Share Your Money Hacks
Fellow monkeys, anybody care to share money hacks / spending habits / cheapskate tactics (semi facetious here) that have helped you stash away more than most do?
Although I’ve saved quite a bit this year, it’s not as much as I’d like (needless purchases, too many brunches etc). I might be trying to have my cake and eat it too, but I’d like to know if there are any money hacks that have helped in the long run without meaningfully crippling your quality of life ?
Also interested to hear any credit card recs or higher yield savings accounts
I seem to save a shit ton of money not having a girlfriend. Damn, they are EXPENSIVE! lol
Absolutely true. Bottomed Bellinis and nice dinners / trips add up
How much money do you spend on a girlfriend typically (annually, per date, etc.) ?
Probably an extra $1.5 to $3K per month. Added trips to drink at the bar instead of home, eating out, and vacations.
...
Bruh thats just fraud
Ah, I take it you also throw Zimbabwe dollars at the strip club
Beans and rice like Dave Ramsey
that sounds like a rap lyric
I like taking chances, I’m too chancey
Hopped up off the porch, they call me prancey
I’m eating now, no more beans and rice like Dave Ramsey
On that yac I just gig and get dancey
The simple answer is to know exactly how much money you're spending. My net worth spreadsheet has a page where I track every transaction, every month, to the dollar. I set a budget for every category.
If you want to find new ways to live cheap that you never have thought of before check out the Mr Money Mustache site. Guy is a bit of a tool and has a not so hidden environmentalist spin but cant say it hasnt helped me think about money differently.
Some things that help:
- Cut cable. Most millennials either cord cut or never had cable to begin with, but all those channels really add no value to life and is a ludicrous monthly expense
- cook your own meals whenever possible. Eating out IMO is the quickest way to blow up a budget. $10 for a drink that will last a few minutes, and much much more for food, is one of the worst ROIs out there. Not against eating out but it's amazing if you cut back what your finances will look like
- get rid of the car, completely. It's no secret that financing nice cars keeps the middle class from wealth building, but there are a ton of additional costs involved as well (maintenance, gas, parking, insurance). If you rely on public transportation (bus, train) or biking to work (if you live close) and when running errands it's amazing how much youll save. Really think reframing how you view your car can be a massive financial change
- Pick the right spouse - biggest on this list. Warren Buffet once said this is as important to your finances as your own career. His/her views on money, their ability to make it, what they value, etc. is everything. To the young pups here you will never be able to outearn a high spending spouse. No matter what your job is itll be too easy to upgrade house, vacation homes, car, diamonds, etc. You do NOT want your relationships to be a nonstop war of attrition of you vs her over finances. Better to find someone who is low maintenance - those women exist
- Learn to DIY - almost any issue can be fixed in your home yourself outside of some (roof repairts, electric, etc.)
what a nice guy putting his/her. my man proggresive asf
Lmao in case there is one woman on this forum
The spouse tip is something I never even gave a second thought to
The most important. If you're with a spender you will never make enough no matter what.
this is great advice but sadly is a lot easier said than done since American cities built after WW2 are generally poorly designed in that public transit is usually underfunded/not well designed.
If you’re on this message board you have the skill set, financial access, career options, and education to make it happen
but agree overall it’s not possible for everyone
Agreed, definitely not in a city where this is possible. Have to have a car to get around.
Forgot to mention this. Agree w you MonkeyNoise. Stop eating/drinking out and you will feel rich lol. Cultivate the habit of cooking at home. Good for your wallet and your health
steal without hesitation
If the date go bads, say ur takin a shit then just leave
scam obese, elderly, or otherwise disabled people
flip shit on ebay
have an ugly side chick that pays 4 ur shit but know she couldnt get ur dick otherwise
american greed
Spend the money you want and make sure you build a secure nest egg. You're young, your analyst/associate income isn't going to make you into a multi-millionaire. Invest in yourself and your network, build towards a career where you're making millions in your 40s. Buy that goddamn latte.
Very interesting and differentiated take. What are ways/ examples of how you do this yourself ?
I think it is important to start patterns of saving and investing early.
Your analyst/associate income can absolutely make you a multi millionaire. If you’re smart you can have several hundred grand accumulated savings by the time you wrap up your AO years. That is a significant base to build wealth off of if invested wisely.
I grab at least four cans of seltzer water to take home every time I'm in the office
You really are a squirrel
He likes the free peanuts in the office too.
BofA preferred rewards is my simplest favorite money hack. Used right, I think it makes their credit cards among the best out there. There are tiers in which you get different levels of rewards and other perks based on how much money you have w them, but the money doesn't have to be sitting in checking/savings...can be invested w Merrill. I put my passive investments in Merrill that would have just been sitting elsewhere
Think I found the BofA analyst… in all seriousness, what interest do you pay on the preferred rewards card ?
I have no idea I don't think I've ever carried over a balance if that's what you mean
I do this as well. The BofA $99/year credit card has ridiculously high reward rate when you are high status, and it doesn't take that much to qualify since they add up your BofA and Merrill relationships. The extra $250 for the $350/year credit cards which yield the same rate would require $ / % extra credit card spend to break even, which is not worth the cost.
Here is my #1 boring but extremely effective money hack: "Save first."
My wife and I pool our money together in a joint checking account. Beyond having all bills on auto-pay, we automatically save/invest most of the rest (with a safety cushion, call it 20% or so). Then we automatically transfer a fixed budget $ to each of our individual checking accounts which we can spend that month on whatever we want without qualifications. E.g. I can eat out at this restaurant, but I may have to bring lunch meals for a few days to make up for it. Or I can buy this computer game but maybe skip a few fancy afternoon coffees.
Caveat: if you're reading this and say "fuck that noise it's my money, one life to live" etc. I get it, this hack is not for you.
For me and my wife, it has been the key to 100% always hitting all of our savings goals (of course, it's automatic), have ZERO conflict about finances with each other (since we're both on the same budget), and keep our lifestyle in check while our earning power has grown (completely avoiding "keeping up with the Joneses"). It's kept us both humble and ruthlessly effective with our budget.
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