(*) may not apply in elections where the Republican wants to start a profit-conflagarating civil war
War is a racket.
Brilliant book. Still relevant.
Smedley Butler was a great American.
And either way, you still get to be poor. Great system we have here.
Pop quiz! What was cumulative inflation for the last 4 years, and what was the change in working class wages?
Basically what I’m asking is, did people get more poor, or less poor? Were there any specific government actions that led to this outcome?
69
Unfortunately the official inflation number doesn't represent real world price increases on necessary goods, which often outpace inflation.
This is a common talking point, totally dishonest in this case. What are you claiming the real inflation number should be, and why are you saying the prices of what real world goods went up by that amount? Like with citations and precise numbers.
At least you get to be poor with some basic human rights
Me, LGBT: hahahahaha... oh you were serious? HAHAHAHAHA no.
What are you on about? Gay marriage was literally legalized by democrats.
(rant in general, not directed at you)
Straight, cis people: "you can do one thing, isn't that enough? why do you have to be in the spotlight all the time?"
Me, standing with my trans+enby friends, after being fired for who we fuck and what we look like, and regularly treated like dogshit in public: "....."
Marriage is a decent start, but especially bullshit like "right to work" states where employers can sack you for literally anything, and LGBT not being a universally protected thing, is shit. Yeah yeah "sex" is by law but I direct you to the first half of that sentence, and you'll see the issue. Progress, yeah, but being the solution to our many issues, marriage is just a piece of the pie.
Hell, my best friend had to go through some gymnastic-bureaucratic bullshit because the state they live(d) in was putting up unnecessary requirements just to change their sex on their drivers license. This was after months of them seeing a therapist, hrt, physical changes, etc - but still wasn't good enough for the state. So it was easier to get their transition accepted via their birth state (I think by altering the birth record? Not totally sure, I didn't want to pry), where they had much more sane requirements, and then come back to the state they live(d) in with a 'see here bitch, now change my shit'. Took a month or so all-told, but they got it done.
Plus things like raising a family (adoption especially), being passed up for employment or promotions, denied housing... but we have marriage, so it's all good, right?
This is what Democrats would put on their campaign signs if they were an honest party.
We didn't need that.
Make a budget, each month.
Write down your expected expenses. Keep it simple. Use paper and a calculator.
Rewrite the list, in order of priority, to you.
I've met so many people who are scared to do this, yet would be pleased if they did.
And compare your expected expenses to your actual expenses. Those occasional small things here and there can add up.
For bills that are due on a regular basis but not monthly (car registration, oil changes, pet’s annual check up, HVAC check ups if you own a home, etc) - figure out how much each costs per year, add them all up, divide by 12, and set up an auto-transfer to a savings account for that amount every month. Don’t forget to include that amount in your monthly budget too.
This x100. I literally never worry about bills anymore.
Actually it's x12
Invest in tennis balls. They have a high rate of return.
Serious version. Probably mostly US-centric:
Credit cards are a tool. Just like any other tool, they can be useful or they can cause damage when improperly used. Educate yourself on how to wield a credit card effectively.
Credit cards are a tool. Just like any other tool, they can be useful or they can cause damage when improperly used. Educate yourself on how to wield a credit card effectively.
What he’s trying to say is, learn to use them like ninja stars - shuriken. They’re sharp and deadly if scaled properly.
When I worked at Barnes&Noble as a teen (~2007-2008), my coworker and I would just whip gift cards around at each other. Was a good three months.
Maybe like nunchucks. Use them wrong and they'll whack you in the nuts.
Look up how cumulative interest works, then start investing in ETFs or index funds that follow MSCI World or S&P 500 for example. Then wait.
It's been 4 hours. What's supposed to happen?
Line go up
Your returns start producing their own returns and eventually it snowballs.
You're supposed to learn how to check back in a few decades instead of hours.
To add to this, also research ETF and mutual fund fees! Sooooo many are more than willing to charge a "small" 1% fee that will cost you thousands of dollars or more. Others are bold and charge even more. Look for fees in the 0.01% - 0.03% range for your trusty index and targeted retirement funds. Some even have 0%, though those harder to come by.
Inherit your wealth!
Think of playing a 4x video game, focus every day on building your economic engine. Everything you spend should have some economic engine return (school, books, computer, etc)
Use the FASFA (in the us), if your under 25 marry another student (then your EFC is 0). Don't pay for grad-school, only join programs that pay you.
Networking, and Experiences are more important then over-time alone. Building your network is part of building your engine. Join the club, go to the networking parties, improv group, show up sometimes to the toastmasters, NETWORKING IS WORTH THE TIME AND MONEY. But, always make sure your networking with people who inspire you, and don't drag you down. It's ok to hangout with the down group, just not habitually.
It's ok to say no! No, really - you can say no to things. Nobody gives a shit about your phone, or car.
Learn how to use a spreadsheet (or just do the math by hand), get the TOTAL cost of all commitments over the life of the commitment (total cost of car, or house, etc), including all the one time origination fees. The only number that matters is the total cost, all the other numbers move around, but the total cost should drive your decisions.
Learn about your credit, and keep it clean (credit wise is good enough here)
Read Debt: The first 5000 years, appreciate the power of liquidity and opportunity costs.
Subscriptions are traps, avoid them as much as possible.
The game won't let me put money into savings account on mobile for the first year :(
Sounds like a rendering issue. The buttons are on the bottom of the square. Try desktop mode
That site was pretty fun.
If you want to increase your credit score and are financially responsible, switch over to using a credit card.
Diversify your portfolio: Instead of putting everything into savings, split some of it into stocks and shares.
I've heard that they amount you should be putting into your pension is a percent of your income equal to half the age you were when you started saving. Not sure how accurate that is.
If you do happen to be well off and/or have a good job, spend your money on things you like rather than hoarding it.
Donating to charity and supporting small businesses is usually morally correct. If you have the means, tip your instance admin or developers of software you use.
Be careful when buying things that the seller can remove from you at any time. But don't use that as an excuse to not buy things you'll enjoy while you have them.
If you can use credit cards responsibly, look into credit card churning for points. I fly business class for any extended flight and I pay less than what economy would cost.
Absolutely this, people paying cash and with debit cards end up just subsidizing points redemptions. Merchants aren't eating card fees (typically 1.5-3% of a purchase), they just baked it into prices.
With a stable income, watching what you spend, and auto-pay, carrying a card balance is super easy to avoid these days.
If your retirement fund isnt 7 figures or larger, you probably aren't going to retire in your own home. "The old folks home" ain't cheap, and they WILL take it all to pay for it.
Avoid having more than one large loan at at time ($10000 or more). Pay off your loans early by paying to principal. Pay off your credit card(s) every month. Drive slowly to spend less on gas. Buy goods in solid form, no liquids, to save money. Ditch fast foods, do meal prep instead. Eat less meat, like maybe once or twice a week.
Instructions unclear: Dying of dehydration.
Budgeting is very important.
some people like the 20% of income for saving, 30% for living expenses and the other 50% for everything else. Pre or post tax is up to you as this is a rule of thumb. Important part is that it should be easy for you to build up your savings to cover important expenses. spending 50% of income on housing may be really bad since having back to back years of badluck can screw over your savings, and not give you enough time to save up in between.
This is a general rule that applies when you make enough to do so. If you're struggling to pay rent, do what you can to remove risk and cut down on costs. One thing that helps is aiming to have savings. Often times, its cheaper to have money up front to resolve emergencies rather than later.
Car is one of those things that can make sense to remove. If you're commuting one hour already by car, and there's no public transit option then a car is a necessity. If you can take public transit, that could save you money on car insurance, car payments, car maintenance, and possible accidents.
i don't know anyone who can keep their living expenses at 30%.. is this finance tips for well-off childless people?
Use credit cards as cash, and pay off the balance weekly. This protects your bank account from fraud, as chargebacks and fraud are more easily dealt with on credit, and they tend to have better account monitoring and security than banks and credit unions. Even better if you have a cash-back/points card, that’s basically free money.
This also makes it easy to track spending if you have specific purpose credit cards. E.g, one card for groceries and gas, another for recurring bills or service payments, another for frivolous stuff, etc.
——————
Even if you have no other investments, open a high yield savings account and keep the bulk of your funds there, other than what you need for a general emergency fund and monthly bills. Current yields are over 4%, generally better than inflation, without any risk.
In order to save money, you have to start putting money back, even if you consider yourself too poor to save. Every time you get paid put $X aside and don't touch it until it's enough to do something with
And then don't do anything with it other then invest it some more
Don't buy anything unless you're u can pay for it in full cash, you don't need to use cash but it's a good way to be prepared
I treat my accounts like hit points in a game. The higher it is, the more health i have.
Every luxury takes work to pay for. Even a fancy car for people making well over six figures is a financial ball and chain. Think long and hard about the stuff you buy.
Every expense delays your retirement. If you need $60k per year to retire, and you buy a $60k car in your 30's, congratulations, you just delayed your retirement by over a year. Very few people think about that stuff in their 20's and 30's, but I promise that your 40's and 50's are just around the corner, and you'll be thinking about it a lot by then.
When I was younger, cars were unreliable pieces of shit. I'd never buy a car between four and eight years old, that's when they really started needing work. After that, most dodgy bits had been replaced and rust was the biggest killer.
Now, even cheap cars are astonishingly reliable, and will easily last 20 years if taken care of.
Manufacturers know this,and have spent the last decade convincing people they need to lease a brand new car every three years
They've convinced mugs that cars are a subscription service
If you don't touch an account for 7 years, it disappears from your credit report. That means NO ACTIVITY at all. No usage of the card, no payments, no nothing.
There are some debts that this does not apply to, like school loans, but I know it works on credit cards.
Now, here's the real world disclaimer. During those 7 years, your credit will TANK. You will have a hell of a time trying to finance a Happy Meal. If you have good credit, it will take another 5-7 years to get it back to where it was. But, if your credit is already trash, and you can't afford to pay every bill, it is an option that could get you back within your means.
Is it ethical? I figure the system itself isn't ethical, so stealing back from the ones who take advantage of others doesn't bother me one bit, but I totally understand if someone would disagree.
You will have a hell of a time trying to finance a Happy Meal.
I don't know much about finance, but don't do this!
You sure about that? I have a friend who thought that too but found out 7 years later that only a bankruptcy will disappear after 7 years, not just idle delinquint accounts. He needed to actually file for bankrupcy to make it go away. This was in Usa, NY; maybe it's different other places.
As a second "data" point: I have some accounts on my credit report that have not been touched in a decade+ yet they are still there (they are not delinquent).
Delinquent accounts without payment can be removed from your credit report by disputing with the credit bureau, with the exception of FEDERAL student loans. Filing for bankruptcy and having that on your record for seven more years seems like the worst possible way to deal with it.
Edit: in the USA
What are you disputing? You can dispute inaccurate or fraudulent marks on your credit.
I don't know why those situations didn't work out, and without more details, I won't bother to guess, but yes, I am sure because there's a few utility bills and two credit cards with a couple thousand each from about 20 years ago that are no longer a problem for me.
That's awesome! Just wanted to get you to take a second look in case you were as diligent as my friend but it sounds like
you're right, then!
The real financial tip is don't listen to people like this guy. "Trust me bro, you can rack up a ton of debt and then just never pay it off!"
I don't recommend it, at all, it was a VERY long and difficult time for me to recover, but if you're already at rock bottom, it can get better.
Generally speaking, idle unpaid accounts like this are either sold by the creditors to a third party debt collector, resetting the clock, or they will sue you for the non-payment to get a judgment or lien, resetting the clock.
The only sure bet is bankruptcy, which will drop off your report after a period of time that varies from state to state in the U.S. (generally from 7 to 10 years). Not sure is this applies outside the U.S.
False. New debt collectors purchasing the debt does not reset the clock. Also depending on your state, debt collectors could be barred from legal action well before 7 years.
Edit: in the USA
🤷🏻♂️ Worked for me.
The entire credit system is to keep undesirables from moving into “better” neighborhoods, to keep the po folk in their place - both geographically and socioeconomically.
Before the credit rating system, you better attend the Elks Lodge with your local banker and be an upstanding deacon at your church to get a loan. Being white and having a firm handshake is also a must.
At least the credit rating system is a game we can all play.
We have a credit card that gives 6% cash back on groceries, 3% on gas and some discounts on streaming services. It blows my mind that every few months I can cash out a $200 or so credit towards my balance. I needed to buy those things anyway and have autopay set to the full balance each month so it really is free money. So if you can get one, absolutely a credit card that gives cash back. The one I mentioned is Amex Blue Cash Preferred but there other options out there that give other bonuses, like 2% back on everything or 6% back on something up to a certain cap.
Credit cards are an excellent tool IF you are responsible with credit.
And almost nobody is, or the credit card companies would be broke instead of trillionaires.
Cc companies make most of their money from the fees they charge merchants.
And they make a shit ton more money on interest charged for balances carried.
That's literally the opposite of what I said. You can't make "more" than "most of". Christ this site is dumb
Definition:
More - B. In addition to
Yeah, it's the site that's dumb...
Blows our minds that yanks think they're getting money back from a credit card company, rather than realising they're handing the company extra money every time they use their card, and the company gives them a bit of it back after they've finished with it
Groceries cost the same with or without a credit card. The store is paying the card every transaction, not the user. Annual fee cards need more scrutiny and are often not worth it unless you're playing the travel points game (and what a game it is). No card in existence is worth it unless you pay it off in full every month.
They even have non-cashback/points perks that are worthwhile, like rental car/travel/phone insurance. My family has saved hundreds with free phone insurance from a card. My screen stopped working, and I got a new one for $30 from an authorized repair joint, which otherwise would have cost like $300.
So, yes, cards do give you free money so long as you don't hold a balance.
Not always true? Hell, I have a credit card for 8 years and have-gotten big £ back. I pay £2 for it a month, but if I have two direct debits bank refunds it.
It literally is free money as long as you pay it off each month.
It boggles my mind how people fail to see it. If you're bad in money? It ain't for you. Interest can mount up but it doesn't take that much self control to not blow 5k when you're only taking 3k home.
For me it's a matter of my mentality. I have tried to get away from the spending mentality. As soon as you get money you start thinking of ways to spend it. You should be thinking of ways to save it. I usually try to think of something that is important to me. For me I like to go out and see the world. That means buying gas. If I spend $5 on a cup of coffee that's about 20 mi I can't drive. As others have stated you got all these streaming media sites and stuff. If you add that all up over a years time is quite a bit of money. You should get rid of anything you don't need. There are two ways to have more money: Make more or spend less.
I really wish there was a personal finance community on Lemmy. Then reading that would be a good lpt.
I almost created one but I do not have the time or temperment to moderate a community that will likely get very big
If we could get 3 or 4 other people to agree to mod, I'm game
I was mod of a large personal finance community on reddit. I know very little about non US personal finance though.
Got some bad marks on your credit, even a 30-day late ding? Dispute them, even if they're legit.
Americans can request a free credit report every year, from all 3 credit reporting agencies. Mark everything negative as, "wasn't me". The debtor has 30-days to respond, if they don't, fuck 'em, it's off your record.
Worst case? They come back and say the challenge was verified as false. Oh well.
If you’re worried about auto charges emptying your account when you need the cash for more immediate things, have another account where you can stash some money so it’s always accessible.
For example, this week I knew I was gonna get a big charge and didn’t have the $$ to cover it. But it was pre-authorized, and it was going to go through and put me to negative.
So I moved gas money (required for earning money) into my Chime account, so I could keep earning when my main account went negative.
Money is easier to spend than to make.
I had a ~20 paragraph reply on my clipboard but Voyager can't post it.
Edit: pasted it into Gmail instead, then copied it and pasted it again as plain text then copied it again and pasted as a child. Lost all the carriage returns in the process. (it's nearly 4am and I'm using my phone.)
For context, it was written for a small town Facebook group but Facebook also blocked it for breaching community standards so I never published it.
G'day all :) What are your money saving tips? Thought I'd share some of mine in case they're useful. But beware - I'm not qualified to give financial advice! Seek professional advice.
1 - Internet costs. If you get fair mobile reception, and have light to moderate Internet needs, you might find a 4G or 5G service will suffice. Belong has a data sim starting from $15 a month for 20 gigs. If you go over, it'll still work at 1.5Mbps which is slow but still usable if you're patient. On the other end, $70 for 400 gigs is hard to exceed. Aldi has similar offers but with data rollover, but at slightly higher rates than Belong. Depending on your usage patterns, it might be better value. 4G and 5G modems are quite expensive, but you can actually recycle many Telstra NBN smart modems by putting the sim card in them. They sell on ebay for about $50. The local towers have been upgraded but evening slow downs may still occur.
2 - Mobile Plans. Hard to beat Aldi for value in our area. $19 a month is probably all you need if you're not doing a lot of video watching. Most other bargain offerings from Boost, Amaysim have been discontinued. You might know of a better deal? As an aside, smart phones around $300 are now perfectly fine to use with the caveat of mediocre cameras.
3 - Electricity. If it's working, try energymadeeasy.gov.au to compare offers. At the moment Red seems to be one of the best value options but this can change. If you have solar but no battery, consider over-heating or over-cooling your home when the sun is shining. That way you're using your home as a sort-of battery. If you're not home much during sunlight hours, investing in solar might not be worth it at the moment. Upgrading to an induction stove and reverse cycle air-conditioning might be a better investment. Where possible use an air fryer instead of a big oven. An air fryer is just an oven with a stronger fan in it. You can also get a bench top induction hotplate for around $100. These can be great if you're used to cooking with gas, as they are faster and give better control compared to a standard hot plate.
4 - Home and Contents Insurance. Shopping around may be your only option to find good deals. Some insurers won't allow you to under-insure your home. Some, like Honey, will give you a significant discount if you install smart sensors that monitor doors, moisture, temperature.
5 - Car insurance. If you drive old bombs like me, you might only need third party property insurance. You need this in case you obliterate a Mercedes.
6 - Universal insurance. Perhaps my most controversial suggestion. If you have the discipline to do so, consider having savings reserved as an investment which can double as an insurance policy for random stuff like vet bills, breakdowns, etc. If you can't afford private health insurance, this might also cover surgery out of your own pocket. It perhaps sounds counter intuitive, but having savings as a universal insurance policy allows you to use it for whatever need comes up rather than having separate insurances for pet, contents, car, funeral etc. If you think of the money you're putting away as being an insurance premium - which is pretty much what insurance is anyway - it might be easier to understand. It's all a risk of course - a big enough hit could wipe you out so for those things you probably need actual insurance.
7 - Investing. This is largely a follow-on from the above - and you maybe shouldn't be taking advice from a guy who drives old bombs and who is not too far above the tax free threshold! Being diversified is probably wise. Cash under the mattress or in the safe is comforting, but because of inflation, it's effectively stolen from you over time. Things with limited supply such as gold, silver, certain older cars / collectibles may be a hedge against inflation but not guaranteed. Regarding metals, beware of fraudsters. Some cryptocurrencies (which are often speculative assets with an inherent limited supply) may be a good hedge against inflation, but the relative value compared to regular currencies is highly volatile. Stick to the larger Australian exchanges and remember the key phrase 'not your keys, not your crypto'. Also consider the tax reporting requirements. Services like Koinly will take care of that for you at minimal cost. For the a more conventional low risk option, my limited research suggests index funds are one of the safer investment options. Superannuation is probably also good to be aware of, but I'm not up on all the tricks for this other than avoiding having multiple funds. Government co contributions are also a thing. Your bank might have a high interest yielding deposit product that is simple to set up and still gives you easy access. Regional Australia Bank's S30 for example. If you're a home owner, you already have a massive head start at this time - although bubbles are still a risk and you can't exactly sell off bits to do the shopping! I have no experience with investment properties etc so can't speak to that. Likewise, I have no stock market experience.
8 - Cars. Generally, if you maintain your car it'll last a long time. Change the oil at least as often as the manufacturer suggests. Get the transmission serviced as per schedule. Don't trust a 'lifetime transmission' claim though. Lifetime = warranty period. On most cars, changing the oil yourself isn't too difficult and YouTube has guides for most cars. I can't really speak to the reliability and safety of modern cars vs older - that's a choice you'd need to look into yourself. YouTube is handy for this stuff. I'm a bit concerned that some cars are made with an intentionally limited life span. I'm NSW your rego fee is based on weight. A smaller car will cost you less to run and rego, but probably won't be as comfy. As an aside, driving at 80kph uses up to 20% less fuel than 100kph. If you don't have someone behind you and you aren't in a hurry, consider slowing down to save some money. Also, apps like PetrolSpy and NSW Fuelcheck may help you save a little on fuel - but consider your rewards schemes as well as this might change the equation. (bp rewards, flybuys etc.)
9 - Yourself. Keep a little bit active if you can. Use it or lose it is a good rule of thumb. (Although I might have already lost it!) I reckon as long as you get a bit of walking in, that's not a bad effort. A treddy in front of the tele is a good incentive for wet days. You probably should do more, like lifting and stuff, but meh. Try to eat some real food every day. (Fruit and veg.)
10 - Subscriptions. Lots of streaming services competing for your attention. However, all the tv catch up services are free, and so is YouTube. Some will sign up to a service, binge a show, then cancel that subscription. Podcasts are also generally free. A good VPN may allow you to watch the free TV stations from other countries. Useful particular if you've come from another country and miss 'home'.
11 - Vinnies and ADRA etc. Don't need to buy new? The local charity shops have a good range of clothing and occasionally furniture as well.
12 - Heating. Already covered under electricity, but here's some more. The most energy efficient heating is a reverse cycle air conditioner or split system, using under half the power for the same amount of heat compared to any type of electric heater. At temperatures below freezing some brands may struggle. Research before buying, and remember you can always supplement with another heater. All other electric heaters are rated in watts - a 1200w bar heater gives the same heat as a 1200w column heater or a 1200w fan heater. An expensive panel heater will be no warmer than an equivalent fan heater. The only caveat here is that a small bar or halogen heater placed strategically will heat what's in front of it rather than trying to heat the room - so you might be able to get away with just 400 watts under the desk and still be nice and warm while you're there. Gas and wood fires are nice, but unless you have your own supply they are probably the most expensive option. Electric blankets cost a pittance to run.
13 - Computers. Computers generally haven't improved much over the last ten years. If you have a computer that takes ages to wake up but is fast once it's been awake for a while, you might be able to greatly boost its speed by replacing one part only - costing typically $100 to $150 with installation. (An SSD). But if it's randomly turning off for no reason, it's time is probably up.
14 - Groceries Shopping by unit price may save you a lot. In other words, price per kg, price per sheet etc. Most stores have these prices displayed below the item's purchase price. For the local stores in particular, watch for specials. If travelling to Armidale etc, weigh up the fuel costs vs shopping locally. Some shops charge a fee to tap and pay vs insert / swipe / eftpos. You might need to experiment to see which is the cheapest at each store. Or use cash...
15 - Teeth You only need to floss the teeth you want to keep. Xylitol based chewing gums are also great at killing the bacteria that causes tooth rot. Unfortunately Kirk's no longer stocks any. Beware that Xylitol is toxic to dogs.
16 - TVs. Generally speaking, reduce the brightness in order to increase the life. It's usually heat that kills TVs. You can turn almost any TV into a smart TV by adding a ChromeCast for about $60. Also useful if your 'smart' TV isn't as smart as it should be. Side note: Many smart TVs use a technology to report what you're watching back to the manufacturer. If you don't like this, don't connect it to the internet.
Regarding the heating/cooling, if you’re home is decently insulated look into supercooling in the summer months. At higher temperatures your heat pump has to work harder to cool down the home. By running cooling overnight when temperatures are lower, it uses less power to the same result.
I cool my home to 68f from 2 am until 8 am on a schedule, and then the heat pump stays off until the indoor temps reach 74f. It’s provided a good amount of energy savings and helped me exceed the quoted power offset on my solar setup.
Amazing! Thank you for the tips and taking the time to write this!
Thanks!
Do not user Klarma-esque services unless it's important. Same with payday loans.
You can use credit cards to build your credit, but your goal should be to pay it off each month. The first month you cannot pay it off in full (sans emergencies), stop using that card until you pay it off.
Bills get paid first. For loans, if possible, try to pay every two weeks to help bring it down faster.
Having a pet is not just getting a buddy, you need to be prepared to take care of them. They cost money and will keep costing money until they pass.
Honestly, check your job's benifits. They hide a lot of stuff sometimes. It was a year into my employment before I realized my job could make monthly payments on student loans. Their payments have saved me in some tight months. 👀
Edit: if you live alone and your place is small (or at least one level) you may want to look into a portable ac, even if you have central air. I take a lot of depression naps so I'm usually in my room, so that's really the only pace I need it. My cat knows where to go when it gets warm and we usually hang out in that room until it gets cooler (of course, if it's bad, I'll turn it on). It's saved me on my electric this year enough to pay for the $160 I got it for (though I was kicking myself because Craigslist had them for cheap).
Pile as much money as you can, as often as you can, into VTSMX or VTSAX and chill.
Learn about taxes and get a good tax guy. There's a lot of "hacks" you could use to significantly reduce the amount you need to pay to the tax office. Best case scenario - you own an investment property which means you can write off all expenses, including mortgage interests.
Before buying a house, learn about home loans. Get yourself an offset account and for investment property get an interest only loan. Refinance your loan every time there's a better deal.
Put all your payments, bills, rent, etc. on a credit card that earns you some points. Over time you will get free stuff just for paying your bills.
If you can afford it, put away 10% of all your income to a savings account. If 10% is too much put away as much as possible.
If you're into risk, invest into stocks. I would recommend long term investments in well established companies that will give a nice return in 5-10 years. If you're a dare devil, look into penny stocks with large dividends.
Stay away from crypto and "lucky shots". If it's too good to be true it's not worth it.
If you can afford this...
...Whenever you're at the store and make a debit card purchase with the option for cash back, get some back. $5, $10, $20...whatever. And put this into a rainy-day fund. You never know when you might need some quick cash or it'd be the make-or-break for a quick splurge.
Granted, I learned of this method from a friend of the family who used this method to hide money from her husband so take it with a grain of salt.
Spending money on higher quality products makes more sense than having to buy the lower quality product multiple times in the same span. But also don’t assume just because it’s more expensive that it’s higher quality.
I was spending $80-120 each year on lower quality hiking boots. About 10 years ago I finally spent $250 on high quality Merrells, haven’t needed to buy a new pair since. I hope the quality is still the same when I need to buy a new pair in 2035.
Baby wipes are cheap and have a million uses. Don't bother with distinguishing between feet wipes, hand wipes, butt wipes and face wipes: Normal skin doesn't give a fuck.
What are y'all using wipes so often for? Why not just a facecloth / towel and do some laundry occasionally?
If you care about the environment and/or saving money, you should be avoiding disposable products as much as possible.
Save first. If you aren't living paycheck to paycheck, then always put your money in a separated bank account for saving.
This help eliminating the need to keeping track of your spending.
If you tend to be fined for overdraft, then use an overdraft protection service. The service fee is much lower than the OD fee.
"Prevention > Cure" and "investment in you and the things you use most will pay dividends in terms of health, money, and mobility" is the very TL;DR version.
If you're in a country with an asinine healthcare system like the US, it's definitely prudent to take care of your health rather than being caught out by something. This includes regular dental check-ups and cleaning (trust me).
You spend a lot of time sleeping. A good mattress and linens are very valuable to your health.
If you are on your feet a lot, comfortable should also be a priority even if they cost more.
Work out to your ability. Being sedentary is detrimental to your health and causes pain (both physical and financial).
Try to save and buy better quality versions of things where it makes sense. If you only spend $10 on something but it lasts only a year, it's better to spend $30 or $50 on something that lasts you ten years or a lifetime.
Remember that investments can take many forms and pay out differently. Investing in your health is already mentioned, but invest in your education. If you don't have money, you can still find tons of free resources online or at the library to skill up in ways that help your life (either your job prospects, your home life, or even your mental well-being).
And, perhaps more importantly than most other advise, live within your means.
I realize that not all of these are possible to everyone all the time (I was homeless for a while; I understand). These are goals and any progress is worth it; do not let perfect be the enemy of good.
No income taxes(up to 120k) if you live outside of the US most of the year.
USA edition:
If you're a billionaire: vote Republican.
If you're not a billionaire: vote Democrat.
(*) may not apply in elections where the Republican wants to start a profit-conflagarating civil war
War is a racket.
Brilliant book. Still relevant.
Smedley Butler was a great American.
And either way, you still get to be poor. Great system we have here.
Pop quiz! What was cumulative inflation for the last 4 years, and what was the change in working class wages?
Basically what I’m asking is, did people get more poor, or less poor? Were there any specific government actions that led to this outcome?
69
Unfortunately the official inflation number doesn't represent real world price increases on necessary goods, which often outpace inflation.
This is a common talking point, totally dishonest in this case. What are you claiming the real inflation number should be, and why are you saying the prices of what real world goods went up by that amount? Like with citations and precise numbers.
At least you get to be poor with some basic human rights
Me, LGBT: hahahahaha... oh you were serious? HAHAHAHAHA no.
What are you on about? Gay marriage was literally legalized by democrats.
(rant in general, not directed at you)
Straight, cis people: "you can do one thing, isn't that enough? why do you have to be in the spotlight all the time?"
Me, standing with my trans+enby friends, after being fired for who we fuck and what we look like, and regularly treated like dogshit in public: "....."
Marriage is a decent start, but especially bullshit like "right to work" states where employers can sack you for literally anything, and LGBT not being a universally protected thing, is shit. Yeah yeah "sex" is by law but I direct you to the first half of that sentence, and you'll see the issue. Progress, yeah, but being the solution to our many issues, marriage is just a piece of the pie.
Hell, my best friend had to go through some gymnastic-bureaucratic bullshit because the state they live(d) in was putting up unnecessary requirements just to change their sex on their drivers license. This was after months of them seeing a therapist, hrt, physical changes, etc - but still wasn't good enough for the state. So it was easier to get their transition accepted via their birth state (I think by altering the birth record? Not totally sure, I didn't want to pry), where they had much more sane requirements, and then come back to the state they live(d) in with a 'see here bitch, now change my shit'. Took a month or so all-told, but they got it done.
Plus things like raising a family (adoption especially), being passed up for employment or promotions, denied housing... but we have marriage, so it's all good, right?
This is what Democrats would put on their campaign signs if they were an honest party.
We didn't need that.
Make a budget, each month.
Write down your expected expenses. Keep it simple. Use paper and a calculator.
Rewrite the list, in order of priority, to you.
I've met so many people who are scared to do this, yet would be pleased if they did.
And compare your expected expenses to your actual expenses. Those occasional small things here and there can add up.
For bills that are due on a regular basis but not monthly (car registration, oil changes, pet’s annual check up, HVAC check ups if you own a home, etc) - figure out how much each costs per year, add them all up, divide by 12, and set up an auto-transfer to a savings account for that amount every month. Don’t forget to include that amount in your monthly budget too.
This x100. I literally never worry about bills anymore.
Actually it's x12
Invest in tennis balls. They have a high rate of return.
Serious version. Probably mostly US-centric:
Credit cards are a tool. Just like any other tool, they can be useful or they can cause damage when improperly used. Educate yourself on how to wield a credit card effectively.
What he’s trying to say is, learn to use them like ninja stars - shuriken. They’re sharp and deadly if scaled properly.
When I worked at Barnes&Noble as a teen (~2007-2008), my coworker and I would just whip gift cards around at each other. Was a good three months.
Maybe like nunchucks. Use them wrong and they'll whack you in the nuts.
Look up how cumulative interest works, then start investing in ETFs or index funds that follow MSCI World or S&P 500 for example. Then wait.
It's been 4 hours. What's supposed to happen?
Line go up
Your returns start producing their own returns and eventually it snowballs.
You're supposed to learn how to check back in a few decades instead of hours.
To add to this, also research ETF and mutual fund fees! Sooooo many are more than willing to charge a "small" 1% fee that will cost you thousands of dollars or more. Others are bold and charge even more. Look for fees in the 0.01% - 0.03% range for your trusty index and targeted retirement funds. Some even have 0%, though those harder to come by.
Inherit your wealth!
Think of playing a 4x video game, focus every day on building your economic engine. Everything you spend should have some economic engine return (school, books, computer, etc)
Play this like 50 times https://buildyourstax.com/
Avoid debt.
Use the FASFA (in the us), if your under 25 marry another student (then your EFC is 0). Don't pay for grad-school, only join programs that pay you.
Networking, and Experiences are more important then over-time alone. Building your network is part of building your engine. Join the club, go to the networking parties, improv group, show up sometimes to the toastmasters, NETWORKING IS WORTH THE TIME AND MONEY. But, always make sure your networking with people who inspire you, and don't drag you down. It's ok to hangout with the down group, just not habitually.
It's ok to say no! No, really - you can say no to things. Nobody gives a shit about your phone, or car.
Learn how to use a spreadsheet (or just do the math by hand), get the TOTAL cost of all commitments over the life of the commitment (total cost of car, or house, etc), including all the one time origination fees. The only number that matters is the total cost, all the other numbers move around, but the total cost should drive your decisions.
Learn about your credit, and keep it clean (credit wise is good enough here)
Read Debt: The first 5000 years, appreciate the power of liquidity and opportunity costs.
Subscriptions are traps, avoid them as much as possible.
The game won't let me put money into savings account on mobile for the first year :(
Sounds like a rendering issue. The buttons are on the bottom of the square. Try desktop mode
That site was pretty fun.
If you want to increase your credit score and are financially responsible, switch over to using a credit card.
Diversify your portfolio: Instead of putting everything into savings, split some of it into stocks and shares.
I've heard that they amount you should be putting into your pension is a percent of your income equal to half the age you were when you started saving. Not sure how accurate that is.
If you do happen to be well off and/or have a good job, spend your money on things you like rather than hoarding it.
Donating to charity and supporting small businesses is usually morally correct. If you have the means, tip your instance admin or developers of software you use.
Be careful when buying things that the seller can remove from you at any time. But don't use that as an excuse to not buy things you'll enjoy while you have them.
If you can use credit cards responsibly, look into credit card churning for points. I fly business class for any extended flight and I pay less than what economy would cost.
Absolutely this, people paying cash and with debit cards end up just subsidizing points redemptions. Merchants aren't eating card fees (typically 1.5-3% of a purchase), they just baked it into prices.
With a stable income, watching what you spend, and auto-pay, carrying a card balance is super easy to avoid these days.
If your retirement fund isnt 7 figures or larger, you probably aren't going to retire in your own home. "The old folks home" ain't cheap, and they WILL take it all to pay for it.
What if you own your home?
https://www.medicaidplanningassistance.org/medicaid-look-back-period/
Avoid having more than one large loan at at time ($10000 or more). Pay off your loans early by paying to principal. Pay off your credit card(s) every month. Drive slowly to spend less on gas. Buy goods in solid form, no liquids, to save money. Ditch fast foods, do meal prep instead. Eat less meat, like maybe once or twice a week.
Instructions unclear: Dying of dehydration.
Budgeting is very important. some people like the 20% of income for saving, 30% for living expenses and the other 50% for everything else. Pre or post tax is up to you as this is a rule of thumb. Important part is that it should be easy for you to build up your savings to cover important expenses. spending 50% of income on housing may be really bad since having back to back years of badluck can screw over your savings, and not give you enough time to save up in between.
This is a general rule that applies when you make enough to do so. If you're struggling to pay rent, do what you can to remove risk and cut down on costs. One thing that helps is aiming to have savings. Often times, its cheaper to have money up front to resolve emergencies rather than later.
Car is one of those things that can make sense to remove. If you're commuting one hour already by car, and there's no public transit option then a car is a necessity. If you can take public transit, that could save you money on car insurance, car payments, car maintenance, and possible accidents.
i don't know anyone who can keep their living expenses at 30%.. is this finance tips for well-off childless people?
Use credit cards as cash, and pay off the balance weekly. This protects your bank account from fraud, as chargebacks and fraud are more easily dealt with on credit, and they tend to have better account monitoring and security than banks and credit unions. Even better if you have a cash-back/points card, that’s basically free money.
This also makes it easy to track spending if you have specific purpose credit cards. E.g, one card for groceries and gas, another for recurring bills or service payments, another for frivolous stuff, etc.
——————
Even if you have no other investments, open a high yield savings account and keep the bulk of your funds there, other than what you need for a general emergency fund and monthly bills. Current yields are over 4%, generally better than inflation, without any risk.
In order to save money, you have to start putting money back, even if you consider yourself too poor to save. Every time you get paid put $X aside and don't touch it until it's enough to do something with
And then don't do anything with it other then invest it some more
Don't buy anything unless you're u can pay for it in full cash, you don't need to use cash but it's a good way to be prepared
I treat my accounts like hit points in a game. The higher it is, the more health i have.
Every luxury takes work to pay for. Even a fancy car for people making well over six figures is a financial ball and chain. Think long and hard about the stuff you buy.
Every expense delays your retirement. If you need $60k per year to retire, and you buy a $60k car in your 30's, congratulations, you just delayed your retirement by over a year. Very few people think about that stuff in their 20's and 30's, but I promise that your 40's and 50's are just around the corner, and you'll be thinking about it a lot by then.
When I was younger, cars were unreliable pieces of shit. I'd never buy a car between four and eight years old, that's when they really started needing work. After that, most dodgy bits had been replaced and rust was the biggest killer.
Now, even cheap cars are astonishingly reliable, and will easily last 20 years if taken care of.
Manufacturers know this,and have spent the last decade convincing people they need to lease a brand new car every three years
They've convinced mugs that cars are a subscription service
If you don't touch an account for 7 years, it disappears from your credit report. That means NO ACTIVITY at all. No usage of the card, no payments, no nothing.
There are some debts that this does not apply to, like school loans, but I know it works on credit cards.
Now, here's the real world disclaimer. During those 7 years, your credit will TANK. You will have a hell of a time trying to finance a Happy Meal. If you have good credit, it will take another 5-7 years to get it back to where it was. But, if your credit is already trash, and you can't afford to pay every bill, it is an option that could get you back within your means.
Is it ethical? I figure the system itself isn't ethical, so stealing back from the ones who take advantage of others doesn't bother me one bit, but I totally understand if someone would disagree.
I don't know much about finance, but don't do this!
You sure about that? I have a friend who thought that too but found out 7 years later that only a bankruptcy will disappear after 7 years, not just idle delinquint accounts. He needed to actually file for bankrupcy to make it go away. This was in Usa, NY; maybe it's different other places.
As a second "data" point: I have some accounts on my credit report that have not been touched in a decade+ yet they are still there (they are not delinquent).
Delinquent accounts without payment can be removed from your credit report by disputing with the credit bureau, with the exception of FEDERAL student loans. Filing for bankruptcy and having that on your record for seven more years seems like the worst possible way to deal with it.
Edit: in the USA
What are you disputing? You can dispute inaccurate or fraudulent marks on your credit.
I don't know why those situations didn't work out, and without more details, I won't bother to guess, but yes, I am sure because there's a few utility bills and two credit cards with a couple thousand each from about 20 years ago that are no longer a problem for me.
That's awesome! Just wanted to get you to take a second look in case you were as diligent as my friend but it sounds like you're right, then!
The real financial tip is don't listen to people like this guy. "Trust me bro, you can rack up a ton of debt and then just never pay it off!"
I don't recommend it, at all, it was a VERY long and difficult time for me to recover, but if you're already at rock bottom, it can get better.
Generally speaking, idle unpaid accounts like this are either sold by the creditors to a third party debt collector, resetting the clock, or they will sue you for the non-payment to get a judgment or lien, resetting the clock.
The only sure bet is bankruptcy, which will drop off your report after a period of time that varies from state to state in the U.S. (generally from 7 to 10 years). Not sure is this applies outside the U.S.
False. New debt collectors purchasing the debt does not reset the clock. Also depending on your state, debt collectors could be barred from legal action well before 7 years.
Edit: in the USA
🤷🏻♂️ Worked for me.
The entire credit system is to keep undesirables from moving into “better” neighborhoods, to keep the po folk in their place - both geographically and socioeconomically.
Before the credit rating system, you better attend the Elks Lodge with your local banker and be an upstanding deacon at your church to get a loan. Being white and having a firm handshake is also a must.
At least the credit rating system is a game we can all play.
We have a credit card that gives 6% cash back on groceries, 3% on gas and some discounts on streaming services. It blows my mind that every few months I can cash out a $200 or so credit towards my balance. I needed to buy those things anyway and have autopay set to the full balance each month so it really is free money. So if you can get one, absolutely a credit card that gives cash back. The one I mentioned is Amex Blue Cash Preferred but there other options out there that give other bonuses, like 2% back on everything or 6% back on something up to a certain cap.
Credit cards are an excellent tool IF you are responsible with credit.
And almost nobody is, or the credit card companies would be broke instead of trillionaires.
Cc companies make most of their money from the fees they charge merchants.
And they make a shit ton more money on interest charged for balances carried.
That's literally the opposite of what I said. You can't make "more" than "most of". Christ this site is dumb
Definition:
More - B. In addition to
Yeah, it's the site that's dumb...
Blows our minds that yanks think they're getting money back from a credit card company, rather than realising they're handing the company extra money every time they use their card, and the company gives them a bit of it back after they've finished with it
Groceries cost the same with or without a credit card. The store is paying the card every transaction, not the user. Annual fee cards need more scrutiny and are often not worth it unless you're playing the travel points game (and what a game it is). No card in existence is worth it unless you pay it off in full every month.
They even have non-cashback/points perks that are worthwhile, like rental car/travel/phone insurance. My family has saved hundreds with free phone insurance from a card. My screen stopped working, and I got a new one for $30 from an authorized repair joint, which otherwise would have cost like $300.
So, yes, cards do give you free money so long as you don't hold a balance.
Not always true? Hell, I have a credit card for 8 years and have-gotten big £ back. I pay £2 for it a month, but if I have two direct debits bank refunds it.
It literally is free money as long as you pay it off each month.
It boggles my mind how people fail to see it. If you're bad in money? It ain't for you. Interest can mount up but it doesn't take that much self control to not blow 5k when you're only taking 3k home.
VoIP is cheaper than cell service.
Vinegar is a good cleaning agent.
A hard drive at home is way cheaper than cloud storage.
Tailgating burns more gas.
How does the last one work?
If you're tailgating you have less time to respond to the car in front of you braking or decelerating and therefore you need to slam the breaks more
Exactly
Not to mention the brakes too.
For me it's a matter of my mentality. I have tried to get away from the spending mentality. As soon as you get money you start thinking of ways to spend it. You should be thinking of ways to save it. I usually try to think of something that is important to me. For me I like to go out and see the world. That means buying gas. If I spend $5 on a cup of coffee that's about 20 mi I can't drive. As others have stated you got all these streaming media sites and stuff. If you add that all up over a years time is quite a bit of money. You should get rid of anything you don't need. There are two ways to have more money: Make more or spend less.
I really wish there was a personal finance community on Lemmy. Then reading that would be a good lpt.
I almost created one but I do not have the time or temperment to moderate a community that will likely get very big
If we could get 3 or 4 other people to agree to mod, I'm game
I was mod of a large personal finance community on reddit. I know very little about non US personal finance though.
Got some bad marks on your credit, even a 30-day late ding? Dispute them, even if they're legit.
Americans can request a free credit report every year, from all 3 credit reporting agencies. Mark everything negative as, "wasn't me". The debtor has 30-days to respond, if they don't, fuck 'em, it's off your record.
Worst case? They come back and say the challenge was verified as false. Oh well.
If you’re worried about auto charges emptying your account when you need the cash for more immediate things, have another account where you can stash some money so it’s always accessible.
For example, this week I knew I was gonna get a big charge and didn’t have the $$ to cover it. But it was pre-authorized, and it was going to go through and put me to negative.
So I moved gas money (required for earning money) into my Chime account, so I could keep earning when my main account went negative.
Money is easier to spend than to make.
I had a ~20 paragraph reply on my clipboard but Voyager can't post it.
Edit: pasted it into Gmail instead, then copied it and pasted it again as plain text then copied it again and pasted as a child. Lost all the carriage returns in the process. (it's nearly 4am and I'm using my phone.)
For context, it was written for a small town Facebook group but Facebook also blocked it for breaching community standards so I never published it.
G'day all :) What are your money saving tips? Thought I'd share some of mine in case they're useful. But beware - I'm not qualified to give financial advice! Seek professional advice.
1 - Internet costs. If you get fair mobile reception, and have light to moderate Internet needs, you might find a 4G or 5G service will suffice. Belong has a data sim starting from $15 a month for 20 gigs. If you go over, it'll still work at 1.5Mbps which is slow but still usable if you're patient. On the other end, $70 for 400 gigs is hard to exceed. Aldi has similar offers but with data rollover, but at slightly higher rates than Belong. Depending on your usage patterns, it might be better value. 4G and 5G modems are quite expensive, but you can actually recycle many Telstra NBN smart modems by putting the sim card in them. They sell on ebay for about $50. The local towers have been upgraded but evening slow downs may still occur.
2 - Mobile Plans. Hard to beat Aldi for value in our area. $19 a month is probably all you need if you're not doing a lot of video watching. Most other bargain offerings from Boost, Amaysim have been discontinued. You might know of a better deal? As an aside, smart phones around $300 are now perfectly fine to use with the caveat of mediocre cameras.
3 - Electricity. If it's working, try energymadeeasy.gov.au to compare offers. At the moment Red seems to be one of the best value options but this can change. If you have solar but no battery, consider over-heating or over-cooling your home when the sun is shining. That way you're using your home as a sort-of battery. If you're not home much during sunlight hours, investing in solar might not be worth it at the moment. Upgrading to an induction stove and reverse cycle air-conditioning might be a better investment. Where possible use an air fryer instead of a big oven. An air fryer is just an oven with a stronger fan in it. You can also get a bench top induction hotplate for around $100. These can be great if you're used to cooking with gas, as they are faster and give better control compared to a standard hot plate.
4 - Home and Contents Insurance. Shopping around may be your only option to find good deals. Some insurers won't allow you to under-insure your home. Some, like Honey, will give you a significant discount if you install smart sensors that monitor doors, moisture, temperature.
5 - Car insurance. If you drive old bombs like me, you might only need third party property insurance. You need this in case you obliterate a Mercedes.
6 - Universal insurance. Perhaps my most controversial suggestion. If you have the discipline to do so, consider having savings reserved as an investment which can double as an insurance policy for random stuff like vet bills, breakdowns, etc. If you can't afford private health insurance, this might also cover surgery out of your own pocket. It perhaps sounds counter intuitive, but having savings as a universal insurance policy allows you to use it for whatever need comes up rather than having separate insurances for pet, contents, car, funeral etc. If you think of the money you're putting away as being an insurance premium - which is pretty much what insurance is anyway - it might be easier to understand. It's all a risk of course - a big enough hit could wipe you out so for those things you probably need actual insurance.
7 - Investing. This is largely a follow-on from the above - and you maybe shouldn't be taking advice from a guy who drives old bombs and who is not too far above the tax free threshold! Being diversified is probably wise. Cash under the mattress or in the safe is comforting, but because of inflation, it's effectively stolen from you over time. Things with limited supply such as gold, silver, certain older cars / collectibles may be a hedge against inflation but not guaranteed. Regarding metals, beware of fraudsters. Some cryptocurrencies (which are often speculative assets with an inherent limited supply) may be a good hedge against inflation, but the relative value compared to regular currencies is highly volatile. Stick to the larger Australian exchanges and remember the key phrase 'not your keys, not your crypto'. Also consider the tax reporting requirements. Services like Koinly will take care of that for you at minimal cost. For the a more conventional low risk option, my limited research suggests index funds are one of the safer investment options. Superannuation is probably also good to be aware of, but I'm not up on all the tricks for this other than avoiding having multiple funds. Government co contributions are also a thing. Your bank might have a high interest yielding deposit product that is simple to set up and still gives you easy access. Regional Australia Bank's S30 for example. If you're a home owner, you already have a massive head start at this time - although bubbles are still a risk and you can't exactly sell off bits to do the shopping! I have no experience with investment properties etc so can't speak to that. Likewise, I have no stock market experience.
8 - Cars. Generally, if you maintain your car it'll last a long time. Change the oil at least as often as the manufacturer suggests. Get the transmission serviced as per schedule. Don't trust a 'lifetime transmission' claim though. Lifetime = warranty period. On most cars, changing the oil yourself isn't too difficult and YouTube has guides for most cars. I can't really speak to the reliability and safety of modern cars vs older - that's a choice you'd need to look into yourself. YouTube is handy for this stuff. I'm a bit concerned that some cars are made with an intentionally limited life span. I'm NSW your rego fee is based on weight. A smaller car will cost you less to run and rego, but probably won't be as comfy. As an aside, driving at 80kph uses up to 20% less fuel than 100kph. If you don't have someone behind you and you aren't in a hurry, consider slowing down to save some money. Also, apps like PetrolSpy and NSW Fuelcheck may help you save a little on fuel - but consider your rewards schemes as well as this might change the equation. (bp rewards, flybuys etc.)
9 - Yourself. Keep a little bit active if you can. Use it or lose it is a good rule of thumb. (Although I might have already lost it!) I reckon as long as you get a bit of walking in, that's not a bad effort. A treddy in front of the tele is a good incentive for wet days. You probably should do more, like lifting and stuff, but meh. Try to eat some real food every day. (Fruit and veg.)
10 - Subscriptions. Lots of streaming services competing for your attention. However, all the tv catch up services are free, and so is YouTube. Some will sign up to a service, binge a show, then cancel that subscription. Podcasts are also generally free. A good VPN may allow you to watch the free TV stations from other countries. Useful particular if you've come from another country and miss 'home'.
11 - Vinnies and ADRA etc. Don't need to buy new? The local charity shops have a good range of clothing and occasionally furniture as well.
12 - Heating. Already covered under electricity, but here's some more. The most energy efficient heating is a reverse cycle air conditioner or split system, using under half the power for the same amount of heat compared to any type of electric heater. At temperatures below freezing some brands may struggle. Research before buying, and remember you can always supplement with another heater. All other electric heaters are rated in watts - a 1200w bar heater gives the same heat as a 1200w column heater or a 1200w fan heater. An expensive panel heater will be no warmer than an equivalent fan heater. The only caveat here is that a small bar or halogen heater placed strategically will heat what's in front of it rather than trying to heat the room - so you might be able to get away with just 400 watts under the desk and still be nice and warm while you're there. Gas and wood fires are nice, but unless you have your own supply they are probably the most expensive option. Electric blankets cost a pittance to run.
13 - Computers. Computers generally haven't improved much over the last ten years. If you have a computer that takes ages to wake up but is fast once it's been awake for a while, you might be able to greatly boost its speed by replacing one part only - costing typically $100 to $150 with installation. (An SSD). But if it's randomly turning off for no reason, it's time is probably up.
14 - Groceries Shopping by unit price may save you a lot. In other words, price per kg, price per sheet etc. Most stores have these prices displayed below the item's purchase price. For the local stores in particular, watch for specials. If travelling to Armidale etc, weigh up the fuel costs vs shopping locally. Some shops charge a fee to tap and pay vs insert / swipe / eftpos. You might need to experiment to see which is the cheapest at each store. Or use cash...
15 - Teeth You only need to floss the teeth you want to keep. Xylitol based chewing gums are also great at killing the bacteria that causes tooth rot. Unfortunately Kirk's no longer stocks any. Beware that Xylitol is toxic to dogs.
16 - TVs. Generally speaking, reduce the brightness in order to increase the life. It's usually heat that kills TVs. You can turn almost any TV into a smart TV by adding a ChromeCast for about $60. Also useful if your 'smart' TV isn't as smart as it should be. Side note: Many smart TVs use a technology to report what you're watching back to the manufacturer. If you don't like this, don't connect it to the internet.
Regarding the heating/cooling, if you’re home is decently insulated look into supercooling in the summer months. At higher temperatures your heat pump has to work harder to cool down the home. By running cooling overnight when temperatures are lower, it uses less power to the same result.
I cool my home to 68f from 2 am until 8 am on a schedule, and then the heat pump stays off until the indoor temps reach 74f. It’s provided a good amount of energy savings and helped me exceed the quoted power offset on my solar setup.
Amazing! Thank you for the tips and taking the time to write this!
Thanks!
Do not user Klarma-esque services unless it's important. Same with payday loans.
You can use credit cards to build your credit, but your goal should be to pay it off each month. The first month you cannot pay it off in full (sans emergencies), stop using that card until you pay it off.
Bills get paid first. For loans, if possible, try to pay every two weeks to help bring it down faster.
Having a pet is not just getting a buddy, you need to be prepared to take care of them. They cost money and will keep costing money until they pass.
Honestly, check your job's benifits. They hide a lot of stuff sometimes. It was a year into my employment before I realized my job could make monthly payments on student loans. Their payments have saved me in some tight months. 👀
Edit: if you live alone and your place is small (or at least one level) you may want to look into a portable ac, even if you have central air. I take a lot of depression naps so I'm usually in my room, so that's really the only pace I need it. My cat knows where to go when it gets warm and we usually hang out in that room until it gets cooler (of course, if it's bad, I'll turn it on). It's saved me on my electric this year enough to pay for the $160 I got it for (though I was kicking myself because Craigslist had them for cheap).
Pile as much money as you can, as often as you can, into VTSMX or VTSAX and chill.
What are those?
https://investor.vanguard.com/investment-products/mutual-funds/profile/vtsax
Thanks!
Learn about taxes and get a good tax guy. There's a lot of "hacks" you could use to significantly reduce the amount you need to pay to the tax office. Best case scenario - you own an investment property which means you can write off all expenses, including mortgage interests.
Before buying a house, learn about home loans. Get yourself an offset account and for investment property get an interest only loan. Refinance your loan every time there's a better deal.
Put all your payments, bills, rent, etc. on a credit card that earns you some points. Over time you will get free stuff just for paying your bills.
If you can afford it, put away 10% of all your income to a savings account. If 10% is too much put away as much as possible.
If you're into risk, invest into stocks. I would recommend long term investments in well established companies that will give a nice return in 5-10 years. If you're a dare devil, look into penny stocks with large dividends.
Stay away from crypto and "lucky shots". If it's too good to be true it's not worth it.
If you can afford this...
...Whenever you're at the store and make a debit card purchase with the option for cash back, get some back. $5, $10, $20...whatever. And put this into a rainy-day fund. You never know when you might need some quick cash or it'd be the make-or-break for a quick splurge.
Granted, I learned of this method from a friend of the family who used this method to hide money from her husband so take it with a grain of salt.
Spending money on higher quality products makes more sense than having to buy the lower quality product multiple times in the same span. But also don’t assume just because it’s more expensive that it’s higher quality.
I was spending $80-120 each year on lower quality hiking boots. About 10 years ago I finally spent $250 on high quality Merrells, haven’t needed to buy a new pair since. I hope the quality is still the same when I need to buy a new pair in 2035.
Baby wipes are cheap and have a million uses. Don't bother with distinguishing between feet wipes, hand wipes, butt wipes and face wipes: Normal skin doesn't give a fuck.
What are y'all using wipes so often for? Why not just a facecloth / towel and do some laundry occasionally?
If you care about the environment and/or saving money, you should be avoiding disposable products as much as possible.
Yeah fuck you
This help eliminating the need to keeping track of your spending.
"Prevention > Cure" and "investment in you and the things you use most will pay dividends in terms of health, money, and mobility" is the very TL;DR version.
If you're in a country with an asinine healthcare system like the US, it's definitely prudent to take care of your health rather than being caught out by something. This includes regular dental check-ups and cleaning (trust me).
You spend a lot of time sleeping. A good mattress and linens are very valuable to your health.
If you are on your feet a lot, comfortable should also be a priority even if they cost more.
Work out to your ability. Being sedentary is detrimental to your health and causes pain (both physical and financial).
Try to save and buy better quality versions of things where it makes sense. If you only spend $10 on something but it lasts only a year, it's better to spend $30 or $50 on something that lasts you ten years or a lifetime.
Remember that investments can take many forms and pay out differently. Investing in your health is already mentioned, but invest in your education. If you don't have money, you can still find tons of free resources online or at the library to skill up in ways that help your life (either your job prospects, your home life, or even your mental well-being).
And, perhaps more importantly than most other advise, live within your means.
I realize that not all of these are possible to everyone all the time (I was homeless for a while; I understand). These are goals and any progress is worth it; do not let perfect be the enemy of good.
No income taxes(up to 120k) if you live outside of the US most of the year.
https://sh.itjust.works/post/24150346
Spend less than you earn. Earning interest is better than paying interest.
Debt can be good if used wisely. I took on debt to buy an apartment that saved me money due to cutting commute costs more than interest costs.
Think long term.