Are you paying too much for rent/food? Can you find areas to cut out so you can save a little. At your age if you could save even $100/month and invest it - 40 years from now that $100/month investment could be worth more than $500K. At your age, any amount you can save will benefit you later in life.
I would encourage you to put yourself on a strict written budget. Spend your monthly take home money on paper the first of the month (everything - rent/food/utilities/gas/insurance/entertainment, etc. and don't deviate if you can possibly avoid it.

Does your job right now offer a 401(k)? If so, do they match a percentage. If so, put in whatever will get you the match. That could be your $100/month.
Take out as few a student loans as you can. If it makes sense to sit out a semester and work more hours, it might be the right move. You have to decide that.

I was horrible with money when I was your age, and I'm paying the price now trying to catch up. Good luck, and you are to be commended at your age for considering these things and planning for your future. You won't regret it later in life.

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Posted by Reuben32

Member since Oct 2012

191 posts

Posted on 10/25/12 at 12:17 am to kywildcatfanone

Yes I can not save that much, if any at all. Sometimes I will get money from other sources, but that's not very often.

I pay for my rent, utilities, cable, food, gas, and gym so i'm pretty much broke at the end of each month. I have enough put back for next semesters tuition but thats about it.

I just really wish there was a basic money guide for guys in their 20's. Like where all the terminology is explained. sometimes I'm reading stuff on this board and I understand the main concept of things but then it gets to talk with a lot of different acronyms and obscure terms that I just have no idea about.

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