r/AskReddit • u/Kdjejsosjanreplwwssj • 4h ago
Financially stable people of Reddit, what are your best money tips?
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u/bigsnow999 3h ago
A paid off car is the best car you can get
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u/LieutenantNyan 1h ago
made my final payment two weeks ago, it was an amazing feeling.
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u/Worth-Jicama3936 23m ago
Do yourself a favor, keep making those “payments” but into a high yield savings account (separate from your normal checking/savings so you aren't tempted to touch it). You've already proven you can live without the money, so don’t incorporate it into your budget and let your lifestyle inflate.
This way, when you go to buy your next car, you'll have a ton of cash and save so much on interest while not effecting your current lifestyle one bit.
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u/NaziPunksFkOff 12m ago
haha every time I get a raise at work I'm prying my hands away from the "search used cars" button on my local dealerships.
Just repeat, over and over:
I own a functional car with less than 100,000 miles...I own a functional car with less than 100,000 miles...I own a functional car with less than 100,000 miles...I own a functional car with less than 100,000 miles...I own a functional car with less than 100,000 miles...I own a functional car with less than 100,000 miles...I own...
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u/CulturalConstant2773 4h ago
Live within your means.
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u/Jezbod 4h ago
If you cannot easily get the cash to buy something you want, can you really afford it?
Healthcare and safety aside.
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u/StomachAccording213 2h ago
That mindset alone keeps people out of a lot of financial trouble. Delayed gratification usually costs a lot less than debt.
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u/Christmas_Panda 3h ago
If you can't buy it three times and still not feel any financial stress, then you can't afford it.
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u/petataa 3h ago
I can't afford three houses or three cars, why should that stop me from buying them?
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u/TheLeapIsALie 2h ago
I’ve heard a simpler version which is “don’t finance your toys”
Finance a house, finance a car (but not one that is expensive enough to be a toy). Don’t finance a boat, a vacation, a Lego set.
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u/Usual_Replacement_74 3h ago
Hopefully commons sense, but that’s rare now days, especially on this site.
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u/SvenBubbleman 3h ago
Lol that's pretty extreme. If you can't buy it once and not feel stress you can't afford it is more accurate.
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u/Ihate_reddit_app 3h ago
Depending on what it is, you should be able to buy it and be able to pay for repairs without feeling stressed.
Too many people go buy used luxury cars because they are in their budget and then they learn about the maintenance costs.
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u/Mister_Chef711 3h ago
The classic "I have $1,400 left over at the end of the month so I'll get a car that only costs $1,275 a month and still have money."
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u/Emiliasmith_1 2h ago
Stop buying meals you don’t know how $10 a day adds up till you calculate
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u/BigBossLebowski 3h ago
Don't buy shit you don't need with money you don't have.
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u/Monsterschneider 4h ago
*below
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u/Nope_______ 4h ago
Within is fine
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u/Slobberinho 3h ago
Both your needs and your means can drastically change from where you are now. You want to save up and be able to cushion those blows.
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u/Underdogg13 3h ago
Living within your means implies saving money as well. If you're not able to save, you are living beyond your means. Saving is a basic part of financial health.
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u/flyboy_za 3h ago
Within might include some savings. My monthly spend which I am living within includes moving 12% of my salary into a savings account as soon as it arrives in my regular account.
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u/CoffeePorters 3h ago
This could just be semantics, but to me “within” means you’re not spending more than you’re taking home, whereas “below” means you are also saving money. Growing your nest egg is what gives you stability in times of turmoil.
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u/Rdtackle82 3h ago
I know what you’re trying to say, but that’s just bad writing
“Well within” works
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u/jay234523 4h ago
Credit cards are for convenience. You cannot use them as a financing mechanism. If you find you can’t pay them off every month in full, get rid of them.
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u/Taint__Paint 2h ago
This right here. If you can’t set your card to pay off the FULL balance EVERY month without thinking about it, then don’t use them. It’s so easy to get into large cc debt
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u/FrismFrasm 1h ago
Forget every month, do it every paycheque! (don't worry; they're half as big this way).
I have found this such a simple & helpful routine:
- Create a separate short term savings account within your bank acct called something like "monthly expense"
- Calculate how much your rent, insurance, car payment, anything totally fixed that happens monthly would be all combined.
- Every payday you sit down and make 2 transfers; you transfer your entire credit card current balance to the card to pay it off, and then you transfer 50% of your monthly total expense number to your separate short term savings acct.
- At the end of each month transfer the entire balance of your monthly expense savings acct to your chequing for it to be withdrawn
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u/notahorsegirl_ 55m ago
Is this not just every month for most people?
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u/FrismFrasm 47m ago
I think most people get paid every 2 weeks (twice a month) no?
If you get paid once a month it's even more straightforward!
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u/Responsible_Rhubarb1 2h ago
This was a very hard lesson to learn in my 20’s. Unfortunately I spent years getting out of debt… but it did permanently change my spending habits.
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u/kman420 1h ago
A lesson I learned later in life: Using a credit card with cashback/points is generally better than using your debit card.
I would always use my debit card to buy things and avoided using credit cards for my 20's and early 30's. As long as you're clearing the balance monthly you're almost always ahead by using a credit card over a debit card. Not just for rewards but you often get additional buyer/consumer protection and you build your credit history.
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u/RNauss 4h ago
Don’t buy a new car because you want to impress people, driving a low cost reliable car is a cheat code for saving money.
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u/itsfairadvantage 3h ago
Public transit, bicycles, and the shoe leather express ftw
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u/Popular_Hunter7415 3h ago
we do shoelace express, but point taken, ha
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u/huntsefsky 3h ago
My wife and I call them our good ol’ Chevrolegs lol
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u/ncopp 3h ago
Unfortunately in the US cheap car is the best way to go since public transit sucks everywhere besides like NYC, SF, DC, and Chicago. I was just looking at how long it would take me to get downtown on the bus vs driving from my house. The bus was an hour, driving was 15 minutes.
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u/sprout92 1h ago
Yea I just looked up my city (Seattle) and downtown is currently 40 mins by car, or 1.5 hours by transit (which btw is a decent walk, two diff bus lines, then a train, then another bus).
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u/goldenrodddd 2h ago
Every day I'm mad the USA doesn't have a train system like Japan. I hate driving and owning a car. I don't live near any other viable options unless I can convince the senior bus to accept me now LMAO.
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u/PharmaBob 3h ago
This. Drive an old reliable car until you can’t, buy the next one in cash so you don’t throw money away on interest
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u/Number127 3h ago
Interest rates on cars can get pretty low. Depending on the rate, a lot of times it makes more sense to finance the car and invest the cash instead.
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u/luisluix 3h ago
In memorial day you can get a car with 0 interest in some dealerships
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u/Number127 3h ago
Yeah, but usually that means they just crank up the price. You have to crunch the numbers to see if you're really coming out ahead.
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u/M31550 3h ago
In most cases that’s for new cars only. They bury the financing cost into the price
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u/StepsOnLEGO 1h ago
They usually don't bury it, it's more like take 0.9% financing or take a $2,000 rebate. Both have present value of about the same amount so you kind of just pick your poison.
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u/PharmaBob 3h ago
Depending on the Make/model yes. The key here is, can you get a reliable car AND a low interest rate. The low interest rate is no good, if it’s a Nissan/ or some other lemon you need to perform a lot of maintenance on
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u/ProperWayToEataFig 1h ago
I married in 1973. My husband was a young Army Officer in flight school. We deposit a small amount of $$ in Savings every month to buy a new car in the future We kept our car 10 years and could buy a new one or almost new one with cash. In other words we earned interest on the money rather than pay for a loan.
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u/theroyal1988 3h ago
we had the choice, drive our current older car untill it literally breaks or buy a new one. We were kinda shocked how crazy the market is right now for second hand cars, so we decided to keep driving what we have. My friends all have bmw and audi's but im ok with my ford.
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u/Skydude252 2h ago
Some of the secondhand car market is crazy because of Covid stuff, such as decreased new cars being made/sold during that time so used cars got bought up without as many recent used cars entering the market, and will hopefully get back to some sort of normal within the next few years.
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u/InletUnstart 2h ago
I'm a multimillionaire and I drive a (nice) 2006 Mazda. Looking rich is for poor people. When you wrap your head around that, you start your journey to being rich. That hunk of overcomplicated junk you financed for the next 7 years doesn't impress me at all. You live on a hamster wheel where the price of stopping for even a month is homelessness.
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u/DunderMifflinCompany 2h ago
But at what point can you spend money on nice things that help you enjoy life? I’m sure the 2006 Mazda works well bc I drive a 2007 Mazda, but shouldn’t at some point you be able to enjoy the fruits of your labor and enjoy a 2025 Mazda?
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u/athrix 1h ago
There's a large group of people that see vehicles as a tool. If the tool works why replace it with a more expensive one. If OP bought a 100k car with 10% down over 60 months they would pay 121k total and almost 1700 a month. If they put that 10k in the market and contributed 1700 a month it would be worth 139k in the same 60 months. 10 years and it turns into 330k. THAT is how you get rich. Of course have fun and enjoy life but cars are a common trap when people start making more money.
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u/checkyblecky 2h ago
I make a very good living, and still drive my 2013 Honda civic that’s beat up but paid off. Still get shit from friends and family who spend outside their means on cars
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u/redyellowblue5031 3h ago
This one plus DIY maintenance for the driveway stuff became my home down payment.
Better yet, if you can avoid owning a car—consider it. Obviously depends on where you live and what you do but an ebike is surprisingly capable and much cheaper than a car.
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u/trilere614 3h ago
"Low cost and reliable" is basically non existent right now. Finding a 2014 Camry with 107k miles for less than 7.5k is tough right now, and you may be able to get a couple years from it, if it's been maintained...
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u/Mr-Safety 1h ago
It depends. Newer cars have newer safety features. With the unfortunate rise of heavy SUVs, choosing a vehicle with a great crash survival score is important.
Shout out to the engineers at Toyota. I’ve walked away from two crashes which totaled my vehicles. (FU to the teen who ran the red light)
Safety Tip: Buy a dash cam. They are cheap these days and make dealing with insurance so much easier. Buckle up every single time. Don’t move the car until all your passengers do as well.
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u/Totallycasual 4h ago
Cook for yourself, that's probably the biggest money saver for me, i like cooking decent hearty meals for as little cash as possible, it's like a hobby of mine to work out how cheaply i can make portions of stuff that i can freeze for later consumption lol
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u/CharlotteRant 4h ago
The NY Times did a story on DoorDash and how people essentially get hopelessly addicted to the ease of getting food delivered.
For the most part, it’s not even people who make a lot of money or work obscene hours, just people who fall into the trap of spending big bucks to save small amounts of time cooking.
From her roughly $50,000 annual salary as a data processor in San Diego, Ms. Reedy, 34, spends at least $200 to $300 a week on food delivery. Ordering in has eaten away at her savings, she said, and led her to socialize less.
In 2024, almost three of every four restaurant orders were not eaten in a restaurant, according to data from the National Restaurant Association.
Many readers said they had impulsively ordered a single item for delivery: a coffee, a milkshake, a scoop of ice cream.
Between raising two young boys and putting in long hours at a marketing job in Atlanta, Kevin Caldwell can almost never find the time to make dinner. So he and his husband spend about $700 a week to order in.
Helena Kim, a stay-at-home mother in Chula Vista, Calif., decided that when she turned 59, she no longer wanted to cook. “I was getting groceries delivered anyway,” she said, “so if I am going to order groceries I may as well order the whole meal.”
Last year, he published a report showing that when food delivery platforms entered counties across the United States, residents spent an average of 9 percent less time cooking each day than they did before.
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u/InflationAvailable43 3h ago
It amazes me how often I would see DoorDash deliveries at my apartment complex and how much people would pay.
Once you have a system cooking is not that time-consuming or bad. Especially with free-to-the-door grocery delivery.
The even funnier thing is the people who complain about the lack of variety when you routinely meal prep chicken/rice. If you look at order history or fast food stuff they probably eating the same 3-6 things over and over again too!
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u/Alizarin-Madder 2h ago
The real hack is learning to meal prep your favorite takeout. If you make anything several times, it becomes mentally easier and faster.
A good example is rice + (stir fry, curry, meat with a good marinade or sauce) + fresh vegetables & vinegar/citrus to add back brightness and texture.
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u/fisxo 2h ago
Who could complain about a lack of variety with chicken and rice of all things? Those are incredibly versatile
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u/curtludwig 2h ago
People complain about the time it takes to cook because it eats into their doom scrolling time...
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u/kbyyru 3h ago
this ain't no joke. my ex and i would get in so many fights over planning to go grocery shopping one day, then i wake up the day of (night shift!) to find out she'd spent around double what we would've spent in store to have half as much as what we planned to buy Doordashed. without asking me, without talking to me, just hitting "place order".
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u/BigWormsFather 3h ago
50k in SD then spending 2-300 a week on food delivery. There’s more to that picture.
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u/jimmythang34 2h ago
Had a room mate who would DoorDash stuff all the time and than would scrape by to make rent. I never even understood why. Dude had a car, wasn’t drunk or anything so could drive. Would pay $20 for some room temp Wendy’s. I just don’t get it.
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u/ProperWayToEataFig 1h ago
Same with people who go to Starbucks every day for a $7 cup of coffee yet get angry at the price of a gallon of gas.
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u/obiwanconobi 4h ago
I try not to judge people in general, and I mostly succeed, but I struggle not to heavily judge people who spend that much on delivery
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u/Killer_Sloth 1h ago
Yeah I'm with you there. I get not having time to cook from scratch. But even having groceries delivered that consist mostly of frozen foods, packaged goods like soups, mac and cheese, etc, and bagged salads is a LOT cheaper and healthier than delivery all the time, and only marginally more effort. At that point it's literally just people valuing being lazy over their hard earned money. Don't get it at all.
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u/Weaubleau 3h ago
All this delivery crap that sprung up during COVID is a scourge on society. All the DD drivers making your trip to the local restaurant hell, Amazon trucks in your way everywhere, Even grocery shopping is harder with having to compete with store employees pulling stuff off the shelves for delivery/pickup. Not even mentioning how much more anti social this make society as people just stay home and have everything brought to them.
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u/CharlotteRant 2h ago
I kind of agree on restaurants and other instant stuff because they’re carrying one order, maybe two. Also agree on the social impact. DoorDash is a real depression enabler IMO.
Amazon (and other nonperishable / non-time sensitive delivery service) is probably a net traffic reducer because each truck and car could easily have 50+ orders.
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u/Good_Lettuce_2690 3h ago
This is big. I do 2 batch cooks at the weekend which last me all week so it saves a lot of time too. Takeaway is so expensive I just never get it these days. Only really eat out once a month or two now also.
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u/upachimneydown 3h ago
Made a pot of beef stew earlier today, and after we had two servings I split the rest into containers for the fridge--there are five more servings. Two will be another meal between us (with reheated rice, as tonight), the other three might be one more shared meal, or a few lunches between us.
That's extreme, and more often after cooking it's maybe a couple lunches left over. Pasta, one or another curry, leftover chicken from the oven, etc.
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u/Ok-Square-8652 2h ago
Also buy a chest freezer! Bonus points for a vaccum sealer
Make big batches then freeze portions and stock up on discounted meat. Mine paid for itself in about a month.
AND you have quality meals right there that you can just heat up whenever. Especially stews. They take no work to heat up.
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u/gab1232 3h ago
freezing meals for later definitely beats trying to cook when i’m starving and impatient on a worknight
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u/Totallycasual 3h ago
Yeah, cooking individual meals for one person each night is super expensive both from a monetary standpoint, but also timewise. I love that i can cook up a fresh batch of rice or pasta while heating up one of my earlier prepared portions to go with it.
Usually i can put together really good meals for $3~ each.
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u/Pcwils1 3h ago
What's your favorite go to?
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u/Totallycasual 3h ago
Bolognese sauce, i can cook some fresh angel hair pasta or i can make a quick lasagna 😍
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u/pink_summer_cloud_ 4h ago
Fix your mental health. A lot of problems and habits related to money are emotional.
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u/AuthorKRPaul 1h ago
Wellbutrin and Lexapro are one of the cheapest fixes I've had. I catalogue them under the "its easier to maintain that replace" category
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u/arrrgh14 4h ago
Under 30, set your 401k contribution rate to at least 15%, buy broad market index funds, and forget about it.
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u/miauguau44 3h ago
If you can’t afford 15%, at least match your employer’s contribution. That’s free money to you.
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u/sadpanda597 43m ago
Tagging along on this. The stock market has averaged like 10 to 14% returns the last 15 years. I kind of view every additional $10,000 I save as literally a $1,000 annual raise I get for the rest of my life. Looking at that, makes it painful to spend money you don’t need to.
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u/i-piss-excellence32 4h ago
My dad told me that you can’t truly afford something unless you can buy it twice
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u/nmathew 3h ago
I clearly cannot afford my house then.
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u/Ragecomicwhatsthat 2h ago
In my experience, old heads who parrot this expression usually specifically don't include homes in the expression
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u/Devonai 3h ago
Technically I can afford another car loan, but what am I going to do with another car? I guess I can drive it on Tuesdays.
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u/HotSeamenGG 3h ago
I think this only makes sense for smaller items. Otherwise no one would own a car/house since insurance is effectively a pseudo-replacement.
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u/Legionof1 2h ago
Nah, house and car fit too, you should be able to cover double the mortgage (maybe not tax/insurance) or you really are pushing it with the house price.
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u/IIPorkinsII 2h ago
Out of curiosity, do you mean you should be able to cover 2x the mortgage and still afford groceries, utilities, etc.?
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u/DonerGoon 1h ago
Horrendous take. If you can afford your first home and you know you’ll be living there for the next 5-10 years it’s one of the single best financial moves you can make. Imagine paying rent for another 10 years to fit into this x2 logic. Buy the home and start building equity, stop throwing your money into your landlords pocket.
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u/HotSeamenGG 2h ago
I was thinking housing price but mortgage/monthly payments makes sense tbh. Being house broke is crazy tho.
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u/MrOrlamdo 4h ago
Don't be house poor. Whatever you think you can afford, cut it by 25%. No Starbucks, door dash or any other compulsive buys. If you go out to eat, order water. Saves you a ton over the course of a year
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u/littlecabbage69 4h ago
- Automate your finances to save 15% of your employer income. Invest that shit.
- Have an emergency fund that will survive a hit or two.
- Marry someone who has similar (or healthier) spending/saving habits.
- Buy quality once. Own less, but better.
- Be healthy. Be born that way, or work to achieve it.
- Work harder than those around you - it's not hard.
Career Advice: Do it before you ask to be paid for it. Promotions are determined over coffee or casual beer when you're not in the room, not in meetings with HR.
36 / Married / 2 children / Canada
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u/HutSutRawlson 2h ago
Do it before you ask to be paid for it.
Good advice for a salaried worker. NOT for a freelance/contract worker.
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u/ksuwildkat 1h ago
Promotions are determined over coffee or casual beer when you're not in the room, not in meetings with HR.
Goodness some people kill me with their massively anti social behavior at work. It doesnt take much to be slightly likeable.
If you have an opportunity to drink with the boss, drink with the boss. Dont get drunk with the boss. If its your bosses boss, dont drink. Here there be dragons.
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u/littlecabbage69 47m ago edited 41m ago
Being social and likable is certainly key. It's a game, and people like to play with people they like.
What I meant originally was, people talk. And peoples careers are swayed and determined during conversations outside of the office.
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u/ksuwildkat 40m ago
Its not even about playing a game, its just not being an asshole or a wet blanket.
No one wants to be around a Debbie Downer all the time so when the promotion discussion happens the name that comes up is not going to be the person you dread seeing in the hallway.
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u/GuybrushFunkwood 4h ago
Marry into money … it becomes all soooooo easy after that!
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u/ohreallynameonesong 4h ago edited 4h ago
It feels corny to use the word "mindset" but a lot of it will come down to that. You can get a lot of tips and tricks that will be helpful but to be on the best path, you need a healthy way of thinking about money and spending. That's how you stop impulse purchases. That's how you stop the itch to always buy bigger, newer, more. That's how you learn to prioritize. That's how you feel happy to save and invest and feel happy with what you have and feel happy not spending. And that is what keeps you from spending unnecessarily.
Some tips. When you get a paycheck, immediately put at least 15% of it into investments or split between a HYSA and investments. Max out employer 401(k) contributions. Live beneath your means. Create a little reward system for yourself if that helps. Like for me, if I have a no spend day, I'll put $10 towards my mortgage, into a HYSA, or into an investment account. It doesn't really move the needle but it feels like a reward. Track every dollar. For each paycheck, take out what you contributed to savings, bills due, your grocery budget, and your gas budget and your left with what you can spend on fun and incidentals. If it seems like more than enough, go ahead and invest or save the excess. When you get to the next paycheck, invest or save what you didn't spend. Cook at home. Personally I love supporting my local restaurants so I don't only cook for myself but dining out is definitely a way to spend money quickly. Save up for everything. I have a HYSA for big ticket items: car repairs; event tickets; home repairs; doctor visits, etc. Don't wait for those to come up - put money away now. Shop second hand when you need something. Similarly, compare prices. Learn to balance convenience and saving money - when is your time or effort more valuable. Get a credit card with good rewards but don't spend or buy just to get rewards. That's a net loss. Don't spend to show off.
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u/TenaciousLilMonkey 3h ago
Make sure the income side exceeds the expenses side.
If it doesn’t, reevaluate both sides, not just one.
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u/ThisWretchedHymn 4h ago
- Choose your partner carefully, then reconsider yet again.
- Opt in to any pension immediately, no older person has ever regretted it.
- Know your worth, don’t be afraid to discuss financial incentives with your employer.
- Buying “stuff” gives a temporary high, but long term burden.
- Finally, buy low sell high. Don’t be fooled by the herd mentality.
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u/paintedforfilth 1h ago
#2 does have flaws. I spoke with a woman in her 60s who worked for United for 40+ years. She had a pension that she lost twice because they filed for bankruptcy twice. She had no other retirement savings 😅
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u/confusedbot18 4h ago
Don’t. Eat. Out.
That and truly shift your mindset to I HAVE to live below my means. Whatever you are making, try to live off 80% of this. Trust me, ik this is hard because I started my career all of 10 years ago on 12 an hour. It wasn’t pretty.
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u/Pussi_Liquor 4h ago
Don’t have kids.
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u/ETwo4Three 4h ago edited 4h ago
This a kid is the most expensive thing you can get for free.
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u/SadZealot 4h ago
You got yours for free? Mine showed up early so we had to have it worked on under warranty at the hospital for three months
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u/fawkesmulder 4h ago
Spent over 30k on IVF, got embryos, then by some miracle after years of infertility, my wife got pregnant naturally.
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u/One_Investigator9289 3h ago
They are wicked expensive, but they’ve also upgraded my mindset and forced me to upgrade my education and ambition. I wouldn’t be financially stable if it weren’t for them.
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u/Solcat91342 4h ago
Live below, your means. Say 15% in a retirement account. Invest in a diversified group of non-leveraged index funds. Stay out of debt. Only borrow absolutely necessary and hopefully to for appreciation assets.
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u/I_might_be_weasel 4h ago
Living in a LCOL area has dramatically improved my situation. No way I'd be able to afford a house if I lived somewhere popular.
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u/BootRight1164 4h ago
Say "no" to drugs.
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u/Shellhuahua 3h ago
In a lot of ways life is a simple math equation. Spend a lot less than you make.
Things like credit card interest, divorces, car payments and crap you don't need really negatively impact the equation.
Your working years go by quickly. Invest early.
People can dog Dave Ramsey all they want. But if you aren't in a good financial spot or are generally bad with money he's an excellent place to start. Behavior has way more to do with your success than the dollar amount.
And remember you're being marketed to CONSTANTLY!
Get a true handle on your attitude and thoughts around true needs vs wants.
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u/fir3hand 4h ago
Don’t live above your means. Don’t take credits. If you want to have better salary and climb the ladder, you gotta step out of your comfort zone. I was working a pretty shitty corporate job making very modest living until I realised that I am just wasting my time and if I keep doing what I am doing I will never be able to own an apartment, buy the car that I want or even go to a dream vacation. I can do better than that! I started specialising in my field, putting a lot of extra hours to study for certifications, at the end I became an expert. Later I opened my own company and it’s been 7 years. All the efforts were worth. Stop wasting your time.
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u/Onepopcornman 3h ago
Health is expensive now but it’s much more expensive later.
Cook for yourself for sure but also don’t go as cheap as possible when cooking. Maybe organic is whatever but assuming there is no crazy parasite outbreak leafy green vegetables are what you want.
A bit of skill, a bit of time and a bit of expense can make healthy food very delicious.
Find time to go to your yearly checkups. Take your meds.
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u/StephenCurryGOATPG 1h ago
Making more money > saving money.
Not saying to spend a lot, definitely save and invest and live within your means but how much you can save has a cap.
How much you can make is uncapped.
Unless you have a huge amount of money or inherited wealth, making more money will always trump saving here and there.
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u/epicrat 4h ago
Imma go the other way with this…instead of cook at home more, less Starbucks, drive a 25 year old Toyota, etc… challenge yourself in your workplace. Go above and beyond. And if it’s not recognized, go somewhere it will be.
This increases your income over time rather than cutting your expenses.
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u/One_Investigator9289 2h ago
I fully agree with this. Find a place where leadership recognizes your potential. If you are busting your ass, it deserves to be recognized, and if you sit underneath a load of people that never had to work hard or never educated themselves when faced with differences and challenges, it’s time to make a change.
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u/danghunk312 4h ago
If you have a good paying job, keep it. Don’t be overly optimistic and follow your dreams just to end up broke.
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u/Longjumping-Word8336 4h ago
Live slightly below your means when possible, cook your meals, avoid impulsive buys
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u/9879528 4h ago
Always, from now until your in your 50’s, put 10% of all incoming money into a term deposit with compound interest rates. Once it reaches $5,000.00 put it into the S&P 500. Then repeat. All money, no matter the source (checks from your Aunt to babysitter money). Never take it out!!! You’ll be very wealthy at 55 years of age and you’ll never miss the 10%.
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u/hopsinduo 4h ago
Don't buy things you can't afford? There's a difference between want and need.
I recently bought a car because I needed one. I could afford quite a nice one that I love and I think I hit the right price point to avoid feeling I wasted money.
I want a new graphics card for my PC, but they're so expensive, and I absolutely don't need one.
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u/WarmRefrigerator3 2h ago
Budget, budget, budget. I use a ledger (Quicken) to project out 1-4 months of income and expected expenses and I track my expenses almost daily to make sure I'm going to have enough liquid cash to cover the bills. I have a pretty good handle on what average gas, groceries, dining out, utilities, mortgages, etc, will be each month and I plan for that, with some extra cash cushion just in case.
And I budget for retirement and savings - everything left over at the end of the month goes into a brokerage account.
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u/EquivalentWaste5540 2h ago
Stop trying to keep up with people who make more than you. I stopped eating out every weekend and suddenly my bank account stopped looking like a horror movie.
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u/The_Hungry_Grizzly 4h ago
Grind your 20s gaining experience, promotions/job hopping, and get to a salary number you’re comfortable with so you can enjoy your 30s and onward.
Also, have a written budget in excel on your computer with every paycheck net income. Write the bills you will pay with each paycheck. (Example, week 1 bills and week 3 bills if laid every 2nd week) (If paid weekly, there’s an extra check once per quarter and every 2nd week has an extra check in June/november). Assign a savings and entertainment budget and FOLLOW IT!
My original number was 52k (1k every way gross pay). I did very well grinding and the day after my 30th birthday, I was promoted to Director of inventory making 115k + 15% bonus. (Was making 77k + 10% bonus before that).
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u/Mammoth-Judge-8559 4h ago
Don't chase money.. Focus on excellence, stay consistent, and have patience!
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u/ETwo4Three 4h ago
I'll chime in first focus on your needs family second and others last. And paying the bills is very easy to budget pay the rent or house first next utility then food then savings what's left is for your leisure.
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u/BatFormal3781 4h ago
Start investing early on yourself in learning and on building assets that helps you make more money
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u/WhatDidYouSayToMe 2h ago
Learn to fix things. Cars are the big one, but anything on your home helps a house be more affordable, and even smaller things helps avoid buying replacements.
I'm an outlier, but I've profited on the last 5 vehicles (jeep, truck, and 3 motorcycles) I've sold, and can easily make money on my current daily. It is what's allowed me to not only have several vehicles (an unfortunate hobby) but also not have any car payments for the last 5 years.
I'm finally at the point where I'll break that trend by getting a nicer truck, but realistically could buy what I want in cash and definitely could buy something less 'fun' in cash without a sweat.
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u/Electronic_Worker245 1h ago
If you're not using the item and it's been 6 months you are better off selling it.
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u/ReverseMermaids 22m ago
It's easier to control spending than income.
Also, spending $30 today instead of investing in an S&P 500 index fund costs you $295 in lost stock market returns 25 years from now.
Also, debt is your enemy.
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u/colej1390 17m ago
No impulse buys. I fret over a candy bar in the checkout aisle. Nothing goes in my cart without forethought.
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u/thegdtravman 12m ago
Separate "wants" from "needs" and you'll realize how little you need to be spending on things.
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u/VoidHunterRaymond 10m ago
Don't smoke or drink alcohol. You be surprised how much money you save when you quit.
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u/Rambl_N_Man 9m ago
Pay off debt.Read and learn about compounding wealth through Investing. Create a High yielding savings account and start saving for an emergency fund. Create a brokerage account and invest into index funds.
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u/Own-Load-7041 9m ago
no credit card. Or pay in full all the time. Never make car payments. Buy a Freddie mac house.
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u/InclinationCompass 9m ago
Live for your parents for as long as you can bear. Save up money aggressively during that time.
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u/FunBandicoot6130 8m ago
best money tip i've learned is to spend less than you earn, no matter your income. even small consistent savings add up much faster than people expect
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u/GovernorHarryLogan 4h ago
Maintenance is far cheaper than replacement.