Managing money

ParalyticPoison · 2019-08-14T17:07:09+00:00

[deleted]

CSM_Pepper · 2019-08-14T16:55:04+00:00

Open a Roth IRA, fund it with a set amount automatically, and read The Richest Man in Babylon.

Krazyrobus · 2019-08-14T17:14:02+00:00

First step to any finance management is to understand where your spending is going. Keep a log, there are apps that can track your spending, track your spending for a month or 2.

Once you have established your spending habits, see where you can make small minuscule changes. For examples, if you smoke a pack of cigarettes (20) a day, then maybe cut down to 15 a day. If you keep buying games, resolve to finish one before you buy the next one. Or perhaps don't buy games brand new, wait 6 months or so until you buy it.

Make sure there are small changes, any big changes and you will relapse.

Finally, with the money you save, pay off your debt if you have any, after that you should start looking at places to put it where it is not easily touchable, but first, build up 6 months worth of expenses into an emergency fund, after that, invest the rest into investment vehicles that are not easy to access.

Ultimately, only you can control you, I can give you finance advice till i am blue in the face but unless you take ownership, you will just remain where you are.

civcinco · 2019-08-14T17:16:38+00:00

Your last sentence cancelled out all of what you wrote before! You're way ahead of most people in the US.

What you're doing now is pretty cool. But eat at nicer places get a real steak every once in a while. Don't buy cheap clothes. Save up for a couple of months and buy a nice pair of shoes another couple of months and a nice pair of pants. Etc treat yourself. You'll have less clothes but higher quality that will last. Longer and you'll look and feel great

First goal is savings start a Roth IRA it's 5500. Set up an account and fund per pay check you won't even feel the difference. Next up is 401k if you have one get at least the employer matching part.

Next set a goal. A house is a worthy goal. Save up monthly for a down payment. Traveling is also very cool. Take 2 trips a year save up 2k for each.

I have no debt max out my savings own my house outright and travel. It's a good life.

roxon89 · 2019-08-14T18:38:28+00:00

If you have no debt, you’re already waaaaaay ahead of most people.

You should put aside 15 percent of your salary in a retirement account, 10 percent in a liquid savings account for emergencies and then have fun with the rest.

pilaf22 · 2019-08-14T17:48:21+00:00

definitely the first step to take would be to list every penny spent for a few weeks/one paycheck cycle and see where/how deductions could be made. Start small and over time you’ll be surprised at how much the “change” accounted for!

iseehot · 2019-08-14T18:35:22+00:00

Pay only in cash.

Scorpiontail · 2019-08-14T19:10:08+00:00

Constantly challenge yourself to find ways to spend less. (I used to waste money on buying lunch at work. Now I take my lunch every day. LITTLE expenses add up.)

Require yourself to pay off any credit cards EVERY month.

The rule of seven: Never make a purchase over your daily (net) pay without waiting seven days; Over your weekly pay? Wait seven weeks; Over your monthly pay? Seven months; etc.

PLAN all your expenses, don't let yourself get played by all the "good deals" that you see. Compare prices carefully and thoroughly before you buy anything.

Carry your weekly allowance in your wallet. When it's gone, you are done spending money for the week.

Track ALL your expenses, to the penny. Figure our what triggers your impulse spending and AVOID that situation.

Good luck!

Nitr0vert · 2019-08-14T16:52:53+00:00

Commenting just to say I'm in the exact same boat! Any advice would be absolutely great.

Anshumansri · 2019-08-16T19:39:12+00:00

have a savings goal in mind. And always pay yourself first. I have setup my accounts to withdraw 400$ for my retirement fund at the start of every month

ThawtNot · 2019-08-14T23:31:05+00:00

I don't jive with the religious sentiment any more but I found Dave Ramsey's Total Money Makeover very helpful when I was not as good with my money as I am today. The seven baby steps contain so much good guidance.

teatdip102 · 2019-08-14T17:42:54+00:00

https://www.reddit.com/r/MGTOW/comments/abqnyw/how_to_win_at_life_a_financial_guide_for_true/?st=JQF9OHVS&sh=2302b013

Not my post

Title	Managing money
Author	ToshinRaiizen
Upvotes	15
Comments	15
Date	August 14, 2019 4:48 PM UTC (6 years ago)
Subreddit	Posted in /r/MGTOW
Original Link	https://old.reddit.com/r/MGTOW/comments/cqcc4b/managing_money/
Archive Link	https://theredarchive.com/r/MGTOW/managing-money.409938 https://theredarchive.com/post/409938

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