Ask Lemmy

"Prevention > Cure" and "investment in you and the things you use most will pay dividends in terms of health, money, and mobility" is the very TL;DR version.

If you're in a country with an asinine healthcare system like the US, it's definitely prudent to take care of your health rather than being caught out by something. This includes regular dental check-ups and cleaning (trust me).

You spend a lot of time sleeping. A good mattress and linens are very valuable to your health.

If you are on your feet a lot, comfortable should also be a priority even if they cost more.

Work out to your ability. Being sedentary is detrimental to your health and causes pain (both physical and financial).

Try to save and buy better quality versions of things where it makes sense. If you only spend $10 on something but it lasts only a year, it's better to spend $30 or $50 on something that lasts you ten years or a lifetime.

Remember that investments can take many forms and pay out differently. Investing in your health is already mentioned, but invest in your education. If you don't have money, you can still find tons of free resources online or at the library to skill up in ways that help your life (either your job prospects, your home life, or even your mental well-being).

And, perhaps more importantly than most other advise, live within your means.

I realize that not all of these are possible to everyone all the time (I was homeless for a while; I understand). These are goals and any progress is worth it; do not let perfect be the enemy of good.

0. Spend less than you earn. Earning interest is better than paying interest.

1. Debt can be good if used wisely. I took on debt to buy an apartment that saved me money due to cutting commute costs more than interest costs.

2. Think long term.

Spending money on higher quality products makes more sense than having to buy the lower quality product multiple times in the same span. But also don’t assume just because it’s more expensive that it’s higher quality.

I was spending $80-120 each year on lower quality hiking boots. About 10 years ago I finally spent $250 on high quality Merrells, haven’t needed to buy a new pair since. I hope the quality is still the same when I need to buy a new pair in 2035.

Got some bad marks on your credit, even a 30-day late ding? Dispute them, even if they're legit.

Americans can request a free credit report every year, from all 3 credit reporting agencies. Mark everything negative as, "wasn't me". The debtor has 30-days to respond, if they don't, fuck 'em, it's off your record.

Worst case? They come back and say the challenge was verified as false. Oh well.

If you can afford this...

...Whenever you're at the store and make a debit card purchase with the option for cash back, get some back. $5, $10, $20...whatever. And put this into a rainy-day fund. You never know when you might need some quick cash or it'd be the make-or-break for a quick splurge.

Granted, I learned of this method from a friend of the family who used this method to hide money from her husband so take it with a grain of salt.

Avoid having more than one large loan at at time ($10000 or more). Pay off your loans early by paying to principal. Pay off your credit card(s) every month. Drive slowly to spend less on gas. Buy goods in solid form, no liquids, to save money. Ditch fast foods, do meal prep instead. Eat less meat, like maybe once or twice a week.

For me it's a matter of my mentality. I have tried to get away from the spending mentality. As soon as you get money you start thinking of ways to spend it. You should be thinking of ways to save it. I usually try to think of something that is important to me. For me I like to go out and see the world. That means buying gas. If I spend $5 on a cup of coffee that's about 20 mi I can't drive. As others have stated you got all these streaming media sites and stuff. If you add that all up over a years time is quite a bit of money. You should get rid of anything you don't need. There are two ways to have more money: Make more or spend less.

Learn about taxes and get a good tax guy. There's a lot of "hacks" you could use to significantly reduce the amount you need to pay to the tax office. Best case scenario - you own an investment property which means you can write off all expenses, including mortgage interests.

Before buying a house, learn about home loans. Get yourself an offset account and for investment property get an interest only loan. Refinance your loan every time there's a better deal.

Put all your payments, bills, rent, etc. on a credit card that earns you some points. Over time you will get free stuff just for paying your bills.

If you can afford it, put away 10% of all your income to a savings account. If 10% is too much put away as much as possible.

If you're into risk, invest into stocks. I would recommend long term investments in well established companies that will give a nice return in 5-10 years. If you're a dare devil, look into penny stocks with large dividends.

Stay away from crypto and "lucky shots". If it's too good to be true it's not worth it.

• Save first. If you aren't living paycheck to paycheck, then always put your money in a separated bank account for saving.

This help eliminating the need to keeping track of your spending.

• If you tend to be fined for overdraft, then use an overdraft protection service. The service fee is much lower than the OD fee.

Don't use your bank or credit card! Get the amount of money needed for let say the week as cash and use cash everywhere. You know always how much is available without checking your bank apps. When the week finishe if there's some money still available you could use it for "less needed" goods.

Do not user Klarma-esque services unless it's important. Same with payday loans.

You can use credit cards to build your credit, but your goal should be to pay it off each month. The first month you cannot pay it off in full (sans emergencies), stop using that card until you pay it off.

Bills get paid first. For loans, if possible, try to pay every two weeks to help bring it down faster.

Having a pet is not just getting a buddy, you need to be prepared to take care of them. They cost money and will keep costing money until they pass.

Honestly, check your job's benifits. They hide a lot of stuff sometimes. It was a year into my employment before I realized my job could make monthly payments on student loans. Their payments have saved me in some tight months. 👀

Edit: if you live alone and your place is small (or at least one level) you may want to look into a portable ac, even if you have central air. I take a lot of depression naps so I'm usually in my room, so that's really the only pace I need it. My cat knows where to go when it gets warm and we usually hang out in that room until it gets cooler (of course, if it's bad, I'll turn it on). It's saved me on my electric this year enough to pay for the $160 I got it for (though I was kicking myself because Craigslist had them for cheap).

Pile as much money as you can, as often as you can, into VTSMX or VTSAX and chill.

VoIP is cheaper than cell service.

Vinegar is a good cleaning agent.

A hard drive at home is way cheaper than cloud storage.

Tailgating burns more gas.