What made you happy today?

[H2]

 

Any specific tips? (from anyone!)

[TAC]

If your job has a 401k, start on it, and max it out if possible. And don't overspend on a car.

[RodrigoAltaf]

My Covid test result is negative!!!! Phew!!!!

[jingle.boy]

My Covid test result is negative!!!! Phew!!!!

[Dr. DTVT]

jingle.boy made me happy today, and for once it wasn't sexual

[The Walrus]

My Covid test result is negative!!!! Phew!!!!

YAY!!

jingle.boy made me happy today, and for once it wasn't sexual

Yay!!...? 

[TAC]

jingle.boy made me happy today, and for once it wasn't sexual

It was for him.

[jingle.boy]

jingle.boy made me happy today, and for once it wasn't sexual

It was for him.

It is the season of giving!!

[H2]

If your job has a 401k, start on it, and max it out if possible. And don't overspend on a car.

Would you prioritize maxing it out over other large expenses - cars, houses, clothes, vacations?

[TAC]

If your job has a 401k, start on it, and max it out if possible. And don't overspend on a car.

Would you prioritize maxing it out over other large expenses - cars, houses, clothes, vacations?

Well, I think you do what you can. Find out what your company match is, and try to max that out.  But still need a monthly budget and to be able to fit that deduction in. It's an important thing, and the sooner you can start on that, the better. I would at least get the clock ticking, and maybe start small so it doesn't really set back your budget. But do get it started. But it's not a bank. You can't really get at it.

But large expenses, like houses and cars, I think you have to make wise choices. Unless you are making so much that it doesn't matter..
Don't overextend yourself on a mortgage or car payment.

There's a radio commercial that plays in my area from a car dealer.."If you bring home $350/week, you're approved for a 30k loan!" WUT??

[Podaar]

If your job has a 401k, start on it, and max it out if possible. And don't overspend on a car.

Would you prioritize maxing it out over other large expenses - cars, houses, clothes, vacations?

Well, I think you do what you can. Find out what your company match is, and try to max that out.  But still need a monthly budget and to be able to fit that deduction in. It's an important thing, and the sooner you can start on that, the better. I would at least get the clock ticking, and maybe start small so it doesn't really set back your budget. But do get it started. But it's not a bank. You can't really get at it.

But large expenses, like houses and cars, I think you have to make wise choices. Unless you are making so much that it doesn't matter..
Don't overextend yourself on a mortgage or car payment.

There's a radio commercial that plays in my area from a car dealer.."If you bring home $350/week, you're approved for a 30k loan!" WUT??

Like TAC says, it depends on how much you make. No matter what method you settle on, be sure to reserve some for saving (10% take home is a good number for most). While you're young, frugal is good but I'd also encourage you to put some aside to enjoy. My mother always called it her "mad money." Saving up for a weekend of hookers and blow is character building.

[Stadler]

TAC said something key: AT LEAST max out your company matching; that is free money.  There's no vacation, car, or clothes that is worth more than "free money".     After that it's personal preference/priorities.

[The Walrus]

I spent $20 on soap. That Outlaw Soap brand. "Fire In The Hole." It actually smells awesome. Not sure I'd buy it regularly but damn do I like it.

[TAC]

I got an offer for a software engineering internship. This is my first big job outside of academia!

Congrats. Welcome to making an actual income!

I know! Tell me how to manage it. I've been used to living like a frugal student for the past 10 years.

Not like this...

I spent $20 on soap.

 

[King Postwhore]

 

[The Walrus]

 

[wolfking]

Any specific tips? (from anyone!)

Only spend the money on living expenses and things you NEED for the majority.  Work out exactly the difference between your needs and wants first off.

I focus on breaking down my income into 3 parts mainly.  Work out the percentage you NEED each week for things like mortgage/living arrangements, bills, groceries etc.  Then I put away another set percentage per week into savings and stick solid to that.  After that, the rest can be for leisure (cd's, meals out, hobbies etc.)

All through my twenties I spent as little as possible, besides cd's.  That was one thing I really splurged on all the time.  I don't drink, smoke, go out much so that was my pleasure for years.  I restrain more now most of the time, but I wished I restrained more through my twenties.  I would have a lot more money.  My thing, if I held back one week on my leisure spending, I wouldn't bank it up, the extra would go into savings.  Maybe if I were buying something bigger I'd restrain for a few weeks to get it, but I wasn't buying things very often.  I just bought a new computer a month ago after 15 years and still purchased the cheapest PC they had.  You eventually become frugal over time and it becomes a lifestyle.

The car thing Tim said is debatable.  I spend 30K on a car and don't regret it.  But I won't be buying another one until this one is run into the ground. Saying that, my income allowed it and I didn't get that car until I was 30, so I was well prepared.

And yes, don't spend $20, on soap.  WTF?! 

[wolfking]

I spent $20 on soap. That Outlaw Soap brand. "Fire In The Hole." It actually smells awesome. Not sure I'd buy it regularly but damn do I like it.

I don't know if I would want to spend $20 on a soap called 'fire in the hole.'    Your ass better be clean all the time Michael.

[The Walrus]

It was a one time purchase! 

[wolfking]

It was a one time purchase! 

That doesn't make it right.

[Podaar]

Sriracha.

[The Walrus]

It was a one time purchase! 

That doesn't make it right.

  It smells better than any soap I've bought before

[Stadler]

The car thing Tim said is debatable.  I spend 30K on a car and don't regret it.  But I won't be buying another one until this one is run into the ground. Saying that, my income allowed it and I didn't get that car until I was 30, so I was well prepared.

Funny thing; my friend from college was cleaning out some stuff, and he found a budget spreadsheet from back when he first got out of school.   It was so simple:  "rent, insurance, car payment, food, drinking".  No cell phones, no cable, no Spotify, no gym memberships...  plain and to the point (and yes, he did have a line item for his weekly drinking!  We all did; Friday and/or Saturday, with sports and softball and what not, would be a $50 night and we had to budget for that!)

As for cars, the problem most get into is that it's not JUST the "$30k" or the monthly payment. I've learned from long experience, a lot of time under the hood, and a number of tow jobs that it's a total package experience.  FOR ME, knowing what I know now, and with what I'm willing to do as a driver/owner, it makes the most sense to buy an off-lease BMW - that is to say, three to six years old (or similar) BMW.  I will pay slightly more, but I also know that if I take care of it, I will be able to drive that car to dust if shit happens.  I don't take the car to the dealer, I have "a guy", and it helps that my stepson used to work as a tech for a BMW dealer (though I arrived at this theory before that).  But while I risk an occassional "big ticket" repair, I dodge the bullet on a lot of the little nickel and dime shit that kills a lot of car owners.   I just brought my 2006 X3 with 148k miles in to a local BMW specialty performance shop for a once-over (and to diagnose a very troublesome coolant leak) and the guy said we can fix the coolant leak for about $300, and the rest... you've got a couple minor leaks and stuff, but that car is in great mechanical condition.   Just keep on doing what you're doing.    I own it outright and even though I have two other nicer, newer cars, I will keep that as a failsafe for as long as I can. 

[wolfking]

Fair points Bill.  I think of the car payment as a separate one off cost, but fuel, insurance, rego and servicing for me then gets lumped with the necessities pile in terms of budgeting.

Luckily, I've had no issues with my new car.  I do like the idea of finding a 'guy' that will take care of you and your car.  I took my car for general servicing, but to not void the warranty I was taking it for multiple services.  They were capped pricing but once I got to a mileage on the car and they kept wanting me to come back, I knew I was going to be pissing money away.  Found a local guy and he laughed and said exactly that.  The get you in for bullshit servicing and have you thinking it's worthwhile because it's capped servicing.  Breaking away from the dealer and going local has saved me so much money.  So I understand your viewpoint.  I'd still buy new personally when I get another one, but just have to be smart on what the dealers are doing to you.

[jingle.boy]

Best thing I ever did once I started making 'real' money, and had a relationship that led to wife/kids?  I read The Wealthy Barber by David Chilton.

[wolfking]

Best thing I ever did once I started making 'real' money, and had a relationship that led to wife/kids?  I read The Wealthy Barber by David Chilton.

Real money?

[King Postwhore]

Next level money.  You can afford a house and children money.

[wolfking]

Next level money.  You can afford a house and children money.

I thought so.  I guess I'm just thinking regardless of what you make, your budgeting is all relative.  Some people never get the opportunity or luck to make the big bucks.

[King Postwhore]

Well, with Chad it wasn't lucky.  It's not inheritance money.  It's blood sweat and tears money.

[wolfking]

Well, with Chad it wasn't lucky.  It's not inheritance money.  It's blood sweat and tears money.

I know that.  I wasn't insinuating that at all.  The luck was in regards my own situation.  I work hard for my bucks and definitely earned it over the years and am still underpaid, but how I got into my situation was luck, I just capitalized on it.

I would never insinuate someone earning what they do because of luck without knowing the background.  I know a bit of Chads background mate so  I wasn't referring to him.

[King Postwhore]

It's not like you, Chad and I pour cristal on our bitches. 

[wolfking]

It's not like you, Chad and I pour cristal on our bitches. 

   I'm so cheap I had to google what the fuck that was.  And ah, yeah, definitely not lol.

[Cool Chris]

It's not like you, Chad and I pour cristal on our bitches. 

   I'm so cheap I had to google what the fuck that was. 

 

[King Postwhore]

 

[jingle.boy]

Best thing I ever did once I started making 'real' money, and had a relationship that led to wife/kids?  I read The Wealthy Barber by David Chilton.

Real money?

To be a little clearer, when I first graduated University, I wasn't even making enough to live on my own (lived with my aunt and uncle).  A couple years into my career, when I was (with room-mates), and it was time to mature and start planning my life.  That's what I was trying to imply.

And I know you were being coy / tongue-in-cheek.