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Paisley
@pai291
Save On Debts
Refinance your home or automobile at a lower rate to save money over the life of the loan and lower your monthly payment.
If your student loans are locked in at a high-interest rate, figure out whether it makes sense to consolidate all or some of them.
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Aubrey
@aubrey336
60 Simple Rules of Personal Finance - The Simple Dollar
Keep everything as simple as possible
Don’t ever let your “future self”...
Your future self might have more income, but it’s also fairly likely that your future self might have less income and you’ll find yourself in a really bad situation.
Even if your future self is doing well, there are probably going to be other big expenses that you’ll want to deal with at that time, like buying a house.
Focus on...
- Building an emergency fund: set up an automatic weekly or monthly transfer from your checking account to your savings, then leave the savings alone until an emergency appears.
- Eliminating high-interest debt: Set up a simple debt repayment plan by organizing your debts by interest rate, then attempt to make a double payment on whatever debt has the highest interest rate.
- Saving for retirement: It will actually end up being a much smaller burden than you expect, lifted up by the pleasure of knowing that you’re securing your retirement.
Lucy
@lucy_d72
Personal finance tips that don't require frugality
Be Creative To Afford What You Want
By following the conventional path of "school to loan to university to work" you risk running into serious debt. Being creative is a potential way to lessen or eliminate that.
Maybe finding a different and cheaper way of doing the same thing, doing a yard sale or getting a side job… Put your mind to it and you may find ways to get a financial boost.
The Problem With Mutual Funds
When you buy mutual funds, you are charged a purchase fee upfront. This is a one-time payment to the fund management institution. Annually, you will be charged with a percentage of management fees, commonly known as “expense ratio”, which can be expensive.
Beware when advisors at your bank recommend mutual funds to buy. They might be earning a sales commission.
Lucy
@lucy_d72
Top 5 Things That Are the Biggest Waste of Money
Single-Cup Brewing
It is more efficient to brew one cup at a time and you can choose from a great variety. However, it can be very costly. The excess packaging also causes environmental problems.
Microwave Popcorn
Popcorn is a great, healthy snack.
Instead of buying popcorn in microwave bags, one can also pop corn at home for much less than the bagged kind.
Bottled Water
Bottled water drinkers give 3 main reasons for their choice:
- Taste: Many claim their tap water tastes bad, but a simple pitcher filter can probably fix it.
- Safety: Bottled water is not necessarily safer than public water sources. A high-end filter can remove impurities from tap water.
- Convenience. A decent filter and a reusable bottle or stainless-steel flask can replace bottled water.
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