phcitywarrior

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I don't do this either

I guess this works if you can make significant returns to your money in a short amount of time and you can get the money back with no penalty. I’m guessing you’d take your rent money, invest it elsewhere for a short term gain before paying the bill?
 

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I don't. I also never set a savings goal. I may have to look into it. How much of that 5k you spend or plan to spend?


I don't do this either. I can see how it could be helpful to some. Personally, I couldn't see myself doing this unless it was an account that charges interest, like loan/mortgage. I like to think I make money off my money and paying bills early will cut into what I could make. It's probably not even pennies made though, lol. I got my Electricity bill like 3/29, I set up my bill Pay from my bank to process the very last day, which is today, 4/23 lol.
That money would be used to build my emergency fund, fund any future investments

As far as the bill paying part i charge everything to my credit card.
 

Skillz

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I guess this works if you can make significant returns to your money in a short amount of time and you can get the money back with no penalty. I’m guessing you’d take your rent money, invest it elsewhere for a short term gain before paying the bill?
I wouldn’t call it significant. Like in my previous post it’s probably pennies. I also pay my rent the very last day.

That money would be used to build my emergency fund, fund any future investments

As far as the bill paying part i charge everything to my credit card.
I mean after u save the 5k. how much are you spending for your reward? I can’t pay my electricity bill with a credit card without a fee. The cash back/points doesn’t outweigh the fee.
 

phcitywarrior

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I wouldn’t call it significant. Like in my previous post it’s probably pennies. I also pay my rent the very last day.

Gotcha. Yea, I used to pay my rent/bills on the last day due but I found I ran into serious cash flow issues. I'd have a paycheck where I'd be "flush" because the bills aren't due, but then my the time the bills are due most of my 2nd paycheck was depleted. Really affected my social life as I'd be holed up in the house because I didn't want to spend money :russ:.

It was my uncle that told me just pay half of everything in advance to balance your cash flow. My landlord is cool in that I can pay him half in advance, then the remaining half the first of the month. My phone bill allows you to maintain a balance, as do my utilities.

I really think people underestimate the power of financial freedom and peace. :whew:
 

OfTheCross

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If you really want to see where your money is going, those apps like Mint aren't granular enough. What you need to do is create an excel spreadsheet and record each and every thing you spend money on. Save every receipt and when you get home record each line item, the quantity, and the price. Categorize things appropriately. Do this for a few months and you'll get a very good picture of your expenses.

I manage my money by depositing my entire check into my high yield savings account. Depending on where I am in the pay period (I get paid biweekly) determines how I use it. Check on the first I automatically subtract 10% gross monthly from the amount and use that as my disposable income. From there I subtract student loans since I pay directly out of there. Then I calculate my utilities and non-rent bills, food budget, and a few bucks of free spending cash and transfer out that amount to my checking. My check on the 15th goes only to rent. I touch the remainder of the if and only if my checking goes dry due to unforseen expenses, but if I did my earlier calculation right, this won't happen. I've been able to save over 10% this way and not miss that money.

I do my grocery shopping for the entire month in one go. This eats up 100-150 of my budget but I usually have some stuff left over when I go again the next month. I try to minimize eating out too 2-3 times per week max, but obviously not eating out at all is preferable.

I disagree outright.

I've had Mint for many years and it can be as granular and have as many categories as you'd like. Best of all, once you set the rule everything is automated.

The only transactions you have to enter manually are those made with cash.
 

Skillz

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^Defintely bro. I’m working towards financial freedom. If I buckle down I can see myself done with jobs by early 40s. But I plan to replace my job with a business and work for myself.

I have had sooo many convos where I realized a lot of people are pretty fukked financially.

Having a lil buffer in my income/expenses has allowed me to make more money. Granted me more freedom to move when & where I want. Quit jobs with no regards. (Probably not the best, but hey). The freedom is priceless bro.

SN: I always see people say school ain’t prepare us for finances. I don’t think I’d take that shyt serious back then. Imma post a post from reddit with some folks agreeing. And a survey saying it helps. What do you guys think?
 

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I wouldn’t call it significant. Like in my previous post it’s probably pennies. I also pay my rent the very last day.


I mean after u save the 5k. how much are you spending for your reward? I can’t pay my electricity bill with a credit card without a fee. The cash back/points doesn’t outweigh the fee.
Well the amount i would normally put away every month i would use it for whatever. Then after that repeat the process to save up another 5 racks.

I have a side job so saving 5 racks is something i can do every 2 and half months
 

OfTheCross

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Great thread. Past few years i’ve become complacent and been bullshytting with my money so the other day i decide to make a little breakdown of all my expenses so i know exactly how much i should be saving a month, which is as follows:

(Net income)$3,268-$2,367(monthly expense)=$901(savings)


Food & Misc

$500

Tolls

$255

Car payment

$223

Dog

$207

Phone bill

$174

Car insurance

$170

Furniture

$118

PSEG

$115

Water

$100

School loans

$99

Mortgage

$93

Haircut

$72

Verizon

$68

Vivint

$67

Netflix

$15

Google play

$14

Amazon Prime

$11

Xbox

$10

Microsoft Office

$7

Apple storage

$1


4/18/19-5/16/19: $298/$500 left





$551 to pay off equipment for Vivint(saves $12)


$100 to pay off Apple Watch saves $27

$625 to pay of iPhone saves $31

$2458 to pay off furniture saves $118

$7838 to pay off auto loan saves $223

Right now I’m focused on building at least 6 months emergency. Once i do that I’m gonna go full force in attacking my debt. My ultimate goal is to be able to save close to 50%-70% of my income

I got a two family so my tenants pay majority of my mortgage

Ah...I quoted to ask about your mortgage as well...

My tenants pay for mine too but you should still list the full amount. It's an expense in your name. If you count their income you should count your full expense.
 

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Ah...I quoted to ask about your mortgage as well...

My tenants pay for mine too but you should still list the full amount. It's an expense in your name. If you count their income you should count your full expense.
You’re absolutely right bro
 

Obreh Winfrey

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I disagree outright.

I've had Mint for many years and it can be as granular and have as many categories as you'd like. Best of all, once you set the rule everything is automated.

The only transactions you have to enter manually are those made with cash.
I'm talking on the individual item level, particularly when grocery shopping or buying gas. Back when I was doing this, I could gem you how much I spent on chicken breast, what quantities, and the price fluctuations month to month.
 

Rawtid

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Gotcha. Yea, I used to pay my rent/bills on the last day due but I found I ran into serious cash flow issues. I'd have a paycheck where I'd be "flush" because the bills aren't due, but then my the time the bills are due most of my 2nd paycheck was depleted. Really affected my social life as I'd be holed up in the house because I didn't want to spend money :russ:.

It was my uncle that told me just pay half of everything in advance to balance your cash flow. My landlord is cool in that I can pay him half in advance, then the remaining half the first of the month. My phone bill allows you to maintain a balance, as do my utilities.

I really think people underestimate the power of financial freedom and peace. :whew:

Why can't you just set half aside and pay everything at once when you get the second half?
 

phcitywarrior

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Why can't you just set half aside and pay everything at once when you get the second half?

Just habit forming behaviour. I just like to get the money out my hands, he’s also cool with it as well. If I leave the money idle I might start thinking about what that DC Happy Hour scene like :mjgrin:
 

Rawtid

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Just habit forming behaviour. I just like to get the money out my hands, he’s also cool with it as well. If I leave the money idle I might start thinking about what that DC Happy Hour scene like :mjgrin:
:russ: I totally understand. I'm like that with my savings :mjcry: I had to put the money in a CD so I couldn't touch it.
 

greenvale

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If possible try to set your thermostat on a schedule. For example say you're usually out of the crib from 8-6 due to work M-F, have it set to off that way you're not wasting any $$ to heat/cool your home. Upgrade to a nest if possible the savings due to the adaptation to your habits is :ohlawd:

A personal trick I use to curb instant gratification is if I'm gonna buy something >$100 I wait a day per $100. I.e. if it costs 1k, I'm waiting 10 days before I purchase to see if the want will die or not. Obviously adjust to your own threshold but this has saved me from wasting bread on mad shyt
 

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If possible try to set your thermostat on a schedule. For example say you're usually out of the crib from 8-6 due to work M-F, have it set to off that way you're not wasting any $$ to heat/cool your home. Upgrade to a nest if possible the savings due to the adaptation to your habits is :ohlawd:

A personal trick I use to curb instant gratification is if I'm gonna buy something >$100 I wait a day per $100. I.e. if it costs 1k, I'm waiting 10 days before I purchase to see if the want will die or not. Obviously adjust to your own threshold but this has saved me from wasting bread on mad shyt
How much the the purchase and installation cost you bro? I have Vivint home system, i’ll probably implement that in my home security system
 
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