JamesKim
Senior Member
Cash: $ 46.35
Posts: 216
Joined: 26 Sep 2007
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| Small Income |
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Just want to let you guys know how I budget my money at age 20 and going to school simultaneously.
So I generally make a little over $600 per month on a part time basis. Driving to school takes about 45minutes to 1 hour so Gas costs me about $200 per month, ouch! Now I'm down to $400. I have 2 checking accounts. My Washington Mutual Account has a bit over $1,000 which I do not use, I only contribute about a $100 whenever I get my paycheck. My 2nd checking account has about $500, which is mainly used for my expense. I probably spend around $100 per month on food and appliances crap. Now I'm down to $300 which goes towards my 2nd account and is either saved or used for miscellaneous crap. But to be on the safe side without being far-fetch, I probably use a bit over 50% of $300 for my wants and needs, just to reward myself a bit.
I'm trying to even out the 2 accounts I have and then I'll move forward. Once I've reached $1,000 for both accounts. I will even both accounts up to $2,000. My parents hate the fact that I work, but I asked myself, what if I could still maintain a solid GPA and earn some cash? As of now, I should have at least 3.3GPA which I think is great considering the fact that I work.
But my idea is that I want to be able to save money and have some kind of fund after graduating college.
Any ideas how I could manage my money efficiently?
Thanks!
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Mon Mar 10, 2008 11:55 pm |
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JamesKim
Senior Member
Cash: $ 46.35
Posts: 216
Joined: 26 Sep 2007
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I am currently majoring in Business/Managerial Accounting and I'm considering going to grad school for my MBA right after I graduate, but I doubts. I really want a MBA in business, but that would cost a lot of green.
I'm planning to graduate by next year, and hopefully get a job. And as I am working right now, I hope to save about $10,000 before I graduate. When that day comes, I will have like a 6 month grace period I think? So I should be able to get a decent job to pay off my college loans. That's my prime objective as soon as I graduate. Might take 2years to pay it off. Assuming that I save $10,000, that'll be my emergency fund which I believe is plentiful.
As soon as my college loans is paid off, then it's time to consider a down payment on a house, but if I have a girlfriend anywhere from today till age 24, my future plans my delay =).
Yea gas really puts a dent in my wallet, but over the summer I won't be driving that long of a distance. Next month will be my 21st birthday so I should get like $1,500 which will be saved. And over the summer I should be able to conserve a lot of the money earned. I was thinking about getting a place with a few dudes, but screw it, I want more money in my accounts rather than spending. I sound pretty cheap right now, but I want as much money as possible accumulating before I graduate so that I am not 100% broke and in urgent to get a job to pay off my loans.
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Tue Mar 11, 2008 2:13 am |
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JamesKim
Senior Member
Cash: $ 46.35
Posts: 216
Joined: 26 Sep 2007
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Any advice or tips for managing my money in the situation I'm in?
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Tue Mar 11, 2008 10:50 am |
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pf101
Senior Member
Cash: $ 62.25
Posts: 311
Joined: 12 Sep 2007
Location: Portland, OR
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You're doing really well considering how much you have on your plate.
I agree with coaster that you want to make sure that you have your savings in a high-yield account.
As for paying off your student loans, don't necessarily be in such a hurry. You can sometimes get great rates on SLs and there are tax bennies. Wait until you graduate and perhaps consolidate and then see what your effective rate is. If it's low it may make a lot of sense to hold onto those loans for as long as possible and do other things with your money that will give you a better ROI.
Regarding the MBA, I strongly suggest waiting at least a few years before going for it. You will learn much more if you have some real-world experience to apply what you're learning. Also, this gives you a chance to get in with a company that has a good tuition reimbursement program. Why pay if you can get your employer to do it for you?
Personal Finance 101
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Wed Mar 12, 2008 4:17 pm |
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Battle_Warrior
New Member
Cash: $ 0.60
Posts: 3
Joined: 01 Nov 2008
Location: Fort Stewart GA
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| small income |
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Thats pretty good man, you are way head of many of your peers. Might i suggest that you build up an emergency fund account for rainy days. It could anywhere from 1000-6000, and u should keep it as liquid as possible. That means in a money market account, or saving account. Dont do CDs cause you'll have to pay a penalty for early withdrawal. One good saving account is "dollar saving direct" with a yield of 4%, thats pretty darn good for a saving account. dont touch it unless its absolutely necessary. then start putting money away into IRA account for your retirement, i think the minimum to start is about a 1000, and you can continue to contribute to it at your own discretion. That way once you do all that, you wont have to worry about doing them latter, and you will be able to better focus on pay off your student loans, and whatever other debts you have.
I admire the fact that u starting so early, keep up the good work man.
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Sat Nov 01, 2008 5:09 pm |
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kingion10
Member
Cash: $ 4.40
Posts: 22
Joined: 13 May 2010
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Well, I respect for what you are doing! And I know how your self-esteem changes when you feel that you are in control. I am in the same situation, I recently moved with my boyfriend, he is at the beginning of his career, I'm still an engineer student. But we manage to live good and we are planning to buy a car the next year( hopefully his salary will grow  )
Well, I wish you the best! 
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Thu Jul 01, 2010 8:27 am |
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