Mar 16, 2021

I bank with Chase. This is probably my farewell month with these jokers though. s---'s f----- up. Highway robbery going down right about now. I gotta wait two weeks for six-hundred measly a--- dollars and I have bills up the a--- that this $1440 would help with. Swear I'mma have a stroke.

 

Mar 16, 2021

Nike shoebox under my bed, I don't trust bankers

 

Mar 16, 2021

I'm about to just start going off-the-grid with how I receive my income like I'm f---ing 17 again. Might just have to do that, @Ricky Banks aren't to be trusted. Not Credit Unions either.

 

Mar 16, 2021

5 different current accounts, 8 different savings accounts. 3 stocks and shares accounts and 3 pension pots (although I do need to combine those).

No joke.

 

Mar 16, 2021

But I need to seriously re-evaluate my holdings. Shots scary with the threat of negative interest rates.

 

Mar 16, 2021

s---, I need to get like you, but I don't have the patience and I'm not skilled in as many avenues of occupational livelihoods as you obviously are. I'm a broke b----, hoping to come up luckily/miraculously. But I do keep a job. Just not a high-paying one, unfortunately.

 

Mar 16, 2021

The Mattress

 

Mar 16, 2021

jeeeeeeeeeeeeeeeesus

 

Mar 16, 2021

I used to be awful with managing my money. But now I have different bank accounts for different things.
1 for day to day spending
1 for food shopping
1 for holidays/vacations - whatever you want to call them
1 for my business expenses
1 for savings

That way, I have my salary paid into one account and then I have direct debits to push money out to the other accounts the day after pay day. That way I know all of my essentials and savings are dealt with, whatever I have left over is mine to do whatever I want with until next pay day.

If I can give anyone any advice at all with money management it would be to put your savings aside first, then spend what's left. Spending what's left at the end of the month will always end on nothing.

 

Mar 16, 2021

Checking with BOA
Savings with Ally

Bank of America is okay I guess. I would switch but I'm too lazy to setup all my auto payments at another Bank. Went to Ally for their APY which was better than the big banks

 

Mar 16, 2021

I rly do keep most of my money in a safe inside my headboard but Ally is good for savings

 

Mar 23, 2021

You should store it somewhere safer than a shoe box, bro.

But whether it's in a bank or stored in a matress, I don't think our money is 100% safe anywhere.

Who knows, all that mattress money could turn into a worthless currency 20 years from now.

 

Mar 23, 2021

d---. Sounds a bit overkill but better safe than sorry lol

I recently started getting into stocks as well. Been living paycheck to paycheck my entire life but at soon to be 29 it's time to stop wasting money and start building a cusion.

So I opened a savings account with my bank a few months ago and also started using this seperate app where you can buy stocks.

Investing is actually really fun. I've only invested a small amount in both accounts so far but it's cool to finally see a bit of money on the side when you're used to spending your entire income.

You seem to have your financial stuff together bro. Some sort of finance or investment thread on S80 would be nice. Like what market to invest in, good stocks at the moment or just money management advice in general would be cool i think.

This is the type of course they should teach in high school. Way too many people are terrible at managing money and don't realize the importance of watching their expenses and saving money.

Can't recall how many times over the years I've had to borrow money because I changed jobs, was waiting for my paycheck or got an unexpected bill. All of this was my own fault because I never deprived myself of anything and just spent whenever I felt like it.

 

Mar 24, 2021

Glad I sound like I know what I'm talking about! And I def know enough to know that I've got a bright future but not enough to teach to other people I'm afraid.

Key points are:
*Make sure you understand reinvestment and compound interest
*Invest/save on pay day, don't wait to the end of the month and out away "whatever is left"
*Saving/investing is for the long term. I mean decades. Not days/weeks/months.

I have 2 goals. To retire before I'm 60 and to go on a round-the-world cruise the year I retire.

 

Mar 24, 2021

Overpay on mortgage is (if and when you get one) the best bit of advice I've ever been given.

 

Mar 24, 2021

This is also very good advice. Don't know what it's like for other countries but in the UK, anything you pay on top of a monthly repayment is direct capital (ie, interest is not added to it).

However, depending on mortgage rates Vs compound interest factors, it may still be better value in the long term to invest in stocks than to overpay a mortgage. Getting a mortgage now when rates are at rock bottom is great, but investing in the stock market generating a 5% dividend would generate more income over 20 years than you would pay in interest so it's the better bet. Just.

If you can manage your finances so you're doing a bit of both then you've hit the promised land!

 

Mar 24, 2021

My man Ricky on that old school s--- ayyyyyy

 

Mar 24, 2021

It's really time to start investing. I really need help with money management. Please help. Will work for life-changing advice and mentorship. I want to die a legend. Not a leper. *Sniffles* Existential Dread Ensues. Fml.

 

Mar 27, 2021

Imagine keeping your money in the bank

 

Mar 27, 2021

I kind of agree because I'm possessive, but I have bills that can only be electronically-paid-for, unfortunately, like many of us millennial and gen-z idiot savants, plehbwoay.