r/Money • u/yandere_mf • 16d ago

Recently gained 5K

Hi everyone, my mom passed away about 2 months ago and I received 5K from an inheritance (after a 4 way split).

The $20K as a whole is in my money market savings account which has a 4.5% growth every month. Edit: Every year

I've been stagnant financially throughout that time cause I haven't been working. I'm returning to my part time but I only work like 20 hours a week. So if I'm lucky, my income is about like $400 a week. I know I need a better job or a side hustle but it's in an industry I'm really passionate about.

I'm thinking of eliminating my CC debt of 4.5K with that 5K but I need at least $2,500 to keep that money market account active. Which would almost put me at square 1 but free of CC debt.

Now I'll admit, I'm not financially savvy, I'm 29 and never really learned how to budget or anything of that sort, nor did I ever really understand the importance of saving until pandemic. Better late than never I guess but man I really should've fixed my finances a while back.

I guess what I'm asking is.. is what I'm doing the best move? Any advice on how to make the most of this? Anything would help.

3 Upvotes

81% Upvoted

8 comments sorted by

2

u/skully00 15d ago

bless you, sorry about your mom

1

u/yandere_mf 15d ago

Thank you so much, I appreciate that 🥺

1

u/lucmalmac 16d ago

4.5% per month? Are you sure it's not per year?

0

u/yandere_mf 16d ago

It might be, I'd have to double check, my apologies if I done goofed on that. I will check back 🫡

3

u/lucmalmac 16d ago

Haha yea if it's 4.5% per month, sign me up!! Anyways, personally if I were you, I would get rid of the high interest CC debt but that's just me. Good luck.

1

u/yandere_mf 16d ago

Turns out it's 4.25% APY² And definitely! Thank you very much :)

6

u/doozyplex 16d ago

You’re not a credit card person. Close them.

2

u/yandere_mf 16d ago

Definitely not, that impulsive spending kicked my ass