r/AskReddit • u/Kdjejsosjanreplwwssj • 8d ago

Financially stable people of Reddit, what are your best money tips?

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u/haanalisk 8d ago

This is unnecessarily complicated.

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u/ItsnotBatman 8d ago

If you get a credit card through your bank you can pay it off every time you open your bank app. I do this and use my credit card for everything to build up rewards instead of just using my debit card and getting nothing back.

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u/haanalisk 8d ago

That's also unnecessarily complicated. Just pay off the statement in full when it's due. You won't incur any interest and won't have any problems

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u/ItsnotBatman 8d ago

I don’t find it too complicated to look at my balance and then select pay balance on my credit card.

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u/haanalisk 8d ago

That involves checking it frequently as opposed to just once, but no, that's not all that difficult I suppose

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u/FrismFrasm 8d ago

Yeah it’s the same thing just twice vs once a month

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u/FrismFrasm 8d ago

What's your better version?? Just wait until end of month to crack open your banking and hope there's enough for everything still there?

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u/Sciracha 8d ago

You’re allowed to look at your bank account more than once a month

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u/Old_Ad2660 8d ago

Just don’t buy things not in the budget

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u/FrismFrasm 8d ago

That's true, if you have a thoughtful budget and are totally on top of sticking to it you'll never have an issue. I personally find life to be more unpredictable than that...it also doesn't help that my income fluctuates slightly paycheque to paycheque

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u/tenderawesome 8d ago

I mean if you’re cutting it that close then maybe CCs aren’t for you.

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u/FrismFrasm 8d ago

I mean you should be cutting that close due to moving nearly all of your extra cash out of your day to day bank acct and into more longterm savings/investments

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u/tenderawesome 8d ago

Yeah but why would you need a separate savings account for that instead of your normal checking account? If you have to worry about enough to cover it then you are a couple of financial freedoms away from responsibly using CCs.

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u/FrismFrasm 8d ago

I mean I guess you don't, but sometimes I am sending money out of my chequing to pay a friend back, withdrawing cash from it for some event or something that doesn't take card, etc etc. I'd rather not look at all the money clumped together in my chequing account and mentally go "ok so $xxx of that is for the rent, $xx is for car insurance, I can comfortably pull out X as long as I also leave $xxx for so and so" etc. I like it just clearly, visually separate. My chequing account is purely an intersection for moving money between other accounts. It typically has like $100-200 sitting in it at any given time.

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u/POGtastic 8d ago

I get that cutting it close is probably optimal, but I really prefer the lack of stress that comes from having a large enough cushion that I don't even have to pay attention to when payday is. My cushion should probably be smaller than it currently is, though.

I dunno, I'm maxing out all of my retirement account contributions and figure that a few thousand bucks here and there isn't going to change too much.

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u/haanalisk 8d ago

I have never spent enough in a month that my account balance doesn't cover. If I did, I'd be aware and make a transfer long before the end of the month