I don't know that I think any of these are hacks, but I agree on YNAB.

Otherwise I just have cash back CCs - that way I don't waste points by not using them. And I get the cash back via direct deposit instead of applying it to the CC balance.

I pay my cards in full every month, and in the few instances you get charged a CC fee - I don't pay by CC if I can avoid it. I pay by cash or check in those instances.

Anonymous wrote:

Churning credit card and bank account sign up bonuses. Bank account bonuses unfortunately taxable, but credit card bonuses aren't.

Doesn't that hurt your credit score?

Not if you know what you are doing.

https://onemileatatime.com/guides/applying-credit-cards-hurt-credit-score/

Mine fluctuates between 825-845

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I put our credit cards in the safe so I have them in a dire emergency, but I do all my spending with my debit card. It sounds like a superficial change but it makes such a difference to not have that big payment a month later, and forces me to stay on budget.

I used to do this, but now I just have a card set on autopay and I put everything on the card because the rewards really add up. Those credit card companies have us all by the balls.

Paying credit cards on auto pay is incredibly stupid.

Why? DP and I do this. I put everything on AmEX for the points, but check all the charges every week.

I do this too. I don’t see the downside if you check the charges regularly.

YNAB has been transformative. I save so much more now and it's tough to overspend.

I also put everything on CCs and use the rewards for travel. Thanks to YNAB I always have the money set aside to pay the CCs in full every month so I never pay interest.

Once a year I audit my CCs that have annual fees to make sure I am getting more value for them than the fee costs not counting the points (because it's tricky to value those accurately). For example, I get over $1000 in benefits from the Amex Platinum so the high fee is worth it. And on top of that value, I get thousands in travel costs from the points.

Churning credit card and bank account sign up bonuses. Bank account bonuses unfortunately taxable, but credit card bonuses aren't.

Doesn't that hurt your credit score?

This isn't really a "hack," but the best thing that I ever did was put any large chunks of cash that I received (bonuses, gifts, etc.) into an S&P 500 index fund, starting in my early 20s. I'm now in my late 40s, and that index fund has done incredibly well for itself over the years, with relatively modest contributions.

Living in the city and not owning a car has been a win for me as well. Yes, the rent is high, but I have a good quality of life and don't have to worry about maintenance, parking tickets, and all the rest. I rent a car about once a month, and that costs far less than ownership of even a modest vehicle.

I don't generally do auto-pay on anything where the amount of the bill can vary from month to month. I'm paranoid about billing errors (which happen from time to time), and can say from experience that it is easier to fix them when the bill has not already been paid. I don't use debit cards for the reasons given above (no liability protections, etc.), and generally use cash when buying small (< $200-ish) items in person. Credit cards (paid in full, every month) are good for larger items, as they provide a record of the purchase (good for warranty purposes) and also usually offer some protections against defective products or misbehavior from merchants.

I also call up every provider of a subscription service that I use (telephone, Internet, etc.) on at least an annual basis and ask for a lower price. It works often enough to justify the time spent doing it.

I generally shop for refurbished or open-box items when possible. I don't normally do extended warranties, but I am a believer in them for laptop computers (not desktops, though) and washing machines.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I put our credit cards in the safe so I have them in a dire emergency, but I do all my spending with my debit card. It sounds like a superficial change but it makes such a difference to not have that big payment a month later, and forces me to stay on budget.

I used to do this, but now I just have a card set on autopay and I put everything on the card because the rewards really add up. Those credit card companies have us all by the balls.

Paying credit cards on auto pay is incredibly stupid.

Why? DP and I do this. I put everything on AmEX for the points, but check all the charges every week.

Start putting in max 401k (or equivalent) from the beginning. If you don’t have access to one, send a percentage of your paycheck (10-15%) to a Fidelity or Vanguard type of account to invest for retirement. Do ROTH when you can.

Pay of credit card every month. Do not float anything.

Live at home or with roommates or in a group house until you have saved enough for an emergency fund and a down payment for a house.

Beg, borrow, steal what you can to furnish your first room/apartment/house. For starters, go to the dorms when students move out and pick around what is left around the dumpsters. You won’t believe the stuff people leave.

Don’t buy a new car until you can pay cash for it. Buy a good used car or use what was given to you. Learn how to take care of of it.

Pack your lunch 4 days a week. Learn to cook.

Anonymous wrote:Starting from your first job, save 50% of what you earn and put it in an index fund. Even if you’re only making $10k a year.

Lolololol, why pay rent?

Anonymous wrote:

Anonymous wrote:I put our credit cards in the safe so I have them in a dire emergency, but I do all my spending with my debit card. It sounds like a superficial change but it makes such a difference to not have that big payment a month later, and forces me to stay on budget.

I used to do this, but now I just have a card set on autopay and I put everything on the card because the rewards really add up. Those credit card companies have us all by the balls.

Paying credit cards on auto pay is incredibly stupid.

Starting from your first job, save 50% of what you earn and put it in an index fund. Even if you’re only making $10k a year.

Anonymous wrote:

Anonymous wrote:Sad to see all these people thinking they are gaming the credit card reward system. There is a reason that they have these programs, and it isn’t to help you.

*but I can't say more. just sad.

I'll be sure to cry myself to sleep in my business class lie flat seat paid for with my points.

I buy 3x leveraged crypto stocks on margin and use profits to trade uncovered call options.

Anonymous wrote:Sad to see all these people thinking they are gaming the credit card reward system. There is a reason that they have these programs, and it isn’t to help you.

*but I can't say more. just sad.

Anonymous wrote:

Anonymous wrote:I put our credit cards in the safe so I have them in a dire emergency, but I do all my spending with my debit card. It sounds like a superficial change but it makes such a difference to not have that big payment a month later, and forces me to stay on budget.

I used to do this, but now I just have a card set on autopay and I put everything on the card because the rewards really add up. Those credit card companies have us all by the balls.

right! Those rewards add up so fast. If companies gave me a % off, I would easily use cash, but they don't. I don't spend more. I mean am I not going to pay my kids' aftercare on time?

Anonymous wrote:Sad to see all these people thinking they are gaming the credit card reward system. There is a reason that they have these programs, and it isn’t to help you.

The people using the rewards benefit from it. It’s sustained by those unable to make payments. It is a subsidy from the poor to the rich. It’s definitely helping the people churning them