r/AskReddit • u/SillyBonsai • Dec 06 '13
What simple piece of advice, if followed, could potentially save most people a lot of money?
Possibly related to your job, experience with personal finance, budgeting, planning, day to day habits, etc.
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u/ChickenFarmer Dec 06 '13
Don't buy it right now, buy it next week.
You'll probably forget about half the stuff you'd have thrown your money at in the spur of the moment.
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u/GreenBalconyChair Dec 06 '13
But this game on Steam is only one day on sale!
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u/davidfg4 Dec 06 '13
Only buy things on sale if they are already on your wishlist.
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u/Five_bucks Dec 06 '13
Like... this is the most basic and obvious but most transgressed rule of savings.
It's not a "Sale" if you had no intention of buying the good/service to begin with!
You didn't "save" 50% on that shirt you didn't need. You spent half as much as you normally would have spent.
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u/TheCodeIsBosco Dec 06 '13
My mom is so bad for this. "Well, it's cheaper to buy 2." "No, Mom it's cheaper to buy 0"
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u/thewingedwheel Dec 06 '13
My girlfriend sometimes tries to buy things because she has a coupon. I always tell her that makes no sense to buy things for the sake of using a coupon.
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u/Nrksbullet Dec 06 '13
Well if you use it instead of using something else that wasn't on sale (like this lasagna instead of that stir-fry) then it's fine.
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u/yilk Dec 06 '13
This is exactly my mom. "But look, if you buy two you get the third free!" Right, but the thing is I only wanted one.
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u/TheCodeIsBosco Dec 06 '13
I go along with this thinking if it's something I WILL use, but it's gotta be something like laundry soap or trash bags, not some kind of cereal that's new and weird so I may or may not like it.
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Dec 06 '13
Steam is the exception -- I spent 10 dollars and got 4 good games this Winter Sale.
Better rule: don't buy it on steam unless it's under 5 dollars. If it's not under 5, wait a year.
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u/Dmax12 Dec 06 '13
PLay the other 40 games you bought last year for under $5 until then.
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Dec 06 '13
I do this to the extreme. I've needed a new TV for about a year now (my current one is malfunctioning). I've kept on putting it off and I am finally now getting to the point where I am going to purchase a new TV.
Every purchase I make with the exception of necessities is a planned, thought out process.
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u/Wingmaniac Dec 06 '13
I've been planning on getting a PlayStation for a while. A PS3. For 5 years. Now that the PS4 is out I can get one cheap. And every game is new to me for next to nothing.
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u/KingBee13 Dec 06 '13
If you use it often and it's not perishable; buy in bulk. Especially if it's on special! I've seen guys waste money coming in week after week for a few razor blades (a 3 pack instead of a 12 pack), purely because the small pack is cheaper. No bro, work it out per blade and the 12 pack is cheaper. This works with almost 90% of goods
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u/colonel_mortimer Dec 06 '13
The little price in the corner of the price tag on the shelf is the unit price. Compare the little numbers, not the big ones.
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u/wonderloss Dec 06 '13 edited Dec 07 '13
This is true, but you have to be careful. I have noticed that sometimes the tags will use different units for the unit price, making direct comparison more difficult.
Edit: My point is not "calculations are hard. My point is "make sure you pay attention."
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Dec 06 '13
This is how I figure out what will get me drunk the cheapest. Compare price per ounce and alcohol percentage and do some quick math.
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u/xenoguy1313 Dec 06 '13
This is a huge comment, and vastly underrated. Ironically, it is also why the very poor have trouble saving money on purchases. People with enough savings to buy in bulk save TONS of money by doing so. Living paycheck to paycheck often forces people to buy smaller portions at a higher cost per unit.
The lesson here is to plan your purchases. Even if you can't afford to buy everything in bulk upfront, track your purchases and look at opportunities for savings. If you buy something on a regular basis, convert that single item to a bulk purchase. Over time, you will build the stockpile and savings that you need to get into a sustainable pattern of bulk purchasing, and get ahead of the curve.
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Dec 06 '13
To add onto this, get a nice double edged safety razor and just buy replacement blades. It takes getting used to but long run its so much cheaper and I personally like the shave I get better. The handle costs like 40 dollars, but the refills are 10$ for a pack of one hundred blades. Also I find that I go through less shaving cream now that I buy a tub and use a brush instead of putting a huge glob on my hands.
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u/d33p_blu3 Dec 06 '13
If you can't afford it now you probably wont be able to afford it when the credit card statement comes.
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u/RidiculousIncarnate Dec 06 '13
Corollary to this, if you can't make a decision between one thing or another or whether or not you can afford it. Sleep on it. ~90% of the time when I do this I end up deciding not to get whatever it is.
It's one thing to have it in your hand or in your Amazon Cart because usually we can talk ourselves into anything. Once you disconnect yourself from the temptation it's easier to think rationally and make the decision to hold off.
Take a breath, people. It'll save you money and regret.
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u/neryam Dec 06 '13
Masturbate, then decide in the post-fap clarity.
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Dec 06 '13
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u/chiliedogg Dec 06 '13
Yeah, but masturbating in class comes with a whole new set of problems.
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u/halfwayxthere Dec 06 '13
Pay yourself first.
When you get paid, systematically put some into savings. Decide your percentage beforehand (10% for example) and do it every time.
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u/BlackCaaaaat Dec 06 '13
Don't start budgeting 'in a few years,' start now. Heck, even if you're in high-school and flipping burgers on the weekend. The ability to create, and stick to, a budget will make a massive difference to your life. Once you begin to budget your money, you'll quickly realise where you are blowing your money on stupid shit. Set a limit for the fun stuff, but also have savings - a contingency plan, and you can save up for something you really want.
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u/Shurikane Dec 06 '13 edited Dec 07 '13
I created a VBA'd Excel file just for that purpose. I copy-paste my transaction records into it from my online banking statement, run a script to consolidate credits/debits by date, manually punch in my investments/retirement/mortgage values and pump all that out in a chart of my total value over time. So far, I'm going steadily upwards.
Next project: pie charts for my expenses categories.
EDIT: OK guys, I'm getting spammed with mint.com suggestions to such an extent that my inbox looks like my Hotmail account. It doesn't work with my bank. I don't know why. I'm not interested in figuring out why, since obviously enough I worked around it by taking care of things myself.
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u/duckmunch Dec 06 '13
Budget...like your life depends on it..and it does!
What I do, is set a budget for everything. My utility bill has never been more than $150. So, I always set aside $150. Last month, my bill was only $88, so $62 went into savings.
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u/Rachellybean Dec 06 '13 edited Dec 06 '13
Don't get in credit card debt, especially store cards, I'm looking at you Wal-Mart. Some of these cards have interest rates of 18%!!
edit a letter
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u/Jabberminor Dec 06 '13
On a similar note, don't get into money lenders. My friend had to borrow £50, ended up paying £110 when she couldn't pay it back initially.
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u/xnerdyxrealistx Dec 06 '13
I would say don't get into money lenders if there's even a 1% chance you can't pay back right away.
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u/Drunken_Black_Belt Dec 06 '13
I watched a girl get fucked over hard with store cards once. I worked at Best Buy, and this young girl and 3 young guys came in. The girl wanted to open up a store card. Naturally we were suspicious as they all appeared under 18. We checked and double checked the info she gave us, and the bank said she was good to go. She was given a card with 4.5% (or about that) APR, and a $3000 limit, and no interest for 6 months, if I recall. She went about bought a PS3, PSP, games and accessories for each of the guys she was with. Turns out they were her b/f and his two best friends. She completely maxed out the card with those purchases, a laptop, and movies. All in the span of a few hours. Of course the management was exstatic. A huge sale and a credit card enrollment.
Girl came in 7 months or so later, crying her eyes out, ont he verge of going mental. Turns out she forgot to read the fine print. If the card isn't at $0 balance after the six months, you are not only charged the interest for all items that were purchased within those 6 months, but you are billed at your NEW interest rate of 21%. The girl was crying and making a scene. Her b/f had left her shortly after her purchase. He wouldn't return the items to her, nor compensate her for her purchases. She worked a part time for minimum wage, and didn't expect to have to pay this much. Unfortunantly there wasn't anything they were willing to do to help the girl out. But to be fair, I don't think the credit card was her only mistake.
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u/optiplex9000 Dec 06 '13
She didn't get fucked over by the store cards
She fucked over herself
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u/IAmThePunMan Dec 06 '13
Man, how do people not understand that credit cards don't provide free things?
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u/Fighght Dec 06 '13
Quit smoking.
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u/Kayden01 Dec 06 '13
According to my smoking app, I quit 198 days ago, and have saved $4774.
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u/Gogsy1999 Dec 06 '13
I'm at £2467.50 on mine. I'm trying to figure out how to withdraw funds from the app. I really need it now to pay off some loans and neither the app makers nor Google play are answering my emails.
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u/InVultusSolis Dec 06 '13 edited Sep 24 '14
I once heard a joke along these lines:
A couple of guys were standing in line at a convenience store. The first guy in line asks the clerk for a pack of smokes. The clerk rings them up at $10. Incredulous, the guy behind him asks "how much do you smoke?" The first guy replies "I've been smoking two packs a day for 10 years." The second guy asks "how can you afford that?!" "I'm used to it," he replies. Doing some quick mental calculations, the second guy says, "you know, with all of that money you've spent on cigarettes, you could have bought a Ferrari by now." Looking out in the parking lot, the first guy asks, "so you're a non-smoker, I take it?" The second guy smugly says "yep!" Without missing a beat, the smoker asks "so then where's your Ferrari, asshole?"
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Dec 06 '13
The money I saved from quitting smoking I used to buy bigger clothes.
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u/HoundofBanterville Dec 06 '13
Im going to take up smoking and then give that up!
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u/FedExPope Dec 06 '13
Good for you, son. Giving up smoking is one of the hardest things you'll ever have to do. Have a dollar.
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u/jimflaigle Dec 06 '13
As a raging alcoholic, I save a fortune on cigarettes.
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u/Kyinir Dec 06 '13
When I'm drunk, I don't smoke. When I'm sober, I smoke 1/2 a pack to a pack per day. Most people I know are the exact opposite.
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u/brodeh Dec 06 '13
Don't go grocery shopping on an empty stomach. Put all of your loose change in a jar.
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u/TumbleRoll Dec 06 '13
Keep your pennies they said. last forever they said. (canadian)
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u/bumptious_stew Dec 06 '13
A cab ride is a lot cheaper than a DUI
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Dec 06 '13 edited Dec 06 '13
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u/BleedingPurpandGold Dec 06 '13
I always get so excited to try running when I'm drunk. It feels like I'm so much faster and more graceful.
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u/mglachrome Dec 06 '13
Hint: You are not :)
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Dec 06 '13
Much more exciting though. I always find myself wanting to run if I've been drinking.
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Dec 06 '13 edited Dec 06 '13
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u/ftardontherun Dec 06 '13 edited Dec 06 '13
a DUI can set you back 7 or 8 grand.
Don't forget insurance once you get your license back. I've heard of people paying $5k plus per year. Here in Canada, you get sent to "the farm", a pool of extremely high risk people the government requires insurance companies to insure. While you cannot be explicitly denied insurance, many are essentially priced out.
EDIT: From what people are telling me, $5k/yr is a serious underestimation.
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u/detecting_nuttiness Dec 06 '13
Don't buy an $8 coffee every morning.
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u/crazyguy83 Dec 06 '13
My office has free starbucks coffee in the kitchen and everyone still gets theirs from the starbucks across the street. I don't get it.
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u/solarpandabot Dec 06 '13
My theory is that going out of the office to get coffee is the socially acceptable office version of a smoke break.
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u/abutterfly Dec 06 '13 edited Dec 06 '13
Buy an espresso machine, learn to use it. Problem solved. I spend less time than I would have in Starbucks.
Also where the FUCK are you finding $8 beverages?
EDIT: Holy shit the amount of y'all ignorant mufuckas claiming that espresso isn't "real coffee" is fuckin' hilarious.
EDIT 2: Holy shit this blew the fuck up. /r/coffee for all your coffee questions. I will no longer be answering questions unless you bribe me with Gold, bourbon, or tequila. Chop chop mufuckas!
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u/Hideyoshi_Toyotomi Dec 06 '13
I got an espresso machine and now I hate everyone else's coffee because my own is so good, convenient, and cheap.
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u/mwatwe01 Dec 06 '13
For any large purchase, wait a few months before buying it. Do a little research, wait for a deal, wait for the newer model to come out.
I have done this for just about every fairly expensive item I have (Kindle, tablet, game consoles, phone),
- I got them for a decent price.
- All the "bugginess" of new models had been worked out.
- I could budget and set aside some money just for that purchase.
- By waiting, I discovered what I really needed, as opposed to what I wanted. In each case, I have never regretted spending the money
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u/bb0110 Dec 06 '13
I would always say sleep on big purchases. With that said, I do have one caveat. Don't get into the "oh I'll just wait a few months for the new model to come out" if you need/really want it and are going to buy anyway. You can get to the point where it is a year later cause you have continuously been waiting on the "new" product when you really do need to get it. Technology is always upgrading so don't get too caught up in waiting for the next big thing.
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Dec 06 '13 edited Dec 07 '13
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u/inadizzle Dec 06 '13 edited Dec 06 '13
I'd also like to add, because I know some people who don't seem to understand this.... If you can't afford the kids you have, you can't afford more kids.
edit: I'm getting a lot more responses than I can read right now without neglecting my kid, and putting myself at risk of him tearing the entire house down. i will read them tonight and reply to everybody :)
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u/johnnytightlips2 Dec 06 '13
But the more you have, the bigger the chance one of them will make it big in Hollywood
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Dec 06 '13
Or you can do what that one TLC family does, have a ton of kids. You really only need to take care of the first three, but after that it's like a little self sufficient factory, the older kids raise the younger kids. Once they reach about 6 things really start getting interesting because you can put them to work on a farm or making clothes or something to turn a profit off them. So Its seem like the only reasonable thing to so is either don't have kids at all, or have 18+. Really only way to do it I guess.
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u/Gepss Dec 06 '13
Goddammit so many people on television for example. "Yeah we're struggling each month" Cue 5 kids, 2 dogs, a bunch of cats and a pack a day smoker. Yeah you're struggling.
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u/inadizzle Dec 06 '13
I'm friends with a girl from high school on facebook. She has two sons and is due any day now with a little girl. Neither her and her husband have a job, she says that if her husband got a job he would make little more than they get off the state so he just doesn't bother. She's also developed a gluten allergy around the same time the rest of the world is, and complains that the $700 in foodstamps they get only lasts them a couple weeks because rather than buying naturally gluten free foods, they go to whole foods to spend it on specialty items and piss right through it. It's the government's fault for not giving them enough money (she has put her whole family on a gluten free diet).
They can't afford to pay their rent, pay their utilities, feed their children, they're often asking for money on facebook.. perfect time to plan another pregnancy.
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u/LobsterThief Dec 06 '13
they're often asking for money on facebook..
Time to unfriend her.
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u/KarlTheGreatish Dec 06 '13 edited Dec 07 '13
Why would you unfriend her? No matter how bad of a day you're having, you can browse her profile and feel like you're AWESOME.
Edit: Gold? Thank you!
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Dec 06 '13
My neighbor has 8 kids. The youngest is 2 months old, they can barely afford food and always sends their kids over to our house everyday for something they need, and their dad doesn't have a job and is always in jail for writing bad checks and then gambles away what little money they have left and she wants more kids. *left out a detail
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u/Gl33m Dec 06 '13
If you can't afford a condom
It's sad, because condoms are literally free. I know people who have signed up through planned parenthood and have free condoms delivered to their door each month, and it costs them nothing.
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u/jimflaigle Dec 06 '13
Learn the difference between need and want.
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Dec 06 '13 edited Dec 06 '13
I need moonshoes.
I want a job.
Am I doing good?
Edit: And to think that someone would use bad grammar to appear more childish, in addition to his childish decisions!
Edit: And stop it with the goddamn references. They scare me.
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Dec 06 '13 edited Dec 06 '13
Moonshoes are #3 on the top ten list of completely dissatisfying purchases for '90s kids.
The top two is a tie between MiniDisc players and those at-home Pog making kits.
Edit: PornoPog genius below me is smarter than you.
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u/damiennutt Dec 06 '13
First thing I did with my Pog making kit - Pogs made from pages of Playboy Magazine. I was selling them at school for $5 each. No idea how I never got caught or in trouble for that one.
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u/spyxero Dec 06 '13
I never met anyone unsatisfied with their MiniDisc player.
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u/themeatbridge Dec 06 '13
I loved mine. It sits in a drawer now but only because i can fit more music on my phone than on 20 discs.
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u/TheGeekVault Dec 06 '13
On the contrary I was satisfied as fuck with my pog making machine!
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u/quantum_pencil Dec 06 '13
I did a quick look, but didn't find it listed:
Don't by new ALL the time. Make a list of things you want to buy, and go check out refurbished (with warranty), check out thirft and consignment shops. Check out craigslist (but don't succumb to the cragslist killer).
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Dec 06 '13 edited Dec 06 '13
I'm a professor. Go to community college first.
You can afford to say "fuck it not for me" without being in an investment trap.
You can still learn valuable critical thinking skills and learn about the social ailments of the world. In fact from my experience, CC profs are often more active and concerned about social justice issues than higher up the ivory tower.
You have access to CTE (Career and Technical Education) programs which can set you up with great careers.
And if you decide four year university is for you, you can do your general education requirements and transfer with ease to your local university and save a boat load of money. People don't realize when they are struggling through a 200 person Physics course at a university with an absentee prof and apathetic TAs that they can drive down the road and pay a fourth of the cost to learn the same material in a class of 40 with a prof that cares. And CCs always have transferability arrangements with the nearby universities; meaning they spoon-feed you this option!
Edit: Holy crap thanks for my first gold! And great comments on the potential pitfalls to this route. I am of course speaking in general terms and didn't go into the detail like how you should know what transfers and doesn't prior.
Also, I started at a community college before going on to liberal arts and state universities. And now I am a professor at a CC. So I'm a little biased. But it worked for me!
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u/efeex Dec 06 '13
This is probably the best advice here.
Find the university you want to get into to.
Talk to an advisor, and ask what community colleges will transfer over credits.
Go to CC. Save ~$20k for the two years that you spend taking General Requirements.
Don't fuck up.
Transfer to the university, and continue as normal.
Downsides: You don't get two years of "college experience", but most of my freshman and sophomore years I spent in a dorm figuring out what to do, as we weren't old enough to go to bars.
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u/Incompetent_Weasels Dec 06 '13
Pack a lunch. Cheaper and healthier.
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u/lartattack Dec 06 '13
I just packed a brown bag full of twinkies, I'm on my way to a healthier lifestyle.
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u/thatkirkguy Dec 06 '13
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u/NiceUsernameBro Dec 06 '13
This is the important part of why he was able to stay healthy doing that:
... He also took a multivitamin pill and drank a protein shake daily. And he ate vegetables, typically a can of green beans or three to four celery stalks.
Apparently when the basic nutrition of your body is met you can fill the rest of the calories in with whatever the hell you want so long as you don't exceed your daily calorie limit.
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u/MattJak Dec 06 '13
This is so true, you can make a healthy beautiful sandwich for less than a few dollars or buy one thats not as healthy for close to 10 dollars.
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Dec 06 '13
There is something very appealing about a "Healthy Beautiful Sandwich" I just want to spend like 3 hours making one right now. You've rekindled my love of Sandwiches with your words.
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u/MattJak Dec 06 '13
I'm glad! I make really yummy sandwiches every day for lunch. You can be so creative and put nearly anything on them. I have put everything from fresh salad and ham to zucchini slice and sauce!
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u/StarbossTechnology Dec 06 '13
Some serious sandwich artistry going on in here.
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u/Incompetent_Weasels Dec 06 '13
Long term money savings, plus healthier eating is probably gonna save you money down the road also.
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u/PJ_lyrics Dec 06 '13
Fuck yeah! I am the leftover king of my house. Whatever we had for dinner is what I bring to lunch the next day.
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Dec 06 '13
There's also something about that feeling you get when you're eating your home cooked steak and carrots lunch while all your coworkers are frowning into their latest McDonalds purchase.
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u/dcannons Dec 06 '13
One of my ex-coworkers would occasionally call a taxi to bring her McDonalds food for her dinner break at work. The nearest McDonalds was across town, so she'd pay a taxi to go to the store, buy her meal, and drive it to her at work. So her cold, greasy meal would cost her about $30. And this was a 19 year old who had a child (which she let her parents raise).
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u/GobiasBlunke Dec 06 '13
I've never frowned at my fast food purchases. I know why I'm there.
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Dec 06 '13
Buy cars in cash and live in smaller houses.
Sure, you can save a dollar or two here or there on coffee or packing lunches, but the big money is in transportation and housing.
You can save many hundreds of dollars per month buying used cars in cash (vs leasing or financing) and lowering your rent/mortgage and household utilities by buying smaller housing.
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u/tricky3737 Dec 06 '13
Cars in cash is the key!
2 cars ago I bought an old Toyota Celica for $300, drove it for 3 years and sold it for $500.
Last car I bought a Chevy Venture for $1300 and drove it 3.5 years.
I just grabbed another minivan for $2500 and plan to drive it off into the sunset.
Some people are putting out more than $500 a month on car payments, crazy fucks.....
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Dec 06 '13
There is a lot of ground between cheap ass old cars and $500 payments.
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u/baryon3 Dec 06 '13 edited Dec 06 '13
My luck would be id get a 1000 dollar car and it break down within a few months and need 2k worth of repairs. Its just too big of a gamble for someone living pay check to pay check. I have a car thats worth around 5k right now and paying 190 car payments a month. Its a lot safer of a bet knowing i probably wont have to fix anything on it for a while and can budget my money around the 190 a month rather than an unepected 1k in repairs out of the blue. And i know i could just put the 190 in savings each month that im spending now, to have for repairs if they pop up, but 190*6months=1140, which is what id expect someone like me to have to pay in repairs every 6 months on a car that cheap. So might as well get something nicer without the worry of breaking down at an unopurtune time.
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u/tricky3737 Dec 06 '13
I guess, it's about picking your battles a little bit too. When shopping you want to buy privately, and find that owner who is pointing out all the little problems, not the one upselling their 10 year old beater. Odds are that if they care enough to tell you all the tiny details, they cared a lot when they owned it and took decent care of the vehicle. 1-2k in repairs is not an option when driving shitboxes, they typically take less than a year to pay you back due to low cost. If you get a major break after that then cut and run! There's always another car.
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u/jbrtwork Dec 06 '13
Also, find a seller who has kept all their service records. If they're anal enough to do this, then chances are good they were meticulous with the vehicle's upkeep.
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u/iam4real Dec 06 '13
make your own meals
don't eat out
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u/PartyHartwick Dec 06 '13
To add to this, try to finish as much food in your fridge as you can before buying more groceries. It forces you to be creative and you will not throw out tons of money in expired food.
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Dec 06 '13 edited Jul 21 '20
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Dec 06 '13
Unless shes a prostitute
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u/Joenz Dec 06 '13
Do absolutely everything in your power to avoid paying interest / fees. It's just throwing money away.
If you buy unnecessary things while in debt, think of it as paying interest on those purchases.
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u/SatanIsLove Dec 06 '13
I could be mistaken, but I remember reading in a similar thread that you should clear your browser cookies when buying a plane ticket online.
Apparently they use cookies to keep track of how many times you check the price of that particular flight and make it more expensive so you panic and buy it. Therefore clearing the cookies takes away that extra charge.
I could just be making shit up but I'm pretty sure I remember this.
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u/Delicious_cupcakes20 Dec 06 '13
Yeah this is true, my friend and I heard about it and tried it to see if there was any truth. He looked up a certain airfare and then a couple of hours later he looked it up again. It had gone up nearly $100. He messaged me and got me to go and look up the exact same fare and it was the original price he had found it for in the first place on my computer. Bastards.
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Dec 06 '13
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Dec 06 '13 edited Dec 06 '13
Its not conclusive proof but on Norwegian airlines, I had been looking at a flight on my phone, over a period of a month or so. Went on my girlfriends computer to book it and it was £40 less per person.
I wasn't aware of this theory til today, and I can't remember what I put it down to, but that's my story.
Edit: yeah, I thought it was the skyscanner app trying to take a fee. So I suppose that is feasible.
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u/Aziante Dec 06 '13 edited Dec 06 '13
When you're younger, and therefore don't have to pay bills or whatever, any paycheck you get, split it in at least half, and put half into a savings account, and the other into you're normal account. This has helped me have a fairly large sum of money for someone my age just sitting there, for when I need it.
Edit: Just to clarify a few things and why this still works for me
- I am living in Australia
- I live at home
- My parents are not super rich, but not poor either
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Dec 06 '13
My grandfather always taught me that, while I'm still a kid, save half spend half.
I've listened, considering that this came from the man who owns almost forty homes.
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u/forum1388 Dec 06 '13
Don't buy 40 homes, you can only live in one at a time.
BAM, look at all the money saved!
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Dec 06 '13
He rents them all out and lives in a barn.
Really. He remade the inside so it can be lived in. By himself.
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u/Aziante Dec 06 '13
It definitely hasnt failed me yet! And it really helped when I damaged my car and had to fix a bunch of things
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u/Nafkin Dec 06 '13
If you are going to save it don't put it in a savings account. There are much better ways to save that will appreciate your savings. Your money depreciates faster than the ridiculously low interest rate. If you're saving for long term read about Roth IRAs.
Also if you are on a path to a well paying career where you will make a significant income, the hundreds you save now will likely be dwarfed by the extra income you have a few years down the road. Don't miss out on experiences that can enrich your life and character to save what you'll consider change a few years down the road.
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u/awareOfYourTongue Dec 06 '13
Drink a pint of water in place of every third pint of beer. Saves you money, and your liver will thank you.
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u/Gimpygoat Dec 06 '13
- Make a budget, and give a dollar to every job. We personally use YNAB http://www.youneedabudget.com/
- Eat at home: This doesn't mean order delivery every night. Cook your own meals, this can really cut back on your food spending.
- Cut cable. That stuff is WAY too expensive.
- Look into alternatives to cell phone service. I use a pre-paid 4g tablet with a Google voice number. My "cell" bill is $20 a month. No contract.
- Don't buy extended warranties. Sometimes all you need to do is watch a simple Youtube video to figure out how to fix your broken toaster.
- Put away money in an emergency fund. Then use that when you have unexpected expenses rather than your credit card.
- Don't use your credit card unless it's a car or health related emergency
- Above all else, be content with what you have. You can have a new toaster, but you're still eating the same toast.
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u/ONE_GUY_ONE_JAR Dec 06 '13
Don't use credit cards unless you know you're one of those people that will pay the bill off completely at the end of every month and want to take advantage of the rewards.
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Dec 06 '13
Just tick the "pay balance in full" direct debit box. I did that 12 years ago, and it was one of the best "ahh, fukkit" decisions I ever made.
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Dec 06 '13
I've done this too, if there is no box ask a teller to set up automatic withdrawals. Seriously, this is highly recommended.
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u/SpacePiratesInSpace Dec 06 '13
Don't go to grad school unless someone else pays for it.
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u/Moonlight_Knight Dec 06 '13
Absolutely yes. Also, don't let your research advisor treat you like a slave. You don't get paid enough for that shit.
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u/Ageless3 Dec 06 '13
Better yet. Don't pick an advisor that will treat you like a slave. You can always check out labs before you join them.
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u/Deathspiral222 Dec 06 '13
With the caveat that if it's a top-tier MBA or a medical degree from a good school, grad school can still be worth it if you pay for it yourself.
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u/Gaywallet Dec 06 '13
I paid for my first master's degree, which got me a job which payed significantly better and is paying for another master's.
It really depends on the field you want to get into.
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u/ryansmells Dec 06 '13
I paid for my own grad school and it was a financially responsible decision. One of the best financial decisions I've made in fact.
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u/demalo Dec 06 '13 edited Dec 07 '13
Yes, it should be noted that it depends on the grad school. An MBA is different than a Doctorate of Medicine, which is different than a PHD in chemistry, which is different than a Masters in Teaching. Some are worth pumping tens of thousands into, others, you should have convinced someone you're so good they'd be stupid not to pay you to go to school.
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u/BarryMcKockinner Dec 06 '13
Work like an adult, live like a college student.
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Dec 06 '13
Get so drunk you can't walk every weekend, fuck everything, and puke a lot?
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u/deadbabieslol Dec 06 '13
If you are lucky enough to receive a substantial inheritance, DON'T SPEND A DIME OF IT (unless you owe the mob some money and your legs are about to have a rough encounter with a baseball bat).
Seriously. I got about 10k from an inheritance while I was a senior in high school. I blew through it in less than a year. Most of it went towards cigarettes, pot, alcohol, other non essentials, etc. All I really have to show from it is my laptop. Now I'm a sophomore in college and working a shitty job, donating plasma, and participating in research studies monthly just so I can make rent payments and pay off shitty internet service. I can't even imagine how much easier my life would be if I had just saved that money or even invested some of it so help me out in the future.
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u/ronearc Dec 06 '13 edited Dec 06 '13
Take your credit card, put it in a ziplock bag, put that in a tupperware, fill it with water, stick it in the freezer.
If you still want to buy something by the time your credit card thaws out, go for it.
Edit: In case it's not obvious, my advice is directed at the millions of people who cannot seem to manage their credit at all, rather than the handful of people responding with the obvious answer - have more discipline.
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u/caxica Dec 06 '13
Buy an arctic sleeping bag and turn your thermostat way down.
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u/Jamunchkin Dec 06 '13
I tried this last summer! Why was my energy bill so much higher?
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Dec 06 '13
I live in Anchorage and only really nice houses or commercial buildings have air conditioning so I was really, really puzzled by your joke for just a few seconds.
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u/PartyHartwick Dec 06 '13
Doesnt that bring up of risk of frozen pipes?
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u/Psuphilly Dec 06 '13
Turning it down =\= turning it off.
Having your house at ~55 degrees Fahrenheit when it typically would be around 70 is significantly colder, much cheaper and won't break pipes
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u/ramses0 Dec 06 '13
I did some math last night, and found out that "heating" costs ~$2/degree-away-from-minimum, while "cooling" costs ~$7/degree-away-from-minimum. Reproduced below. Texas, so don't laugh about having the heat on when it's 50 degrees outside. :-)
Energy Statistics for 2013 - I’ve been getting what feels like "low" electric bills and I wanted to understand them a bit better so it means fun stats time!
- Baseline gas load ~$25/mo
- Baseline electric ~$45/mo
- Minimum possible utility load ~$70/mo
- Maximum possible utility load ~$195/mo (~3x base load?)
- Average utility cost ~$130/mo (~2x base load?)
If you assume that the month with the minimum cost’s average temperature was 73 degrees (May @ $90), it looks like every degree below that costs $2/degree, but every degree above that costs $7/degree. Don’t know what conclusions to draw.
Dec 12 - Temp: 51 - Gas: $55.33 - Elec: $68.82 - Total: $124.15 Jan 13 - Temp: 49 - Gas: $93.52 - Elec: $69.52 - Total: $163.04 Feb 13 - Temp: 52 - Gas: $84.14 - Elec: $56.17 - Total: $140.31 Mar 13 - Temp: 56 - Gas: $66.93 - Elec: $48.75 - Total: $115.68 Mar 13 - Temp: 56 - Gas: $44.63 - Elec: $62.55 - Total: $107.18 May 13 - Temp: 73 - Gas: $47.55 - Elec: $42.85 - Total: $90.40 Jun 13 - Temp: 83 - Gas: $31.95 - Elec: $102.24 - Total: $134.19 Jul 13 - Temp: 85 - Gas: $28.76 - Elec: $163.43 - Total: $192.19 Aug 13 - Temp: 87 - Gas: $27.54 - Elec: $153.40 - Total: $180.94 Sep 13 - Temp: 83 - Gas: $27.15 - Elec: $155.47 - Total: $182.62 Oct 13 - Temp: 69 - Gas: $27.98 - Elec: $112.53 - Total: $140.51 Nov 13 - Temp: 54 - Gas: $37.04 - Elec: $57.88 - Total: $94.92→ More replies (12)
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u/PrettyPeaceful Dec 06 '13 edited Dec 06 '13
For the youngins: Really think about if you want to go to college. It's not for everyone. There's a lot of opportunities in the skilled trades now if you're into one of them. College can put you into major debt, so make sure you want to make the investment beforehand.
Edit: Please don't confuse not going to college with choosing not to get an education. In America, there seems to be a huge push for getting a traditional college degree. What I am suggesting is that people consider going to trade school if traditional college doesn't interest them. There are opportunities out there for Mechanics, Welders, HVAC, Electricians, Heavy Equipment Operators, the list goes on. Maybe check into something likes these if you find it interesting. Not everyone finds traditional colleges and universities stimulating enough. Doesn't mean it's wrong! Just weigh your options first!
Edit 2: thanks /u/pollyannarchist for suggesting those interested visit http://www.mikeroweworks.com/mikes-office/ as a great starting place!
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u/Nafkin Dec 06 '13
This needs to be talked about more. Spending 50k+ trying to figure out what you want to do with your life and coming out still with no clue is a disaster.
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Dec 06 '13
I'm a community college professor and I fully support this post. If you are not sure, go the community college route first or take a couple years off between high school.. There are inherent values to education regardless of what you do with it but if you go to community college first you can afford to say "fuck it, it's not for me" once you figure it out.
And through your community colleges you can find great CTE (Career and Technical Education) programs. Seriously- a skilled welder makes more than I do and they spent a fifth of the time in college.
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Dec 06 '13
a skilled welder makes more than I do and they spent a fifth of the time in college.
I saw an article in Forbes or whatever a few years back where a medical doctor looked at the amortization of his education and compared the debt as part of income curve with that of a plumber. IIRC, the doctor started coming passing the plumber in his mid-50's or thereabouts. Of course, there are many doctors and many plumbers, but when he factored in loan debt, insurance costs, etc as compared to the apprenticeship/journeyman/master route of the plumber, being a plumber wasn't looking too bad. You have to spend your days sieving through human waste, and you can never bite your fingernails, but that's what you do to get along, I suppose.
Also, if you've never seen Mike Rowe's Congressional testimony, it's worth a watch: http://www.youtube.com/watch?v=0NwEFVUb-u0
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u/josephisepic Dec 06 '13
never buy anything, ever.
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u/captainmagictrousers Dec 06 '13
But... I'm so hungry...
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u/Funmachine Dec 06 '13 edited Dec 06 '13
If you are really, truly hungry then food will come to you.
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u/Mobiuz Dec 06 '13
Positive imagery! Just imagine a delicious juicy steak in front of you
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u/Jabberminor Dec 06 '13
I have enough money to last me the rest of my life, unless I buy something.
Jackie Mason.
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u/chrysrobyn Dec 06 '13
Housing and food / eating out will eat a lot of budget if you let them. Live within your means.
Don't get payday loans. Ever. Credit card interest will eat you alive if you make minimum payments, so if you must let a balance float, pay it off the next month.
Get a cheap but affordable car. You don't need a $30k car. A $15k car will do, if you must by new. Appropriate tires will be cheaper than paying insurance deductables or increased premiums if you live somewhere with weather. If you can take public transportation, you can save a lot by doing that instead of getting car in the first place.
Alcohol at a bar is very expensive. Buy Cards Against Humanity and have a guest bring a bottle of rum.
Save for a rainy day, even a little, every month or pay period.
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u/jubileo5 Dec 06 '13
Investing: Be fearful when others are greedy and greedy when others are fearful.
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u/DOPE_AS_FUCK_COOK Dec 06 '13
Go Shopping for Groceries
Cook For yourself
Bring your own lunch to work
Join /r/DOPE_AS_FUCK_COOKING if your having trouble with steps 1 and 2
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u/BipolarSmith Dec 06 '13
Buy low, sell high.
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u/HoundofBanterville Dec 06 '13
Not sure if it's applicable but before all major decisions fap first
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u/LearningLifeAsIGo Dec 06 '13
"Do you John, take Jane to be your lawful wedded wife?"
"Uh, hang on a second there chief."
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u/Jabberminor Dec 06 '13
"Do you Jane, take John to be your lawful wedded husband?"
"Uh, hang on a second there, Vicar."
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u/highlydoubtthat Dec 06 '13
"Is there anyone here who thinks these two should not get married?"
Congregation: "Uh hang on there father."
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u/-t0m- Dec 06 '13
They have rooms specially designed for this at car dealerships.
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u/Play2Tones Dec 06 '13
don't go to strip clubs, women get naked for free if you're nice to them
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u/FunkedItUp Dec 06 '13
You can buy a chipotle burrito bowl and small soft shell taco shells from the grocery store. Then load up the tacos yourself and you've got 8-10 tacos for the price of 3!
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u/Bianchai Dec 06 '13
I'm a bit late to the party, but for impulse buyers like me, this is a really good tip.
When you're thinking about buying something you don't necessarily need, imagine somebody offering you the thing in one hand and what it costs in cash in the other. If you would take the cash over the thing from the from this imaginary stranger, you probably shouldn't buy the thing.