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Stop telling these lies to yourself.
I started using mint.com about 9 months ago. Highly highly recommend for any young people like myself who are just getting started out of college. Really eye opening how fast the bar tabs, fast food stops, and other crap add up to real money pretty quickly. Consolidating your checking, savings, credit cards, investments, 401(k) etc is crucial for keeping your spending in check and watching your little 'egg' of money start to take off.
you're right, $3-4/day a few days/week will make you rich.
There is no way I want to give a website all of my usernames/passwords to all of my banking/investment accounts
This post was edited by lazy 15 months ago
I prefer using Quicken. Worth every penny.
from age 23 until today I've given myself of a "savings" budget every month. I know each month I have to put X amount away and put it in separate account.
You shold really know what you're monthly bills and expenses are. If you cannot keep track of what credit card bills you've run up throughout the month don't use you a credit card then.
I don't think you're exactly the target audience for that article.
I think it's more for the young 20 something who spends way more than they earn, then wonders why they don't have any savings. You know, idiots.
you're probably right. I was just thnking there are better uses of ink space then to coach kids to save a few dollars by making meals at home. I see kids walking on the street with fancy i-phones, i-pods, i-pads. They buy big screen TV's, rack up $100+ cable bills, etc. That's where you save thousands not dollars.
On the "eating out" versus cooking thing... it is a little harder to see when a person lives alone.
A chipotle burrito ($8) or so is really not that crazy when your eating for one. But the savings add up significantly when you cook for two.
My wife and I bring lunch most days (a combined $6 or so expense, instead of about $18 if we both went out), and we generally bring pretty good lunches too.
Others have already mentioned the advantages of cooking, and stretching out meals versus going out every night, on the dinner front.
If someone in their 20s wants to blow it out in the travel, eating, dwelling, car dept, that's fine... To each his own. But if a young professional person sans kids is saving less than 20-30% of his gross, he is doing it by choice. Not due to external expense pressures.
Cool. I googled around a little and found out that mint is the free version of quicken. Maybe if I get a little more hardcore on my personal finance (I feel pretty good for 23 compared to most of my peers) then I will think about full blown quicken.
The whole early retirement/financial independence thing has really caught my attention, mainly this website: mrmoneymustache.com
There are some overly aggressive ideas on that website but it is definitely stuff that is worth reading and understanding, at least in my opinion.
My personal feeling on why I like Quicken was I was always terrible at keeping up with a check register. (Main reason why I never got a debit card as that would make it even worse.)
With Quicken I link it to ALL my online accounts (checking/savings/credit cards/etc.) and then I always match up what is downloaded from online to the actual receipts or checks written. Doesn't take much time and makes it super easy to ever tell if I've been wrongly charged.
Quicken bought Mint a couple years ago. There is -0- reason for a 23 year old to pay for Quicken. Check back in when you're 33. By that time Intuit will have merged Quicken & Mint anwyay.
I feel like once my fiance and I moved to our house and accumulated all the pantry staple items, spices, condiments, etc., then all we really buy anymore are fresh veggies, meat and small perishables like milk.
No big deal, usually around $80/week. Compared to eating out which would average $20/day per person (although $10 dinner and lunch is pretty cheap and probably unhealthy) would equal around $280/week.
I think that's a pretty substantial difference for any young 20's couple....
$10gs over a year...pfft. Still chump change.
Im ready for aa 5th of vodica to end my feels.
Yeah I should also preface that I use Quicken and have car payments, mortgage, etc.
Prior to Quicken I used a version of Microsoft Money that I downloaded off a torrent site. Once it was discontinued I purchased Quicken.
Mint provides this exact same function.
edit: and it tracks car loans, mortgages, etc. I'm not attacking you, I'm just saying these are not specfic reasons to pay for Quicken over Mint. You would pay for Quicken over Mint primarily because
a. you are uncomfortable putting your passwords in online / want a program housed on your computer instead of the cloud
b. you want more robust investment tracking
This post has been edited 2 times, most recently by CharlieHorse 15 months ago
I don't like the Mint interface. But while I looked at Mint briefly I never saw where I could enter my receipts prior to matching and then it would download and allow me to match. Maybe it does this but I've already been using Quicken for awhile now.
Oh and seriously, it was $60... we're not talking a major investment here.
This post was edited by decipherXL 15 months ago
I used Microsoft Money for years and it really helped me know what I could be spending and still be able to save a decent chunk of money. On the flip side, I had co-workers and family members that don't save shit because if they have money, they feel the need to spend it. You can't have that impulse when you are tracking everything.
Now my wife does all the finances in spreadsheets that she makes up. I don't ever look at it and still don't really spend any money.
I realize people pay for convenience, but one thing I never understood. When I was 24 I'd pop a can of tuna, add miracle whip and celery, toss onto whole wheat bread. Maybe add an Apple and banana too. Set me back $2, and it was made, consumed and burped up by the time I'd have been back from McDonald's, which would have cost $6-8.
How is fast food automatically perceived as quicker/more convenient?
I think what it really boils down to is finding the system that works best for you. I know there is no way in hell I could keep track of everything I wanted to in a spreadsheet.
is Mint better than Yodlee?
when in your 20s, take some awesome trips and have fun. you can cut corners elsewhere (save on rent /save on car payments/save on clothes).
in my 20s and 30s there were two huge bubbles that were great for wealth creation - internet stocks and then housing. so be on the lookout for the next one.
leave you with this Tug McGraw quote: "Ninety percent I'll spend on good times, women and Irish Whiskey. The other ten percent I'll probably waste."
I have dinners with friends or business colleagues or family about 3-4/nights week. There's maybe 2-3 nights/week I'm on my own for dinner and I'm probably indicting myself that these are max $10 meals.
On another note, I had a small salad for lunch today in preparation for all you can eat Brazilian bbq with the Flops tonight...look out!
I am sure your guests enjoyed the finest cans of natural light
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