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

antidope said:
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.
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This.

Came here to post the same thing. Youll really see where every last cent is going when you first start this. I know it hit me like "damn i really spend X amount per month on____?!?!"

Top Boy said:
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%
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I kinda agree. Its good to invest and have your money make you money. I started investing (stock market, cryptocurrency) several yrs ago. Been great, but you also wanna have some money tucked away for a rainy day. You never know what may happen (god forbid)
 
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Not my pic
 
At the end of the day the best way to save money is to make more money. Don't make excuses why you can't make more money. If you only have one job get another one and pay off debt or find a hustle of your own. When debts are paid. Don't take on new debt. Buy quality when you splurge so that you can can buy it once and be done.
 
25% of my check goes to my savings every week. Give myself $50 a week to spend outside of my transportation.
 
Use cash as much as you can, it’s a lot easier to swipe a card than to spend cash.

Also, I’ll add that while it’s important to save, especially when you’re young, make sure you enjoy the money you make while you can. Plenty of people out here have lots of money in the back but still live boring/unfulfilling lives. It’s a fine balance.
 
the best way to save is to reduce your living expenses and food/drink ...

live at home, get roomates, etc... that is the key or just not live in a place where 50% of your paycheck goes
cooking, not eating out much ...

do those 2 things and you're well on your way
 
Chiron said:
At the end of the day the best way to save money is to make more money. Don't make excuses why you can't make more money. If you only have one job get another one and pay off debt or find a hustle of your own. When debts are paid. Don't take on new debt. Buy quality when you splurge so that you can can buy it once and be done.
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You say find another job as if it's simple and you can endure it physically/mentally. My field is very demanding. After my week, I'm done. I'm looking to invest in mutual funds and ETFs to make my savings work for me.
 
Setting up your bank account so it automatically transfers a set % from your checking to savings account on pay day also helps.
 
When I get home from work, I immediately change my clothes so I don’t have to leave the house.
85% of the time you leave the house, you spending.
Trying to discipline online spending though :/
 
Also in my personal opinion you should be paying off all debt first and foremost before you start aggressively saving. Return in the market and on your cash savings is a variable number but that debt is constant and odds are if isn't cheap. Anything above 3.5% to me isn't cheap debt. Not worth carrying it.
 
I have a decent paying job, and live at home so I save the majority of my checks. Hoping to put a down payment on a house next year
 
I can only keep track of money when i need to save for something expensive :lol: i end up just taking 200 from the check and rest in in the bank.
If not i just spend it like what ever because i couldnt growing up
 
isco said:
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
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Yeah but you get alot of yambs and material things
 
just dont spend money. be frugal. it doesnt matter how much you are earning. a person who earns $500/month but saves as much as he can, is better than a person who earns 1M/month that spends it all. every amount you spend foolishly could have been money saved.
 
- Eliminate all loans minus mortgage (very few pay it off early)
- Take advantage of employer's savings plan like a 401k.
- Avoid large, frivolous purchases
 
dirty said:
I can only keep track of money when i need to save for something expensive :lol: i end up just taking 200 from the check and rest in in the bank.
If not i just spend it like what ever because i couldnt growing up
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Came up the exact same way and you should have grown out of this within the first 6 months of making 'real money.'

Started making real money very early and bought a new whip after 5 months on the job, it was unnecessary and the car I was replacing still runs fine.

It's easily one of my biggest regrets being saddled with a $300+ note and $200+ insurance every month just to feel like I was flexing on people.

When it comes to anything over $75 at this point I always think to ask myself, can I afford it? Yes. Do I need it? 90% of the time, no.

before someone asks why my insurance is so high im still in my early 20s I like to drive over the speed limit at all times and have multiple speeding tickets on my record no accidents tho
 
I just bought a a car also and I was feeling a bit of buyers remorse but this is the first non hoopty I've owned and with the way I took care of those this one should last me into the foreseeable future.
 
Create a budget on a spreadsheet. Bills, Spending (food, gas, clothes, entertainment, etc) , debt paydown, saving, investing, etc. Most jobs allow up to 6 different accounts for direct deposit, use them to automatically allocate your funds.
Once you get your first check create the budget hen set up the direct deposit with the allocations. Money allocation on auto pilot.
 
beezygotsole said:
Create a budget on a spreadsheet. Bills, Spending (food, gas, clothes, entertainment, etc) , debt paydown, saving, investing, etc. Most jobs allow up to 6 different accounts for direct deposit, use them to automatically allocate your funds.
Once you get your first check create the budget hen set up the direct deposit with the allocations. Money allocation on auto pilot.
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i need to do something like this.
at the end of the month im finna print my statements and breakd own where everything went.
 
Zero Based budget every month for 12 months.

track every dollar & give every dollar a name before the month begins.

Keep an emergency fund (liquid) of 3-6 months of expenses on ICE at all times.
 
I don't even touch my paychecks. I could be unemployed for a year and it wouldn't effect me.

Don't spend money on stupid things trying to impress people.

Keep and maintain a good credit score. Having good credit, you actually pay less for things like insurance
 
Top Boy said:
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%
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What mutual funds are you seeing 9% returns?
 
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