How can I set myself up for the future?
Hello. I’m looking for advice on what I can do better with my finances, to set myself up in the future for a stable life. I feel like I am moderately knowledgeable in finances, but obviously I don’t know everything so any feedback helps!
Personal
I am 19 years old and work as an automotive technician at an independent shop. I make between 2,900 and 3,300 a month depending on hours. I get paid weekly ($750 weekly rough estimate). Never thought about college so no student loans or anything.
Loans
I do have a car loan that I pay $400 monthly on. I have a 6.44% interest rate and my loan term is 72 months. The monthly payment is not $400 but that is what I pay so I can pay it off faster.
Monthly spending
- This is my weakest point in finances. I spend money if I know I have it. I try to limit subscriptions and spending as much as possible. I pay around $130 a month on subscriptions. (Streaming services, live gaming, gym)
- I spend around $400 a month on food and groceries to meal prep. I try to eat out as little as possible, but also like to take my girlfriend on dates a couple times a month.
- I spend $400 on gas every month. My auto insurance is $200 for 2 card
- I mentioned before I am a mechanic, a part of that is buying tools. I try my best to get as little as I need, and buy cheaper if possible. I spend roughly $200 a month on tools, but as time goes on this amount will reduce, due to not needing to buy more tools.
- I live in a separate garage that was converted into an apartment at my girlfriend’s parents house, so I do not pay anything monthly for rent. I also want to save up as much as possible before moving out so that I have a jump start on buying a house.
Savings/Investments
- I use Sofi’s online bank as my saving account, as they have a higher APY than the bank I use in person. I currently have a 3.1% APY on my savings account.
- I have $1,000 in an investment account that I rarely touch. I invested in a few companies when I first started working and had just kind of looked at it since then, not buy more or selling any of what I have.
- I also have a person Roth IRA that currently has $1300 in it. I contribute $200 a month to this and also actively invest that money as well.
- Once I get to 1 year working with the company I’m at, which is very soon, I will be able to start a 401k as well. I plan on putting in as much as they will match. I also plan on keeping both the 401k and the IRA.
Honestly just looking for any advice on ways to keep myself from spending money, and other ways I can save/invest money to grow my portfolio. One of my biggest goals in life is to own a house in my early 20’s. I just want to try my best to make myself proud.