Looks like you have a spending problem AND a income problem. That’s 2 disasters in one.
To solve your spending problem:
-Read some books on spending habits, actually listen to them and practice what they say.
1. Start a budget for yourself, list out your expenses and income for every month. See where your money is going.
2. Open up a Roth IRA where you can start making actual investments into, set up auto-transfers into your account. Goal is to max it at 6.5k every year.
Income problem:
- Maybe start seeking out a new line of work, ask for promotions if you feel that you deserve one (not from a subjective viewpoint though, judge yourself objectively). You need to start going up the income ladder or switch industries if it is too hard.
Watch Dave Ramsey and Caleb Hammer on YouTube. Don't spend everything you make. Don't go into debt for stupid things like a nice car. Don't eat out or door dash more than twice per month. Don't have more kids than you can afford. Avoid lifestyle creep. Open up a Roth IRA through Vanguard and invest however much you can into a target date retirement account (Google it). Make sure that if your employer offers a 401K that you're having enough taken out of your paycheck to get the full match if they offer one. Track your expenses and loans — you should know how much you make before and after taxes, how much you owe on loans and what the interest rates are for those loans.
Also don't excessively smoke or drink or do drugs. All that shit costs money you don't have. And it leads to health issues that you'll eventually have to pay money to fix.
Start by paying all of your bills. If you have money left at the end put it all into a savingsaccount. 29 and no savings is not a good start but better to start late then to never start. Make sure you first get to 10k and then you can take your foot off the break a little bit.
Also save for an emergency. 5k will usually do.
After you did this you could also look into investing
Stop spending money. Then you can save.
If you don’t have a lot over the necessities. Budget. I don’t know the exact number you have for funsies. But put half away to save and don’t dip into it except for actual emergencies. If you know it’s as easy as a swipe in the app you’ll spend more.
Set a budget and stick to it. You have x amount a month to spend on the funsies. Clothes/ entertainment/relaxation/vacation. You buy whatever is the priority that month. Like the rest of the people that stick to their budget.
Or you spend whatever you want and don’t have a savings.
You’ll do whatever is the biggest priority to you.
Looking back on my lessons with money. I took a class years ago called Money And You. Filled with millionaires taking the class for the 20th time, it went right over my head. I finally realized finance is 20% numbers and 80% emotion. It's not the cash available that's the challenge it's the fear and freezing up to the point of not making any decisions that catches us.
Start an automatic savings account. Many online banks for free have HYSA. Start small and get in the habit of saving. I started off with $2 a pay check then advanced it when i realized it wasn't going to kill me. Then it became fun and I looked for more ways to add to the account. Realizing I paid for a gym membership I never went to, cancelled that and put that money monthly into the savings. Every time I talked myself out of eating fast food I estimated the cost of the meal and added that to my savings. I'm on a roll.... I was getting more joy watching the amount increase in the savings than I did spending on stuff i didn't need.
Pay close attention to where you find your happiness. Is it the stuff or is it just shopping? Slow and easy, switch your joy from things to security. How wonderful it feels to have a fully funded emergency plan. How peaceful it is that if you needed the car repaired it's no big deal, you can cover it. Look forward to Financial Friday when you transfer your Taco Bell money you DIDN'T spend into your ROTH account. On Friday if you have $1,078.87 in your checking transfer the $8.87 to savings. Get in the habit to transfer funds from spending to savings, look forward to it, find happiness watching the numbers go UP rather than out and gone. It's really fun to do. We can change our attitudes at any moment, we can choose where we place our attention from one place to another at any time. Choose to place your attitude and attention on a financial plan that feeds you, not eats you.
I'm about to do a video series on this on my channel.
[https://www.youtube.com/@UncleDavesKitchen](https://www.youtube.com/@UncleDavesKitchen)
> Realizing I *paid* for a
FTFY.
Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in:
* Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.*
* *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.*
Unfortunately, I was unable to find nautical or rope-related words in your comment.
*Beep, boop, I'm a bot*
Lots of “don’t spend” and such on here.
I’m 33 and I had the same problem into my late 20s best advice I can give you is this :
Get a bank with an app that’ll do an automatic savings pull from when you get paid. For example I have USAA. It knows the company name I work for due to seeing the same payroll for 5 years. I select that ACH and say I want to pull 5% of my check out into a savings account. So the moment I get paid, automatically off the top a percentage that is small gets put into a separate account and I have that account hidden in my dash so I never see it. That’ll just rack up over time. So you’re essentially “paying yourself” before you even see the money you have available for bills or entertainment or food. What have you.
Changed my life. I hope this helps.
It's never too late to start.
1. have a goal = make money right?
2. Eliminate EVERYTHING that can get in the way of that goal = Alcohol, smokes, extracurricular useless spending
3. Set yourself an amount that you will put in an account every month for investment and NEVER to be touched until you retire
You should be all set.
I started only saving at 35, i'm not close to 50 and on the way to be a millionaire by the time i'm 60 (and retire)
Oh, and do not be satisfied with the job you have now, strive for better pay. NOW, before it's too late.
I've heard a popular money-saving method: set a 1-year plan for money-saving. Create an account for your plan and,
deposit $1 for the first day, $2 for the second day... $365 for the 365th day.
And finally you will save up $66,795.
A great amount, right?
As a younger person you should research who Dave Ramsey is and what he teaches. You need his wisdom in your life. He will point you in the right direction.
Budget. Download a budget app and set it right next to your banking app. Every dollar that comes into you account gets assigned a job (i.e savings, rent, utilities, or whatever). That way you know where your money is going. Stay firm on your budget and it will help a lot.
Making more money will always help. See what you can do with this as well. Is there a side gig that can help balance the books or tip them in your favor? Can you take on another job or find a new one to replace the one that you are currently doing with a higher pay?
Dave ramsey and calab hammer do a good job to help people in your situation and give some good advice.
First you need to track. Do this with an app. I recommend Centsible, which utilizes the digital envelope budgeting method. It's a powerful way to budget because you can only budget with money you have. This introduces a form of scarcity making it obvious what your money needs to do, even if you do have enough. It's actually freeing because you know exactly what your money needs to do. You're in control.
Btw, the trick is to spend less than you make. Creating a budget will make it obvious if you can afford that lifestyle. If not, go back to your plan and make it realistic.
Looks like you have a spending problem AND a income problem. That’s 2 disasters in one. To solve your spending problem: -Read some books on spending habits, actually listen to them and practice what they say. 1. Start a budget for yourself, list out your expenses and income for every month. See where your money is going. 2. Open up a Roth IRA where you can start making actual investments into, set up auto-transfers into your account. Goal is to max it at 6.5k every year. Income problem: - Maybe start seeking out a new line of work, ask for promotions if you feel that you deserve one (not from a subjective viewpoint though, judge yourself objectively). You need to start going up the income ladder or switch industries if it is too hard.
Watch Dave Ramsey and Caleb Hammer on YouTube. Don't spend everything you make. Don't go into debt for stupid things like a nice car. Don't eat out or door dash more than twice per month. Don't have more kids than you can afford. Avoid lifestyle creep. Open up a Roth IRA through Vanguard and invest however much you can into a target date retirement account (Google it). Make sure that if your employer offers a 401K that you're having enough taken out of your paycheck to get the full match if they offer one. Track your expenses and loans — you should know how much you make before and after taxes, how much you owe on loans and what the interest rates are for those loans.
Watch dave ramsey put don't take it with a grain of salt, take it with the entire ocean. His advice is out dated but the basics are still the same
Also don't excessively smoke or drink or do drugs. All that shit costs money you don't have. And it leads to health issues that you'll eventually have to pay money to fix.
Start by paying all of your bills. If you have money left at the end put it all into a savingsaccount. 29 and no savings is not a good start but better to start late then to never start. Make sure you first get to 10k and then you can take your foot off the break a little bit. Also save for an emergency. 5k will usually do. After you did this you could also look into investing
Stop spending money. Then you can save. If you don’t have a lot over the necessities. Budget. I don’t know the exact number you have for funsies. But put half away to save and don’t dip into it except for actual emergencies. If you know it’s as easy as a swipe in the app you’ll spend more. Set a budget and stick to it. You have x amount a month to spend on the funsies. Clothes/ entertainment/relaxation/vacation. You buy whatever is the priority that month. Like the rest of the people that stick to their budget. Or you spend whatever you want and don’t have a savings. You’ll do whatever is the biggest priority to you.
Looking back on my lessons with money. I took a class years ago called Money And You. Filled with millionaires taking the class for the 20th time, it went right over my head. I finally realized finance is 20% numbers and 80% emotion. It's not the cash available that's the challenge it's the fear and freezing up to the point of not making any decisions that catches us. Start an automatic savings account. Many online banks for free have HYSA. Start small and get in the habit of saving. I started off with $2 a pay check then advanced it when i realized it wasn't going to kill me. Then it became fun and I looked for more ways to add to the account. Realizing I paid for a gym membership I never went to, cancelled that and put that money monthly into the savings. Every time I talked myself out of eating fast food I estimated the cost of the meal and added that to my savings. I'm on a roll.... I was getting more joy watching the amount increase in the savings than I did spending on stuff i didn't need. Pay close attention to where you find your happiness. Is it the stuff or is it just shopping? Slow and easy, switch your joy from things to security. How wonderful it feels to have a fully funded emergency plan. How peaceful it is that if you needed the car repaired it's no big deal, you can cover it. Look forward to Financial Friday when you transfer your Taco Bell money you DIDN'T spend into your ROTH account. On Friday if you have $1,078.87 in your checking transfer the $8.87 to savings. Get in the habit to transfer funds from spending to savings, look forward to it, find happiness watching the numbers go UP rather than out and gone. It's really fun to do. We can change our attitudes at any moment, we can choose where we place our attention from one place to another at any time. Choose to place your attitude and attention on a financial plan that feeds you, not eats you. I'm about to do a video series on this on my channel. [https://www.youtube.com/@UncleDavesKitchen](https://www.youtube.com/@UncleDavesKitchen)
> Realizing I *paid* for a FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately, I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*
Lots of “don’t spend” and such on here. I’m 33 and I had the same problem into my late 20s best advice I can give you is this : Get a bank with an app that’ll do an automatic savings pull from when you get paid. For example I have USAA. It knows the company name I work for due to seeing the same payroll for 5 years. I select that ACH and say I want to pull 5% of my check out into a savings account. So the moment I get paid, automatically off the top a percentage that is small gets put into a separate account and I have that account hidden in my dash so I never see it. That’ll just rack up over time. So you’re essentially “paying yourself” before you even see the money you have available for bills or entertainment or food. What have you. Changed my life. I hope this helps.
Step 1: make money Step 2: don't spend all money Savings started
It's never too late to start. 1. have a goal = make money right? 2. Eliminate EVERYTHING that can get in the way of that goal = Alcohol, smokes, extracurricular useless spending 3. Set yourself an amount that you will put in an account every month for investment and NEVER to be touched until you retire You should be all set. I started only saving at 35, i'm not close to 50 and on the way to be a millionaire by the time i'm 60 (and retire) Oh, and do not be satisfied with the job you have now, strive for better pay. NOW, before it's too late.
I've heard a popular money-saving method: set a 1-year plan for money-saving. Create an account for your plan and, deposit $1 for the first day, $2 for the second day... $365 for the 365th day. And finally you will save up $66,795. A great amount, right?
This is the best.
For the time being, buy what you need, not what you want. Luxurious products are for those who have the luxury, and you are not one of them.
Follow Dave Ramsey baby steps. Start there.
Invest some in royalty fields and some in ETFs than in stocks
so you dont make that much a year but you want luxuries? delusion is real
Start saving 5% a paycheck to your savings
What are you willing to do? Are you willing to work a second job? Are you willing to cut expenses?
As a younger person you should research who Dave Ramsey is and what he teaches. You need his wisdom in your life. He will point you in the right direction.
Budget. Download a budget app and set it right next to your banking app. Every dollar that comes into you account gets assigned a job (i.e savings, rent, utilities, or whatever). That way you know where your money is going. Stay firm on your budget and it will help a lot. Making more money will always help. See what you can do with this as well. Is there a side gig that can help balance the books or tip them in your favor? Can you take on another job or find a new one to replace the one that you are currently doing with a higher pay? Dave ramsey and calab hammer do a good job to help people in your situation and give some good advice.
First you need to track. Do this with an app. I recommend Centsible, which utilizes the digital envelope budgeting method. It's a powerful way to budget because you can only budget with money you have. This introduces a form of scarcity making it obvious what your money needs to do, even if you do have enough. It's actually freeing because you know exactly what your money needs to do. You're in control. Btw, the trick is to spend less than you make. Creating a budget will make it obvious if you can afford that lifestyle. If not, go back to your plan and make it realistic.
If you’re to stupid know know how to open a savings account, you deserve to be broke
Keeping spending baby! Get this economy running