Looking for some personal finance advice

kath77

Hey guys, just wondering if anyone could give me a bit of advice on personal finance. I’ve always been rubbish with money, honestly. Always living paycheck to paycheck, finding myself short at the end of the month is a recurring story, living on ramen noodles lol. And don’t even get me started on saving! Seems like a myth to me.

Anyhow, this year I promised myself this would change, it’s about time I get a grip on my finances. With everything surrounding the pandemic, I don’t want to repeat 2020, that was a scare! I’m looking to get on top of everything and build myself a bit of a safety net for future, who knows what is in the cards for us?

So, does anyone have any tips/tricks? Perhaps a budgeting app you can swear by, or a saving method that helped you out of a pinch? Or even small changes to everyday spending that can actually add up to something substantial? I’m not looking to become a millionaire overnight, but practical strategies and advice that can help me manage my money better.

Also, anyone got opinions on investing? I heard quite a bit about bitcoin and stocks, but have no idea where to begin, it seems like an alien world to me. Is it worth diving into if I’m just a regular Joe with no prior experience? What’s your take on it?

Thank you all in advance and sorry for the long 🤔

arkane

Congrats on deciding to take control of your finances, buddy! I was once in your shoes, living paycheck to paycheck. So here’s 2 cents from my experience.

For budgeting, apps like YNAB or Mint can be pretty handy. You gotta know where your money is going first. Trim down on things you think aren’t necessary. Small things like cutting back on takeout or brew your own coffee instead of that daily Starbucks can add up massively.

Saving can be hard, I totally get it. Try the 50/30/20 rule when it comes to your income. 50% on needs, 30% on wants and 20% goes to savings or paying off debts.

Investing can be a good move but spare some time to educate yourself first. Stocks, crypto – it’s a bit of a roller coaster ride. Start with a small investment you’re willing to lose and learn as you go. Plenty of resources online or look for a local investment club even. You got this!

kara

Yeah, you’ve got some solid points there! Having a clear budget is a game-changer. Once I started documenting my expenses, I was shocked to know how much money was going out daily on little things that I didn’t even notice. And oh man, brewing my own coffee, that was a serious saving!

And yes, saving can be tough, especially when you love shopping (guilty!). For me, automating my savings worked like a charm. The moment my paycheck came in, a portion of it went straight to my savings account. Out of sight, out of mind, right?

As for investing, it’s mighty smart to start small and learn the ropes before diving in deep. Remember though, patience is key here. It’s more of a marathon than a sprint. Just be patient, never stop learning and you’ll be fine in no time. Keep going, mate! You’re on the right track!

mopsy

Love you pointed out the power of a budget - it’s really an eye-opener, huh? Trust me, cutting out tiny expenses here and there seriously adds up. Heck, just swapping takeout for home-cooked meals did wonders for my savings!

Automating your savings is super smart - set it and forget it, right? And about investing, it’s a long game for sure, just like you said. I remember when I first started, I was squirming at every dip and spike. Finally realized you gotta sit tight and ride the waves, can’t let your heart drop with every market fluctuation, y’know?

Keep up the good work! Remember, personal finance isn’t about instant riches, it’s the marathon, not the sprint. You’re in it to win it!

Jane

Totally get you on the budgeting and investing part! I used to freak out every time my stocks dipped, but realized it’s the long-term trajectory that counts. Patience is definitely key! And yeah, swapping those takeouts for homemade meals is definitely a game changer - it’s incredible how much you can save, not to mention it’s healthier! Keep up the good work, it’s a long race but you’re on the right track!