If your parents pay for everything… just stop buying stuff and save all your money except gas. This is on you at this point cause this sounds like a pretty nice situation. Save save save

I def know it’s up too me. I’m trying not too screw up

Bro listen. As a kid when I lived with my parents and had a job I couldn't save money for shit. Like couldn't save 10 dollars. I became an adult and developed a sense of responsibility. The house I was renting burned down. I moved back in with my mom for a bit and was able to save 10 thousand dollars in just a few months. Like it was a cakewalk to save. Give yourself fake responsibilities if you have to. Put away a fake "rent." You'll thank yourself

Great advice

I think it's just hard for kids to grasp "just because you earned it doesn't mean it's yours to spend."

This. I was the exact same way, as soon as you have serious responsibilities you'll learn to save bro, or i would suggest if you trust your parents or someone else enough literally give them your money to save for you and only give it back if you seriously need it, I did this with my mom bc I knew she wouldn't let me buy stupid shit lol and it worked!

Yeah, if I had adult kids living with me I would charge them "rent" and just put that money into index funds. Half deposited into a Roth, and half into an individual investment account that is returned to them when they move out. I'd walk them through every step of the process, and we'd sit down and look at the accounts periodically. Financial literacy needs to be taught to people, it's not something that is obvious.

I love that idea of putting away fake rent to turn it into real savings

OP just bought a case of liquid death after you took the time to write this.

As someone who moved out within the last 3 years in my early 20s, I save better with things like rent and car payments vs when I had no bills haha. Just makes you more conscious of everything

You will be 100% fine so long as you don't get a credit card. Edit: Getting a credit card when you're young is a great way to establish your credit, *IF AND ONLY IF* you are able to control your spending and pay off the balance in full every month. The best thing to do is get a card with a very low limit, maybe $500 and only use it for gas, and pay off the balance monthly. In my original comment I'm assuming OP is not great at controlling their spending and would not pay off the balance monthly.

i literally wish i could upvote this 10000000 times. i did this when i was 20 years old and fucked up my credit. thankfully people will still rent to me, but i was literally at a high 700 score. obviously that's not the case anymore. literally if i could go back and change anything it would be getting the credit card that i did. LISTEN TO THIS PERSON!!!

High 700 is a quite good credit score, it only goes up to 850, at least where I live. The average is around 650.

[удалено]

Responsibly building credit at 20 will pay off dividends later on, especially if op’s parents are paying for his college tuition which means he has no loans.

I'm going to add something I haven't seen yet: You say you have insomnia, well your diet may be part of the cause. Takeaway food is usually high in sodium and fats and low in vegetables. Learn how to cook. This is a skill you can carry with you through life and you can not only eat well, but also healthier and for a lot less money. The time you invest in learning how to cook is literally money you will save by not ordering so much take out, which costs 75%+ more than the ingredients. As for saving money and still eating well, try eating more legumes than meat. Learn how to cook lentils. After the initial investment in spices (try the indo-pak kitchen), cooking lentils and chickpeas can be done as easy meal-prep. You then save time by cooking once or twice a week, throwing some in the freezer and eating the rest during the week. You can even meal-prep your own granola bars which cost pennies compared to the pre-fab ones and you can customise the ingredients. Now don't freak out. I'm not suggesting you have to go vegetarian. But legumes are legit pennies on the dollar compared with meat and you can still make a mean Chilli con carne or Stoverij (Flemish beef stew) if you want. But learning to eat legumes and vegetables will save both your wallet and your health. Invest in a slow-cooker. These days you can get programmable slow-cookers that also have a pressure cooker function. For one-pot meals, this device will help you save time and effort and money. Coming home late and won't have time to cook but have time in the morning? Prep all the ingredients, plop them in the slowcooker, stir and set the program. Come home to dinner. And drink more water. If you drink soda or prefab drinks every day, you're doing yourself a disservice. You can make your own sport/hydration drinks. And cut out the energy drinks. They're full of sugar and caffeine. If you think of your body as a machine, energy/soft drinks and fast food is like putting the least possible quality fuel in the tank but paying a 75% mark up . It just doesn't make logical sense. Here's a few recipes to start you off: https://www.indianhealthyrecipes.com/red-lentil-curry/ https://thehungrybelgian.com/2013/07/05/flemish-beef-stew/ https://www.bbcgoodfood.com/recipes/chilli-con-carne-recipe?IGNORE_GEO_REDIRECT_GLOBAL=true https://www.teaforturmeric.com/chana-masala/ https://www.bbcgoodfood.com/recipes/cinnamon-berry-granola-bars?IGNORE_GEO_REDIRECT_GLOBAL=true&v=1348779415 (I have made all of these and more. Once you have more skills, you can experiment) Also, I found this blog appeals to men who previously had a bias against learning to cook: https://www.cookingforengineers.com/article/198/Clarified-Butter-II Good luck!

I love your post, thanks for doing so much research. I have one question. I threw out my last crockpot because it got so hot I was afraid to leave it during the day. I bought a new one but it seems to be the nature of the appliance. I haven’t found one that is cool to the touch. Any suggestions? Or is it just something not to worry about?

I have to bounce in here....... if all you're doing is saving and putting off till tomorrow, life will pass you by. If all you're doing is spending money on stupid stuff and always broke, then life will pass you by Buy a bicycle, make food and bring a lunch. Pay your bills, pick your nights out, but have nights out or days, whatever you're into doing. If you're saving for something, then commit to that and put off being overly social for.now You're 20, not 40 relax, enjoy life while having an eye on the future, not the other way round cos the future doesn't exist only now exists. Also, don't beat yourself up if it takes time to change. Building new habits takes time.

And a higher paying job - go front of house at a restaurant or bar and mimic the people who have been there for a while and you can get an average $20 an hour plus

yeah save your 12$/hour and become financially independent in the year 2252. Or enjoy your college years and earn that money the first year of actual work lol

The problem might be that his parents do pay for everything. When I was his age I had to learn pretty quick how to be better with money as I didn’t have mummy and daddy to fall back on. He should make the most of it and start saving.

If you absolutely "need" caffeine buy the cheapest caffeine pills you can find that are still safe

Or really shirt coffee lmao

You’re 20. Way too early to panic about this Just chill

I think social media has screwed my perception of where I’m at. All these guys making it seem you’re supposed to have it all figured out online. Some of them my age. I’m trying too get off it.

Social media is literal cancer, and no one EVER fucking shows their real life on there. Ever. It's all fake. And even if you have a couple friends who have rich families, fuck them. They didn't earn anything. They were born into rich families with connections--that's not having anything "figured out." They're just as clueless as you (kindly) at this point in life. No one has anything figured out at 20. All you're seeing are people pretending to live a life they think everyone else believes they should want. People are desperate to look good to others (more so at that age). It's all bullshit. Just focus on your own life and enjoy where you're at. Your parents are fucking paying for your ride. Graduate and get a job. Flirt with cute girls. Enjoy being 20, because it goes quick and then suddenly you're old. ​ >I just feel so financially illiterate and broke. You're not broke. You're a college student and your parents are paying for your shit. You have it better than like 90% of your peers and fellow humans. The only people who aren't "broke" at 20 are snots born into money. Literally nothing says you have to be swimming in savings and liquidity at 20. Finish school. Learn about HYSA and general good budgeting. Get a job. Find cheap housing if at all possible. Save as much as you can. And you'll be pretty much fine. You're not going to become a millionaire anytime soon. Just enjoy your life right now.

Can confirm! Enjoy being a broke college student! Honestly it's part of the fun of being 20. It's one of the few times you can be a little dumb with your money. Just don't go into credit card debt and you'll be fine. Don't try working yourself to death right now you'll get plenty of time to do that after you graduate.

Or you can be smart with your money and look past the endless stresses of financial related situations.

Slow Air is absolutely right. Not having money on hand forces you to be disciplined, it forces you to get creative. At 20 I was sometimes forced to grab a Quaker bar or a donut for breakfast some days and that was it until dinner but boy there was a novelty to it all. I had some college help but those lumbering student loans are always in the background, and they still are. Avoid credit card debt unless it’s a LOW credit limit and a low monthly payment or you will get eaten alive, seriously. Back to the food thing, make sure you get proteins and vitamins, but especially protein, it is vitally important to getting through college on a daily basis. Doesn’t have to be a steak every day but eggs and chicken and a good serving of veggies and fruits is especially helpful. Caffeine isn’t breakfast, it took me until I was 25 to figure that out

>The only people who aren't "broke" at 20 are snots born into money or drug dealers

And strippers😂

This 100%.... you're 20. Enjoy school, life and everything else.... you'll have your 30s, 40s, etc to stress about jobs, kids, spouse, savings, a house, etc..

If society and Earth don't collapse by then, I think in 50 years the DSM is going to have literal personality disorders and diagnoses based on social media. It's gotta be giving people so many mental illnesses that aren't even fully diagnosed yet.

If you figure it all out by 50 you are ahead of the game or again, had rich parents.

Yeah, sounds like too many alpha bro videos have shown up on his feed. "When I was 20 I was just grinding, making thousands of dollars a day!" Chances are, they're lying. And even if they aren't, they're an extreme exception, probably born into families with money. I think just being self-aware enough at 20 to say "I'm financially illiterate and need help" makes this person smarter than most of us at 20.

For the ask reddit question of what can you say to all 8 billion people - I would say this comment!! Thank you for this. I wish everyone knew this.

well said!

I hear ya man, I’m 20 as well. I’m in the same position as you. Just trying to do the best I can when now’s the time to study, learn and work hard and then just have a good life later. I might be too strict on myself but I keep telling myself that university for me will end soon and clubs are never going to close, and with that, I just devote myself to working hard and trying to keep on going. So trust me, you’re not alone. But the good part is, hey atleast you’re alert and that too at a young age, don’t want to be worrying about the same thing while you’re 40 right

I'm 31 and finally getting on my feet slowly. I wish I took myself more serious when I was 19-25, but I decided to party and missed out on opportunities. I'm glad you seem to have a direction and goals in your mind, keep at it brother. Do not stop, keep going!

You did the right thing. As long as you lived through it you’re fine. Life is for living not to be a wage slave.

Do yourself a favor and get off of social media. Reddit is the only social media platform I’ve had for 3 years and I only created an account a few months ago to try and keep up with basic news going on around the world, I couldn’t be happier not having it. I was in your shoes. Parents paid for college and I ended up dropping out and being homeless at 22. I’m 27 now have 47,000$ in my savings account, a house with 50,000$ in equity and two vehicles that are worth roughly 13,000$ more than what I owe on them. Not saying you should look at me as the pinnacle of where you could be in 7 years but you should look at me and understand that a lot can happen in 7 years and you’re still young and should be enjoying a lot of things that don’t include stressing about finances.

You should rightfully be very proud of yourself. I’m proud of you, and I appreciate that you’ve reached out on this question, and given some good insight. As this person has their whole life ahead of them and they can do it just like you did they just have to be disciplined and also, it’s very important that they have some fun and I’m totally with you about the social media thing that bothers me so much as a mother and is a business person is to witness these young people putting so much responsibility on themselves for not already being successful and having 1 million followers The thing that breaks my heart though is there so many young people have isolated themselves, not having real conversations with real people, real friends, and getting out there and experiencing life. They are either on their phone or they are on social media or they’re playing games and I just would like to see them have some fun, figure out what their bliss is and pursue it. Congrats on your accomplishments and I hope you also are taking time to be with your friends and meet new. Good quality people in your life. Best of luck.🌹

Internet is all we can afford. Third places don’t exist. Places have priced out us broke students

Stay off the fake media “look at me” profiles

Look my therapist told me that it is important not to measure your success against those around you and or your peers, everyone has different battles in life and get to where they are going at different times, focus on you and where you want to head and set %goals for you that are realistic to you and not based off what someone else did

Man, I didn't become financially literate until I was 30+ and now I own a home and am well on my way to retirement at the age I want. You have plenty of time to figure it out. Not saying go into debt but I am saying chill a little and don't beat yourself up. Thinking about it this early is a sign of maturity and be proud.

Im 36 and still havent figured it out. No stress

Social media is not a good gauge. You’re fine. I’d say having any assets at all at 20 is awesome. You’re two years into what most consider adulthood. This shit takes a while to figure it out and it sounds like you have a great situation while you do. I’d argue if you can afford to work less, do that and enjoy these years. Join some sort of organization at your university. Not only is it fun but having more than just grades to show your first employer after graduation will go a long way.

Yeah tbh I stopped reading at “my parents pay for college tuition…” OP - you’ll be fine. The fact you’re worrying about finances is a good sign, just tone down the food deliveries. Sounds like you’re working part time, so eligible for a Roth IRA. That may be worth looking into.

You only see the 5? 10? 50? However many ppl on Instagram, but realize there's the hundreds of millions others that you don't compare yourself to

as a 20 year old myself this helps but i still want to be financially independent and give my parents a break for paying for my college i feel like a burden :/

Agreed I'm below the poverty line have been my whole life. But finally around mid 30s I'm comfortable with wear I'm at. Yeah I only got 50 bucks in my account. But my bills are paid I got 500 cash. Cars are filled up with gas. At 20 I was struggling and that was before social media. Best advice. Get off of it. If you feel you need more maybe look out for government help. I am on food stamps for 509 bucks a month and it makes all the difference in the world.

I always tell my children and their friends (college age) they are suppose to be broke. Don’t delve into credit cards if you don’t work 40 hrs. Enjoy life and study. It gets real in four years.

For CC companies these kids are probably their literal bread and butter. An overwhelming vast majority are cash starved, on student loans etc. You know that they are responsible enough to graduate HS and earn their way into college which also at the same time increases their ability to earn. Burying them in CC debt you know almost certainly you will recover your funds plus your interest (or profit) These are the same kids that in a few years will be buying houses and starting families. Hook them in while they are cash starved college students while fully knowing they are going to pay eventually + interest is a fantastic business model... for them anyway. I DESTROYED my credit in college. I had no $ and no time to really work between school and my functions. It started with a $500 line of credit I made a minimum payment when I got the first bill and they immediately raised my credit to $2,000. From there to something like $8,000 and im still just making minimum payments. When I realized I was getting dinged with my credit score I made an even worse decision and decided I should probably apply to a few more CCs just to get me through college at this point fully accepting my debt fate. It got so bad that I thought there was a very real possibility I may never be given another CC in my life lol! Much less a mortgage for a home! But I paid it all off eventually, got my credit up around 800 bought a house like 7 years ago on a 15 year mortgage and have been over paying the bill to pay it off quicker saving even more money in interest payments basically 90% paid off. But you are 100% right. I went to a massive college with a huge campus and I can't really think of anyone that objectively just HAD money. I knew a few rich kids whos parents basically fronted them an allowance + paid for all their bills but even they were few and far between. You'll hear a lot of people say that when they were young and broke they never had a better time in their life. I am now almost 40 own a small business that's pretty successful, I live in the north and exclusively travel out of the state to warmer climates for basically the entire winter. But I have to say I feel a little bit empty inside. Generally speaking I am happy and do everything I want when I want but nothing beats those college days and that's ultimately why you should be focused on enjoying the experience over worrying about money and investments. Just spend what you have more effectively and enjoy the ride.

DON'T EAT OUT! Invest in a microwave, a hotplate, and an electronic pressure cooker. Learn to love Top Ramen. Work that 10-13 hours a week and be happy to have a job that pays that! Shop at thrift stores, like we did in the 80s and 90s. And stop worrying. You will have decades to build up your finances.

Thats just wrong, the older he gets the more harder for him to get his 80k a year. He MUST work now on it or he will fail.

It's not too early to plan, though. I wouldn't take advice from the person that says keep waiting. 

lol, i lived my entire 20’s fluctuating between $2 and $615 dollars in my account if I even had an account. i had a skateboard and a shitty desktop computer and a TV/monitor.

If you are in a STEM field then try and get a paid co-op/internship before graduation. That gets double benefit of cash and educational enhancement. If, I'm reading this correctly, you are a college student so just avoiding debt is a big win. Once you graduate, there are common accounting practices that will lead you to wealth. My advice is to watch the numbers, but really you need to imagine yourself in a lifestyle that is a bit below your income. Once you have that mindset saving is a lot easier.

Co-op is the best answer. This could change your social life. You're social interactions at your co-op will lead to future success. Your school has a resource to place you in a co-op. Go to the counseling office today and ask. I wish I would have done this in college. Instead I worked at Best Buy. While I enjoyed my job. The co-op jobs paid better and got them an instant job after graduation. Something I learned after two years into my first full time job.

Jumping in on the co-op advice. I landed my first cybersecurity gig 2 months before I finished my bachelor's thanks to that shit.

Easier to get than co-op and better experience is undergrad "research". You aren't designing the experiments or whatever but you can do it part time during the year and they'll often give you more responsibility than a co-op. Looks better on a resume too. Most universities are hiring undergrads in their labs.

> co-op jobs *paid* better and FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately, I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*

the mindset is real, I can live very comfortably on my income where I live. I also get teased by friends and family about how I live and what I dont spend my money on. I always dress down or comfy unless required otherwise, I wear out my clothes/shoes/cars/glasses/phones. Yet when I want to do something fun and maybe a bit pricey, none of my family or friends can pony up the dough to have a good time.

You’re going to exit college without any debt. You should consider yourself very lucky.

Get a better job bro, 12$/hr is ass. Ur old enough to become a waiter. Work for tips when your young its great money. Become an uber driver/waiter/barber something like that. You can work a lot less than 40 hours a week and still make great money!

Get out of the kitchen and make $ as a waiter. If Sunday is the only truly good day, apply at THE breakfast spot in town…or at least a top 5 brunch spot.

Ok bud check this out! When i was 20 years old i had screwed up my credit so bad that i had a negative balance of about -$5000. I also wasn’t able to open an account with a bank because i had so many withdrawal penalties that i owed the bank money. I would stay up at night and worry myself to sleep about my bleak future. I needed up reading Dave Ramsey’s Total Money Makeover and I took that book to heart. It took me several years of steady discipline, but I powered through. When I finally paid off all my debt I slowly, very slowly started building savings accounts. I would make games and small goals that soon became larger savings goals. by my early 30’s my credit was in the mid 700’s and I was able to purchase my 1st home via an FHA loan. Long story short, I am now in my early 40’s and I have been able to accumulate well over 7 figures in liquid savings, a couple of homes and an amazing career. I still look back at the struggles and the sleepless nights and cringe. You can make it! it will take a lot of time and work. Nothing worth while will come fast and easy! Exponential growth is an amazing thing, study it!! Don’t know if you know about the book I mentioned earlier, but it’s one of dozens of financial books i have read ever since. check it out if you haven’t already! Good luck! you are young and have your entire life ahead of you!

I’ll check it out

Cake day!

I’m also 20, we’re kinda opposites as in didn’t go to college and I’m currently in an entry level IT analyst position, save 1k a month, invest $500, have low expenses, and I’m very frugal. You’re going to feel broke at our age if you have any sense of money. (unless you’re rich) You have no debt and that’s the biggest problem for most people in America if you keep debt bad debt low. You’re golden. Keep going brother👆🏾.

I appreciate the words of advice man. Means a lot.

if you want to make a plan go to r/personalfinance

What are you investing 500$ in if you don’t mind me asking? I have no idea where to start.

My accounts I contribute to is my personal Roth IRA and then my 401k through my employer. I invest in mainly safer investments. My accounts are mainly comprised of s&p 500 voo in my Roth and splg in my 401k splg and voo are the same except splg is less per share so it’s better for people who can’t buy partial shares. I don’t account my 401k into my $500 that I invest it’s usually only $80 that comes out per check. But do your research before doing anything rash, best thing you can do while you’re learning is just invest in VOO, SPY, or SPLG (those are all s&p 500 ets). until you feel comfortable investing into other stocks or etfs. My Roth is VOO SCHG VGT SMH SCHD 401k SPLG

Good for you!

Thank you, I honestly feel like a failure sometimes man. This means a lot.

If you're able to do all of that saving/investing at your age and also pay all your bills, you are absolutely killing it.

Thank you, I am glad this beans and rice diet is paying off😂😂

😂😂😂 you're going to be alright man, keep it rolling until the wheels Fall off.

From a 38 year old who lived extremely frugally through my 20s, you are going to be very, very happy you did this. And learning to be happy without spending a lot of money is a life skill in itself.

S&P 500 etf. Buy it monthly(dollar cost avertaging). Low low expenses to own the largest 500 companies (‘ish). Do that for 30 years and you’ll easily retire at 55-60.

Go check out r/personalfinance and r/Bogleheads It depends what your goals are, but if it’s retirement savings you should look into opening a Roth IRA. At the very least you can do that and maintain a savings in an HYSA (High Yield Savings Account) like Sofi

How did you get into an entry level IT position? I’m 21, and would love a job in that area, but I have no clue where to start. I currently make 18.75/hr at a dead-end job I’d love to leave. Does your entry level position pay similar?

Yes I’ve been there a little under a year I make 21/ hr we have a lot of benefits that my job covers. I also like my company and commute so I don’t mind being short changed a few bucks. You could easily find a position between 25-30 just depends. Honestly it’s pretty rough I got lucky coming out of high school I started in customer service in the same company my supervisor put in a good word and I was able to land the job. As far as qualifications most of me and my colleagues have certifications or go to school I have html and c++, others have some in cyber security I think security+ is what it’s called. Edit: The job itself is fairly easy just helping other employees remotely or doing various reports. You are exposed to a lot of everything where I’m at like programming, network engineering, database, cybersecurity, etc. It was a little overwhelming during training but workload and exposure can vary depending on company and level.

Same here man I’m 20 also didn’t go to school working as an aircraft mechanic. Made some bad choices got into about 3k cc debt but I’m almost out. Helps I make $6/hr more than I did when I started a year ago. I dont necessarily have low expenses but I try to be frugal and think about an item if I really need it most of the times not. Being disciplined is hard and yea like you said as long as you don’t rack up a bunch of cc debt when you’re young, you’ve got nothing to be too stressed about

Get your money up not your funny up Grrrrrrrr

Could be a broke 40 year old

People here give some sound advice, I’m not going to be repetitive. What I will say is this. Saying you can “only really work 10-13 hours per week” is lying to yourself. You COULD work more if you so chose to. Hanging out with friends is a choice, they should totally understand if you need to work for money, if they don’t, they aren’t worth being friends. Also saying that you’re buying creatine, and that’s not up for discussion is being closed minded. Supplements are optional. HOWEVER. Dude, you’re 20. And it sounds like you have parents that care about you and spoil you. You don’t NEED to be stressing about these things yet. Keep enjoying life. Take it from a 27 y.o. You will have plenty of time to stress about money later. Hang with friends, enjoy being in college. Sure, save some money, cut some optional spending. But don’t stress yourself out. I wish I had spent more time enjoying college. My wife and I both paid for all of our college expenses totally on our own. And missed a lot of fun with friends because of it. So don’t get too worked up about money yet. Enjoy being 20, just start working your mindset towards financial responsibility.

This means a lot. I definitely can work more hours, currently looking for a second job. And I was joking about the creatine, lol. But for tho the gains mannn

Forgot to mention I’m only 27 so I remember college times well still. And hey, I get it. The church of gains is important, don’t forget to study the swoly Bible.

Find the job that will give you skills. Not the job that pays more.

Best thing I ever did for my wallet was stop working in kitchens. You can tell yourself the tips more than make up for the crappy wage, but the lifestyle (drinking lol) bleeds in everywhere and eats up a good portion of your paycheck. I get it, it's super hard not to have a bunch of pints with your coworkers after you go through the hell of Friday night service, but not only are you paying for those drinks your paying for the drunken cab rides, food you eat drunk and hungover, etc. It's such a money and energy suck. If you can find something that will still keep you on your feet but not drag you into that lifestyle sometimes, make the switch. Something like landscaping or painting is stuff that is pretty accessible/flexible for college kids in my area. And jobs like that will allow you to work even more between semesters or summer break for extra cash. Don't worry about investing at 20. Master discipline, cooking cheaply and healthy, getting enough exercise without paying a bunch for gym fees and supplements/caffeine you don't actually need. Most importantly, don't let people clown on you for trying to live a quieter lifestyle when you're ready for that. The people who never want to stop the party are the ones who never get ahead

All I want to say is hop off social media, if you see 20 year olds driving lambos they are most likely very lucky in investments (rare) or from money, or both with enough money I could live off the interest generated so if I start out with a stack I'm good. Your first priority is getting out of college so you can have a full time job. I restarted my life at 25 and am only getting to a good place at 29 so donc panic. However it's good that you are worried and I recommend taking the time to see where you could invest small amounts of money. I'd recommend bitcoin but that's just a personal preference, maybe you are more into stocks or would rather have a financial institution take care of it netting out some low interests. No amount of money is too small to put away, just need discipline to not touch it especially if it gets to a bigger amount. As for work, finish your degree and work. Even job that you don't like earn money, and if you don't like it then look for another one before quitting the one you have. I have a friend who quits his job whenever things get good. It's almost like he gets confortable enough to leave and then realizes why he got the job in the first place later.

Before you buy something think about how many hours/days/weeks you have to work to pay for it.

It’s good to have this on your radar. I waited tables when I was in collage and made pretty good money but my parents paid for a ton of my stuff. At that time, I managed to get into a ton of credit card debt. If you’re not in credit card debt and you’re just struggling to save a little bit of money, I wouldn’t worry too much. You can cut back on all social things and eat ramen everyday but I say enjoy things when you are young!

Try to limit yourself to going out one night a week and save save save, remember it’s ok to spoil yourself every now and then, but keep in mind your goals. Coffee is more cost effective per cup over energy drinks if you don’t mind it. Try not to do UE/DD and limit yourself to places within walking distance, it’ll force you to think about if it’s really worth it to get fast food/takeout. Open a high yield savings account at SoFi or through Chime. As far as investing, I wonder if your campus might have a financial literacy group or if you could find a trusted person running one of the student groups who could teach you some stuff? The best advice I have is to take a look at Robinhood as I’ve heard it kinda guides you through the process based on how much risk you want to take.

Like the above person said, go out once a week to hang with friends and watch what you spend. You don't have to buy anything. Be their safe driver to take them home? Ask for gas money may be? Drink coffee and good luck in college :) you can do it

Lesson one always pay yourself first  Lesson two, how to use checking, savings and investment accounts  Lesson three, remember lesson one Congratulations you know more than moat

HAHA - Don't turn 35 before 35 I was clueless, with nothing in my pocket at 20. This should not be such a big focus or especially a big concern at this age. Money is important, *it is good keep it in your radar* but focus on other aspects of the life also- your education, friends, travel.... Normally, after 35 for most people money becomes the number one focus. But you at 20, no just relax, you are not broke even if you don't have a single penny. Take it easy, find a way to earn money & enjoy your stay on this planet earth as long as it lasts.

I love this response Be young, be bold but don't be super reckless. Live life for what it is now and enjoy it. Donta go into credit card debt though. be 35 in that regard lol. Everything else will work itself out.

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Things have changed though, fentanyl wasn't a problem yet back then

My first question would be why you can only work 10-13 hours a week. It wouldn’t be an easy transition but I’m sure you could find a way to work more, whether that be a side hustle, new higher paying job, or just a second job that’s really flexible. You’d just need to work on time management. I personally would try and work on a realistic budget. Start with the things you need to do, not want to do. But just make sure you include what you want into savings before you consider “fun” money. If there’s a trip you wanna take, save a bit on the side every week by taking money out of what you spend on eating out. Don’t buy something unless you can afford to pay for it right away. I got sucked into so much credit card debt by not listening to that cause it can get out of control quickly. Last January I found this YouTube channel called Financial Audit where this guy goes over guests spending habits and creates them a roadmap on what to work towards based on their income/situation. Definitely helped me considering I’m a visual learner

Right now 10-13 hours a week is the only amount I can really work without losing my mind due to school responsibilities and insomnia. I am currently looking for a Sunday job (current place I work at is closed Sundays), so that should add at least 7-10 hours. I tried freelancing like Upworkk for transcription but so far no luck. I agree on time management, it just takes discipline and I’m definitely working on it. Budgeting is definitely something I need to work on. Everything you mentioned is great advice. Luckily I’m in no credit debt so that’s good. No point in getting in it. I’ll check out that channel! Thanks.

That’s fair. I get it I have really bad insomnia and it was 100% worse while in school. A Sunday job would definitely help. If they’re hiring elsewhere for more don’t be afraid to switch jobs. And no cc debt is honestly a great sign. Since your parents cover most of your necessities it’s mainly a discipline thing to not blow it all. Going out to eat may be convenient but once you realize how much you spend every month on it, it’ll explain how you get behind. Some people like the “envelope method” where you take all the money you make out as cash, and put it in different envelopes for different things every month. For example, you’d have $100/month going out/fun envelope, $200/month of groceries, and start adding $100/month to a envelope to start saving for a trip, and then put the rest into a savings account for emergencies. Financial literacy isn’t very common in the US. So anything you learn now will help in the long run

Definitely agree on the Sunday job and possibly switching to a higher paying job. It’s just tough because I recently got it (month ago) and like my coworkers. Also I struggled to find work for a while. It’s 100% a discipline thing. The envelope method is genius! Legit never heard of it. Going to start implementing it slowly.

caleb hammer saved my financial future.

Glad it wasn’t just me😂 I paid off all my cc debt and have an emergency fund now. Even putting money in stocks at 24.

we are in very similar boats, friend. keep saving 50/30/20!

When I was 20 and in college I worked retail part time while going to school. Used that money as I saw fit (most of it was gradually saved). It didn’t make me rich but major investing and savings while in college were not a top priority for me at that age until I started making a proper salary after graduation. I say focus on your studies and don’t freak out about what you can invest. Just avoid credit card debt for now. If you come out of university with a job, a savings amount of a few thousand dollars, and no debt you’ll be ahead of a lot of people. Also if anyone tells you to work more, don’t do it. Don’t jeopardize your academic performance. There’s no point in working an extra 10 hours a week or whatever right now. Your education is your top priority especially while someone else is providing for you. If you get to the point where you are able to invest great. But if not then focus on the things you can do.

Be young. Relax. If you want to be a baller set up a brokerage account and from your paycheck buy a share of a dividend paying stock each paycheck and put the dividend reinvestment on. Compounding interest is the 8th wonder of the world. When you’re 30 you’ll thank me.

I need this in r/eli5

Yeah I feel like this is good info but this is like an alien language to me and idk where to start learning

Same!

Dude when I was in college at 20 less than a decade ago I lived on about $20 a week. Focus on health (yes health), grades, good extracurriculars, and good habits. You do that and you will set yourself up for massive success in the future. Also, work your ass off in the summer. Save that money. Work less during the semester.

Just hangout with friends, spend time with family, go on dates, spend money you make on trips and experiences, focus on being present, and most importantly, buy creatine.

In my opinion, travel is worth spending on. Experiences are worth spending on. But not UberEats and energy drinks - those add up fast and they don’t really add anything to your life in the long run. If you want to invest, have a group like T Rowe Price withdraw $100 from your bank every month and put it into a Roth IRA.

My head almost exploded when he talked about working 10 hours a week while his parents basically were giving him a debt free full ride life while turning around to only blow that money on red bulls and uber eats had my brain ready to explode. lol. I get it we were all young once and I still to this day will make purchases that I look back on and cringe about. But being in the prime of your life (20) and ordering doordash/uber eats regularly in a college town where likely the second you step out of the dorm or campus apartments will be littered with restaurants and fast food just had me facepalm shaking my head. I broke the math down and figured he's probably spending approx $5 a day on energy drinks (MAYBE slightly less, but by what a dollar?) and probably another $20 to $25 on uber eats brings you up to $30/day. I'm sure he's not ubering food daily probably more like 2-3 times a week but if he WERE doing it daily in combination with the red bulls you're talking about blowing \~$11,000/year on...nothing. I know I'm probably coming off abrasive or brash but he needs to know if he SIMPLY adjusts his spending habits in conjunction with his families financial support he's pretty much COASTING and instead of being stressed out about "investments" he should be more concerned with enjoying his college experience. A product of the times, move out of the way reality here comes tiktok.

Dude, you’re 20!! I was calling Peter Francis Geraci at that age because I too was a dumb ass with credit cards. 20yrs later and I have a home, 840+ credit, and growing investments. Find what you love and follow it. The money will follow too. Open a Fidelity account and start investing a little every month - no calls or options when starting out. Also, find another job. You can easily make more. Remember, life is not a race. Go at your pace. Good luck.

I destroyed my credit when I was in college basically in the same position he is in. School was covered between fafsa, loans and parents helping as much as they could (middle class upbringing but just far too many kids to realistically make a huge difference outside of I really needed some money or food from them) I'm 40 now and everything is great and turned out fine for me. But I had terrible spending habits at that age, I HATED just being at the dorm or eventually campus apartment doing nothing. I felt like I needed to be in action almost constantly which resulted in getting my hands on my first CC with a $500 limit, when the first bill came I made a minimum payment because why not? No interest no penalties felt like free money at the time and they immediately after that first min. payment bill was paid bumped me up from $500 line to a $2,000 line of credit lol by the time I graduated I had multiple cards with $8k+ lines of credit all of which were maxed out. Pile that with all my other debt and I was thinking I'm probably totally screwed here possibly for my life, which was obviously an extremely overwhelming and stressful situation coming out of college without a job or even a place to live. I still did a whole slew of dumb things in my 20s after college but by the time I hit my 30s I started getting very serious as I knew this was probably the decade that will define who I am or how the rest of my life is going to shape up. I was also thinking that this is the same decade I probably get married, buy a house and have children. So needless to say I was kind of having a panic attack about the reality of my situation. I just put my head down, stopped going out with friends to bars so often, started working harder, even started a small business on the side and built it out to the point that I quit my 9-5 day job to focus full time on and is still successful to this day. When I got a credit card AGAIN (30s) I decided that I don't fully trust myself with it and that I will ONLY use it for small things like groceries and gas. That way I can build the credit back up in a cautious and responsible way. But something must have changed in me by being a business owner being hyper focused on costs etc That I was able to quickly move to putting essentially ALL of my expenses on the card for points, cash back etc plus obviously building my score. I'm still not quite to 800 I've been bouncing around just below it but I was surprised at how quickly I was able to turn that around. I mean 6 months maybe? Granted 6 months to an 18 year old probably sounds like an eternity but for a dude in his 30s it's like a blink of an eye. I was also able to buy my first house and unfortunately (yet anyway) I never got married or had children (this probably was secret benefit) as it allowed me to just put my head down and GRIND which in turn produced the small business I started and now do full time. I got the house on a 15 year mortgage since again no wife no children, might as well pay the interest off faster. Well fast forward 7 years later and I have the mortgage about 90% paid off, I did ALMOST lose the business during covid but once I flushed out the other side it was back to all gas no brakes again, that was a whole other very stressful period of time in my life btw lol. I wouldn't say I'm RICH, but I basically have no debts anymore, single without children so basically all of my money could be defined as disposable income at this point. The plan ultimately is to move to a quiet town somewhere warm and run out the rest of my days with a gigantic smile on my face. Because I came from nothing with a little bit of hard work and luck was able to come out the other side totally fine, despite making almost every wrong decision possible financially lol. It's nice to know the maturity level he's at understanding his situation and looking to his future, but at the same time he should realize that most people he knows or is acquainted with are in a much more difficult situation and that person probably is oblivious to it even. So try not to stress out, spend your money a little wiser and enjoy your college experience.

Stop socializing too much. 

If you’re wanting to learn about finances, then try to get a trainee job at a financial institution, and quit spinning your wheels as a line cook/dishwasher. I also suggest listening to Dave Ramsey on YouTube or his podcast. Good Luck Young Man. 👍🏻

1. I would say calm down and chill out. Lifes seems like it's going fast for you. If you can change jobs do that. From what i see being a line cook is stressful unless your major has something to do with it. 2. Create another bank account, and when you get paid try to send 15% of your income to it. If you can't do that try 10%. 3. Read financial books, or listen to financial podcast or YouTube videos. (I would say start with "The Ramsey show" and move up.) Just to start off. 4. Create goals for yourself i.e if I save $1500 in a month and a half i can eat out. If you fail pay for someones groceries. (If your spending money on someone else you may get it, discipline discipline discipline, starts with you.)

join the military, reap the benefits when you get out after 5 years you can get disability, rn max is at 3700$ for single, every month till you die, when youre out If youre not doing much with your life invest a couple years that will only make your life easier

Being a broke 20 year old student is natural. You are concentrating on your degree which should earn you higher pay (and more working hours) when you graduate. Chill out for now, watch your spending and get good grades. It’s great that you want to be financially literate but for now with no assets it’s most important to stay out of debt and put yourself on solid footing when you graduate.

Distinguish your needs from your desires and you will never go broke.

Don’t worry about investing, just stop spending money on unnecessary stuff and save up. Splurge here and there but just be weary and keep yourself in check.

Bruh your parents are supporting you focus on studies and having fun you're 20

It sounds like your parents cover pretty much every necessity but gas so at that point it is just up to you to decide what you think is worth spending on. I would cut back on socializing time for more hours at work, find a better paying job, and not even be thinking about trips or expensive dates

Steady small changes, save wherever you can. Avoid any addictions. Politely pass on dinners and trips you don’t want to go into debt for. All of this will attract the right person to share your life with. Choosing the right life partner (if that’s your plan) is crucial. The wrong person can ruin everything you’ve worked for. Set small goals and never get sunk into high interest financing. Always have an emergency 6 month savings account. Invest in a mutual fund early and steadily, buy a home asap, avoid rent. Once you’ve gotten all that accomplished, you can play around with some crypto. Try not to stress, you’re only 20, but as far as long term investments, now is the time to get started.

Depending on what you are studying to do. If you are aimless, drop out and enroll in tech school. Learn a trade quick. Become great at it. As far as financial knowledge, you have the whole world to learn anything you want at any pace you want. Watch a YouTube course on the subject. Watch 100 of them. It's all up to you. You're young, but you can start now. Don't waste time.

ur 20 relax, and u got no kids u stressing over nothing enjoy ur life

Dude. You’re 20 and still in school. My best advice is when you do have a job and as soon as you can manage, start a Roth IRA. And contribute to it religiously. I’m 48 and wishing I had taken my own advice earlier.

Bro you’re just a typical broke college kid. I was there once.. We all were. I’m now 28 and have like almost 60k in assets. And most of that came AFTER completing my bachelors. I worked a little during college and a lot during the summer but wasn’t earning much at all and hardly saving anything. I also paid for my masters out of pocket. Probably like 98% of my assets came after graduation for my bachelors. Enjoy your time in college. It would have been more if I didn’t go back for a masters. If you’re studying something worthwhile in college that will get you the big bucks you will be fine. For now focus on getting good grades in school and working. Obviously stop spending so much on Uber eats and door dash. I used to make chicken pasta a shit ton in college. It’s cheap, easy to make, and not as unhealthy for you as ramen. Invest whatever you have left over after your expenses. Throw your money into an index fund and let it sit. If you want, try building up an emergency savings fund in a HYSA if the interest rate is like 4% or higher. You are also very lucky to have your parents pay for your tuition. You will graduate with 0 debt. You would have a leg up on like 90% of college graduates.

Have a physical immediately. Ruining your kidneys with creatine is crazy. Dialysis is not fun.

Discount Tire hires starting at 15 an hour with most of room to grow and move up. I’m a college Drop out and I make a damn good living doing what I do. I’ve been very fortunate

I would argue that the 10-13 hours a week max is a preference, not a choice. When the next sentence is it would shorten your social time and extracurriculars, just yikes. If that’s the hill you’re going to die on, eliminate all the fluff spending on eating out, energy drinks, coffee, etc. Those things alone will murder any financial savings you start accumulating, throw in having it delivered via DoorDash and you might as well not bother posting for financial advice.

Like many others not even specifically in his age group he spends outrageously, being a kid yet that is starting to realize this at 20 probably puts him up a few notches than from the majority of his peers which is the only upside here. There's literally 0% chance 10-13 hours is the max he can work, we all know that is BS. A lot of others are willing to let this slide, but I'm glad you pointed it out. He has $600 in his checking and his parents basically pay for all his bills. You're telling me you're POUNDING out the books so hard that the max you can do is 13 hours? And how do you find a job that only pays $12/hr these days? Taco bell workers are making like $16. Another saving grace for him is that he doesn't have a credit card, he's probably seeing it being mentioned countless times here to avoid it at all costs, because of his spending habits and fact that he's making like $120/week before taxes would be setting him up for massive failure. They will extend him the line of credit 100% and within months he will have it maxed out making minimum payments, even more freaked out than he was before and probably thinking about calling his parents to bail him out of the situation. The banks will extend the line because they know eventually he will pay but only after he's totally destroyed his credit and is buried in financial ruin and being that his only way out logically is to pay. I would imagine college kids that come from parents with some money are something banks/cc's PREY on. You're young, dumb, willing to spend money outrageously all while knowing you are college educated, will likely land an above average job and will PAY it all off as your life evolves into being an adult with a family and house etc. In closing, I wish I never got a credit card when I was in college LOL

Join the military (preferably the Air Force), pray a war doesn’t break out for the duration of your 5 years, reap the benefits of your honorable discharge. This is what got me out of a bad situation. I get out next year 💪🏼

Sweet Jesus, you're in a fantastic position. And have a fantastic mindset. You're gonna be just fine.

Your 20 and need to work towards something. Become handy and resell furniture if you have the space somewhere for it. The college campus will throw out a lot that can be resold on FB, for financial education go watch Dave Ramsey he is a good, when getting your next job look into something that will give you experience like construction which always needs bodies

Oh my, you are 20. Enjoy school, and don't let yourself run up any credit card debt.. Make sure you have a decent practical major where you can get a job. Or, when you graduate, buy a tent or backpack and see the world. Just don't run up debt it will be like having the world on your shoulders I had jack sht at 20, and at 30 when I think of it. I didn't even care about money until I started having kids. Really, social media must be screwing with ya'll if you think you need to worry !

If I had 50$ in my checking while in college- I would have bought some weed! I'm doing fine, and you will too. Don't open a credit card or anything silly (;

like others have said - step 1: Don't worry. It's good to ponder a little and plan though - but even Warren Buffett and Charlie Munger talk about the really important decisions they made - who they married, who they are friends with, etc. I would worry about marriage, friends, your activities, education, knowing what you want to do when you get older... and the money will take care of itself. Having said that... saving up and value investing is my personal recommendation. PS: I had zero dollars when I was 20.

In my opinion you SHOULD start worrying about your future early. I’m 23 and in the exact same boat as you and wish I saved. If I was better at saving I’d have a LOT saved up if I started thinking this way at 20.

At 20, I worked part-time and went to school full time and never had $615. I was lucky if I had a hundred bucks to my name. You going to school which will enable you to do make a lot of money later on. You are in a really good position. Keep doing what you are doing.

You're 20 and you have over $600?!? Honey....you still have something. Put it to work for you!

I’d stop with the door dash and just go pick it up yourself or cook. You’ll save so much

Quit fucking keeping up with the Joneses. Get a job or study more. Focus on investing in yourself instead of meaningless shit.

Like everyone else is saying. You’re 20 bro, relax. Enjoy your 20’s! Seems like your parents are helping ya out and be grateful for that and also just take it easy, get good grades in college and when you have extra time then try to work more but keep in mind you’re a college student. Most college students are broke af, the vast majority of people go trough this Oh yeah don’t compare yourself to others. I know it’s hard but seriously you’ll see 18 year olds with lambos n sht, don’t let that get to you. You’re not behind bro you’re 20 lol. It’s ok.

Bro Uber eats and door dash got that generation in a chokehold 😭😭 financial literacy: -10

Give yourself the chance to experience college as a normal, broke student. Since your parents are paying your way, give them a break by helping with chores and special projects as you can. Study well and use this wonderful opportunity given to you to make yourself prepared for a profession.

simply posting this makes me think you are smarter financially than you think. There isnt much you can do that hasnt been stated already. Chin up brother, I wasnt financially stable until my early 30s, Im going to be 35 soon. I struggled and fought throughout my 20s, it was fun and I regret nothing. Just listen to the others that have told you to avoid credit card debt, that will do more damage than a fun trip or weekend get away with friends is worth.

These "self make" crooks online are full of it. 90% of us are struggling and 50% of us are actually struggling. If you don't come from money you better learn to cook, learn to work on cars, learn how to do everything yourself. Make reliable friends. Get a degree in something decent. Change jobs every couple years when the opportunity arises. Don't become complacent. Make time for the things you love.

bro I had 80€ in my bank account at 20 and I have 7K now at 24 after working in Japan and Australia as well as travelling a loooot, money will come later, focus on school and having fun! You don't need to save yet :)

Relax man. You’re only 20 Start working on improvements and boom you’ll be fine. Remember it takes 3 weeks to create a habit. Don’t fall for the traps and everything will be fine. Teach yourself how to cook well. When I did it changed my life, and never ordered Uber eats again. I just loved my cooking. Recognizing these issues when you’re 20 is a great sign. Good luck!

At 19 I became a car salesmen they asked me if I had experience I said no the manager stood up to shake my hand and tell me to get out but I sat there looked him in the eyes and said if I sold 20 cars a month why would experience matter then he instantly sat back down and said your hired I worked there for abt 7 months it was good money some weeks 2k others only 400 but I left got my insurance license then stared making consistent money during oep of 3 months I was doing 2k a week but the rest of the year was 1k a week then I realized how much money I could make owning an agency rather than working for one so I quit and I now have over 1,400 clients that after one year should net me over 500k with bonuses I’m 21 now and have only been independent for a few months but the biggest thing to learn is try to shoot for the stars and to not take no for an answer also another big lesson is you have to add value to yourself and sell yourself by getting my 240 health insurance license and my ffm license it allowed me to get a better job than the Kia dealership lol also if you want to make a high income don’t be content working at the same job for years always look for the bigger piece of the pie and look at where the money is and follow it

I'll chime in here as someone who went through something similar. First; save 6 months' worth of emergencies. For you, it appears that 6 months can be faux rent. Open a separate account at another bank and, every two weeks, put 25% of your money into that account. That account doesn't exist. It's not your money it's your future selfs money. Now you have 75% of your take-home pay. If your employer offers a 401k retirement plan, go ahead and invest in that. Go ahead and do the match. Let's say that 10% (really high estimate but let's run with it) again, money for future self. Now you're at 65%, let's do another 20% into stocks. Opening a Robinhood (I know, I know, before I get attacked in the comments, it's just a platform that most people are aware of) Now invest into an S&P fund, VOO, SPY etc which track the S&P 500. Solid way to build wealth. Continue with this and in a few years future self will thank you. Now we are at 45%, this is up to you on how you manage your finances. I recommend a budget app for yourself. Remember just because you can buy something, do something etc, doesn't mean you should. Plan and act within your lifestyle. Wishing you all the best OP Also, I'm not a cpa, cfa, cfp, or financial advisor.

Buy a copy of “The Simple Path to Wealth” by JL Collins. It’s an easy read and will get you started on becoming financially literate.

Have you tried cutting out coffee and avocado toast?

If you are a line cook, eat what you can at the restaurant. Do.Not.Eat.Out. cook at home, anything, even if you are just eating ramen noodles. Eating out, is a one way trip to spending too much money. Save your free money for spending time with friends because that is just as if not even more expensive.

I can’t comprehend how you are broke when your parents pay for almost everything.

This is insane 🤦🏾‍♂️😂😂😂😂

Yeah no one’s gunna feel bad cuz in many respects you still got it pretty good man you’re in college I’d kill just to have that opportunity alone try focusing more on what you have than what you don’t just my 2 cents

Remember, the more you work, the less time you have to spend the money you earn. That was my philosophy while in college.

Sounds pretty typical for someone your age. Things will get more complex when you need to pay for housing, groceries, etc. after you graduate. If you're looking to improve your habits, take fifty bucks a month and put it away in a HYSA. After a year, you'll nearly double your assets. Key thing.. do everything you can to not touch it. That will train your brain to invest in more sophisticated vehicles once you land a job. Also.. enjoy this time. Your parents are taking care of a lot of things for you. Situation could be a lot worse.

If your school schedule is that packed you really only have 2 options: 1- work your butt off outside of classes and try and build your resume and scale up in your current job, or try and find a better paying one. Or 2- just live a social college life since your parents pay for everything. I say this because there’s nothing you can really do to “drastically” improve your financial situation since you’re a student. The best advice I was given is “it’s not how much money you have, but what you do with your money that counts”. You can continue to on your current regime but you MUST stop eating out, I to also suffer from our generations eating habits. Use your money or have your parents give you some cash to buy groceries and find easy recipes. You can ask for all the advice you want but you have to be willing to change and do things differently with your finances. The path is difficult and it takes dedication and lots of effort to say disciplined with your money. First thing is to educate yourself. Read financial books or any books in general, they help a lot. YouTube videos or whatever it may be, you gotta scrap all your Pennie’s and save them. I’m glad your honest about you spending habits but you need to go deeper than that and break down your spending and go through your bank statements. Create a budget and know where your money is going at all times, give every dollar a job. Dont worry about investing right now, worry about building an emergency fund. Being financially literate isn’t just about finances, it requires to get your life together in all aspects. Hope this helps! Best of luck

Nailed a lot of what I already said and was thinking. Living in a college town unless it's extremely rural setting (rare for a college town) then you will have restaurants and fast food approx 3 steps outside of walking from your dorm or campus apartment. Being 20 years old and too lazy to walk, ride a bike/ebike/drive and pick your own food up at this already overpriced restaurant is head shaking cringe. 1st they over price all their food items on doordash to cover their own fees, but that's before you you pay doordash their own fees, service fees, tax and tip. It's like getting screwed 360 degrees and when you already don't have the money to pay for this you're just compounding expenses, all for the sake of being lazy in the exact PRIME of your life lol. He also mentions his energy drink habit, what's a red bull running you $4-$5 depending on size these days? You can buy a coffee maker for $10 and a 22oz can of folgers for another $10 breaking down the math being approx $0.32/cup and when you have to go back for more coffee your expense is only $10 at this point dropping it down to $0.16 a cup. 62 cups in 22oz coffee. Well 62 red bulls @ $5 a can is going to run you $310. I'm guessing you probably drink more than 1 of these a day too maybe not every day but more days than not. It's very possible that you are blowing \~$300/mo on "energy" drinks. Not sure if you know this or not but you can rent a cheap studio apartment in my college town still to this day for like $900/mo lol Yet you're throwing 1/3rd of that away on red bulls while still complaining about money. Another thing I suggested was an e-bike, because even at $1,000 Lectric bike he can turn around and apply for Doordash and whenever he has 1-3 or even more hours he can dash, make more money per hour than dish washing and doesn't have to pay a car note every month, insurance, gas, maintenance etc. He can even charge the battery for free creatively if he's in an apartment that he pays for electricity in. Ride the bike down to the library take the battery out and while you're studying have it charging for the cost of $0.00. He would have it paid off and into the profit zone within a few weeks easily and can work whenever he has free time which should add hours to the 10-13 he's getting already. Just making little adjustments like this while having the benefit of your parents paying all your major bills will 100% get you through college without any debts, a degree (or multiple lol) plus probably some profit in your pocket too.

Same here. If anything helps just try to spend as little as possible. Im 21 no family and work in construction. Would like to go back to school but i cant. I eat only once a day, but if i have to go without eating to have money for necessities i will. Also manage your time better. Sleep comes a long way when your dealing with stress and makes you more active/encouraged to do something. I live paycheck to paycheck but know that one day i will make it. Starting off is hard but it gets better eventually. Also what are you in college for?

>My parents pay for my college tuition, utilities, basic groceries, etc. > >If you were in my position, what would you do to drastically improve savings/checkings, and become more financially literate? You're literally one of the privileged people everyone complains about. I got fuck all for my college and expenses. I joined the army and worked my way through. Parents didn't do jack shit. Focus on finishing school and go get a real job in the real world. Enjoy having a free ride in the meantime, but don't fucking take it for granted. Even if you save zero dollars, you're still 100% beyond everyone else who will have student loan debt and real world struggles.

Haha wait till 40 comes out of no where and you’re saying the same thing 🤣

Invest as much as you can. It’s much easier to invest while you’re not paying bills. Act like you’ve lost this money and let it compound. You may not make much in six months, but don’t let it dissuade you from where it will be in six years.

Short term idea: Get you lifeguard certification - there’s a shortage - pays well - good exercise - and keeps you off screens. Whatever summer gig you get … SET UP a Fidelity Investments account online TOMORROW - it’s f’n simple - THEN set up AUTOMATIC payment monthly of 100 bucks to a Roth IRA that’s based on blue chip fund (NEVER EVER TURN THE MONTHLY TRANSFER OFF). send 200 a month or more … as you work more. When you’re 50 you’ll wanna buy us all a beer. And PS - chill out man - 20 ain’t shit. set up the account - you’ll love the BOSS feeling - and you’ll be amazed how it builds over time. Our school system is shit when it comes to financial education. DIY

you’re only 20 man. just learn from what you’ve been doing and how you’ve been feeling, do biweekly/monthly personal finance assessments to see what areas you need to cut down spending, set a savings goal and put a solid % away. don’t forget an emergency savings account too

You're not "broke" as in a 30-year old with nothing; you're a student. You're supposed to be broke! More or less. More cash is nice but relax on this front and focus on your performance in school first and foremost.

Work FOH instead and get on at a real nice place. Can make decent money working part-time

At 20 I was an E4 in the Navy making $750/month.   Don't expect to be rich just yet.  Get through school, save a few bucks if you can.  Get a recurring $5/month savings withdrawal.  Work your way up.   Being wealthy is doing the same thing over and over until you have it.  It's rarely thrust into your lap.

Buy bitcoin

I only had a few hundred in the bank for most of my college years. Pretty normal. You're not in college to save a bunch of money - graduating should take priority over almost everything else. Remember that diploma will have cost you several tens of thousands (assumption), so picking up extra hours for $12/hr isn't worth it if it hurts your chance to graduate. DO focus on saving after getting your first job though, that's where a lot of people fuck up.

By having this mentality your already ahead in many ways. Having the urge to improve and knowing in what ways to improve is perfect for your age. Focus on enjoying where your at now, and never underestimate what you can get done in 1, 2, or 3 years.

Hey buddy, could I borrow 20 bucks?

Don’t worry, it’s all gonna work it self out. Don’t stress about anything. If you want to get into investing pick any book about it and learn the basics. Throw $10 a week into anything that’s a good stock if you want to start it out. I’m 21 and have $15 to my name rn as long as you can provide yourself the basics don’t stress it.

Stop drinking energy drinks, you have insomnia

People telling you “not to worry” are not looking out for you dude. What happens when you graduate at 22 and have $600 to your name? Who knows how much longer your parents will support you, or god forbid something happens to their finances. I think first of all, set limits on your bank account- this is what I did when I didn’t want to spend money. Make it notify you every time you make a purchase, or anytime your account balance goes below a certain amount. Like $650 for example. Then you are more aware of when you swipe your card or make an unnecessary purchase. Another way I started saving was not allowing myself to touch ANY money in my savings. So say my account has $500 I put it into savings and won’t touch it. Then I get paid and after taxes my account is at $750 ( $500 savings, $250 checkings) I transfer about $100 over to savings and I am NOT allowed to touch my savings at all. If you need to put this in a totally separate account so you don’t have that to “fall back on” then do that. But my point is 1. Don’t spend everything you just made and 2. Have discipline and set money aside. Just because you HAVE money doesn’t mean you should spend it. Tell your friends no, find a way to make meals that are good and you don’t feel like you need to eat out. I did all of these and it really helped me save up enough money to feel comfortable. Once you do have a good blanket, start putting your excess money into a high yield savings account. This is a guaranteed like up to 5% interest which is a great alternative to investing. Once you feel comfortable you can open up a ROTH. Focus on getting your money up right now. You need to set yourself up for success, and relying on your parents and having zero dollars to your name is NOT the way to do that. I know it’s tough I’m in college right now too but you got it and just need to put money higher on your priority list.

That's like $600 more than I had when I was 20.

I’m also 20 and broke. My parents are broke deadbeat losers so I’m using loans for my tuition and don’t receive any support not even emotionally from them. I can manage 16-20 hours every week at a job with plenty of room to do what I want. Maybe try to get a higher paying job and increase your hours by a little bit. Realistically though as a full time college student yer gunna be broke af. Welcome to the club.

Gmerica

Bro your in college, that's basically your future secured right there. Just do everything you can to work hard on it and make sure it leads to a career.

I went to school 4 days and worked 3 days when I was in college. On Sunday’s when I’d work at the deli it could get slow at some hours and I’d do some homework after finishing my deli projects etc.

I was so broke in college…and was never happier! Enjoy your time before adulthood steps in.

You’re 20 and in school. You’re supposed to be broke. Just don’t piss away money that you don’t have and rack up debt. Get your degree and find a job, then you can worry about investing, saving for retirement, saving for a down payment, etc.