The Best Money Advice I Ever Received
We all need to save money. I know, that’s kind of a big statement. But maybe you’re like me, and have found yourself in the unfortunate position of not having any money. Or maybe you’re just starting out on your financial journey and feeling overwhelmed by all the things we read about. Either way, here are some tips for saving money that have worked for me! Here our guide on The Best Money Advice I Ever Received :
Save 10% of your paycheck.
It’s the best money advice I ever received.
My father told me that we should save 10% of our paycheck every month, and he was right. Saving 10% is better than saving 5%, because if you save $5 a month for two years, you’ll have saved $50! That’s 20% more than if all your money went into an account earning 0%. So why not start saving now? If you can’t afford to save 10%, don’t let that stop you from trying. Over time, you will gain more from small savings amounts than from large ones.
Here’s what I did: Every week I would take out 20% of my next paycheck (which was usually around $100), putting it directly into my savings account at Bank of America (see below). When I got paid again after two weeks had elapsed, I would withdraw another 20% ($200 total). The remaining 80% could then be used as needed throughout the rest of the month or saved in case something unexpected happened, like losing a job or having health issues arise unexpectedly which might require extra funds beyond what was already planned on spending during each pay period. This method allows me to avoid unnecessary spending while still starting early enough that there isn’t much risk in delaying starting this habit until later down the road when things have settled down more.
Save like you’re the poorest person you know.
- Look at your income and expenses.
- Don’t look at what your friends or neighbors are doing.
- Don’t compare yourself to the Joneses.
- Don’t spend money on things that are not important to you, like fancy cars or big houses (unless they’re for family).
If it doesn’t make you happy, don’t buy it.
“If it doesn’t make you happy, don’t buy it.”
That’s the advice I got from my dad when I was 13 years old.
I thought he was crazy at first, but then I realized he was right. There were things in life that didn’t make me happy—things like eating chocolate cake for breakfast every morning. So maybe buying those things wouldn’t make me any happier either. So I listened closely to him and started thinking about what made me happy and why. And when those things started making me happy again (instead of making me feel guilty), we’d move forward with our lives together as a family unit instead of having arguments over which dessert would serve best at dinner later on tonight!
Waiting a beat before buying impulsively is key.
- Buy things that you need and not those that you don’t.
- If you think about what your life would be like if this item wasn’t in it, then the likelihood of buying it is higher than if your entire day revolves around shopping for new stuff.
- If you’re trying to save money by waiting until the price goes down, but still feel like making such a purchase anyway—don’t! Instead, wait a day or two before making any decisions about whether or not to buy something impulsively (or maybe even at all).
Pay off your credit cards in full every month.
In the long run, this will save you money. Credit card interest rates are higher than the average savings account or other non-interest-bearing accounts. So paying off your credit cards in full every month can help keep your overall expenses down. But it’s also important to remember that paying off your balance every month doesn’t mean you’ll never have an unexpected expense on a card. It just means that when one does come along, it won’t hurt as much financially. It’s because of all those payments that have already been made over time. And as long as you’re making all those payments on time, any late fees are going toward paying off balances instead of accruing interest charges like they would if there weren’t enough funds left at the end of each month for everything else (which happens more often than not).
Save up before making a big purchase, and pay cash for everything else.
I have a friend who always tells me to save up before making a big purchase, and pay cash for everything else. This advice has changed my life!
It sounds simple, but it’s really not: saving money takes discipline and focus. It’s easy to get caught up in the moment when buying something new or trying out a new restaurant or movie theater. But if you want things like vacations and big-ticket items in life then saving up beforehand is essential.
Saving enough money for these big purchases (like apartments) can be difficult without good financial tools. These tools include budgeting apps or websites that help track your spending. So you know exactly where every dollar goes each month—and how much room there is left over after bills are paid each month (or week).
Don’t pay fees – find a bank that won’t charge you to manage your accounts.
When I was starting my career, one of the first things I did was open up a checking account. As far as I knew, this would be like opening a savings account. You deposit money into it and then make withdrawals when you need them.
But when I looked at my bank’s fee structure and realized that they charged more than five percent per year just to manage your accounts (and that’s not including any other fees), I decided to switch banks.
You can always make more money, and once it’s gone, it’s gone.
You can always make more money, and once it’s gone, it’s gone.
This is a common misconception about money—that there’s never enough for you to be comfortable or enjoy life in your current situation. And while this may be true at first glance (you’re probably thinking “When will my rent go down?”), it doesn’t take into account how much time and effort we put into earning our income each day. If we weren’t spending so much time working or doing things that don’t bring us joy (like going out with friends), then maybe our incomes would be higher!
That being said: Don’t spend money on things that don’t make you happy. Instead, save up until something better comes along later on down the road!
Don’t feel like you have to keep up with your friends.
The best money advice I ever received was: Don’t feel like you have to keep up with your friends.
When I was growing up, my parents were extremely frugal and thrifty. They never bought new cars or clothes. They recycled old ones and traded in their children’s birthdays for gifts at garage sales. It wasn’t until college that I realized how much time and energy it takes to live this way. But, even then, my family wasn’t completely broke by any means!
You don’t need expensive things like shoes or TVs. Sometimes less is more when it comes down to saving money (and maybe even feeling happier).
Stick to a budget – no matter what happens.
- It’s important to stick to a budget.
- How do you stick to your budget?
- If you don’t stick to your budget, what happens?
- Why is it so important that you stay on track with spending and saving money?
Just some sound financial advice from around the web!
- Don’t spend what you don’t have.
- Ask for help when you need it.
- Don’t buy things that are beyond your means and will not last, like a new car or boat before the next paycheck comes in, etc., because they are expensive! This is also true if you are buying something on credit with an interest rate over 20% or so per year (if applicable). You can always make more money, but once it’s gone, it’s gone—and if there aren’t any other options left for making ends meet at this point then maybe consider downsizing from student loan debt into mortgage payments instead?
It’s important not just to save money, but to spend wisely. I remember when I was younger, and my mom would always tell me “spend less than you earn.” It wasn’t until later on that I realized how much of a deal this was for me because of the way my brain works. If something costs more than it’s worth, or if you don’t have enough money in your bank account to cover the expense then it doesn’t make sense for us as human beings to buy that thing!