NT how do you manage and save your money? Vol. Making money but still broke

[MakeNTGreatAgain]

Can we share how we transition into a job making real money and manage that money to save?
What tools do u use besides discipline?
How do you tackle your debt? All at once or create rainy day fund then tackle debt?
How do u manage to not spend money on women?


I started by packing lunch to work.

 

[htg designs]

Discipline

 

[slighted]

I try to save 50% of my paychecks.

My hobbies aren't too expensive either, so that's helpful.

 

[antidope]

Create a budget. I keep one in excel and track every dollar I make and spend.

Set financial goals at the beginning of the year.

 

[6 Rings G.O.A.T.]

It depends on how much money you'e making..

 

[Jimmy Two Times]

Can we share how we transition into a job making real money and manage that money to save?
What tools do u use besides discipline?
How do you tackle your debt? All at once or create rainy day fund then tackle debt?
How do u manage to not spend money on women?


I started by packing lunch to work.

Sorry to say but it has alot to do with discipline. Just start tucking it away. Once you do it for awhile it can be addicting. That's what happened for me. And don't have kids.

For spending money on things like like women it depends what you make. If you're broke and have a loyal girlfriend than i would take her out once a month and throw a burger down her throat. Buy her some perfume on her birthday and maybe a some shoes on Christmas.

 

[heatpinoyboy]

Create a budget. I keep one in excel and track every dollar I make and spend.

Set financial goals at the beginning of the year.

Swear by this. Sounds extra at first but when you starting keeping track of your spending it'll help you keep your habit accountable + set realistic expectations. Having everything in your head sounds good but when you start trying to add a lot of misc expenses (haircut, dinners out, drinks, etc) on top of major expenses (car note, rent, insurance) things can get skewed and you risk losing track.

 

[Belgium]

Well it really is mostly discipline. As others have said, a great starting step is to track each and every single dollar you have spent in a month and build a budget. Preferably in an Excel spreadsheet.
Look through all of those expenses and you will likely come across quite a few things that really aren't necessary when you think about it. Scrap whatever you deem unnecessary and work on a budget based on the data you've acquired. You should also take into account expenses that aren't necessarily monthly expenses and make sure you plan ahead for them. Then just continue tracking your expenses and try to stay within the budget you determined. Adjust if necessary. You should also dedicate a portion of your monthly income to transfer into a savings account. The amount would depend on your income and your expenses of course. Then it's just a matter of staying focused on that weekly or monthly savings goal.
The only time I ever use cash is for for drinks at the bar, I use my debit card for everything else. This makes it easier for me to track all my expenses.

 

[flaminhotcheeto]

Budget, have % go directly into a 401k with company matching. And something we do to save for "adventures" is put whatever dollars/change that's in our pockets at the end of the day into a jar. You'd be surprised how fast that adds up

 

[sooperhooper]

I obliterated my budget last month. eating out, going out/alcohol were my biggest vices. I've got to stay on track better this month.

 

[RIP sleazyy]

Discipline, budget, savings account, challenge yourself to save certain amounts from every pay period.

I take a percentage of cash from every pay period to stash, a percentage transferred to savings, and a percentage for fun money.

How do u manage to not spend money on women?

Women who have their own money >>>>>>>>>>>>>>

 

[4one5]

Start automating so you don’t see the money when payday comes.

 

[calibeebee]

Currently I'm working too much to spend any of
My money. So that helps. Working 70+ hours a week, I don't even have time to eat out usually.

So I would say, staying busy with non-expensive hobbies is a good way to save money. When I'm bored, I find I spend moolah to be entertained

 

[Brownstone]

Start automating so you don’t see the money when payday comes.

Really the only trick that works to be honest. Spending cash eh, budgeting ok. But really at the end of the day you just have to make more money in my opinion. Saving money became really easy once I started making decent money.

I do rarely buy lunch while at work, and that probably saves me 50$ a week, but do I save that? If I am being honest with myself I spend that on travel etc....I find that what differentiates the poor from the wealthy isn't really spending habits per se, if you make more you spend more. It really is what they spend their money on.

Travel, education, expensive clothing that lasts (heritage brands not high fashion ones), houses (not cars), and hobbies to name a few.

 

[6 Rings G.O.A.T.]

Budget, have % go directly into a 401k with company matching. And something we do to save for "adventures" is put whatever dollars/change that's in our pockets at the end of the day into a jar. You'd be surprised how fast that adds up

I got a full jar of coins right now..

 

[kicks2024]

Depends on what you make and your obligations. Takes discipline but if you dont make a lot more than you have to pay or owe you wont get anywhere

 

[nazdrowie]

i dont go out, and also dont allow myself to spend more money allocated in a certain account...budgeting is too hard though

 

[Top Boy]

Easy once you realize all the things worth having require a nice chunk of change.

I NEED to pay off my student loans, so that gives me more then enough incentive to stock away a majority of each check.
I NEED to own land and have a house, so that gives me more then enough incentive to stock away a majority of each check.

It's about living below your means and making smart decisions, in terms of women it's about bossing up and realizing if she's got you out here spending your last your goals and her goals aren't aligned.
And if you're spending your last on a chick you're not dating slap yourself back into reality.

Build your credit, stand your ground, live below your means, then flourish forever. It really is that simple. I don't even budget, I just try to spend my money as sparingly as possible while maintaining a standard of living im comfortable with.

 

[fac3 tak30v312]

Cook. Grocery shopping. Give myself a weekly allowance. Try to eat out no more than 1x a week if I'm working a regular 40. 2x if doing OT. Go to friends house (they don't really club), buy a bottle take to friends'
Usually don't spend that much out of weekly allowance.
Add that to going out money. Rent was 1 weeks paycheck, car note+insurance+gas was 1 weeks paycheck, other bills was 1 weeks paycheck.
Usually I would have ~1 weeks check to pocket.... this was when I was steadily working

 

[jthagreat]

Treat saving money like its a bill.

Every paycheck, I have an auto transaction that sends $xxx to my savings. That way I physically don't have to remember to do it.

*the savings account is not connected to my checking account either.

 

[Top Boy]

And don't keep a savings account either. Put that money to work for you in the market.

There is absolutely 0 reason to keep your savings held in a bank making 0.01% interest when you can throw it in a mutual and see returns of 4-9%

 

[antidope]

And don't keep a savings account either. Put that money to work for you in the market.

There is absolutely 0 reason to keep your savings held in a bank making 0.01% interest when you can throw it in a mutual and see returns of 4-9%

I agree to a degree. The bulk of my money is in the market I'm very anti cash. But I understand the market and what the risks of investing are, can't say that's the case for most other people. As much as I'm anti cash I carry an emergency fund of a set amount for peace of mind.

Also you can easily find a cash instrument that pays over 1.00% these days. GS Bank and the other online savings banks are paying 1.2-1.3% and you have short duration mutual funds that are yielding above 1.00% as well.

Not feasible for most sadly but I'm also a huge proponent of maxing out your 401k. 401k - IRA - Taxable account is my investing waterfall.

 

[Nereyda Vuelve Por Dios]

I don't know how people, especially young people in New York eat out every meal every day and expect to save.

When I used to live with moms I stayed saving Guap becuase I paid less rent and she made me breakfast and lunch everyday.

Try to cook own meals
Pay off debt as fast as you can
Cut back on spending for clothes
Public transport when possible.
Lives with parents- would be number one but NT seem to hate there home life when growing up.

 

[jewelknows]

speaking of tracking your expenses, aside from excel, anyone use any other ones specifically for MacOS iOS?

 

[isco]

Pretend u don't have it

Spend only on the essentials

If ur gonna treat urself..make sure u are able to and it's warranted

U will not get rich by spending