Question

Hello!  Currently, I have no bills.Hello! Currently, I have no bills. My parents still pay for my things. I don’t want to be financially dependent, however, I wasn’t allowed to have a job in high school or college. I was never able to save. I am planning on going back to school, and I am not having them pay. But there are other things they pay for that I cannot afford. They got me a nice car but the payment is almost $700/month. That’s including gas ($240/month) or insurance. They are not super happy that I want to move further away and I am just trying to figure out how I should be budgeting and saving on a low income. Currently, I babysit (varies between $500-$700/month) and I have a part time job as a behavior technician (about $800/month). I only have $3000 in savings. Any tips? Should I be throwing all my money at my savings?  

Answer 1

I would save save save! Are you going to have to pay the car payment if you move farther away? I would stay dependent on your parents longer. I wish I had that choice when I was younger.  

Answer 2

You can also pay down the car figure out how much you owe left. Keep the 3k for emergency fund.  

Answer 3

If you move away, will they expect you to pay all your expenses that they've put on you (the car mostly? ) Personally, with a master's, I'd get out into the work force and start making your way and then go back for another masters later on, if that's possible. You'll be better off financially if you can start putting away money at a younger age, thanks to compounding interest.