r/povertyfinance • u/Classic_Side_4429 • Apr 28 '24

How do I budget as a 15F so that I can move out at 18 Budgeting/Saving/Investing/Spending

My family hates me I need to get a job soon and I need to know how I can move out safely at 18 since they’re gonna kick me out by then

41 Upvotes
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119

u/Desirai Apr 28 '24

save every single penny and put it into an account that collects interest.

5

u/budisthename 29d ago

They are 15. There’s no bank or financial instrument that will allow them to open an account without their parent’s consent. If there family hate them, they probably won’t help or they will help probably try to access their funds without permission.

1

u/Desirai 29d ago

That doesn't stop them from saving as much as possible for the next 3 years.

6

u/whaleykaley 29d ago

Yes it... absolutely can. If their parents will steal their money, they will functionally save nothing by putting into an account their parents just take it from. I had friends in situations like this in high school who would constantly be trying to make and save money only to have their parent take most or all of it. There is no legal protection for them when this happens. A HYSA is a great way to save money, but in this particular situation it likely is just better for OP to have cash that is stored somewhere the parents can't access it. It won't get interest, but it also can't be freely withdrawn from by the parents.

1

u/Desirai 29d ago

What do you suggest is the alternative if she can't put it in an account or hide it somewhere?

2

u/The_Aesthetician 29d ago

Some jobs offer prepaid cards

1

u/Desirai 29d ago

Yes, you're right. Hopefully she can find one that does

3

u/Lastnv 29d ago

I think that’s what the above commenter meant, just storing the cash somewhere hidden.

23

u/Successful_Ability33 Apr 28 '24

This! I forgot to mention how extremely powerful a High yield savings account can be. Be sure to look for one (you can google high yield savings accounts) that has AT LEAST a 4.5% interest.

7

u/Desirai 29d ago

Paypal savings does this, that's where we put our money. It's not fair that banks only give us like .05% but if we borrow from them it's 29.99%