20-year-old college student with no bills — what should I be doing with my money?
I'm 20 and looking for some financial advice. I recognize that I'm in a pretty privileged position right now since I don't have any bills, and I want to take advantage of that and set my future self up for success.
I'm a full-time student at SDSU and recently got a part-time job making $22.50 an hour. I work anywhere from 1–4 days a week. I live with my parents, and they're covering my education, food and living expenses. My own spending is mostly gas, going out with friends, clothes, skincare, hair products, etc.
Right now I have:
- A little over $7,000 in a regular savings account
- A Discover student credit card
- A 766 credit score
- No debt or major monthly expenses
I plan on going to medical school in the future, so I know I'll eventually take on a significant amount of debt. I want to make the most of my financial situation now, but I honestly don't know what I should be doing with my money.
Should I open a HYSA? Start a Roth IRA? Invest? How much should I be saving vs. investing vs. just allowing myself to enjoy?
I mainly want to develop good financial habits, learn more about money, and hopefully put myself in a position to be financially secure in the future.
If you were in my position, what would you do? Any advice or resources are appreciated!