How do you all manage your money?

nicksaiz65

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I think I really could tighten up my money management if I'm gonna be successful. I suppose I could budget it all out in a Word Document and keep track of what I'm doing in there. How do you all manage your money?
 

nicksaiz65

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Never spend more than you can pay at the end of the month. www.Mint.com or www.PersonalCapital.com are good free options.
I agree... I think just tracking my income, spending, saving, and expenses/goals would do it. Living paycheck to paycheck is an awful idea. And on top of that even if I have a good paying job, you can still burn that money.

And just budget out money for food/fun each week. Major expenses planned in advance.

And of course, living as frugally as possible. It's be better to have a scoop of protein powder as a snack than Taco Bell, and stuff like that.

Crazy how you have to manage both your time and money instead of just letting it happen if you want to succeed
 

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RickTheToad

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I agree... I think just tracking my income, spending, saving, and expenses/goals would do it. Living paycheck to paycheck is an awful idea. And on top of that even if I have a good paying job, you can still burn that money.

And just budget out money for food/fun each week. Major expenses planned in advance.

And of course, living as frugally as possible. It's be better to have a scoop of protein powder as a snack than Taco Bell, and stuff like that.

Crazy how you have to manage both your time and money instead of just letting it happen if you want to succeed
No reason why you cannot eat like a king if you know how to cook. Buy all organic and good quality meats in bulk at Aldi, Costco, Bjs, or Sam's Club. Travel, if that's your thing with credit card points. If Bill Gates, Mark Zuckerberg, and Warren Buffett can live on a budget, so can we. Don't eat the junk like Taco Bell, McDonald's, etc. If you like Taco's, which I do, I make them at home with some great quality meat, fresh organic veggies, and fresh cheese. Delicious. I put everything on a CC and I earn tens of thousands of points per year. I think I have north of a million points with American Express, Chase and Citibank. I've switched to cash back right now. I make back around 200 bucks a month from my expenses on just every day living.

Banks pay you, you don't pay the bank. That's what Warren Buffett says.. Let's follow his advice.
 

wifehunter

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Pay yourself first:

10-20% off the top, is mine for investing, savings or rapid debt reduction.

Then the rest is bills and expenses.
 

RickTheToad

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Pay yourself first:

10-20% off the top, is mine for investing, savings or rapid debt reduction.

Then the rest is bills and expenses.
Yep.

15% should always go into savings from the top automatically. One should also have funded their Roth IRA to the max as well as participate with their employers 401k or 403b at least up to the match. Anything more is gravy.
 

Poonstra

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I keep an excel sheet with all my expenditures, including money that goes to savings an investments in one column, and the incoming in another. I use one tab per month so one excel sheet per year. Literally every cent I spend gets administrated here. At the end of the month I know exactly how much I've send on what, and how much I've got left over (which is also put to good use).

Do this for one month and you get a pretty good idea of where your money goes, and with the insight this provides it will be easy to adjust.

And I agree with RickTheToad and Wifehunter, 10-15% should go to savings/investing. Set up an emergency savings account that holds enough money to get you through 3-4 months when you get fired or something else bad happens.

I see that you are 22, so the most important asset you have for building wealth is time. I wish someone told me when I was your age.
Check out dividend investing, and set aside a set amount of money a month, something like 200-250 dollars can compound into insane amounts over time.

Some related reading suggestions: The richest man in Babylon, Rich dad poor dad.
 

Espi

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6 months' salary in liquid cash checking account. One year is even better but I'm happy with 6 months.

I realize that 401(k) is a dogshiat idea designed by politicians and the superrich to protect and empower the wealthy few. Very few know what a pension is, and very fewer have a pension. So I choose minimal contributions to my 401(k). Nothing high risk (though ALL of it involves risk). I like middle-of-the-road returns. Slow and steady wins the race...until the greedy Wallstreeters are again allowed to go unchecked and destroy the financial system like they did in 2008.
 
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stroino

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Money is a limited resource. Therefore, we have to count them. If you spend without thinking, will be empty wallets and pockets
 

Julian

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No reason why you cannot eat like a king if you know how to cook. Buy all organic and good quality meats in bulk at Aldi, Costco, Bjs, or Sam's Club. Travel, if that's your thing with credit card points. If Bill Gates, Mark Zuckerberg, and Warren Buffett can live on a budget, so can we. Don't eat the junk like Taco Bell, McDonald's, etc. If you like Taco's, which I do, I make them at home with some great quality meat, fresh organic veggies, and fresh cheese. Delicious. I put everything on a CC and I earn tens of thousands of points per year. I think I have north of a million points with American Express, Chase and Citibank. I've switched to cash back right now. I make back around 200 bucks a month from my expenses on just every day living.

Banks pay you, you don't pay the bank. That's what Warren Buffett says.. Let's follow his advice.
Haha banks pay you what planet do u live on u mean the .001 in interest they give people? Lol banks. Multinational ational conglomerates with neverending funds and resources. They don't pay you no matter how many times zionist buffet gives u some lieing advice
Lol cites the richest men in the world as if they have any semblance of being a commoner peasant at all. Their wealth is so unimaginable they arent on any budget. Just lol @ taking advice meant for a pleb from warren fkin buffet or any of those douchbags who are manipulating global markets and fking over all the regular normies.


I agree with your advice on saving and eating like a king with real whole foods but that bill gates steve bezos bull**** u should just leave that out
 

RickTheToad

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Haha banks pay you what planet do u live on u mean the .001 in interest they give people? Lol banks. Multinational ational conglomerates with neverending funds and resources. They don't pay you no matter how many times zionist buffet gives u some lieing advice
Lol cites the richest men in the world as if they have any semblance of being a commoner peasant at all. Their wealth is so unimaginable they arent on any budget. Just lol @ taking advice meant for a pleb from warren fkin buffet or any of those douchbags who are manipulating global markets and fking over all the regular normies.


I agree with your advice on saving and eating like a king with real whole foods but that bill gates steve bezos bull**** u should just leave that out
Read up on Doctorofcredit.com and the reddit churning forums. You'll find plenty of banks willing to pay you 2% -5% on your money for a little automated work. I am just a dude on a gov't salary that works with animals. If I can do it, anyone can. Then again, I am pretty frugal, don't travel much and use Groupon and living social for dates. So, take it as it may. I still get laid.

Just drop the anti-semitic BS. Neither Zuckerberg (Buddhist), Gates (Atheist) or Buffett (Atheist) are not Jewish. No reason to bring hate into this thread.
 
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Julian

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Read up on Doctorofcredit.com and the reddit churning forums. You'll find plenty of banks willing to pay you 2% -5% on your money for a little automated work. I am just a dude on a gov't salary that works with animals. If I can do it, anyone can. Then again, I am pretty frugal, don't travel much and use Groupon and living social for dates. So, take it as it may. I still get laid.

Just drop the anti-semitic BS. Neither Zuckerberg (Buddhist), Gates (Atheist) or Buffett (Atheist) are not Jewish. No reason to bring hate into this thread.

Dont need to be anti semitic to be anti zionist. Plenty of modern so called israeli jews are against zionism too
 
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RickTheToad

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Dont need to be anti semitic to be anti zionist. Plenty of modern so called israeli jews are against zionism too
Hate is not cool for any ethnicity nor religion. We're all different and have our pluses and minuses.
 

RickTheToad

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Fuk outta here with that sjw crap ill speak on what i want boy
Ignorance is bliss dude. Has nothing to do with a SJW. No reason to hate on a group that has done nothing to effect you in any way.
 

Julian

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Ignorance is bliss dude. Has nothing to do with a SJW. No reason to hate on a group that has done nothing to effect you in any way.

Lots of assumptions on your end. You dont know me dont pretend you do. Whats wrong with hate? You dont hate child molesters, thieves, or people who abuse old folks? I think hates fine when its not undue, or for stupid reason like “durrr ur skinz not the sames as mines i hate u! Type of bs.

What i can also tell you is I think its absurd to compare the elite of the elites lifestyle to your common man. Its stupid actually. Lets figure out where you think that type of comparison applies. You literally said “hey if multibillionaires can live on a food budget then so can you!” Who are you shilling for?
 

RickTheToad

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Lots of assumptions on your end. You dont know me dont pretend you do. Whats wrong with hate? You dont hate child molesters, thieves, or people who abuse old folks? I think hates fine when its not undue, or for stupid reason like “durrr ur skinz not the sames as mines i hate u! Type of bs.

What i can also tell you is I think its absurd to compare the elite of the elites lifestyle to your common man. Its stupid actually. Lets figure out where you think that type of comparison applies. You literally said “hey if multibillionaires can live on a food budget then so can you!” Who are you shilling for?
I cannot debate or pontificate irrational, ignorant and stupid ideological theories with no solid basis. Be as you are.
 
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