4 answers
Israel
Student
Tolleson, Arizona
1
Question
Asked
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How to make more money
I am 16 currently doing construction I just need to know how I may start saving for the future I make 15 an hour work 48 to 60 hours a week and need some guidance with my money
4 answers
Kim Igleheart
Career Counselor | Police Officer
1750
Answers
San Antonio, Texas
Updated
Kim’s Answer
Israel,
I'm assuming you live at home? If so, that's some really good money! It also sounds like possibly you are no longer in school? If so, I encourage you to get your GED. It's easier while you are young, and, it will come in handy down the road!
Now, about the money. You don't make the same amount each week, so, that changes things up a bit. Sit down with a piece of paper and a pen. List your bills. These are things that are usually the same amount each month. Cell Phone, Internet, Car loan, Car insurance. Rent? Then list your expenses: fuel, credit card bills (it varies), groceries, eating out, entertainment. Allow yourself the opportunity to "enjoy" your money, without going overboard.
Look for places where you can cut back. Packing your lunch for work is cheaper than eating out. But, it's not an either/or. Perhaps eat out with the guys on Friday? Plan your errands, so you aren't doing a lot of needless driving.
Everyone handles money differently. Let's say you are making a minimum of $3000 a month. Assuming you live at home, the bills might be about $550 a month. Variable expenses might be $800 a month. So, $3000, minus taxes and health insurance(?) is $2300. Minus fixed bills of $550 is $1750. Minus variable expenses of $800 is $950.
Actual numbers will be different, of course - this is just an example. Let's say you have $950 left over. Split that between two accounts. One for real savings, such as to buy a car or a house. The other is to create an "emergency fund." When the car breaks down or the dog gets sick, you don't want to have to use credit cards! An emergency fund should cover three months of living expenses - in the example - $4050. So you want to save up to that amount, borrow from yourself in case of a true emergency, AND pay it back! If you put $337 a month aside in that fund each month, in a year you will have the $4050!
If you have credit cards, pay them off! If your employer offers a 401 match, make sure you contribute the max match amount.
This is the basics of just getting started. There's a lot more to it, but this will get you going. If you don't know where your money is disappearing to, I recommend as a first step that you track your expenses for a month or two - every penny you spend, write it down. This will let you know where your weak spot is, places where you overspend. Categorize the expenses, such as "eating out" or "dating" etc.
Good luck to you!
I'm assuming you live at home? If so, that's some really good money! It also sounds like possibly you are no longer in school? If so, I encourage you to get your GED. It's easier while you are young, and, it will come in handy down the road!
Now, about the money. You don't make the same amount each week, so, that changes things up a bit. Sit down with a piece of paper and a pen. List your bills. These are things that are usually the same amount each month. Cell Phone, Internet, Car loan, Car insurance. Rent? Then list your expenses: fuel, credit card bills (it varies), groceries, eating out, entertainment. Allow yourself the opportunity to "enjoy" your money, without going overboard.
Look for places where you can cut back. Packing your lunch for work is cheaper than eating out. But, it's not an either/or. Perhaps eat out with the guys on Friday? Plan your errands, so you aren't doing a lot of needless driving.
Everyone handles money differently. Let's say you are making a minimum of $3000 a month. Assuming you live at home, the bills might be about $550 a month. Variable expenses might be $800 a month. So, $3000, minus taxes and health insurance(?) is $2300. Minus fixed bills of $550 is $1750. Minus variable expenses of $800 is $950.
Actual numbers will be different, of course - this is just an example. Let's say you have $950 left over. Split that between two accounts. One for real savings, such as to buy a car or a house. The other is to create an "emergency fund." When the car breaks down or the dog gets sick, you don't want to have to use credit cards! An emergency fund should cover three months of living expenses - in the example - $4050. So you want to save up to that amount, borrow from yourself in case of a true emergency, AND pay it back! If you put $337 a month aside in that fund each month, in a year you will have the $4050!
If you have credit cards, pay them off! If your employer offers a 401 match, make sure you contribute the max match amount.
This is the basics of just getting started. There's a lot more to it, but this will get you going. If you don't know where your money is disappearing to, I recommend as a first step that you track your expenses for a month or two - every penny you spend, write it down. This will let you know where your weak spot is, places where you overspend. Categorize the expenses, such as "eating out" or "dating" etc.
Good luck to you!
Rafael Diaz Montelongo
Consultant
235
Answers
Raleigh, North Carolina
Updated
Rafael’s Answer
To make more money and manage your finances effectively, start by setting clear financial goals and creating a budget to track your income and expenses. Look for opportunities to earn extra money through additional side construction work, and invest in improving your skills and knowledge. Save a portion of your earnings and consider consulting with a financial advisor to make informed investment decisions. Cut unnecessary expenses and prioritize saving for the future, whether it's for college, or starting your business. Remember, building wealth takes time and discipline, so stay focused, make smart financial choices, and keep working towards your goals.
Sharon Vien
Data and Tech Associate
40
Answers
San Jose, California
Updated
Sharon’s Answer
Hi! Many people use the 50-30-20 rule where you put 50% of your money toward needs such as bills and rent, 30% toward wants, and 20% toward savings. If you want to save more aggressively, I'd recommend adjusting the savings percentage to be a little higher. Furthermore, any left over from the 50% used for bills can be saved. If you're looking to grow your money, a safe option is to look into a high-yields savings account. But, I'd check any age requirements. Overall, be smart with your earnings, determine any financial goals, and strike a good balance between saving and spending on anything fulfilling. Best of luck.
Angie Vogel
Commercial Loan Specialist
3
Answers
St. Louis, MO
Updated
Angie’s Answer
Congratulations on your construction job - that's hard work and I hope you are learning alot! You will want to sit down and write down all of your necessary expenses. Then you will write down how much your take home pay is. Try to include a $ amount that you want to save each week as a necessary expense - not an extra. My dad always told me to pay my self first and then pay everything else - meaning save some money first! This amount can be small at first until you adjust and then try to increase this as you go. Best of Luck to you!!
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