Financial Tips Thread (Saving, Budgeting, Etc.) Everyone drop some knowledge in here

[daboywonder2002]

Always buy toilet paper from the dollar store

nah bro. if it aint 1000 sheets, you wasting your money

 

[daboywonder2002]

if your job has a flexible spending account (FSA)USE IT. its pre tax money and can be used for medical, dental and glasses. so for me, i took out $1300 this year. and they take out 50 dollars every pay period before taxes. nothing better than being able to use your FSA visa for eyeglasses, as well as copays on the doctor and dentist

 

[Squirtle]

Just cause you have the money for a 6 or 8 cylinder high maintenance car doesnt mean you can afford it. Better to buy a nice 4 cylinder econobox thats reliable and still looks good. I'm talking about a honda civic si, a 4 cylinder nissan altima, honda accord etc.

 

[Sad Bunny]

I kind of feel you on this but you gotta take your long term health into consideration as well when you're eating cheap fast food everyday

Ask Steve Jobs...wealth don't buy health.

 

[swimmingpools]

Put your bills over Jordans.

 

[DrunkenNovice]

Any of yall listen to Dave Ramsey...entertaining show, and he drops some jewels.

Sometimes you'll have the face with some of the things callers say

 

[Padron1926]

Search SOHH Presents: Understanding Investments

Pretty good read....I may have all the lessons in a word doc but I gotta search for that shyt. I'll post it if I could find it

 

[Liquid]

Saving money is simple, its just discipline at the end of the day. Investing might seem like a daunting task, make sure you save a good 10K to do so...chances are your bank teller will stop you when you reach that number to talk to one of their analysts...thats when they stopped me.

Food? Buy whole chicken and cut it up to save on the $ spent per pound.

Cellphone? Cut the fukking contract, BUY your own phone at full price and go to simple mobile/straight talk.

Trade your car for a hybrid/electric

Cut your cable tv bill and subscribe to services like Netflix/Hulu/Sports online.

Switch to cfl bulbs all over the house. Open all the blinds in your home and leave them up permanently (probably not a good idea in the hood)

Set the central A/C a little higher every week, you do NOT need it to be 65 inside all the damn time (76 is comfortable for me in the summer, 69 in the winter)

Have a problem always having to go to an ATM and paying fees? Consider opening an Ally Bank account so you never have to pay those annoying ass "convenience" fees.

Buy a laptop with long battery life. HP has a laptop that will run 30+ hours on a single charge, that can help with your electric bill as well.

Flip hot items if you have spare time. I have made BANK when fire sales pop up.

Consider moving if you have a tough time making ends meet. I will pose the same question to you all as I do to people back home who refuse to adapt. What is the point of living in an expensive ass city when all the amenities and entertainment is not available to you given your financial situation? The venues have bills to pay and they are not letting you in for free. Move out to a smaller suburban area...use your vacation time (with the money you will be able to save) and enjoy all the venues wherever you want to go.

 

[Sad Bunny]

Saving money is simple, its just discipline at the end of the day. Investing might seem like a daunting task, make sure you save a good 10K to do so...chances are your bank teller will stop you when you reach that number to talk to one of their analysts...thats when they stopped me.

Food? Buy whole chicken and cut it up to save on the $ spent per pound.

Cellphone? Cut the fukking contract, BUY your own phone at full price and go to simple mobile/straight talk.

Trade your car for a hybrid/electric

Cut your cable tv bill and subscribe to services like Netflix/Hulu/Sports online.

Switch to cfl bulbs all over the house. Open all the blinds in your home and leave them up permanently (probably not a good idea in the hood)

Set the central A/C a little higher every week, you do NOT need it to be 65 inside all the damn time (76 is comfortable for me in the summer, 69 in the winter)

Have a problem always having to go to an ATM and paying fees? Consider opening an Ally Bank account so you never have to pay those annoying ass "convenience" fees.

Buy a laptop with long battery life. HP has a laptop that will run 30+ hours on a single charge, that can help with your electric bill as well.

Flip hot items if you have spare time. I have made BANK when fire sales pop up.

Consider moving if you have a tough time making ends meet. I will pose the same question to you all as I do to people back home who refuse to adapt. What is the point of living in an expensive ass city when all the amenities and entertainment is not available to you given your financial situation? The venues have bills to pay and they are not letting you in for free. Move out to a smaller suburban area...use your vacation time (with the money you will be able to save) and enjoy all the venues wherever you want to go.

My friend told me about this....elaborate, breh. please.

 

[Liquid]

Eating out isn't necessarily more expensive than cooking if you live alone.

This is not true where I live. I have figured out a way to eat on $20 every 2 weeks if I have to.

 

[stealthbomber]

Can't stress this enough. If you're in your 20's, you have a golden opportunity to get ahead of the game.

If you were to ask 100 investors their opinion on commodities, or which stocks to buy, or whether to hold or to sell, you would get 100 different answers. But there is one thing that every investor in the world agrees on; and that is that the younger you start investing, the better.

Even if you don't have a lot of cash, that's ok. That's the beauty of starting young. Even if you only invest $100 a month, the time-value of money is on your side.

exactly. as a young dude i know im not gonna save all the money i make so as long as i save at least half for a rainy day ill be good.

i wanna start investing in like 2 years when i get outta college. it is better to try and do it myself online or at some investment firm?

 

[Alec Baldwin]

Just cause you have the money for a 6 or 8 cylinder high maintenance car doesnt mean you can afford it. Better to buy a nice 4 cylinder econobox thats reliable and still looks good. I'm talking about a honda civic si, a 4 cylinder nissan altima, honda accord etc.

THis x one hunnin trillion. I did this at first and caught a MAJOR L. Havin a v8 as a broke college student is literally the dumbest shyt you could ever do.

I learned my lesson tho


Dope thread tho

 

[LeVraiPapi]

Saving money is simple, its just discipline at the end of the day. Investing might seem like a daunting task, make sure you save a good 10K to do so...chances are your bank teller will stop you when you reach that number to talk to one of their analysts...thats when they stopped me.

Food? Buy whole chicken and cut it up to save on the $ spent per pound.

Cellphone? Cut the fukking contract, BUY your own phone at full price and go to simple mobile/straight talk.

Trade your car for a hybrid/electric

Cut your cable tv bill and subscribe to services like Netflix/Hulu/Sports online.

Switch to cfl bulbs all over the house. Open all the blinds in your home and leave them up permanently (probably not a good idea in the hood)

Set the central A/C a little higher every week, you do NOT need it to be 65 inside all the damn time (76 is comfortable for me in the summer, 69 in the winter)

Have a problem always having to go to an ATM and paying fees? Consider opening an Ally Bank account so you never have to pay those annoying ass "convenience" fees.

Buy a laptop with long battery life. HP has a laptop that will run 30+ hours on a single charge, that can help with your electric bill as well.

Flip hot items if you have spare time. I have made BANK when fire sales pop up.

Consider moving if you have a tough time making ends meet. I will pose the same question to you all as I do to people back home who refuse to adapt. What is the point of living in an expensive ass city when all the amenities and entertainment is not available to you given your financial situation? The venues have bills to pay and they are not letting you in for free. Move out to a smaller suburban area...use your vacation time (with the money you will be able to save) and enjoy all the venues wherever you want to go.

BoA already told me about investing and they say they have lotta offers for me to help rebuild my credit, but I still feel like my money is not managed right. I m letting my wife handle all that now though. I have things I bought I only used once. I m bad with money.

My credit got me stressed out cuz my school loans dropped me.

Best way to build credit ? Should I pay one of those agencies to repair it ?

Best way to buy a used car ? Best deal for around 300-400/ month .


Appreciate all advice

 

[Liquid]

BoA already told me about investing and they say they have lotta offers for me to help rebuild my credit, but I still feel like my money is not managed right. I m letting my wife handle all that now though. I have things I bought I only used once. I m bad with money.

My credit got me stressed out cuz my school loans dropped me.

Best way to build credit ? Should I pay one of those agencies to repair it ?

Best way to buy a used car ? Best deal for around 300-400/ month .


Appreciate all advice

when was the last time you viewed your credit report? Pay anything small off immediately if they are less than 4 years old. ALWAYS negotiate...remember they are in a position to offer you a deal because SOME MONEY > NO MONEY. Do not fall for the trap of monthly payments if they are not offering you a deal. Most of the time you might be able to get off for about half the price. Yeah it will show settled for a certain amount, but it will still help your score.

Remember, shyt drops off after 7 years so if a couple of items are close to that age...just let them go off. Student loans never go off...you have to pay that shyt.

fukk leasing a used car if you have bad credit. Just save up or use your refund money. Car dealerships need to get rid of inventory near the end of the year and can get some steals if you shop around. 5K should net you something good, plus remember...if the car is paid off in full you don't need full insurance...you can get by with Liability if you are not a dumbfukk on the road.

As far as your question about credit repair services...only if you owe some absurd amount like 100K (outside of student loans that is)

 

[Liquid]

How behind are you on your student loans? Did you default? I would talk to them and make the minimum payments for 6 months to get you in good standing. After you are in good standing they will offer extensions.

You only need a credit score in the 500s to get a couple of credit cards.