Money managing tips?

1. Make saving a priority

2. Have a budget.  Because without a plan, you will fail. Perhaps, quickly or perhaps over time, but you will fail.

3. Track your net worth. You don't go on a diet without getting on a scale periodically, right? So don't try to manage your money without some barometer of success. I recommend MINT. You can track all deposit accounts, 401-k, car value, stock portfolio, house value and get a definitive picture of what you are worth.

4. DO NOT...EVER...tread the path of the installment payment makers (obvious exception: mortage).   If you want a car...save and pay for it cash. Even if it means having a beater for a year until you can upgrade.  If you want a new tv, put if off until you have the funds.  I read this in one of Dave Ramsey's books and find it to be true: IT IS EASY TO ACCUMULATE WEALTH IF YOU ARE NOT CONSTANTLY MAKING PAYMENTS. 

5. Live like the sky is falling. If you follow no other rule, make it this one. Everyone should have a level of apprehension of what the future holds. Even if you are doing very well, you cannot guarantee that your employer won't downsize, or you won't become disabled, or one of your loved ones will not becomes terminally ill.  Fear for the future is not only healthy, but rational. It will help you make better choices about saving and delaying gratification.

6. Life insurance.   The road to wealth is generations long.  Give your children a head start, while also protecting them in the event of your untimely demise.  Do this by age 30 to lock in the best rates.
 
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Don't waste your money on shoes. Trust me u will look back on it like, damn I really didn't need those.


I always tell people I wouldn't advice people to get into kicks. It's a never ending cycle. Companies and society know the hype is there and they will continue to capitalize on it.


That video game thing is clutch. I swear.

Getting a chick who also understands the game plan is a big help. Smash play ps3/4....

Last tip when it comes to your toys buy used....
 
bajanprodigy said:
lol this . My ps4 takes up a lot of free time. We arnt saying to be antisocial but avoid friends who want to burn money all the time.

Building wealth is done by increasing your income or decreasing your expenses. 
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I dropped my PS3, wasted a lot of time on it. Now I'm in the Gym 4 days a week, I waste my time in the Gym and feel great while doing it. I may play my ps3 like 30 minutes per week and that's it.

PS4 $400 + games = imo waste of money

gym membership $200 a year = ( Money well spent and I'm living a healthy lifestyle )

If you have the money go ahead do both, but time management will be key to balance other priorities in your life.
 
if you make 550-600 every two weeks automatically stash 100 on the side for your phone bill. that'll leave you with roughly 1,100 bucks left on the month. save 800-900 of that and leave 2 bills to yourself for food, etc. at the end of the month, anything that's left from those 2 bills that you survived on, put aside and save it for whatever kicks you wanna buy.
 
Buy off/store brand material and groceries such as over the counter medicine, you'll save over 25% in your lifetime doing so.

For example, I have customers who spend $400-$500 every month on groceries. If they buy the store brand goods that's saving $100-$125 per month. $1200-$1500 per year. $48,000-$60,000 over a 40-year career if you enter the workforce at 25 years old.

Buying a brand new car is never a good investment. The second you leave that lot the value drops and it will never go up. You'd be better served buying a slightly older, slightly used car. Save yourself the extra couple $1000s. The point of owning a car is to drive from Point A to Point B.

Speaking of driving, find the most economical route to work. I started doing this a couple years ago. My workplace is 12 miles away using the highway, 9 miles if I drove through the city. My car does 38 mpg highway and 28 mpg city. Multiply the routes by 2 because I have to drive home. Multiply by 5 days and again by 49 weeks (I have 3 weeks of vacation where I don't drive). In mileage, If I drove highway that's 12 x 2 x 5 x 49 = 5,880 mi./38 mpg = 154.74 gallons x $4.15 per gallon (norcal price of gas) = $642.15 driving to and from work every year using the highway. Plus one oil change every 5k miles ($45). Final price: $687.15 every year using highway.

Driving through the city is 9 x 2 x 5 x 49 = 4,410 mi./28 mpg = 157.5 gallons x $4.15 = $653.62. No oil change, less than 5k miles driven. It is more economic for me to drive through the city than it is by highway. Everyone is different but critical thinking goes a long way for your bank accounts.

Learn to maintain your own car. Change oil, rotate tires, clean engine, etc. you will save tens of thousands of dollars over the years.

Brew your own coffee before work and bring a homemade lunch to work. Save the $3 instead of going to Starbucks. Buying fast food lunch is typically around $7 per meal.
That's already $10 for the day. Times 5 work days per week. Times 49 weeks. $2,450 spent (or saved) per year.

How often do you talk on your cell phone? How many times do you have text? How much data do you need? Find the right plan phone plan, not the most extravagant.

Be an extreme couponer!

I'll add more later if I can think of ways to save.
 
Alchemist IQ said:
bajanprodigy said:
lol this . My ps4 takes up a lot of free time. We arnt saying to be antisocial but avoid friends who want to burn money all the time.

Building wealth is done by increasing your income or decreasing your expenses. 
Click to expand...

I dropped my PS3, wasted a lot of time on it. Now I'm in the Gym 4 days a week, I waste my time in the Gym and feel great while doing it. I may play my ps3 like 30 minutes per week and that's it.

PS4 $400 + games = imo waste of money

gym membership $200 a year = ( Money well spent and I'm living a healthy lifestyle )

If you have the money go ahead do both, but time management will be key to balance other priorities in your life.
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The only gripe with that is the drive/gas $$$ unless the gym is close by or walking distance
 
Alchemist IQ said:
I dropped my PS3, wasted a lot of time on it. Now I'm in the Gym 4 days a week, I waste my time in the Gym and feel great while doing it. I may play my ps3 like 30 minutes per week and that's it.

PS4 $400 + games = imo waste of money

gym membership $200 a year = ( Money well spent and I'm living a healthy lifestyle )

If you have the money go ahead do both, but time management will be key to balance other priorities in your life.
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this is actually what i do. I bought a ps4 not knowing how soon I was going to purchase a car. well now I have to set aside 400 a month, still a broke college student btw, and only working part-time. And although it was around 400, my ps4 keeps me from spending any more cash while at home and my schools gym keeps me from spending any cash when i want to go out. Thats all I plan on doing this summer stacking up working out, and gaming :lol:. OP if you want to save money this summer dead any chick you talking to and simply stay home. I started splitting each check, 200 from the first check right to my savings for my bills, same with my next check.

AND if you really want to manage money, stop buying shoes like previously said.
 
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Alchemist IQ said:
I dropped my PS3, wasted a lot of time on it. Now I'm in the Gym 4 days a week, I waste my time in the Gym and feel great while doing it. I may play my ps3 like 30 minutes per week and that's it.

PS4 $400 + games = imo waste of money

gym membership $200 a year = ( Money well spent and I'm living a healthy lifestyle )

If you have the money go ahead do both, but time management will be key to balance other priorities in your life.
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Alc I hear what u saying but realistically not every gym is open 24 hours and he needs something to distract him during those Friday and Saturday nights where the homies are tryna blow money.

He's also a college kid, so he probably has a free gym membership at his school meaning he would only need the membership for the summer (which not every gym allows).

The game system will definitely cost more but more than likely he can use it more since he can take it to school.


OP if u already ain't exercising start running
 
Start writing down what you spend. Also, start categorizing things into NEED VS WANT.

Once you realize that all these things you "want" aren't necessary, you won't spend on them. You have to stoop the "I want it, I buy it" routine.

Fore example, I wanted some expensive jeans, and needed a new backpack to carry my lunch, laptop, etc. I figured the backpack was a "need" because my current one was on its last leg and It was required to bring my essential items to work.

Each paycheck I saved, my "want" list grew bigger and bigger with shoes, gadgets, etc. I actually write down how much they cost. WANT: Jeans $100, Jordans $180, etc. I find that just writing them down fulfills the initial need to buy, and I deliberate back and forth in my head and eventual I realize that I don't need these things. Eventually I buy the quality backpack that will last for years, and delete all of those "wants" off of my list. Feels good...yeah.

It also helps you realize that with the internet, you want every new shiny thing that comes out. Then you stop being a sucker for every cool gadget, fly shoes, limited art print, etc.
 
get lots of credit cards.

spend to the limit.

declare bankruptcy.

????

PROFIT!!!!
 
im glad my family thaught me a great deal about the importance of money managment. making money is hard and its even harder to hold on to it because of how society works. consumer minded people will never graze the fields of wealth.
 
Alchemist IQ said:
I dropped my PS3, wasted a lot of time on it. Now I'm in the Gym 4 days a week, I waste my time in the Gym and feel great while doing it. I may play my ps3 like 30 minutes per week and that's it.

PS4 $400 + games = imo waste of money

gym membership $200 a year = ( Money well spent and I'm living a healthy lifestyle )

If you have the money go ahead do both, but time management will be key to balance other priorities in your life.
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Don't see how you can't game and hit the gym.
 
4one5 said:
Automating bill payments and savings are HUGE.
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Best way to save money while working is by packing your lunch and cooking dinner. Stop eating fast food everyday, it saves you a ton of money. I also don't spend any money on things I don't need. When you get paid take out enough spending money to last you 2 weeks then put the rest in savings. I'm planning to save 10K this summer at my internship just gotta stay disciplined.
 
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I do Find myself hitting the gym more, reading more and playing video games more. Makes it more memorable when you do get out the crib because you actually have fun instead of that lull people have gotten used to. only prob is because youre so fun you get more invites. And the Xbox 360 and ps3 are great values right now, a wealth of great games you haven't played yet at a great price and still great graphics. I have those for single player, may cop a ps4 for multi. Not a heavy gamer though, got a stack of games I haven't touched.
 
Mark Antony said:
I do Find myself hitting the gym more, reading more and playing video games more. Makes it more memorable when you do get out the crib because you actually have fun instead of that lull people have gotten used to. only prob is because youre so fun you get more invites. And the Xbox 360 and ps3 are great values right now, a wealth of great games you haven't played yet at a great price and still great graphics. I have those for single player, may cop a ps4 for multi. Not a heavy gamer though, got a stack of games I haven't touched.
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Biggest reason I haven't got a PS4 yet. Still a huge library of games for my PS3 I haven't played and they can all either be borrowed from friends or bought for $10-$20 online. I'm not a big online gamer, so the single play campaigns in these games are perfect for me.

OP, the best advice given in this thread was the fast food one. There aren't many faster ways of burning a hole on your wallet than by eating out daily. I recently looked at my.bank statements and if I had brought my own food instead of eating out I could have saved over $200 a month.
 
These are all pretty good tips and i think i found some good ones im gona try. Thank you all for your help.
 
sneakaprince said:
Alc I hear what u saying but realistically not every gym is open 24 hours and he needs something to distract him during those Friday and Saturday nights where the homies are tryna blow money.

He's also a college kid, so he probably has a free gym membership at his school meaning he would only need the membership for the summer (which not every gym allows).

The game system will definitely cost more but more than likely he can use it more since he can take it to school.


OP if u already ain't exercising start running
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i do have a gym membership it cost me 100$ for the year. It doubles as a gym/bball court so it was a pretty good deal. Used a groupon lol
 
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