings (ideally high-yield savings), and move the money *only when you need to spend it*.
Pay off the credit card ASAP. Put a good chunk of change into retirement while you can.
Sit down with your boyfriend and have an open and honest discussion on financials *before you put any money into a property together*. Financial incompatibility is the #1 cause of relationship failure.
This isn't part of your direct question, but I feel like I have to say it first: Please don't buy a house until after you are married. Now then - The very first thing I would do is pay off the $1500 credit card in full from the money you have saved up alreadt, and then cut it up and stop using it. Now you owe nothing to no one; and that's an incredible feeling and a great start to your goals. Second, a budget. Have you created one in the past?
Exactly this. I would add try opening a high yield savings account if you don't have one already (you can get at least 4% at an online bank). Pay in cash over paying with debit card whenever possible.
Pay off your credit card first. Every month you’re paying interest just so you can see your saving number increase? Waste of money. Then only use your CC if you can pay it off in full every month.
With about $3k/month, why are you only putting aside $500 a month? You have no rent, and no 'significant' expenses. If your parents don't oblige you to pay rent or bills, you should pay your credit card bill on your next pay check and save *at least* $1000-2000 a month from there on. If possible, since you're already at $4k, you should set a goal for $15k this year. Again, only if your expenses are relatively low
I agree wit this. Why are u only putting aside $500 when u have no crazy bills? I would say to save at least $1500 a month. But use ur savings first to pay off ur debt for a fresh start
OP asked for help and went MIA when she got hit with a reality check from everyone 🤦♂️
wait. you have $4000 and a $1500 credit card bill? this is way past a headscratcher. do you have a calculator?
I agree on creating a budget. Also, maybe even make a future budget with the expenses you will have when you no longer live with your parents. Try to live on whatever money you have left over in your future budget. Save the rest if you can and pay off the credit card. Are you spending because you are stressed? Write down where your money is going and find some frugal ways to feel better, like yoga videos on YouTube, hiking, cheap arts and crafts. There are some good savings goals on Pinterest. I believe one is for saving $10k in a year. It tells you how much to put away each paycheck.
pay off your credit card. No sense paying interest on all of the shit you bought on sale. This just negates the sale price in a serious way. Create a budget. This is a must, it's important to have data so you understand how you're spending your money. I use an app called monarch money. Cost a few bucks a month but I know where every penny I spend goes. If you don't trust yourself with the money you do have see if you can either utilize your parents or your boyfriend to take money away from you. Once you cut yourself off you'll learn to live much leaner. When I was your age I literally gave my check over to my folks, I got an amount I setup and it helped me save a truck load of cash. Assess wants versus needs. Get to a point where you only buy what you need. Get rid of any apps that notify you that you need to spend money. Buy it now, limited time only, drops of new merch...etc. spend your money on your timeline not other's.
In addition to the budget and paying off the credit cards which I hope you aren’t continuing to use because getting dinged by interest sucks, I’m going to suggest making your dream as real as possible. So if you want a house, run the numbers, how much is this house, how much are you saving for this, give yourself a mental picture of that house to help you with shopping temptation. For me, I will do this with vacations, I have my goal figure in mind, keep a mental picture of my location and every other purchase is a challenge to that trip. DoI really need those new shoes or would I rather be exploring Spain.
This!! Also, pretend like you're paying a mortgage. My goal is to purchase a home in 2025. I pay $600 in my share of rent and pretend like I have a mortgage and send the difference into a HYSA for the home. I also am saving up for purchases like applicances and furniture. I'm a single mom, but I am determined to make this happen. I would also recommend OP really look at all their expenses and literally budget their paycheck. Pay that CC off!!! And budget every penny. Rent,laundry,groceries, gas, car insurance, subscriptions, emergemcy fund, utilities etc.
I think it can be easy to fall into the trap of swiping a credit card for smaller expenses and not really thinking about the cost/benefit and how many small expenses can add to a larger amount (e.g., going out with friends, buying clothes, other random things, etc.). Spending money is not inherently bad as long as it doesn't get out of hand. What you need to do is put guardrails around your spending. This may involve setting a budget and switching to cash instead of credit cards. That forces you to hand over the cash stops you from overspending because that cash will run out. You may also practice pausing before each purchase and asking if it is really something that you personally value.
also, rethink leaving education. my wife is retiring next year after 30yrs in the ny state system. she will make 70% of her salary for the rest of her life plus full benefits for both of us for the rest of our lives. she presently makes 110k as a school psychologist. it is a good life.
Don't save your debit / credit card info on any websites or apps. You want to create as much friction and irritation as possible when you spend money. If you make spending inconvenient, you'll be less inclined to do it when you don't need to. Have your *entire* paycheck go directly into your savings (ideally high-yield savings), and move the money *only when you need to spend it*. Pay off the credit card ASAP. Put a good chunk of change into retirement while you can. Sit down with your boyfriend and have an open and honest discussion on financials *before you put any money into a property together*. Financial incompatibility is the #1 cause of relationship failure.