FinancesHow do you handle your finances and money? How do you survive? Any tips for others?

submitted by NutterButterFlutter from (self.LGB)

When I first left home (kicked out at 18), I had no idea how to budget, save, or plan. It was completely foreign how to "adult" because I was never taught what adults did - I was taught how to live with whatever they needed or wanted, there was no such thing as planning for my future success or capability.

What did you do, or what do you do now? How did you learn? What did you learn?

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[–]JoshuaNumbers 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (0 children)

By not having any!

I overwork exhausting, exploitative, morally dubious jobs for years with no break or vacation, have a complete breakdown, and then live on my savings for a year. Rinse, repeat. Workaholism is a superpower (I will be dying early).

[–]Lovebirds_fury 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Its pretty difficult because the cost of living keeps going up but our incomes don't increase in the same way.

Something I find useful is to identify fixed monthly expenses. Water, electricity, rent, gas, food...i add all that and it gives me a number. For example, 800, and I earn 1100 every month. Then I know I have 300 to save or spend in some emergency each month. I can't spend more money or i will eat my savings.

Saving is difficult but necessary. Then you could invest on something. Idk how it works in the US but here in Europe you can call a insurance company and get one of their investment products. Or a retirement plan if you are thinking about that already. They say the sooner you start, the better.

[–]GuyWhite 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

I do a budget once a year. It is especially helpful to determine what big ticket items I can afford after taking care of the necessities. I only budget to 95% of income which, along with investments, covers those unexpected costs.