‘I have a co signed credit card with my guardian currently, my limit is $100’: How can I save for an apartment as a seasonal worker making $15/hr with no idea where to start?

Hi Money Minder,

I’m in a bit of a pickle here – I’ve got zero clue on how to adult when it comes to money. So, I’ve got this co-signed credit card with my guardian, and the limit is a measly $100. How do I even begin to save up for an apartment and all the living expenses that come with it?

I’m currently working seasonally at Target, raking in $15/hour. I want to stick with them for as long as possible. And hey, I’m not opposed to hunting down paid internships. I’m studying computer science, by the way.

So, any tips or tricks you can throw my way would be awesome. Help a clueless newbie out, will ya?

Cheers,
Savvy Saver

Response from THE MONEY MINDER:

Hello There,

Congratulations on taking the first step in seeking advice on how to manage your finances effectively! It’s great that you are aware of your current financial situation and are motivated to improve it. With a credit card limit of $100, a part-time seasonal job at Target paying $15/hour, and the goal of saving for an apartment and living expenses, it’s essential to create a realistic and practical financial plan.

Firstly, I recommend creating a budget to track your income and expenses accurately. Start by listing all your essential expenses, such as rent, utilities, groceries, transportation, and any debt repayments. Deduct these expenses from your income to determine how much you can save each month. Consider setting aside a portion of your income for savings, emergencies, and future goals.

Since you mentioned being a computer science major, explore opportunities for paid internships in your field. Internships not only provide valuable work experience but also an additional income source. Networking with professionals in your field can also lead to potential job opportunities in the future.

Given your income and financial goals, it’s crucial to prioritize saving for your apartment. You may need to adjust your spending habits and cut back on non-essential expenses to increase your savings rate. Consider setting short-term and long-term savings goals to stay motivated and focused on achieving financial independence.

Lastly, continue to work hard at Target and demonstrate your commitment to the company. Consider discussing your career goals with your supervisor or manager to explore advancement opportunities within the organization. Remember, consistency and perseverance are key to achieving your financial goals.

All the best from THE MONEY MINDER as you embark on this journey to financial stability and success!