Finance
None of this is expert advice. It's what people worked out for themselves, usually the hard way — what actually helped, and what they'd tell someone standing where you are. Take what fits and leave the rest.
If you only read a few
Start saving money now.
Old age arrives quickly.
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Invest the amount you would have spent on impulse buys to build savings and get out of debt.
Over time, small amounts grow into decent savings and help eliminate debt.
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Wait 30 days before making non-essential purchases, or simply sleep on the decision.
It may save you more money than you expect.
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Save money from allowances or part-time jobs and invest it.
You will appreciate the financial head start a decade later.
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Reduce spending on partying and establish clear goals with steps to get them.
Partying is overrated.
- Do not stop partying altogether, just do it less.
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money, spending, financial, savings47
Focus on saving funds and refrain from spending on trivial items or unnecessary trips.
Use a cash envelope system for discretionary spending to strictly limit what you can spend.
Having less cash than the cost of an item forces you to pay for less or go without, which can accelerate debt payoff.
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Read 'Rich Dad Poor Dad' as a crash course in basic personal finance.
One person reported it really changed their life when read at a young age.
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If you struggle with impulsive spending, separate your savings into accounts you do not check often.
Out of sight reduces the temptation to spend.
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Focus on saving funds and refrain from spending on trivial items or unnecessary trips.
Unexpected expenses tend to arise.
- Saving does not mean never going out.
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Track your money so it does not disappear unnoticed.
If you do not track it, it disappears.
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Save £20 every week.
Your future self will appreciate it.
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For one week, write down every action, meal, and expense to identify ways to cut spending and realize wasted time.
It reveals opportunities to reduce spending and highlights time waste.
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- Create a weekly budget report to monitor spending habits.1
- Track all income and expenses using a simple app to identify where money is going.2
- Track your spending in a notebook to identify patterns and reevaluate purchases.1
Start buying mutual funds or consistently setting aside money when you are young rather than trying to time the market.
Starting early allows for more years in the market; timing the market is unreliable compared to consistent saving.
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Do not follow clothing trends.
The styles are usually the same and the price is not worth the cost.
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Bring your own coffee and cut down on buying coffee from cafes like Starbucks or Coffee Bean to save money.
To save money
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Pay yourself with every paycheck.
It puts you ahead financially and gives great peace of mind.
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Open credit union savings and checking accounts and save as much money as possible.
Lots of good benefits.
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Listen to Afford Anything for frugality and finance advice.
It is noted as a large podcast in this space.
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Check your true FICO score rather than relying solely on free monitoring services, which may differ.
Free scores may be lower than your actual score used for loans.
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Open a separate bank account for a 'self tax' and instantly transfer 10% of your income there when you receive it.
The psychological impact is huge; over time it becomes a habit, resulting in a significant amount of saved money.
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Max out your Roth IRA every year to ensure your savings grow for retirement rather than just sitting there.
It is described as the safest way to ensure savings carry into the long-term future.
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Read 'Happy Pocket Full of Money' to re-align your thoughts on wealth and money creation.
It is described as both metaphysical and practical.
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Learn basic personal finances early.
It has paid dividends.
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If you borrow money from family or friends, even if unsolicited, focus on paying them back first.
They have their own expenses to take care of.
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Watch out for savings accounts with horrible interest rates due to inflation risks.
Inflation poses a risk when interest rates are low.
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Learn financial basics to navigate the financial world correctly.
It sets you straight for the financial world if you don't know anything about money.
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Manage your finances and credit card spending carefully in your 20s to avoid years of recovery from financial mistakes.
Financial mistakes in one's 20s can take years to recover from.
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Get a regular job first to secure steady income while figuring out online work in your free time.
It removes the pressure of making money from home immediately.
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Avoid brokers who churn accounts.
It can cause significant financial loss.
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Do not lend friends money unless they are in dire financial need and are a good friend, as you are likely giving the money away.
You are likely giving the money away rather than getting it back.
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- Only lend money you can afford to give away as a gift.1
Adopt a no-buy or low-buy lifestyle, only buying replacements, to change spending habits.
To change spending habits
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Get life and critical illness insurance early.
premiums are cheap
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Review your finances and make a budget if you don't already have one.
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Read 'The Millionaire Fastlane' for an eye-opening perspective on wealth.
One reader found it eye-opening even before finishing it.
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Invest money monthly starting young.
Compound interest makes a huge difference over time.
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Consciously celebrate small debt payments or financial wins to build a habit of noticing progress.
It takes conscious effort to see the good, similar to a gratitude practice.
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Secure employment to get independence, then create a budget and build savings before moving out.
Employment is key to independence.
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Sacrifice short-term fun to build a financial safety net.
Debt is much harder than financial responsibility.
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Maximize retirement savings, including IRA and 401K matches, as soon as you receive a paycheck.
Time in the market is greater than timing the market.
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Live frugally by avoiding unnecessary purchases to accumulate capital for investing, helping others, or starting a business.
Money saved from not buying stupid stuff can be put towards investing, helping the poor, or running a business someday.
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Look into investments.
Savings account interest rates are low.
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Read 'Personal Finance for Dummies' if you are new to finances or lack financial literacy education.
It is described as good and exhaustive for beginners.
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List fixed expenses, cut non-essentials, and call creditors to lower payments.
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Record every financial transaction in a budget tracker.
It helps diagnose areas of overspending by revealing poor decisions clearly.
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Focus on experiences for yourself and your family now rather than saving excessively, to avoid regret later.
to avoid regret later
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When you start working, save a percentage of every paycheck for emergencies.
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Distinguish between actual income, residual income, and leveraged residual income.
Understanding these differences explains why many wealthy people rely on the latter two types.
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Start saving for retirement early and adjust contributions annually.
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Read books that focus on behavior rather than tactics to address the root of decision-making errors.
Most people mess up in their behavior, not their tactics.
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