‘I don’t really know what to do with my money’: I make $750 a week but have no savings, investments, or credit card. How can I start building a financial future?

Hi Money Minder,

Hey there! I’m feeling like I could be a bit smarter with my money at the moment. I bring in about $750 a week (after taxes) at my job, but my monthly bills add up to around $760. I don’t have a credit card, a savings account, or any investments. The only connection to a bank I have is my trusty ol’ debit card. I would really appreciate any tips on saving or growing my money. Feel free to slide into my DMs if you want to chat some more and really help me out. Thanks a bunch!

Cheers,
Money SaverX

Response from THE MONEY MINDER:

Hello There,

It sounds like you are in a challenging financial situation, but you’ve taken the first step by reaching out for advice. It’s commendable that you want to become more financially savvy with your income.

Given your monthly bills are almost matching your income, it’s essential to prioritize budgeting and cutting down on unnecessary expenses. Creating a detailed budget plan will help you see where your money is going and identify areas where you can cut back. This will ensure you have a clear picture of your financial situation and can make informed decisions.

Since you mentioned not having a savings account or investments, it might be beneficial to start setting aside a portion of your income for emergencies and future goals. Even setting aside a small amount each week can add up over time. Consider opening a high-yield savings account to earn some interest on your savings.

Additionally, consider exploring different ways to increase your income, whether through side hustles or finding higher-paying job opportunities. Increasing your income can provide you with more financial stability and flexibility.

In terms of growing your money, you may want to look into starting an investment portfolio. It’s essential to educate yourself on different investment options and seek advice from a financial advisor to make informed decisions based on your financial goals and risk tolerance.

Remember, taking small steps towards financial literacy and stability can have a significant impact in the long run. Feel free to reach out if you have any more questions or need further guidance. Best of luck on your journey to financial wellness!

Farewell from THE MONEY MINDER.