Personal Finance Gems

[winb83]

Anybody have any good ones to share?

The best one I have is to automate as many as your finances as you can. My rent is direct deposited from my job into a checking account used only for it. I have my paycheck go to 5 separate checking accounts 4 are either savings or bill payment and 1 is spending.

After doing this my one spending account started building a surplus of money from the months I didn't spend all that money and now I have 2 paychecks worth of money as a buffer in it. I know it's dumb to have a decent amount of money sitting in a checking account but I kinda have to due to the automation because some credit cards still pull from that account.

All my bills that are able to are on credit cards and all my credit cards are on auto-pay. Most of my fixed bills are on my Citi Double Cash. That's all I use it for and the bill pays in full each month from a checking account.

I don't have a written budget nor do I really track my spending. I just automate and live under my means.

 

[Chief]

Live beneath your means

 

[⠀X ⠀]

Make more money

 

[MikelArteta]

Enjoy life and let the future worry about the future.

 

[Killigraphy]

One credit card, one debit. That's it.

Yes, banks insure you if your CC gets lost, but a debit keeps you in check, least you start making dumb purchases. Before I had an accountant, I had only one debit card. And it kept my dumb/young ass from snatching up debt. Its very vital even today. Plus I carry cash on hand, just like keeping it old school.

Buy cheap - buy in bulk. There's no excuse these days to go hungry and or spend so much on restaurants. One should also know how to cook a myriad of things.

Don't buy a car if you're young. That's asking for crippling debt. If you live in a major city. Trains and bikes are your best friend. Here in NYC it just makes sense. I don't have to look 2 hours for parking.

If you're gonna buy jewelry for whatever reason, only buy gold. Diamonds are intrinsically worthless, you'll get a better mark down price for gold.

 

[dtownreppin214]

personalcapital.com

I have all my checking, savings, credit cards, IRAs, 401k, crypto, taxable accounts, bills linked to that app. Hell I even have my venmo and PayPal linked to it. Best finance tracking app out there IMO.

 

[Remote]

Make more money

 

[Labadi_Mantse]

Make more money

As simple as this sounds, it’s low key one of the biggest wealth and PF gems. No matter how diligent and mindful you are of budgeting your expenses, coupled with inflation, your ability to save will always be capped by the cost to live. For example, a paid off house will significantly reduce your monthly outlay but still cost in terms of property tax and maintenance then there are the obvious essentials like food, water etc. You can only go so far in reducing your expenses. They will never be zero. However, if one is truly innovative and dedicated enough, there is almost no cap on the sources or amount of income you can create. Focus on income generation through multiple streams above all else.

 

[Youhadasparkwhenustarted]

Make more money

 

[SupremexKing]

As simple as this sounds, it’s low key one of the biggest wealth and PF gems. No matter how diligent and mindful you are of budgeting your expenses, coupled with inflation, your ability to save will always be capped by the cost to live. For example, a paid off house will significantly reduce your monthly outlay but still cost in terms of property tax and maintenance then there are the obvious essentials like food, water etc. You can only go so far in reducing your expenses. They will never be zero. However, if one is truly innovative and dedicated enough, there is almost no cap on the sources or amount of income you can create. Focus on income generation through multiple streams above all else.

can you drop some ideas?

 

[BaldingSoHard]

Invest a little bit of every paycheck, forever.

 

[⠀X ⠀]

As simple as this sounds, it’s low key one of the biggest wealth and PF gems. No matter how diligent and mindful you are of budgeting your expenses, coupled with inflation, your ability to save will always be capped by the cost to live. For example, a paid off house will significantly reduce your monthly outlay but still cost in terms of property tax and maintenance then there are the obvious essentials like food, water etc. You can only go so far in reducing your expenses. They will never be zero. However, if one is truly innovative and dedicated enough, there is almost no cap on the sources or amount of income you can create. Focus on income generation through multiple streams above all else.

Exactly

 

[NatiboyB]

Pay your revolving credit lines/cards Based upon the cards statement Dates that is when the snapshot is taken and reported to the credit reporting agencies

 

[winb83]

One credit card, one debit. That's it.

I'm to the point that I get 5%-6% back on almost everything I spend. No way could I do that with a single credit card. I have 9 cards I use primarily.
Amazon Visa 5% back at Amazon
US Bank Cash+ 5% back at electronic stores (Best Buy) and on utility bills
Chase Freedom 5% back rotating categories
Discover It 5% back rotating categories
Citi Custom Cash 5% back on a category of your choice I go with dining
Amex Blue Cash Preferred 6% back on groceries and subscription services
Target Mastercard 5% back at Target
Fidelity Visa 2% back on everything
Citi Double Cash 2% back on everything

 

[Macallik86]

(This is an advanced personal finance gem, and not suited for people that don't have the basics down)

Saving means giving money to your future self. Borrowing means taking money from your future self.

If you are confident that your financial path has a high probability of making your future self wealthy, then it makes sense to borrow now as opposed to struggling in the present to invest in your future self who will already be wealthy