Anonymous wrote:I make all my payments monthly.

BUT, when I had to dig out of credit card debt - I paud it every pay cycel ie twice a month. Any utility, subscription, credit card. I did not wait for the bill to come in. Because the credit card bill is usually 5 pay cycles too late. So until I had settled all my debt and had lots of cash in the bank, I did not dare to not pay off each pay cycle.

Also, having credit card on auto-pay is stupid.

Also, debit card that also functions as an ATM card is sheer stupidity. Ask for your ATM card to be seperate from your credit card or Debit card.

OP - I don’t understand this. I pay all my bills and subscriptions on autopay via my credit card. I have my credit card bill paid via my ch checking account on autopay once a month. This has never been an issue.

Anonymous wrote:I borrow cash (up to $60k) from credit cards for 4-5% fee a year, but my returns in the market are 70%+.

Now we know it’s a bubble

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

Right. WTF.

babysitter, paid internship, summer jobs and college jobs, buy ROTH lol

+ 2
My kids have done just that. We have encouraged them to sock away their earnings in investments. We fund them for whatever they need. Even after they start their career, we will give them whatever legup they need, and if they are local, they will live with us, until they have saved 2-3 years worth of salary.

NP. DH and I have been balling on a budget for decades, and what some may consider too time/labor-intensive is practically second nature (and honestly a fun game!) to us.

For example, when churning and burning credit cards, we keep a master spreadsheet to track exactly when to close each account for maximum promotional benefits at minimum spend - including annual fees, as well as the earliest we can reapply for another round. We pay off the bills each month, and our credit remains excellent (both well over 800).

Combined with frequent flyer miles and hotel points gained from work trips (we also take advantage of multipliers due to status and/or additional promotions), our personal vacays end up being at minimal cost, even when flying international first or biz and staying at 5 star hotels properties. One downside, of course, is that we’re typically restricted to chains and constrained in dates, albeit some programs have been expanding their more boutique offerings plus we’re about to become empty nesters so no longer slave to the school calendar when traveling! We use free price trackers to get the lowest rates on rental cars, and are very comfortable navigating public transportation as well.

We enjoy mostly cooking at home and utilize weekly ads when menu planning, but also joined a restaurant review group several years ago so a good chunk of our dining out is complimentary! DH is also part of a product review group so gets all kinds of stuff for free that are actually pretty useful (e.g. electronics, appliances, etc.). Our clothes and accessories consist primarily of designer classics curated over time and during sales/promotions whenever possible - we prioritize quality over quantity and have maintained the same sizes since adulthood (except during pregnancy for me) so end up spending way less on wardrobe than one might expect.

I’m sure there are additional money-saving hacks we employ, but I think I’ve covered the major ones!

Anonymous wrote:Best money hack for me has been You Need a Budget.

I LOVE YNAB!!!

seriously changed the game for me financially

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I borrow cash (up to $60k) from credit cards for 4-5% fee a year, but my returns in the market are 70%+.

+ 100

My BIL does that. He has become a millionaire after retirement.

How come you don't do it?

We are risk averse and actually have a different financial and life philosophy from him. He is about individual stocks. We are about index funds. Yes, he has made a boatload of money now, and we are extremely happy for him. Having a ton of money suits him and we wish that he continues to have this success. We are happy with what we have. And we do have money from our earnings and inheritance to invest in the stock market without borrowing from credit card companies or mortgaging our house. Also, our kids are still at home. His has flown the coop and settled.

I make all my payments monthly.

BUT, when I had to dig out of credit card debt - I paud it every pay cycel ie twice a month. Any utility, subscription, credit card. I did not wait for the bill to come in. Because the credit card bill is usually 5 pay cycles too late. So until I had settled all my debt and had lots of cash in the bank, I did not dare to not pay off each pay cycle.

Also, having credit card on auto-pay is stupid.

Also, debit card that also functions as an ATM card is sheer stupidity. Ask for your ATM card to be seperate from your credit card or Debit card.

Anonymous wrote:

Anonymous wrote:I borrow cash (up to $60k) from credit cards for 4-5% fee a year, but my returns in the market are 70%+.

+ 100

My BIL does that. He has become a millionaire after retirement.

How come you don't do it?

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.

Use cash sometimes ... Remember 666.

Anonymous wrote:I borrow cash (up to $60k) from credit cards for 4-5% fee a year, but my returns in the market are 70%+.

+ 100

My BIL does that. He has become a millionaire after retirement.

Anonymous wrote:

Anonymous wrote:

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?

Right. WTF.

babysitter, paid internship, summer jobs and college jobs, buy ROTH lol

Anonymous wrote:I borrow cash (up to $60k) from credit cards for 4-5% fee a year, but my returns in the market are 70%+.

that is dumb. playing with fire

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.

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?

Which card do you use? I use QuikSilver since it is 1.5% on everything. I have Costco for gas and groceries.

Not PP, but the Citi Double Cash and Fidelity Rewards card both give 2% cash back with no annual fee. Excellent option for those who want just one card and simple rewards. Fidelity only really an option if you have an account there, but its really good if you do- includes no foreign transaction fee, and even reimburses $100 for Precheck/Global Entry application fees.

Anonymous wrote:

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?

Right. WTF.

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.

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?

Which card do you use? I use QuikSilver since it is 1.5% on everything. I have Costco for gas and groceries.