Deleted
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Post by Deleted on Mar 1, 2020 11:18:33 GMT -5
I want to get better at money management. Are there any techniques, programs, or tutorials that you guys can recommend? And how seriously should one take this stuff in your opinion? I mean, there are obvious long-term benefits to spending money carefully, but I suppose there is a point at which it becomes too stressful (thinking about it all the time) and counterproductive (depriving yourself of goods and experiences).
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Post by Deleted on Mar 1, 2020 12:19:52 GMT -5
My way of doing it is using a modern bank (Monzo, in my case) which is all handled through a mobile app. You can set up virtual pots (with optional targets) within the app and use that to store money away for later. There's plug-ins and stuff that you can use that do clever things like add a set amount to a pot every time a given condition is met (my girlfriend has one set up that moves a pound from her main account pot to a designated one every time it rains, for example), although I don't really want outside apps hooking into my banking! So now you've got instant access to, and movement of, your money. For the time being I'm playing it sort of safe and receiving my wage into a bank account with a more traditional bank, then using mobile banking to move some to an ISA I also have set up with them, which does virtually nothing for me, interest-wise, but does at least stop that money getting taxed (I'm not earning anywhere near enough to breach the tax-free threshold with just long-term savings) and has the added bonus that no debit card is attached to it.
I used a spreadsheet to work out how I can divide up my earnings, where most of my money goes from the old bank account to Monzo on payday, leaving some there to cover a few bills and a bit more to move to the ISA. Then, in Monzo I've got a couple of pots set up for monthly subscriptions (like NowTV) so I don't accidentally overspend, and other pots for longer term saving (a budget for holidaying and another for car maintenance). That leaves me a main pot with a decent bit of spending money in, which I can access with a debit card. As I live with my girlfriend, we handle rent and groceries with a joint account, which we both have cards for and I split money off into when I'm doing the other bits.
This system only works for a few reasons: 1) I'm happy to use spreadsheets for organising myself - updating, forecasting and working on it over time 2) I'm happy to spend 10-20 minutes on each payday moving money around manually to the various pots and accounts 3) I have a regular income (a monthly salary, in this case), so that I can plan ahead to begin with
Like this, I've been able to prioritise what I save for, plan a year or two ahead when big holidays or whatever are being organised and get a steady trickle of longer term saving in, all whilst not missing a bill or rent payment and having a bit left over to have fun with. As I get further in my career and my income increases, I know what areas need strengthening and can focus on adding more to those than others. It's not foolproof, as there's always a surprise or two lurking out there, but generally speaking I'm alright. The main benefit is that I could have a card stolen or cloned or whatever and not have much money at risk (although the only time this happened to me, the bank in question caught it before any money could be spent), as most of it isn't open to debit card usage anyway. Likewise, the apps and online/mobile banking use a raft of security measures that mean merely stealing or cloning my phone wouldn't do much for you.
To answer your question about how seriously it should be taken... I mean, it's a goal, more than anything else. Make sure you've got plenty to live a life with day-to-day and scale your long term ambitions to your financial resources. If you need to dip into a pot very rarely to dig yourself out of an unexpected pickle, you're doing alright. If you're in your savings so often that you may as well have a debit card for them, you're not lining up your money properly and the effort is wasted anyway.
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BIG DICK NIGGA
this post is a lie about my bodily proportions
Major Arlene obsessed, 100% verified freakazoid. AKA bzzrak
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Post by BIG DICK NIGGA on Mar 8, 2020 15:09:32 GMT -5
Ay something I can finally give an expert opinion about! Money management is a big part of my life since I'm a student and everything, mostly dependent on my parents.
I recommend a money managing app for your phone. I love Monefy, it lets you manage multiple accounts, categorise your expenses and is VERY convenient. Full version costs 3€ but I think it's worth it. First mobile app I ever bought btw.
Don't stress over it too much. If you find yourself debating a purchase for a LONG time, then give in and buy it regardless of how much you think you will regret it later.
Spoil yourself a bit once in a while, especially in the beginning of the month. Often I do this thing when it's the end of the month, I wanna buy something and tell myself "I'll buy it in the next month", then next month comes up and I still don't buy it... don't do that. It adds up to your already stressed psyche. If you want that gamer girl bath water then buy it, seriously.
Buy stuff on discounts. My preferred supermarket chain has a rack in some food sections where they put almost expired goods with an often FAT discount. Now lemme tell you... expired stuff is good for at least another few weeks, often months. Expiration date is a lie. If your supermarket has a loyalty program of some sort (like a card), get that shit.
Try to cook at home. However, cooking at home is often not feasible. Takes plenty of time and IMO isn't worth it if you are alone: cooking for someone other than just yourself provides an immense sense of gratification. Instead buy sandwiches, spread stuff on bread etc. find cheap fast food places. Every city has at least one "hole in the wall" type place where prices don't seem to have changed since the heyday of communism. However still try to cook something once in a while, even if it's just eggs or beans, it's cheap, and stuff you make yourself taste better. Don't order delivery, the package and delivery itself are an extra fee (+ possible extras for your food) and can add up, even up to like 40% of the cost of your meal. Also one more thing lol, when in McDonalds, buy a shitload of cheeseburgers instead of more expensive meals.
As for entertainment... obviously you're not gonna have a huge range of options. if you like cinema, you can buy like a membership or whatever it's called. Stuff like theatres got this too. If you like drinking then I'd recommend visiting pubs close to student campuses (or campi?). It can be dirt cheap and often there are "promotions". Pubs outside of the city center are cool too but the crowd there is, well, different.
Save. My parents send me 3XX€ every month, the moment I make my first cash retrieval at an ATM I separate 40€ and put it into a secret pocket in my wallet. Came in handy A LOT OF TIMES. Yeah the rest of your life is gonna suffer a bit but BELIEVE ME YOU WILL APPRECIATE THIS SO SO MUCH.
If you're not a student, then public transport can be expensive. Git gud at avoiding checks, find communities where they resale long term tickets, and just plain walk more ffs. The best solution is probably to get a fake student ID but idk how does that work...
The only major expense that I can think of rn is Internet and stuff which is free for me so I can't really tell you much but I'm sure you can do research on the most optimal packages and shit. In Serbia it's a popular thing to call customer support and ask for assistance with switching to another operator, after that they give you crazy bonuses. Idk if it works anywhere else LOL.
Hope this helps
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40oz
diRTbAg
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Post by 40oz on Mar 21, 2020 23:55:38 GMT -5
For starters, I'm no financial guru, I go through tough times just like anyone else. I also dont have many experiences talking to a financial planner. I also have to warn that my advice isnt very considerate of the economic situation of your country. What works here might not work elsewhere and it could be entirely out of your control. The economy just fkin sucks sometimes.
What i do have are some scattered frugality tips that I think are oddly analogous to Doom.
Doom: Sometimes you have to run past monsters to get the good guns and ammo to kill them. If theyre far behind by the time you get the stuff, dont even bother going back.
Money: monsters are like nagging desires to buy frivolous things, like buying lunch or a new game or something else. Sometimes the nagging desires pass without you acting on them. (Or sometimes they fucking kill you and its bullshit) if youre trying to conserve money, its best to try and wait out the things you want in the moment to see if you even really want them later. By the time your next paycheck arrives you might not even care about the thing anymore, so be selective and only buy (or kill monsters) that are important.
Doom: if youve got 100 rockets, 600 cells, and a cyberdemon to deal with, just spray fire at him, who cares if you miss. If you dont have the ammo, there's gotta be a way to telefrag him or walk him into a crusher.
Money: being frugal is a drag sometimes, so if youve got the money, pay for the extra conveniences (like not having to make sure every last shot connects) but if you dont have the money to buy, for example a new game, you might be able to find a friend who has it, go visit them, and just enjoy the game with them vs. having to get it for yourself. Or maybe just wait for a time where the item declines in value. You still get the experience, just not in the most immediate and conventional way.
Doom: you dont know how much ammo and health the mapper places on a map until you see it, so always assume theres not enough.
Money: sometimes unexpected expenses come up and it sucks. A lot like getting hit by a stupid baron fireball you knew you could dodge, if youre not totally sure you have a smooth week ahead of you, then note that every little purchase you make can have a devastating outcome later on. Such as an impossible to survive zombieman gauntlet when you have 4% health becomes a negligible zombieman slaughter when you have 200%. Its best to hope for the best but prepare for the worst by keeping your account balance high, even when it seems like youre safe to make a few impulse purchases.
Doom: The RNG god can fuck you over.
Money: Sometimes you can think you have the money for something that you really don't. If you dont know the exact price of something before the time of purchase, assume it's an absurdly expensive version of itself. Especially in terms of paying for a service, you dont know if there is a different tax rate on it, or undisclosed fees theyre not required to tell you about. You dont want to be caught in a close quarters situation with a mancubus because you thought you could SSG it with your last 6 shells. Sometimes you just get boned.
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Deleted
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Post by Deleted on Mar 22, 2020 16:29:41 GMT -5
Staying in all the time has saved me a bunch of money. Saving on gas, helps.
One of the key things is making your own food.
I feel bad for people that are unable to work give the present circumstances.
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