Help a girl out!
- •I'm a 22 year-old recent graduate from college who just landed her first "real" job.
- •As I launch into this new level of adulting, I want to be smart with how I manage my money.
- •Do any of you have good tips, techniques, or apps that you use?
- •If so, suggest away! I'm all ears!
- •Thanks! 🎉☺️
- •Learn to cookCheck out www.thekitchn.com or any basic cookbooks from your local library. Pack you lunch when you go to work & eat in — even if you're cooking for just yourself, you can always repurpose leftovers or freeze things for later. This is ALWAYS cheaper & healthier than eating out all the timeSuggested by @dreadpiratemama
- •Always pay off your monthly credit card billThat basically means...don't buy anything you can't afford. It sounds like a no-brainer, but it's supper importantSuggested by @dreadpiratemama
- •I track my bills and paydays on a calendar so I can see when things are due and when money comes in.I balance my checkbook with iReconcile, an iOS app. It lets you balance your checking/credit accounts and categorize them to help with budgeting.Suggested by @jhope71
- •I have my pay check automatically go into two accounts. Most goes to checking, but a small amount goes into my savings.My savings account is at a different bank so I can't just easily transfer money from it to my checking online. I have to go to the bank or ATM, withdraw it and then take it to the other bank and deposit it.Suggested by @justjills
- •I used the Goodbudget app for the first few months after I graduated. I liked it more than Mint and other apps because it requires you to set an actual budget. You also have to manually enter information, which is a little tedious, but it makes you really aware of your spending habits and you can set savings goalsSuggested by @emmacff
- •Determine your "investment risk tolerance" and then find a reputable mutual fund that matches it and deposit $25 every paycheck (start higher if you can afford it). Every time you get a raise, increase this amount by whatever amount you won't 'miss' ($25 $50? $100) in daily life. You'll be shocked how big this will get in 40 years.Pretend this money does not exist. Never spend it and never touch it. Keep adding to it. Daydream about it constantly. Never miss a deposit opportunity. This is your personal retirement nest egg, so don't break the nest egg! Until you retire wealthy at 50 or 55 or 60. Use the magic of compounding interest to find the second half of your life!Suggested by @andersun
- •Try to contribute to your 401k if you can, especially if your employer matches. Not sexy, but it's basically free money.Suggested by @ohwowawesome
- •If your job offers a 401k, make sure you contribute up to what they match. It's free money. If they don't offer a 401k get the hell out of there.Suggested by @snackjar
- •Get the app you need a budget (ynab) so helpful.Suggested by @bsizzle33
- •I heard the advice, "Pay yourself first." Which basically means to have a chunk autodrafted to a savings account right after you are paid each month. You won't miss money you never see and your savings will grow steadily.Suggested by @amieshmamie
- •Live below your means.It's the hardest and best thing you can do.Suggested by @amieshmamie
- •Balance your budget often! Check in on your accounts and know where your money is at all times.This way I'm much less likely to overspend without knowing it. I try to check my accounts at least once a week. I'm also less afraid of someone hacking one of my accounts because I'll catch it pretty quickly. Just be aware of your money and know your limits.Suggested by @marcikm
- •Seconding a lot of these! Use YNAB/Every Dollar/Mint to track your spending for a couple months to get a grasp on what you usually spend. Then a few times a year challenge yourself to a "No Spend Month", and cut discretionary categories (entertainment, clothing, etc), in half, and throw the extra money toward your debt, retirement, so on.Suggested by @jessicah