ISO Financial Planning / ROTH IRA Advice
I'm 26 and I want to start a ROTH IRA.
I'm part time and I make about 25K after taxes. I also do freelance gigs on the side which might earn me an extra 1K in the year (If i'm lucky).
Monthly, I earn around $1,900. I pay $400/month in rent (I help my family, even if it's a little).
I pay for subscriptions, groceries, and other necessitites I may have. I travel quite frequently, maybe 2-3 times a year. Quite a few concerts too. I like to enjoy my time as much as possible, but I want to be smarter about my money too.
I opened a high yield savings account about three years ago for more "long term" expenses such as downpayments for moving out. I have almost 10K there. I put $150 into it every paycheck ($300/month).
I also have a regular "short-term" savings account which took a hit after my dog passed, but I currently have it at 8K. This account is meant to be used as savings for travels or any emergency I might have. Except, I do not use half of the money and I've been wondering if i should re-route it to a different account?(I know I said I use my short-terms for travel, but it's very rare, since I prefer to pay things with what I have in my checkings first before I tap into my savings)
This is where the ROTH IRA question comes in.
Should I take money from one of those accounts (maybe the short-term one) and invest it into a ROTH IRA? Is it possible to have two savings and that roth ira account with the salary I have? I want to be smarter about how I divide my money.
I do have a small amount of debt (1.4K) which I know I should pay off first before opening up anything else.
Any advice helps. Thank You!!
Posted Aug 27, 2026, 1:07 PM UTC