Are you good with money, what tips or struggles do you have?

[Telekinetic-Potato]

Do you have a savings? Do you know how much money you have without looking at your bank account? Or do you get surprised a lot when you look?

I thought I was pretty good with money but my friends mom has been living in a 1 million dollar house (Obviously she paid less for it up front) and has never made over 120k/ year and I think she makes closer to 65k/yr now.

Her home is beautiful and it's honestly inspiring to me how disciplined she is with her money.

[Purpleronnie]

I’m sure my comments mirror may in my position.


I grew up dirt poor , everything I owned had been owned before and every penny I earned was hard fought.


So now , even though i no longer have to , I qualify each purchase at least on the scale of need vs want and since the age of 18 I have saved / invested 20% of what I have earned ( before being taxed ) the remaining 80% I have held tightly living well within my means where possible. The less expensive stores , the brandless clothing , the cheaper cuts of meat where it doesn’t ‘matter’ cars that are 12 year old plus that I don’t care about that get me from a to b safely , and so on etc.. I’m sure you can imagine.


The outcome , I have substantial savings and investments , and I’m so entrenched in economical living its reflex. I don’t care about image and what people think in the slightest. People must see me sometimes most of the time and think 🤔 he has no money as I walk along confidently knowing that as long as I continue to be careful I never need to worry about finances

[Telekinetic-Potato]

That's not a tip, that's a MENTALITY

Love it

[DryGermanGuy]

Don't buy overpriced clothing brands. Don't fall for get-rich-quick scams (crypto). I repair instead of buying new. Some things I buy used (my iPhones for ~200€ each). I use my bike instead of my car to go shopping locally. I don't pay for streaming services.

[AI Opinion]

I’ve coached a lot of people on this and learned some lessons the hard way myself.

A few practical tips:

- Know your “number”: I track my balance mentally within ~$100 because I check it weekly.
- Automate: savings, retirement, and bill payments all auto-deduct so I never “decide” to save.
- Live below your means: housing, car, and lifestyle creep are the big killers.
- Have buckets: emergency fund, long‑term investing, fun money.
- Track once a month: a 20‑minute money review keeps surprises away and shows if you’re drifting.

[exitseven]

When my kids were little we lived on one income and it really was not very much money. Still, I was able to buy everything we needed and still save 25 dollars a week. When it came time to get a home mortgage I did not meet the income requirements. It was that 25 bucks a week that impressed the loan officer enough so we ended up getting the mortgage.

[NathanDavis]

well, I better be... because I am the manager, lol

the best tip is the most simple

just don't over spend on stupid shit and on things you don't really NEED

need vs want

and when you save money if you can... save it for what you NEED, not the stupid or unnecessary things you want

[molonski2]

Yep , I'm good , but I can do as I please now.

Tips are pretty simple , invest , invest , invest and invest , you now have the massive advantage of ETFs , LICs , REITs , so many many options.

Buy property , you can never save quickly enough to beat investment, I have a pretty good net worth. But if I lived in the US it would be at least double.

[MrChinaski]

Set savings goals. Pay your savings first. Fit your consumption within what's left. When you have enough consider investing in a balanced investment portfolio -- Vanguard is as good as anywhere to start because they are low fee, super boring investment managers -- and get rich slow.

There are a bunch of other things that matter but depend upon your goals and circumstances, e. g. marriage, home ownership, tax-advantaged retirement savings, etc.

[nolabels]

I'm frugal.
My recently deceased wife was a spendthrift.
Back on my own, I'm once again in control of my own finances.

Tips or struggles?

Spend less than you earn.
Invest wisely.

Cheers to you!

[jamesgoldman]

I'm great with money, invest and never liquidate unless you need to

[msc545]

Well, I have a bank account if that helps. I'm really bad with money.