6 out of 10 Americans have less than $500 in their savings account; how about you?f
- Thread starter 666 ReVeNGe 666
- Start date
I have a $1k in savings (current max allowed on the fianacial plan am following)
Savin if you are on minimum wage is difficult so I understand that. I don't understand younger people with degrees and careers who can't manage to save even with student loans ( I had $42k in loans currently down to $16k)
Imo the #1 factor to that is not using a written budget. Once you see where your money goes on monthly basis the easier it is to make changes.
Also I don't ever count my 401k as part of my savings
Savin if you are on minimum wage is difficult so I understand that. I don't understand younger people with degrees and careers who can't manage to save even with student loans ( I had $42k in loans currently down to $16k)
Imo the #1 factor to that is not using a written budget. Once you see where your money goes on monthly basis the easier it is to make changes.
Also I don't ever count my 401k as part of my savings
sounds like the debt snowball like the dave ramsey plan. I dig it, 1k is kinda light if you have a family though, but his principles are pretty sound. Just too evangelical at times.
Yup its the Dave plane, I have no kids so the $1k so far has been good, have only had to dip into it a few times. Whenever someone is telling me that they are having debt issues I buy or give them his total money make over book
it's not a bad plan at all, the debt snowball is an emotional thing more than anything else. Little wins by paying off debt smallest to largest keeps you motivated. Only having 1k in savings puts you in that panicked mindset to hurry up and pay off the debts. Stick to it and you'll be straight. Trust me I used to be heavy in debt. I'd rather be where I'm at now, debt-free, own my home outright, etc lol
I actually like Clark Howard too, he's been pretty good in saving money, tips on travel, etc. Dude is the definition of a cheapskate lol. I couldn't be like him to the tee, but his principles are good.
No sir, I'm currently renting a 1 bedroom apartment for 819 in the east Bay area with electric included in the rent. I've learned how to be ok with money especially after watching my people with higher paying jobs be broke trying to impress people that don't matter.
Dave Ramsey's plan made sense so I'm building up my emergency fund to 15-20k and then I'll start investing outside of my 401k.
JetFueledThoughts
Superstar
Gahhdamn it feels weird to say but I'm back in this group 
Had to make a major car repair, then immediately drop money on a trip for my dad's birthday.
The trip was fun, but my savings stash is down to a couple hundred bucks
I have a good job, I'm not great at saving, now it's almost all gone. I gotta get my stash back up
Had to make a major car repair, then immediately drop money on a trip for my dad's birthday.
The trip was fun, but my savings stash is down to a couple hundred bucks
I have a good job, I'm not great at saving, now it's almost all gone. I gotta get my stash back up
BushidoBrown
Superstar
I got a 2nd account wit $3k in it that my wife dont kno about..i use that money to trick off on my side hoes..
Good advice. I decided to finally start taking investing more seriously and bought some admiral shares.
This is a nice humble brag thread btw.
AyBrehHam Linkin
First Black Brehsident
- $1.74
nikkas is broke these days
nikkas is broke these days
I just started investing this year and mutual funds is what I read and the heard the most about in terms of low risk investing. I went admiral to reduce expenses, but when I look at the ETF the expenses seemed the same though. Also, when I made the purchases I did select to have divs reinvested.
If you have any advice or insight I'm open to hearing it, because this is mostly still new to me. I still have some money to play with and was thinking about buying shares in the VTI ETF.