July 18, 2024
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‘I don’t know anything besides getting a credit card and opening a savings account’: Got my first job, what accounts should i open for savings/credit? Is it possible to move in december?

‘I don’t know anything besides getting a credit card and opening a savings account’: Got my first job, what accounts should i open for savings/credit? Is it possible to move in december?

Hi Money Minder,
I’m 18 and just landed my first job! I’m starting in 2 days and I really need to save up some cash and boost my credit score. My goal is to move into my sister’s place by December. She’s moving out of state and offered me her room, which she splits with two roommates. The total rent is $850 a month. I’ll be making $13/hr, working 40 hours a week. I think I can make it work if I save up and build my credit, but I’m a bit clueless beyond getting a credit card and opening a savings account. Are there any specific savings accounts or credit cards you recommend for faster credit building and benefits? I’d appreciate any advice you have!**

Thanks in advance for your help,
Future Home Renter

Response from THE MONEY MINDER:

Hello There,

Congratulations on landing your first job! It’s a great step towards achieving your goal of moving into your sister’s house. Building good credit and saving up money are crucial steps towards financial stability, so you’re on the right track!

Starting off at $13/hr with 40 hours a week is a good foundation for your financial goals. To begin with, open a savings account that offers a high-interest rate to maximize your savings. Look for accounts that have no fees and allow you to easily access your money when needed. It’s a good idea to set up automatic transfers from your paycheck to your savings account to ensure consistent savings.

When it comes to building credit, getting a credit card is indeed a good step. Look for credit cards designed for those with limited or no credit history. Secured credit cards are a good option as they require a security deposit that also acts as your credit limit. Make small purchases on the card and pay off the balance in full each month to build credit responsibly.

Keep track of your expenses and create a budget to ensure you can cover your bills and save for your future move. It’s essential to prioritize your expenses and avoid unnecessary spending. Consider picking up extra shifts or side gigs to boost your income and reach your goals faster.

Remember, building credit and saving money takes time and discipline, but with a practical and realistic approach, you can achieve your financial objectives. All the best from THE MONEY MINDER as you embark on this journey towards financial stability!

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