Basic Finances for The Young Man
This guide is targeted for "The Young Man". College students, rebels who moved out when they turned 18; maybe some big shot programmer with too much money. Who knows?
I am not going to go into great depth about the entire world about finances, like the stock market, savings accounts/plans, etc. The biggest reason implying that most people in this situation are not stable enough to proceed deeper into investing and other types of finances.
I am by no means some super-rich 19-year old who made his jackpot off trading stocks. But, I am well off for my age. I have my own car, a decent savings account, and I earn enough money to live a comfortable lifestyle whilst still saving money every month. I have seen it with my own eyes: the young paycheck warriors and the mathematicians. Doing such things can be detrimental to your finances for years, which will result in the old-you paying for the mistakes young-you made.
Your current financial situation
Before we begin, it is important to understand the current financial situation you are in. More often than not, this is dependant on your life situation. Are you a college kid living with your parents? Are you the rebel who moved out with only a minimum wage job? Here are some simple questions to ask yourself:
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Do you pay for your own home? Or do your parents pay?
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Do you buy your own food? Or do your parents pay?
- Do you buy your own clothes? Or do your parents pay?
If your parents buy 2/3 of the above, you are in a fortunate situation - appreciate that. If not; congrats on being a man - I guess.
Note: the only reason why I added the "if your parents pay" part is because often we have some people here that have parents pay for their dorm at a boarding college, etc.
Income
Great, now that we've established how much responsibility you have - it's time to figure out how to deal with it. If you answered 2/3 for the above question, then it is possible to be in a stable situation with less income than a person in the latter situation.
What type of job do you have? Is it full-time or part-time? How much money do you gross/net?
It is important to understand your source of income and why it's such. Having a part-time job as a Burger Flipper at McDonald's ™ when in college is more reasonable than being a college dropout with the same. Sorry kiddo, but this is still life and you need to earn a living somehow.
Full-time versus part-time jobs is an important factor to consider because you are looking at fixed versus variable income on a monthly scale. I get paid the same amount to the penny every two weeks; therefore it is easier for me to plan a budget around my income as opposed to someone who's working part-time.
It is important to know how much you gross, but what you are really working with is how much you net. Gross is how much money you earn before taxes and deductibles (Pension/Insurance/Healthcare Plan, etc). Net refers to what you take in after taxes/deductibles: cold, hard, spending cash.
If you have a full-time job, write down how much you make per month. If you have a part-time job, write down how much you make in a month based on current, repetitive working patterns.
Expenses
Now it's time to work out how much money you spend in a month. You can find a lot of budgeting forms and worksheets on the internet to better understand the scope of the things you buy.
Start off by writing down monthly expenses that are static. Things like your rent, cell phone bill, electricity bill, etc.
When it comes to other variable expenses, like gas, food, etc - I recommend using the app Spendee. It's a free app that does exactly what you want it to. You just put in that you spent 5$ in food, 20$ on gas, or 15$ on condoms and poof - it gets organized and charted up. No linking your bank account necessary. Take a month and log all your expenses, and I mean everything - whether it be cash, credit, or debit.
When it comes to tracking your variable expenses, be wary and critical about how much you really should to allow in your budget. For example, when I first made a budget I allocated myself 400$ in Gas Money because I often travel home a lot on the weekends. But, in reality, I spent maybe about half that so far. But, for alcohol (huehue), I blew more than my allocated money in one night.
So, save this post and set a reminder on your phone to come back one month from now. Hopefully, you've spent less than you've earned.
Budgeting
Welcome back! Hopefully, after that one month of very hard logging all your purchases, you've made it out alive and you understand how much money you really spend. Now, you can plan on how to cut down on unnecessary expenses, and start saving money.
First of all, I am a big fan of having a hard budget and a soft budget. The "hard" budget is something I will follow thru with no matter what, and it's based on a realistic month of spending. The "soft" budget is a budget that's a bit more loosey-goosey. It would be great if I could save that money, so I'm gonna try where possible.
Necessities are priorities, first and fucking foremost. All that money that you spent on booze or smokes isn't necessary. And, if you are one of those people who is throwing money towards unnecessary things and can't pay off your priorities, then get rid of that too. Because guess what? Sometimes you are going to miss out on fun shit, but you wouldn't survive if you did spend that money.
Necessities are anything of the following: a place to live, food, clothes, utility bills, cell phone bill, your transportation to make your income, etc.
If you can survive without it, then it's not a necessity.
The second most important thing is debt. If you are in debt, it is important to pay it off as quickly as possible. That shit will keep on following you until it is gone, and you're probably paying ridiculous interest rates on it anyways. There goes more money wasted. Try talking to some professional on creating a decent debt payment plan that will not completely impact your way of life.
Saving money
Ideally, you would try to save between 20% and 30% of your income. I like having a soft budget and a hard budget, so I will always base my savings plan on the hard budget. Currently, I am at around 350$ a month and planning to bump that up 500$ next month - which is about 25% of my net income.
But it's more than just not spending money. See where you can cut down on other expenses. Maybe eat out at a different restaurant, or make your own coffee at home instead of buying a 5$ Orange-Pumpkin Mocha Latte from Starbucks. I actually started saving about 40$ more a month (and lost some weight) by not buying a Medium Double-Double from McDonald's every morning.
Fun Stuff
I'm talking about the fun stuff. Alcohol, cigarettes, vacations and all very expensive steak at the Keg. Be very strict with the fun stuff. Do not let things slide, because it can happen very quickly. I went from spending 60$ to 250$ on alcohol in one night because I couldn't control myself. Luckily, I had that sort of back-fall... but that was all money wasted in the end.
Credit Cards
Holy fuck. This is something that I can not stress enough. I have seen way too many people put shit on credit cards thinking that they can get away with it, only to have their credit and sometimes live destroyed.
A credit card is a substitute for cash. Not for the money you don't have, or don't have yet. It's a plastic version of a dollar bill.
Credit Card Debt is dangerous. I was behind on one payment... by a day because it was some statutory holiday I forgot about. And you know what happened when I opened up a new credit card? Instead of getting a $10 000 Line of Credit, I got $7000 instead. My Credit Score took a hit, but everything is fine and dandy anyways. I went from a $1500 Line of Credit to $7000 in a year. Why? Because...
- I paid my bill on time, in full, every month
- I didn't do any cash advances
- I did my best to make sure I did not spend more money on the card than I could afford
If you are going to use a Credit Card, as long as you can follow these 3 rules... you are golden!
1 - Pay your balance off, each month/on time, in full. 2 - Do not do cash advances on your credit card. Interest starts from the day of the advance as opposed to when your bill is due 3 - Do not spend more than you can afford
TL;DR
Step 1 - Find out how much money you make a month Step 2 - Find out how much money you really need to spend a month Step 3 - ??? Step 4 - Profit
SOME USEFUL RESOURCES
The Budgeting Sheet I use (See end of Step 3)
Spendee App - to track expenses
Manulife Budget Calculator - A Simple Budgeting App I use
CONCLUSION
I hope some of you young guys learned something today. I get it - it's dirt simple. But you can not imagine the number of people that fuck up dirt simple every single day. So, consider yourselves lucky that you get it right the first time.
trp_nofap_rewire2018 5y ago
Good post dude, thanks. Basic but straight to what really matters. Debts that are not taken care of are annoying as shit, because it’s very easy to ignore it until it has grown into a financial monster that is biting you in the ass.
In my case, college debts. For me it has been a tough lesson, but a necessary one. I’m even grateful that I am going through this experience.
yomo86 5y ago
I might add just one nugget of advice. Instead of a credit card get your cash for a week and then put the card away. Still got a couple of 20s on saturday? Perfect have a nights out - otherwise you are broke.
Is the gum at the gas station really that necessary is a question that only arises when paying cash.
Studies are numerous on that effect. People have a measurble feeling related to pain when paying cash. This is the reason why businesses prefer credit cards despite of the fees involved as on average the customer spends way more.
untitled56 5y ago
TL;DR: Earn more than you spend; have emergency fund / savings; avoid debt.
[deleted] 5y ago
I just want to build a house like this.
https://billionaireaddresses.files.wordpress.com/2012/12/mega-mansion-and-estate-sewickley-pa6.jpg
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Aggressive_Beta 5y ago
This is not necessarily true. If you can make the minimum monthly payments on your debts and invest your extra cash and earn a higher rate of return than the interest rates on your debt, then you are better off in the long run investing while staying in debt as long as possible.
This is terrible advice. You should have 3-6 months worth of expenses saved up in the form of cash sitting in a high yield savings account or monkey market account, and any extra cash you can afford to save after that should be put in higher yield investments and/or used to pay off debt.
BurnoutRS 5y ago
I cant understand why anyone pays even 1/4 of what people pay for alcohol. Ive been homebrewing for several years now. After your inital investment into the equipment you need, the only thing youre paying for afterwards is fermentable sugars and ingredients.
I make mead. Honey is the most expensive sugar source on the market and even then it only costs me about 2 dollars per every 750ml bottle I produce. This means you can cut your cost even further using a cheap sugar.
You go to the bar, before going in you stash your bottle somewhere outside. go in an buy one drink. You go out to "smoke" when really youre hittin the stashed bottle.
Get good enough at brewing and your friends start buying bottles from you. Nobody bats an eye at paying 10-15 dollars for a bottle.
If you are a regular consumer of something, look into producing it for yourself. I've been dealing with a brain injury for several years now. Cannabis is one of the only things that mitigates my symptoms enough that I can lift without excruciating migraines and loss of motor coordination. At the rate I consume it, to buy my medicine, even legally, would cost me several thousand dollars a year. Growing it, on the other hand, has produced a surplus that often sees me walking away from each year with a small profit.
You can work to live, or live to work.
LLL3peat 5y ago
you dont pay for the drinks per say, you pay for the place to be social and hang out without worrying about clean up. alcohol is usually marked up anywhere between 200-300% easily.
VIP in a club, a bottle of bacardi rum is around 280-350 depending on the club. at your common day liquor store, the same bottle goes for around 18-22 bucks. you can do the math, but its the social status and place to be social which makes it more appealing receiving a bottle from a hot server in a little black dress with a .50 sparkler...
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AshyLarry27 5y ago
Shocked the concept of "Cash Back" Credit Cards were not addressed. A must for someone building credit and who doesn't mind free money. Ive net an easy $300-500 a year the last 4 years. Just treat it like your money/debit card and pay it back IMMEDIATELY
lovs2spuge 5y ago
A very thorough post and one that i think everyone should read. I think if anyone does a hard look at their budget and expenses, they will find an area they can cut back on. That’s what i did this past month. Literally started tracking every single purchase down to the nickel.
Additionally - for credit cards, a good rule of thumb is to keep your revolving utilization UNDER 30%. For example, if you have a credit limit of $1,500, do not keep spending once you have reached $450 (30% of 1500). If you have credit card debt more than 30% of your limit, are making the minimum monthly payment. but still spending, you are hurting your credit score. I found this out the hard way but luckily salvaged it before it got out of Hand.
EDIT: typo
Wolfwine 5y ago
Just want to ask /lov2spuge/ & OP regarding your take on Credit Cards. (All others are welcome to comment on too)
I'm 23 y/o and not in debt. Currently paying for everything except housing. Is getting a credit card a good 'investment' in the long run by having a great credit track record? (Assuming that one is very vigilant in not going above the credit limit and pays on time)
OR
Should I just not get one?
Thanks in advance!
AshyLarry27 5y ago
"You credit is your life." My much older brother used to say this a lot. I have student loans, car payments, ect with pretty good interest rates thanks to this notion. So unless you plan on winning the lottery, owning a fortune 500 business, or inventing the next biggest thing, I think it goes without saying that building credit is important.
lovs2spuge 5y ago
Absolutely get one. I’m in the Same situation as you, age and everything. I pay for everything except housing because I’m still at home.
Start out just by putting your gas on your credit card. Might not be a lot but it still slowly builds your credit. Higher credit rating = lower interest rate when you go to apply for a mortgage, etc.
I’d recommend a good “starter” credit card. The Chase Freedom or Capital One Quiksilver are both good options that don’t have an annual fee and no interest rate for the first year
redpharma7789 5y ago
I’m gonna disagree on that part for the credit cards. I use my credit card for literally everything, and often enough my balance is around $1000. But I work full-time and pay off everything in full at the end of the month.
lovs2spuge 5y ago
I think you missed my point - the example i used, the limit of the CC was only $1500.. so i am assuming your CC limit is probably higher and thus your revolving utilization doesn’t exceed 30% at the end of each month.
Also, this only affects your credit rating if you carry that balance month to month instead of paying it off.
WhiteGhosts 5y ago
Work in the summer a.k.a. get a summerjob. Dont spend your whole summer working tho, you'll be burned out
Htowngetdown 5y ago
I always got a job as a lifeguard. Great way to meet chicks as well (it’s how I lost my v lol), especially if it’s at a country club. But yeah that was working 3-4 times a week so I had enough money to spend and enough free time to spend it on
[deleted] 5y ago
There should’t be an “if” here. Encouragement should be made to use your credit card for all purchases as it builds your credit. This is especially important for the target age of your post. Pay the bill off on time and rack up reward points as an added bonus.
havelbrandybuck 5y ago
I highly recommend avoiding credit cards and debt wherever reasonably possible. Always live within your means and never play with someone else's money. I'm doing very well for my age (debt-less six-figures of savings at 25) and am constantly told by friends and people my age who are 20-30k in debt that because I don't have a credit rating or a history of paid-debt, i'll never be approved for a mortgage. If you're young and live at home, there's also no reason not to save upwards of 60-80% of your income, you won't regret it later.
Wolfwine 5y ago
Thanks a lot for this! Especially for mentioning the Spendee App. I've been manually inputting my expenses everyday via google sheets (yes I've tried other Apps before but I didn't like them) When you mentioned about the App, I tried it righaway and damn it's great!
I hope you do more posts like these in the future. 23 y/o here who's still trying to learn how to budget finances more effectively.
FC007 5y ago
Saving for the purpose to invest is the best decision I made in my early twenties. Now in my late twenties my net worth has passed the million dollar milestone :)
ariky 5y ago
You can trade in stock market if you have some money from your savings.
Just be sure that you are learning analyzing price charts.
I’m still living with my parents and just by giving trade advices to my dad, I made him earn double the amount of my credit cards debits in just 1 day.
So I feel better for still taking my parents money at the age of 25 while I am working on my business project.
DF-RP 5y ago
Tons of financial academic literature shows that retail investors make lower returns the more they trade. Trading as a retail investor loses to market and the more you trade the more you lose, especially due to fees and taxes you pay. Additionally, your analysis is worth nothing - you are competing against banks that have billions to invest and who have full time analysts with best resources available doing the same thing, in addition to algorithmic trading that reads all news in split second, decides what direction the stock will move and trades from server optimally located so that the whole process is over before you can blink. All you are left with is unpredictable fluctuation based returns that you in hindsight think were predictable.
Tldr; You are not investing. You are gambling. You have been lucky so far. Your luck will run out. Stop trading and buy passive index funds if you want to earn money by investing.
circlingldn 5y ago
Investing is gambling...stop being so scared of the G word
What happens if the s&p becomes like the nikkei for 20 years?
ariky 5y ago
Don’t take me as offended but I was in Crypto trading before and I have earned x3 that I had initially in just a few months while Bitcoin prices were going down. I did that just to practice a more unpredictable market which also operates 7/24. So far so good.
I’m just into day trading for stocks. It’s safer and it just operates in weekdays 10AM to 6PM . For most of the people stock exchange turns into gambling, I agree. Thank you for your reminders, I know the risks and the other stuff.
[deleted] 5y ago
Don’t drink alcohol or go out to eat and the obvious no recreational drugs. It’s pretty simple. Those are huge costs that are completely unnecessary but most will continue doing.
redpharma7789 5y ago
I enjoy a time every now and then getting sloshed with the boys. But only every now and then, not every weekend.
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SillyPutty47 5y ago
I'll take my 4% cashback, roadside assistance, and travel insurance for free. Intelligent people use credit properly. Pay your bill every month and don't spend money you don't have.
hiaf 5y ago
Credit cards are smart because you`re not spending your money.
Fraud, theft, etc. All protected by your bank, whereas debit cards you are held liable.
Credit cards, for every purchase you make you are credited, whereas debit cards have little advantages.
In fact, you are losing money with debit cards but with credit cards even with interest and fees you are rewarded with increasing your credit score ever so slightly. Which is better than slowly bleeding money on your debit's monthly fees.
Alpha_Jedi 5y ago
A little off topic but still good stuff. Thanks for sharing. Cheers.
redpharma7789 5y ago
It ain’t off topic if there’s a flair for it.
615bachelor 5y ago
It’s hard to save money when to cost of living is so fucking high. While jobs want to pay you 15 dollars an hour . Keep in mind that these are jobs that want 5 years of experience
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datmankaiser 5y ago
I had the same thing. The mistake I made when budgeting first time round was to assume I'd only be in college for the 8 weeks of term when in fact I was there for the 9-10 of rental period.
My main advice would be to not work during Easter vac in your final year but apart from that use them long holidays
redpharma7789 5y ago
What are you at, a military college or something? Is that even legal what they ask for? How do you know you’re “not allowed” to work?
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circlingldn 5y ago
Do you go to oxbridge?
If you do then fuck pt jobs and just get into ib middle office
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circlingldn 5y ago
Just get a year in industry or summer placements
Summer placements are more important than a first or 2.1 unless its law
[deleted] 5y ago
Jesus, i just wish i had so much money that i wouldn't need to stress about it. I mean being filthy rich is cool, but let's not get a head of ourselves...
redpharma7789 5y ago
I know that feeling. I was like that my first year starting off. Now, I’m comfortable, but only if I don’t go running about.
[deleted] 5y ago
Fuck credit cards. Never had one, never will
redpharma7789 5y ago
I was like that at first, but in this society having a credit score is important for big purchases. And now, it’s almost necessary for loans and such.
BostonPillParty 5y ago
LearnLuX is a great resource if anyone wants more content about this topic, that is simple and easy to digest. Free as well.
JcHgvr 5y ago
I find it hard to believe that a bank took a 3rd of your credit line because you missed a payment by one day. Any sane bank allows at least few days before they take action simply because shit happens or people sometimes can have a lot on their plate and forget. And the first thing they do is give you a call / drop you a letter.
redpharma7789 5y ago
They didn’t “take it” per se. When I switched banks and had to get a new credit card, I got a $7000 Line of Credit instead of 10K because I “missed a payment”.
-DeadLock 5y ago
He just means he was pre approved for less. I worked in a bank and thats totally possible.
JcHgvr 5y ago
Yes, he clarified it. It's just they way the worded it.
[deleted] 5y ago
Yeah, sounds like some hardcore strict muslim country...
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[deleted] 5y ago
If anything it is the opposite, there are no interest loans in the "strict muslim country".
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opper-hombre1 5y ago
Other reasons to have a credit card besides building credit? I don’t have one and my credit is already pretty good from paying off student loans monthly.
LLL3peat 5y ago
after awhile banks and lenders look at your previous credit history. the longer an account is open and it shows you made payments on time, the better. usually a 0% annual fee CC works, and you just buy gas with it once a month. the credit report doesnt say how much you spent, but only reports you made an on-time payment
opper-hombre1 5y ago
If the credit report does not show how much is spent, could I spend $5/month with my CC and build the same amount of credit as I would if I spent $1000/month? Does credit build the same?
LLL3peat 5y ago
only thing reported to credit companies is the balance, amount allowed to borrow, and if the payment made on time. say you have a limit of 200 bucks. if you bought $20 of stuff, you now have a balance of 180 available to borrow. pay the 20 on the card before the payment is due, and no interest accumulates, you have a statement which shows 100% credit card available, and you made a payment on time.
this is how a lot of credit companies work to rebuild credit, however they use a secure credit card aka $250 limit which you prepay 250 incase you cannot make your payment the lender is guaranteed the balance back. all which is reported is the same as above, and you have a company reporting a positive relationship with a lender as a borrower.
enjoy: http://archive.today/2oET7
ahab_dies 5y ago
When I first opened this I was like "wtf I don't qualify. I support myself."
Then I stopped being an idiot and read it properly. I'm a 30 year old man and this doesn't apply to me. When I was 18/19 this would have been incredibly helpful.
More than anything else I must support the credit card advice. Every single young man I knew misused his credit card. Every. Single. One. Just don't get one. Just don't. Like the author says, it's a version of your money. It is not a substitute for money. Only get one if you already have money. Good god, I've seen so many men fall into unnecessary debt because they don't understand credit cards.
TheYeti01 5y ago
Lol credit cards are important to have in order to build credit. Please stop spreading bad advice.
redpharma7789 5y ago
Credit Cards are dangerous because they are instant and there is no safety in place against the individual. When you go the bank and ask for a loan, they do all the questions. What collateral do you have, what’s your source of income? Credit Cards? Nope. Here’s 2000$ to spend as you like. And then you have the one dumbass who’s like “Oh but my payments are only 25$/month”.
olakrak 5y ago
A little too complicated for me. I just put 1k out of the 1.9k I make every month in my savings account automatically. This way I live on 900 euro a month and save around 14k a year (bonus and holyday pay included). Started 6 months ago, so got 6k now.
The problem I have is that everyone is like pushing me to get a house. Specially family. BUY, BUY,BUY, and I don’t want to. It’s like chains to the legs with no freedom, it also makes it harder for me to tell my boss to fuck off when I think I want to (and I’m getting there).
But your way works too. What I want to know is what I can do with the money if I don’t buy, I smell a really big resection coming and want to use the cash for making some profit. Its making money on the corpse of middle class people, but hey, play with the card you got right?
capitancristobal 5y ago
buy a small used boat (less than $25k usd) and learn to live aboard. stop paying rent cold turkey. buy it with a friend or two who you can split the cost with and in exchange you slowly buy them out and take them on boat rides. youll learn how to be a homeowner, become super handy (if you can do boats you can easily do a house), and you have freedom and independence. thats what i did in medical school. also gave me a part time job as my own capt.
LLL3peat 5y ago
save as much as you can and invest until you have to. when family asks pretend you just bought something or went on a huge vacation and spent a lot of money saying its all gone because i wanted to experience life. after awhile they leave you alone
redpharma7789 5y ago
Like the title suggest, this is basic things for the new guy. I’m not very knowledgeable in investments and other areas of finance.
warburgio 5y ago
It is not important how much you earn, it is important how much youve got left in the end of the month. Plan your budget, be aware how much money youve got and how much you can throw away at random unnecessary stuff. It is a wise decision to have some sort of income protection insurance just in case you get laid off or have an accident or some other bump in the road.
The most important stuff is to have enough FUCK YOU money on the side to be able to survive for couple of months without working or just throwing them at problems. It gives so much calmness and ease of mind. Its incredible.
Jonasena 5y ago
Wrong. Income raise is the fastest way to get more money.
redpharma7789 5y ago
For real, bro? You can’t create a budget without Step 0 - how much you make a month. And maybe if you read past that, you can see that is what we are talking about.
warburgio 5y ago
OK sorry triggered princess: tl;dr :'It is not important how much you earn, it is important how much youve got left in the end of the month.'
askmrcia 5y ago
In my experience alcohol and eating out are the two big things I see people spending alot of money on.
I remember my ex and her friends were just terrible with money without even realizing it.
Happy hour during the week, Fri night drinking at a bar, Saturday she and her flag football team would spend all day at a bar drinking after their games, Sunday was brunch with mimosas and bloody marry.
That was easily $200-300 a week alone.
And it wasn't just her, but everyone in their social circle.
Usually from my experience guys are better at not spending money on alcohol because they would drink at home. But everyone has that one friend that wants to buy rounds of shots or wants to buy people their drinks no matter how many times you tell them you have it.
But yea, alcohol going out can be a huge money waster and most people don't realize it.
lovs2spuge 5y ago
I tracked every single one of my expenses that related to alcohol/going out/food and it was the eye opener that made me start being more serious with my money. The one month I tracked, I spent ~$260 on Ubers/lyft/alcohol/food that I otherwise didn't need.
[deleted] 5y ago
Yeah honestly if you just limit yourself to eating out once a week you can save an easy 150 bucks a month. Even more if you buy groceries very frugally.
As for alcohol I've honestly cut back to 1 night out drinking a month and I not only feel better but I've saved so much money. I just split a handle of Captain Morgan with 3 other friends which works out to 5-6 bucks apiece. Then I fill up my flask with rum and drink that at the bar. Most of the time that's it but sometimes I'll buy one drink, finish it, then use the cup to pour my flask rum in it because sneaking drinks just gets annoying. All in all I can get pretty wasted on like 6 bucks of rum instead of spending 10 for a watered down mixed drink at the bar. Works for me.
Htowngetdown 5y ago
One of my many motivations for quitting. The primary being that I can’t control myself one the alcohol starts working
lovs2spuge 5y ago
Likewise. Drunk me seems to think I have a six-figure income.
Cesare_MA 5y ago
Do you really need to tell people to save money, pay off credit card debt, and spend money on necessities before frivolous expenses? Any semi competent high schooler would know pretty much everything you posted. I was expecting more r-personalfinance stuff about IRAs and other investment vehicles.
Also not sure I misread or not, but if $500 per month is 25% of your net income then you are not in a position to be giving financial advice unless you live in a 3rd world country with an incredibly low cost of living.
BostonPillParty 5y ago
This sub is predicated on the fact that you should not make assumptions and there’s always a lot to learn.
Go visit r finance then.
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