Instead, what I personally am doing is keeping 2 months of expenses in the bank and investing all the rest in income generating assets. Especially given the massive money printing that has happened over the last year (yay 2020!), having so much cash in a savings account is only going to hurt you. The only thing I disagree with on this thread is building up a year's worth of expenses in a savings account. You can talk to a CPA or even a fee-only fiduciary financial adviser, but your situation isn't complicated or desperate, it just needs fine tuning and cutbacks here and there. If anything, not being a financial burden to your adult children is a great gift. Try to maximize your retirement investment first before funding the 529. Drive that thing into the ground for the next 10 years if you can. I noticed you just bough a brand new car. Reduce/eliminate unnecessary big-ticket item expenses. Carefully go through everything line by line to see what you can cutback or cut out.īolster your emergency fund to a year's worth of expenses. If you're used to two incomes but want to cut down to one, here is some solid advice: Create/update your budget. Wife wants to quit work to care for child, unsure best path forward Step 2: Give each other permission to spend money.ĭefinitely a must-read for anyone in a committed relationship! 4.He perfectly breaks up their strategy into three simple steps: I couldn’t answer the question, “Are we okay?” A few months after we were married, my wife came home from Target with a couple of large shopping bags. You get married and then it’s living happily ever after, right? Well. It talks about the mistakes they made and how they came together to create a beautiful, harmonious relationship with their money. This post is a beautiful description of what often happens to new married couples who never shared their finances before. That's why I found the following Reddit posts so helpful: 3. Poor personal finance can lead to fights among friends and family members as well. When it comes to love, money issues are the second most common reason for divorce.Īnd money issues don't just put a strain on romantic relationships, either. I have very minimal expenses and make a decent living, but I'm still shocked and proud of myself that I managed to save nearly $1500 in less than a month following this method. Recently, I decided to crack down, and actually came up with a system that has worked spectacularly. It's easy to spend money when you constantly have a little cash in your wallet. That's just what one Reddit user did in this post: I'm a tipped employee who takes home my main source of income on a daily basis, which can make it hard to budget correctly. Even if you're not a gamer, you can use this powerful psychological hack to make saving money easier and more fun! Gamification is the addition of game-design elements to non-game activities, such as budgeting and saving money or even getting out of debt. How I've gamified saving my money and why it's worked better than anything I've tried before. If you do nothing else from this post, simply copy this spreadsheet and fill it out. Since then, he's updated it twice to it's current version ( ver 3.0) to make it easier and easier to use, even for people who have never budgeted in their life! And it works wonders. Reddit user Celesmeh created a beautiful spreadsheet (pictured below) over three years ago. I made a spreadsheet for people who don't know how to budget! Ver 3.0 There are two posts I think are specifically awesome: 1. I put budgeting first because knowing how to create and use a budget is essential to any financial plan. Here are the 21 r/PersonalFinance I think everyone should read, broken down by category: Budgeting So, to help you find the best personal finance advice, I spent a few hours digging through hundreds of posts to uncover the hidden gems with timeless, life-changing information. However, there are tens of thousands of posts talking about everything from retirement to getting out of debt, making big purchases, increasing your income, budgeting, and so much more. (A subreddit is like a mini forum within Reddit all about a specific topic-in this case, personal finance!) Specifically, the r/PersonalFinance subreddit. Some of the best advice comes from a forum website called Reddit. When it comes to personal finance, there's a lot of advice out there.
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