I am worried that she does not seem to be saving to move out which can be really expensive with first and last month’s rent and the deposit. Plus all the furniture since she is moving out from her parent’s.
My suggestion would be to "Pause" moving out until June or July and use all the money to pay off the student debt down even more (once she's "Credit" card debt free) coz once you move out , you need to pay for bills nonestop without fail so take advantage of the flexibility whike you're living at home.
When I started budgeting I was the same way, I thought no one was looking at it except me so it doesn't matter if I track everything. If she starts tracking and can me consistent for a couple months and tracks her progress on her debt payoff I feel like she'll see the benefits and stick with it. I started with $9120 of debt and on my spreadsheet I had a line item for debt and I had a total amount of money I had and to see the total number go from like -9120 in September 2022 to -6840 in October 2022 really challenged me and motivated me to see how quickly I could pay it off. I ended up paying it off in January 2023. I still track expenses and income and now the money I was sending to my debt every month goes to saving and investments.
So awesome that she got into personal finance at 18. She’s got this!
I am worried that she does not seem to be saving to move out which can be really expensive with first and last month’s rent and the deposit. Plus all the furniture since she is moving out from her parent’s.
My suggestion would be to "Pause" moving out until June or July and use all the money to pay off the student debt down even more (once she's "Credit" card debt free) coz once you move out , you need to pay for bills nonestop without fail so take advantage of the flexibility whike you're living at home.
Excellent plan 😊
Eeek, individual stocks when she doesn’t seem to know what she has or anything about them.
can i ask something?
I'm wondering if she is maybe contributing to a Roth 401K because she makes it sound like it's a retirement plan through an employer.
When I started budgeting I was the same way, I thought no one was looking at it except me so it doesn't matter if I track everything. If she starts tracking and can me consistent for a couple months and tracks her progress on her debt payoff I feel like she'll see the benefits and stick with it. I started with $9120 of debt and on my spreadsheet I had a line item for debt and I had a total amount of money I had and to see the total number go from like -9120 in September 2022 to -6840 in October 2022 really challenged me and motivated me to see how quickly I could pay it off. I ended up paying it off in January 2023. I still track expenses and income and now the money I was sending to my debt every month goes to saving and investments.