Are you struggling to manage your finances effectively? #moneymanagement #budgeting #financialadvice
Discover Strategies for Better Money Management
If you find yourself saying, “I’m terrible with my money,” you’re not alone. Many people struggle with achieving financial stability and making smart spending choices. But fear not, there are simple yet effective strategies you can implement to improve your financial situation.
Start by Creating a Budget
One of the first steps towards better money management is creating a realistic budget. By tracking your income and expenses, you can identify areas where you can cut back and save more money. Budgeting apps like Mint or You Need A Budget can make this process easier.
Explore Ways to Increase Your Income
If you feel like you’re constantly living paycheck to paycheck, exploring ways to increase your income can help alleviate financial stress. Consider taking on a side hustle, freelancing, or investing in stocks or real estate to grow your wealth.
Seek Professional Financial Advice
If you’re truly struggling to manage your money, seeking professional financial advice can be beneficial. A financial planner or advisor can help you create a personalized financial plan that aligns with your goals and lifestyle.
By taking proactive steps to improve your money management skills, you can start building a more secure financial future for yourself. Don’t let the fear of poor financial decisions hold you back – take control of your finances today! #personalfinance #financialfreedom #moneysavingtips
Take any match you can with 401k. After that every dollar tackling the debt. You have an anchor holding you down. Got to get rid of it
1. Get a roommate. 1700 is wayyyy too much for ur income. If u can find something to split for 1200, that’s 500 more a month to put towards debt.
2. I started off making 50k at 22 in 2022, 70k in debt. I’m now 24, making around 60k and have 59k in debt, 20k, emergency fund, and around 15k in investments.
I’m just now starting to aggressively pay down my debt, meaning I’m putting 1200 a month towards it starting in May. The reason I’m able to do this is because of my low rent (1200) … it makes a world of a difference.
My point is that you’re going to be okay. It gets better, and it will be tough for a few years.You need to be smart with ur money and where u splurge/save.
Save as much as u can into a HYSA until ur loans start, and then throw everything u can to knock those down. Set a realistic goal for the end of 2024 and make it a game of beating ur own goal
Ok, I’ll assume the $3,300 a month is net. Rent and bills of $1,700 leaves $1,600. After $600 for student loans (hopefully, you will pay all of your student loans, don’t put anything on your folks, the good will you will receive for doing that will be far greater than what you pay) you will have $1,000 for food and entertainment.
If we breakdown the food and entertainment of $1,000, it works out to roughly $30 a day.
My advice, look to get a roomate. Start playing tennis or pickleball both are good avenues to get in with people for personal and professional growth. Live and think frugally. Living beneath your means is very satisfying. Have short and long term goals, this will help motivate you to be frugal. Being frugal for frugal’s sake isn’t motivating enough, you need to have a carrot out there (travel, home, etc.). Always keep your thinking clear and objective, about your finances and everything. It makes life less stressful and helps you achieve your goals.
For 23 you are doing well! Congrats, keep at it.
You should read a few books on personal finance to educate yourself on how to manage your money and how to think about your financial choices. Ramit Sethi’s I Will Teach You to be Rich is a pretty good starter book for a young professional, but there are others on the recommended reading list in the wiki.
You should also make a budget. List out your fixed expenses plus an estimated amount for variable expenses, and figure out how much you can really afford to spend on discretionary spending categories like eating out, entertainment, travel, hobbies, clothes, etc. Being good at money mostly comes down to limiting your discretionary spending and saving enough for financial long-term goals, like retirement, buying a home, replacing your vehicle when it wears out, etc.
> My rent and bills come out to 1700 (water, electricity, internet, insurance)
What are your other known expenses not included in this total? Groceries, gas, healthcare, entertainment and what else?
If I assume you spend something like $300/ month on groceries, $150 on gas, and you want to budget $600 for student loans, that leaves you with $550 per month for all other spending and saving, which isn’t much. That’s not money you can spend on whatever you like, because you will have lots of miscellaneous costs (haircuts, new tires, vehicle registration fees, oil changes, healthcare) in addition to your $1700 in bills.
I highly recommend you start saving $600 every month, and stick that money in a high yield bank savings account, so you have a small emergency fund by the time your student loan payments start. Save more than $600/ month if you can. I wouldn’t add anything more to your brokerage account until you have an $8k+ emergency fund in your savings account.
I would also look at all of your known expenses and see what you can cut, either right now or in the long-run. Can you share an apartment with a roommate next year? Are there subscriptions or memberships you can cancel? Can you dial back your grocery spending?
> My job is a little frustrating at the moment. They’re not teaching me much. I ask as many questions as I can but there’s no training program.
Ask for guidance and explanations from your team members, and ask them what other kinds of resources they recommend for learning how to be better at your job. Most of the time, more experienced professionals are happy to mentor newer members of their team as long as you don’t take up an excessive amount of their time.
Professional development mostly happens when you seek it out. If you ask good questions and learn how to do your job better, and pick up some new skills valued in your field, you’ll likely be able to make some big career jumps and earn a lot more money within the next few years.
How did you rack up $46K in non-student debt at 23 years of age?
1. Your parents pay the Parent Plus loans. If you feel guilty at all (though you shouldn’t), 25 years from now, you’ll be able to help them much better when they’re 85 because you saved and invested instead of paying their debt.
2. Keep hunting for work. Now that you have a big kid job in a somewhat quantitative function, you’ll be more attractive than when all you had was a degree and an average GPA.
3. At your current job, think in terms of resume bullets. Identify and pursue things that will make your resume stand out from all the other junior analysts out there. From process improvements to new models to (shudder) incorporating AI into your work, do stuff that goes beyond what everyone expects of someone in your role.
4. Make friends and pursue hobbies. Don’t just do work and gym. Go play sports or whatever. In addition to wellbeing, these people you interact with are potentially job leads.
5. If you’re bringing home $3300 per month and rent and bills are $1700, and your only other thing is “gym,” where is the rest of your money going that you have just $300 in checking? Make your dollars have a purpose, because if not, Dumb DoorDash winds up taking it.
6. Define what brings you joy and spend on it. Cut ruthlessly everywhere else.
first step is to actually get a complete picture of what your finances look like
what’s your current monthly take home income?
what are your current ongoing monthly expenses?
what are your debts broken out individually? amount owed? interest rate? minimum payment?
Get 2nd job and perhaps look for a better paying job . Maybe govt jobs, va jobs Or city/county govt jobs.
You sound disinterested in your job and career choice. Now is the time to evaluate how much of a career can you make out of a field you don’t want to be in. You won’t increase your income if you don’t like your job.
You need a better paying job to live on your own and pay off your loans. FAFSA gives the ParentPlus loans because employed parents can qualify. Unemployed students cannot. But the educational benefit is for you. Unless your parents are wealthy, can easily afford it and agree to pay, you should assume it’s your responsibility (although legally it is theirs).
I jyst shake my head with people not oaying student lians during the intrest accrual freeze. THIS WAS A ONCE IN A LIFETIME OPPROTUNITY! I totally slayed my priciple during that time. Bye bye nelnet, never liked them anyway…