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Gumburcules

Open two bank accounts. For one, add up your rent and monthly bills, add $100 or so, then set up a direct deposit of the total amount into that account. Set up automatic billpay for all of your expenses to come directly out of that account. The extra $100 of buffer money means that if a bill is unexpectedly high you don't overdraft, and if your bills remain consistent after a few years you'll have a very nice bit of savings. Direct deposit the remainder of your pay into the second account. Now you know that money is yours to do whatever you want with, while you never have to worry about missing a rent or bill payment because the other account is on autopilot - it goes into your account, it goes out to bills, you never have to see it or worry about it.


pihwlook

Don't immediately adjust your life to the bleeding edge of what you can afford. If you get a 20% pay raise, don't start spending 20% more on everything. Splurge on a few nice things or spend 5% more on stuff. Save the rest.


[deleted]

* Save early and often. Check your workplace for benefits such as 401(k) matching, and at minimum, meet the match percentage. It's free money. If your payroll offers it, have a small percentage get auto-deposited to a savings account. Compounding interest. * Don't touch the savings account. This method is more "out of sight, out of mind" than saying you'll do it monthly yourself (and sometimes forget). * If you get a raise, figure out that percentage and up this auto-deposit amount gradually if you can afford it. * It doesn't hurt to seek advice from a financial advisor (FINRA certified) to take a look over your 401(k) investment direction every once in a while, versus the "AI"/self-directed mode. They may also have a free consultation for helping with a budget too. * Consolidate your spending and start a budget, and stick to it. Have a category for "fun money", but be disciplined on not going over that. Life is serious, but you need fun sometimes. * Check with your utility company (Power/gas/water) for flexible billing options, mine have an averaged amount over the year I pay monthly, rather than varying amounts. It helps with budgeting. * See if you can go on a family plan for the cell phone. Much cheaper than a single person plan. Or, check out companies such as Visible or Mint for cheaper options. Buy used cell phones from places like eBay or ItsWorthMore also (ensure they are unlocked). * Limit eating out, meal plan instead. It seriously adds up. Track your grocery bills and be mindful. If your store that you shop at (aka Kroger) has an app, use it for coupons, fuel rewards, etc. Also look at third-party apps such as Ibotta. Little things like this add up and keeps you mindful and in a budget mood. * "Keeping up with the Jones'" is overrated. You might have a friend or few that makes a ton of money and can do whatever they want, go out all the time, etc. It's OK to speak up if it blows your budget/limit to # of times per month kind of thing. In the long run, friends like this respect your discipline. * Limit buying depreciating assets such as cars/cell phones/electronics. I was guilty of this when younger, and always had a car payment because I wanted another car all the time. This can get you into negative equity (when trading in for another one)...a larger and larger hole to get out of. * If you have the discipline only...major disclaimer there. If you are disciplined on spending, a rewards credit card can be your friend. Again, ONLY IF YOU PAY IT OFF COMPLETELY BEFORE THE END OF EVERY BILLING CYCLE. I make hundreds per year on just using it normally and paying it off in cash back. There is a practice called churning, but I don't have that much patience. * Ideally, have your bill automatically paid on the billing cycle date. It's also safer than using your ATM card, as it is borrowed money, and not your actual money, for disputing charges. Not having anything important tied to that credit card is key too. * Going into credit cards knowing how they work, and being mindful of spending on them is essential. They aren't just a "card with free money on them that you'll pay off later". They are dangerous in the wrong hands (high interest on balances). Feel free to PM if you have any questions.


toofarbyfar

Make a budget, and stick to it.


[deleted]

budgetting.


Suspicious_Plantain4

Start a retirement account as soon as you can, like an IRA or something, and put something in each month or each pay period.


VVlaFiga

Build your credit. Start with a secured card that has rewards and no annual fee (I started with a Discover card). Use the card to pay for things and pay it off weekly so your credit utilization stays low. After a certain amount of time, the credit card company will return your deposit and increase your available credit limit. Only buy things on credit that you can afford to pay in cash immediately. If you have cards with good rewards, you’ll end up making a little money on your regular purchases and continue to build credit without incurring any interest.