New to the boards, still learning financial ropes, advice?

[Anonymous]

Hello, I have recently joined these forums just after getting my second credit card, the Citi Double Cash, all the info is in my sig, total available credit of $2,250. I am in my second semester junior year of college for computer engineering, So far have $7,500 in federal loans, but have paid the rest, I just started needing loans this year, the first 2 years were paid in full. So, after graduation I'll probably have total 15k in student loans at 4.66%. I think, judging by the scores, that I'm doing okay for my age, but I know that being in my lower 20s, I don't really know what I'm doing yet. My goal with the credit cards is just to build my scores and show that I can borrow money responsibly, I don't like to be in debt, so I always pay CCs in full every month, never carried a balance. I work part time at a grocery store at $10.50/hr working out to between 13-15k annually. I am mostly on my own financially, with the exception of my parents paying rent for me while I'm in school, but I cover all other expenses such as food, gas, phone, etc.

Honestly, not really sure what my question is, just is there something I should be doing? Any tips for a college student a year out from being thrown into having to pay my bills AND the $15k loan? 

[longtime_lurker]

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@Anonymous wrote:

Hello, I have recently joined these forums just after getting my second credit card, the Citi Double Cash, all the info is in my sig, total available credit of $2,250. I am in my second semester junior year of college for computer engineering, So far have $7,500 in federal loans, but have paid the rest, I just started needing loans this year, the first 2 years were paid in full. So, after graduation I'll probably have total 15k in student loans at 4.66%. I think, judging by the scores, that I'm doing okay for my age, but I know that being in my lower 20s, I don't really know what I'm doing yet. My goal with the credit cards is just to build my scores and show that I can borrow money responsibly, I don't like to be in debt, so I always pay CCs in full every month, never carried a balance. I work part time at a grocery store at $10.50/hr working out to between 13-15k annually. I am mostly on my own financially, with the exception of my parents paying rent for me while I'm in school, but I cover all other expenses such as food, gas, phone, etc.

Honestly, not really sure what my question is, just is there something I should be doing? Any tips for a college student a year out from being thrown into having to pay my bills AND the $15k loan? 

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Does your PT job have a 401k plan that offers a match? If so that is the #1 thing I'd recommend. Good work so far though! I'm probably close to the same age or the same age as you, with a lot more student loans (yaaay how expensive even in state tuition is at a public 4 year!)

[Anonymous]

Does your PT job have a 401k plan that offers a match? If so that is the #1 thing I'd recommend. Good work so far though! I'm probably close to the same age or the same age as you, with a lot more student loans (yaaay how expensive even in state tuition is at a public 4 year!)

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My job has a profit sharing plan I currently participate in (you need to work at least 1000 hrs/year for 7 years to qualify) they also have a scholarship ($1000/year, reapply each year) which is nice The CEO is very well known and a local celebrity now really, haha.

But yeah, I go to an in state school too, around $7k per semester, and it's been going up each year, even parking has gotten crazy, $350 per year, and with all the snow New England has been hit with this year, parking is awful! But I digress, lol

[longtime_lurker]

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@Anonymous wrote:

Does your PT job have a 401k plan that offers a match? If so that is the #1 thing I'd recommend. Good work so far though! I'm probably close to the same age or the same age as you, with a lot more student loans (yaaay how expensive even in state tuition is at a public 4 year!)

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My job has a profit sharing plan I currently participate in (you need to work at least 1000 hrs/year for 7 years to qualify) they also have a scholarship ($1000/year, reapply each year) which is nice The CEO is very well known and a local celebrity now really, haha.

But yeah, I go to an in state school too, around $7k per semester, and it's been going up each year, even parking has gotten crazy, $350 per year, and with all the snow New England has been hit with this year, parking is awful! But I digress, lol

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That's pretty sweet to have that many benefits as PT!!

School in general is just so expensive now. I've now been considering taking a couple years and working in management for my current hospitality company before going on to a PhD program - my major isn't hospitality or business related! - it's just a necessity nowadays. 

[checkach]

Good for you for thinking about building a strong financial base!  It sounds like you are doing well with builidng a good credit score, which is one component to healthy finances.  I would recommend  trying to have a small emergency fund (maybe $500), and putting anything you can into a Roth IRA. Even if it is just $1000/year, it will getr you in the habit of saving for retirement.  If you start young, the money will compound and really make it easier for you to have a great retirement or even retire early.                                    

[Anonymous]

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@Anonymous wrote:

Hello, I have recently joined these forums just after getting my second credit card, the Citi Double Cash, all the info is in my sig, total available credit of $2,250. I am in my second semester junior year of college for computer engineering, So far have $7,500 in federal loans, but have paid the rest, I just started needing loans this year, the first 2 years were paid in full. So, after graduation I'll probably have total 15k in student loans at 4.66%. I think, judging by the scores, that I'm doing okay for my age, but I know that being in my lower 20s, I don't really know what I'm doing yet. My goal with the credit cards is just to build my scores and show that I can borrow money responsibly, I don't like to be in debt, so I always pay CCs in full every month, never carried a balance. I work part time at a grocery store at $10.50/hr working out to between 13-15k annually. I am mostly on my own financially, with the exception of my parents paying rent for me while I'm in school, but I cover all other expenses such as food, gas, phone, etc.

Honestly, not really sure what my question is, just is there something I should be doing? Any tips for a college student a year out from being thrown into having to pay my bills AND the $15k loan? 

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Hello panhead1406!

Welcome to myFICO!!! If you can afford it, start making payments on your student loan(s) now. Open up a savings account, create an emergency fund, and start saving for retirement. Good luck!!

[mongstradamus]

Usually the best thing to do for retirement after funding your emergency savings account and paying off any really high apr loans or debt is

1. do your 401k till employer match 

2. Roth IRA 

3. Finish off 401k 

4. HSA if possible

5. Taxable investment account