Official Personal Finance/Home Economics Thread

[Silkk]

I gotta stop booking first class flights . But now that's out of the way, nothing else for me to spend on this year and into next. Just gotta keep on collecting a paycheck now.

If you aren't intentional with your finances in the US then you can get caught up very quickly.

If you can’t 100% get rid of those frivolous eating expenses I’d look into getting a card that gives rewards for dining out such as a chase sapphire. At least there’s some value there

Nice budget planner from the Canadian Govt. Should be useful for people who dont like excel/google sheets

Mint has been fukking up for MONTHS and im sick of it, Been missing out shyt being due because of their dumbasses.

Anybody have any alternative bill management apps?

 

[Panther]

Mint has been fukking up for MONTHS and im sick of it, Been missing out shyt being due because of their dumbasses.

Anybody have any alternative bill management apps?

i dont personally use any but this list might be helpful
The 8 Best Personal Finance Apps of 2020

 

[phcitywarrior]

I try to make a lot of my big purchases/commitments early on kn the year so I can adjust accordingly for the rest of the year. By Q1 I should have a new baseline to plan my finances for the rest of the year.

 

[cartierhoe]

Thread bookmarked

 

[Silkk]

fukk Mint

 

[the cac mamba]

anyone refinance in here? my friends mortgage went down like 300 a month

 

[UberEatsDriver]

I'll start with a few that should be common knowledge.

1. Set a monthly budget for everything you plan on doing with your money. Look at budgeting as what you plan on telling your money to do (save, invest, spend on shoes, donate etc). Try to do this monthly because the financial demands differ from month to month

2. In 2019, there is no reason why you shouldn't have at least 2 bank accounts (at different banks at that). The reason some people struggle to save is they have no savings mechanism. I advocate getting an online savings account with Ally. Have a portion of your paycheck deposited directly to your savings account. Then the rest to you checking account(s). Out of sight, out of mind.

3. Pay yourself before you pay your bills. Something is better than nothing.

Bout to open an online savings with Varo today actually

 

[UberEatsDriver]

I don’t put a lot of thought in budgeting. I somehow have am good skills in not spending lots of money. Also I’m a minimalist. I can’t see myself doing groceries in one shot for an entire month. I do it weekly.

I also put gas in my car with my TD card to keep my credit active since I hate using credit cards all together

 

[winb83]

I don’t put a lot of thought in budgeting. I somehow have am good skills in not spending lots of money. Also I’m a minimalist. I can’t see myself doing groceries in one shot for an entire month. I do it weekly.

I also put gas in my car with my TD card to keep my credit active since I hate using credit cards all together

I tried budgeting and failed at it. I think I'll try again in June. My deal is I save what I save upfront and blow the rest. I'm currently saving at least 30% of my take home pay minimum each month. The rest I spend on bills or irresponsibly, some of that spend includes investing though which I don't count in that 30% savings. I live off 1 paycheck a month and that second check is basically savings and disposable income. I'm not great with money but I'm cheap. I blow money on things I like but if I don't care about something I don't. I think if I was frugal I could live off about 40% of what I make and save most of the rest.

 

[phcitywarrior]

I tried budgeting and failed at it. I think I'll try again in June. My deal is I save what I save upfront and blow the rest. I'm currently saving at least 30% of my take home pay minimum each month. The rest I spend on bills or irresponsibly, some of that spend includes investing though which I don't count in that 30% savings. I live off 1 paycheck a month and that second check is basically savings and disposable income. I'm not great with money but I'm cheap. I blow money on things I like but if I don't care about something I don't. I think if I was frugal I could live off about 40% of what I make and save most of the rest.

Damn. Forget about my own thread lol.

I'm trying to approach budgeting differently. I'm trying to look at it as directing where I'm sending my money. Kinda like with Corporate Accounting. If I'm not specific then its easy to colour out of the lines.

 

[phcitywarrior]

Lowkey, this quarantine has been amazing from a financial standpoint. Been able to aggressively payoff my car while also trimming expenses and upping my savings rate.

I even rebalanced my 401k as well.

 

[phcitywarrior]

Saw this post in another thread and I think it'd be worth sharing here. It's a good way to look at organizing your finances/savings.

 

[winb83]

Lowkey, this quarantine has been amazing from a financial standpoint. Been able to aggressively payoff my car while also trimming expenses and upping my savings rate.

I even rebalanced my 401k as well.

Been the opposite for me. I been buying a lot of stuff. I just stopped buying stuff this month and I'm focused on paying it down. It doesn't help that I handicap myself by taking 30% of my take home pay and saving it. My savings has grown but my debt has exploded. I went from no credit card debt to well over $4500. It's sitting on 0% interest for a year credit cards so it's not so bad.

 

[phcitywarrior]

Been the opposite for me. I been buying a lot of stuff. I just stopped buying stuff this month and I'm focused on paying it down. It doesn't help that I handicap myself by taking 30% of my take home pay and saving it. My savings has grown but my debt has exploded. I went from no credit card debt to well over $4500. It's sitting on 0% interest for a year credit cards so it's not so bad.

I know that sucks.

What got you buying stuff in the first place? Boredom or actual need?

 

[winb83]

I know that sucks.

What got you buying stuff in the first place? Boredom or actual need?

Covid-19 boredom. I quit spending money on fast food and eating out and seem to have shifter to buying consumer goods. Dumb stuff like I bought 2 Sonos Arc soundbars. They sound great but I didn't need them. A 2nd OLED TV. I'm about to pay all this stuff off quick because new phones and consoles will be out late this year.

I actually have a savings for the consoles though. $450 saved so far. Don't ask me why that $450 is in a savings account and not paying on that debt.