Help a financially illiterate 21 year old girl who just got a FT job
Hey everyone! I recently got a job that will pay me 110k annually or more based on how much OT I take. I currently do not have the best resources on whom to ask regarding where to go from here.
Here are my current expenses:
3k total CC1 25.99% interest
1k total CC2 25.99% interest
*I have not been using them tbh*
13k OSAP (interest free for a good portion of it federally)
155/monthly phone payment
1k rent 3 months from now (to help my parents)
Currently thinking of getting a car as well to commute to work. So far this is what I’m set with: 650$ monthly (auto insurance) and 404$ monthly (car payment). I have never been insured and currently hold a G license. It will be approximately 8-10km everyday commuting to and from work. If someone could let me know if that’s decent or if I should just get a “beat up” car and stick with it for the next couple of years.
I have an extremely shallow understanding of what TFSA/RRSP etc are. I’d love to know how it can benefit me and if it is a monthly/yearly contribution thing or both. I know that RRSP can lower your taxes, but then again, I’m not sure.
Additionally, my credit score is really bad. Last year, I was unable to make payments to my CC due to school. I was extremely busy with clinical and my studies, and was unemployed. How can I go about fixing this?
Everyone here seems so insightful. I’ll take any advice I can get! Thank you in advance!