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Started By
Message
Saving money 101
Posted on 9/28/15 at 10:42 pm
Posted on 9/28/15 at 10:42 pm
I'm just starting out but I'm not making a shite of money but it's okay for starts. I want to be financially stable and I need they keys on what to invest in, how to spend wisely etc any help ?
8
Posted on 9/28/15 at 11:04 pm to NolaGoldWave
Saving Money 101: Spend less than you earn.
If you're transitioning from being in college to earning a decent salary in most cities in the southeast it is NOT hard to save a good bit of money and still have a decent amount of fun. It is easier to save now and reduce your savings later than it is to not save now and increase your savings later. Even investing a little bit consistently now can grow to be a large sum in the future.
If you're transitioning from being in college to earning a decent salary in most cities in the southeast it is NOT hard to save a good bit of money and still have a decent amount of fun. It is easier to save now and reduce your savings later than it is to not save now and increase your savings later. Even investing a little bit consistently now can grow to be a large sum in the future.
Posted on 9/29/15 at 5:14 am to NolaGoldWave
quote:
how to spend wisely
Don't spend $250 a month on cable and cell phones.
Posted on 9/29/15 at 6:27 am to NolaGoldWave
1. Pay yourself first. Save something before taxes. If you have a workplace 401k with a match, make sure you take full advantage of it.
2. Simplify your consumer goods. Clothing should be functional not fashionable. Get basic stuff that all goes together. You don't need 50 pairs of shoes and 35 shirts.
3. Focus on experiences as far as leisure time goes. Enjoy time with friends, family, and learning things.
4. If you drink, do it at home. At a restaurant you will pay 10 dollars for 2 beers. Have a 6 pack at home.
2. Simplify your consumer goods. Clothing should be functional not fashionable. Get basic stuff that all goes together. You don't need 50 pairs of shoes and 35 shirts.
3. Focus on experiences as far as leisure time goes. Enjoy time with friends, family, and learning things.
4. If you drink, do it at home. At a restaurant you will pay 10 dollars for 2 beers. Have a 6 pack at home.
Posted on 9/29/15 at 8:08 am to NolaGoldWave
Step 1: make a budget and stick to it
Posted on 9/29/15 at 8:11 am to poochie
quote:
Step 1: make a budget and stick to it
Best thing you can do starting out. Track every expense and learn to stick to a monthly budget. Keep your cash flow positive at the end of the month.
Posted on 9/29/15 at 8:27 am to NolaGoldWave
Make a budget and stick to it. Invest the difference. Calculate your savings rate, then start aiming to bump it up by 1% every month until it hurts.
Go through Vanguard for all non-employer based investment accounts and stick with their ETFs/funds. If you don't prefer Vanguard, be mindful of fees/expense ratios at other companies.
Set aside money for an emergency fund. Things happen.
Invest all of your raises.
If you're going to get married, find a partner that is on board with your financial goals. Don't marry one that isn't.
Maximize tax-advantaged accounts such as 401k, 403b, 457b, HSAs, Roth, Traditional IRA, etc.
Go through Vanguard for all non-employer based investment accounts and stick with their ETFs/funds. If you don't prefer Vanguard, be mindful of fees/expense ratios at other companies.
Set aside money for an emergency fund. Things happen.
Invest all of your raises.
If you're going to get married, find a partner that is on board with your financial goals. Don't marry one that isn't.
Maximize tax-advantaged accounts such as 401k, 403b, 457b, HSAs, Roth, Traditional IRA, etc.
Posted on 9/29/15 at 11:14 am to NolaGoldWave
“Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.”
-- Albert Einstein
-- Albert Einstein
This post was edited on 9/29/15 at 11:15 am
Posted on 9/29/15 at 1:27 pm to Feed Me Popeyes
quote:
Make a budget and stick to it. Invest the difference.
I know this sounds backwards, but I would SAVE/INVEST first, then budget what is left. When you save pretax with a match, it is FREE MONEY.
Budgeting is ok, but I would budget max savings/investing as priority one.
Posted on 9/29/15 at 1:42 pm to Layabout
quote:
Don't spend $250 a month on cable and cell phones.
How do you NOT do this these days? I cancelled cable before and the cost of my internet went up so high that it was actually cheaper to get cable again. Stupid Comcast and their bundling.
On top of that, cell phone plan for me and my wife runs $150/month. So total cable and cell I am right at or close to $250 (for 2 people), and it's tough to get lower than that.
Posted on 9/29/15 at 2:34 pm to AnonymousTiger
Some people have no friends and they've alienated their family. Therefore, there's nobody to call/text. Most of them hang out on the Poli Board.
Posted on 9/29/15 at 2:56 pm to AnonymousTiger
quote:
How do you NOT do this these days?
Unbundled internet costs me $61 a month. Two smart phones cost $30 a month (they're not the latest and greatest but they're both paid for). Turn the data off on your phone and only turn it on when you absolutely need it. Most of the time I'm within range of wi-fi at home or work and don't even miss it.
This post was edited on 9/29/15 at 2:58 pm
Posted on 9/29/15 at 3:29 pm to Layabout
quote:
Unbundled internet costs me $61 a month.
Do you pay for Netflix, Sling, Hulu, Amazon, etc.? My unbundled interent was $75(!!!), and I ended up getting Netflix and Sling for tv, which put me back over $100. Same internet and more channels from Comcast bundled now has me around $95.
quote:
Two smart phones cost $30 a month
Do you have one of the prepaid plans? I've been trying to cut my AT&T bill, but even the lowest one we have is $100 for two phones, plus $30 for the data plan. After taxes and fees, it is around $150/month.
I have a good friend that actually cancelled his cell phone service about a year ago. Honestly, our friendship has suffered cause nobody can ever get in touch with that bastard now.
Posted on 9/29/15 at 4:20 pm to AnonymousTiger
quote:
Do you pay for Netflix, Sling, Hulu, Amazon, etc.?
I pay $7.99 a month for Hulu. I use Windows Media Center with four tuners to handle DVR and OTA program guide for three TVs. It's free. I already had Amazon Prime because I buy a lot of stuff from them.
quote:
Do you have one of the prepaid plans? I've been trying to cut my AT&T bill, but even the lowest one we have is $100 for two phones, plus $30 for the data plan. After taxes and fees, it is around $150/month.
I use PTel which runs over the T-Mobile network. Neither of us are telephone road warriors (me even less so) so it works for us. Check it out HERE.
One big savings is buying your own phone and keeping it. Don't swap it out every two years which just rolls the cost into your monthly bill.
This post was edited on 9/29/15 at 4:24 pm
Posted on 9/29/15 at 4:20 pm to AnonymousTiger
My phone and internet bill is expensive but it's business used so I deduct as much of it as I can. Budgeting is hard for me because I don't have a salary. I make more some months and less others. I try to pay myself a tiny tiny amount (like $300 a week) and for that I buy groceries, go out, drink, dine and movies. Everything else I pay out from the business. I do save a decent bit, but I travel a lot and blow my savings on vacations.
Blow is a bad word, because I would rather travel now than retire early and travel then. If I can take five weeks off a year I do.
Blow is a bad word, because I would rather travel now than retire early and travel then. If I can take five weeks off a year I do.
Posted on 9/29/15 at 5:18 pm to Napoleon
quote:
I make more some months and less others.
Ohh I understand that all too well. Luckily it averages out to the same or more than the previous year when its all said and done.
Posted on 9/29/15 at 7:39 pm to iknowmorethanyou
quote:
Some people have no friends and they've alienated their family. Therefore, there's nobody to call/text. Most of them hang out on the Poli Board.
Hey now, I resemble that remark!
Posted on 9/29/15 at 7:46 pm to Jag_Warrior
I'll go against the grain here.
If you're good and good at networking. frick it. Spend money. See and be seen. Don't go where the women are. Go where the CEOs are. It's an investment in yourself. Drink $10 cocktails. Leave them half full. Tip big. Don't be a pussy. Make friends.
Unless you have a low ceiling. Then forget all of that.
If you're good and good at networking. frick it. Spend money. See and be seen. Don't go where the women are. Go where the CEOs are. It's an investment in yourself. Drink $10 cocktails. Leave them half full. Tip big. Don't be a pussy. Make friends.
Unless you have a low ceiling. Then forget all of that.
Posted on 9/29/15 at 11:18 pm to TheHiddenFlask
Hidden flask is correct. I've also spent more money on healthy food and beauty products because appearance is huge in networking
Posted on 9/30/15 at 6:46 am to Statsattack
quote:
I've also spent more money on healthy food and beauty products because appearance is huge in networking
Meh, that's so superficial. The only way to judge people is by the kind of car they drive.
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