“I could’ve saved myself probably $10K or more if I’d known this right off the bat.”
Personal Finance Editor
Due to inflation there are now 182.63 Dalmatians
—brittanybethpaulson
“I didn’t find this out until I was on my next-to-last undergrad semester — I could’ve saved myself probably $10K or more if I’d known this right off the bat.”
“Also, if you have multiple job offers, check out the benefits. It’s not just about the salary but how much your benefits are going to cost you, if they offer a 401(k) match, and if they offer other misc. benefits (free gym, food, corporate discounts, etc). While the salary might be more at one job, the benefit package and lower salary elsewhere might be worth so much more.”
—michaelo4df613fd3
—terryinaustin
Psst, another great thing about Roth IRAs is that unlike a 401(k), these accounts are not employer-sponsored. This means that you can independently open a Roth IRA and start investing for retirement as soon as you turn 18. If I’d only known I didn’t have to wait to start investing until I finally got a job with a 401(k), my retirement savings would be in a much less scary place today!
—zingingcutie23
“Or try the snowball method. List your debts by balance. Pay the lowest balance first, by adding the extra you can afford on top of all your minimum payments. Once the lowest balance is paid off, take the extra and the minimum payment of the first debt, and snowball that into your next lowest balance debt. You’ll be able to pay off low balances more quickly. I was taught this method by a national speaker and multi-millionaire real estate investor. I paid off $40k in debt in three years doing this. Line it up in a spreadsheet if you don’t believe me.”
—ja14torres
“Having larger credit limits lowers your credit utilization ratio, which will increase your credit score super fast, especially as you pay off debt over time. I’m 29 and have an 805 credit score, so it was easy to get approved to buy my house with a super low interest rate.”
—taylorw42f280661
—baebumblebees
“I do a similar thing with ‘how long do I have to work for this.’ If an item is, let’s say, $20, that means I have to work for it for little under an hour. It often puts things into perspective.”
—eklimen
—caroliner4f34a2a95
“It’s not free money — I fucking earned that. Benefits in lieu of higher salary is the deal. That being said, I like to calculate how much employer matching I’ve received every year and mentally add it to my salary. It makes me feel richer.“
—annab4fef789d4
Not sure what a 401(k) even is? We’ve got you. Check out these 15 handy 401(k) facts to know before you’re 30.
—triplegoddess83
“Spend less: Look at where you can negotiate bills. Can you switch internet providers and pay less? Have you had the same auto insurance and have paid off your vehicle and have a good record? Get a quote from another insurance provider to see if you can pay less — insurance providers don’t usually approach you and say you’re paying too much.
Increase income: Have you been in the same job for a couple of years? You now have more experience — typically, you can negotiate upwards of a 7% pay increase by changing jobs or companies. Are there professional certificates you can get in your field? Coursera and Udemy have certificate programs to help add value (especially if your work offers education/tuition assistance) to help get a raise. Can you freelance for extra money, or teach a skill like an instrument or foreign language?”
—12345678a
“• Don’t combine finances with someone until you are married (or commit to each other forever).
• Discuss finances early in a relationship. If you will never be on the same page, your relationship will likely be filled with financial stress (a common reason for divorce).
• If you are going to splurge, spend it on experiences, not things. My $200 jeans mean nothing now, but certain concerts and trips will stay with me forever.
• Just be honest. If you tell your friends you’re on a budget and they laugh or pressure you, they are not your true friends. And you won’t remember them when you’re paying the down payment on your house.
• Start saving. Contribute ANYTHING to your 401(k). It adds up SO fast. Retire earlier!”
—kelciewigginhart
“My spouse was frustrated because her student loan was now more than the original loan (i.e., it was growing, even though she was making payments). After looking at her bill, I figured out that her monthly payments should have been ~$700/month, but she was only paying $400. She got an income-based deferment where they allowed her to pay a lower monthly amount due to her income. She thought that meant she was absolved of the rest (the $300 difference), but they were just considering it unpaid without penalty — it wasn’t being paid down, and interest was accruing on it.”
“And take pics before and after you move out. Landlords have a way of saying they won’t return your deposit, but in most areas, normal wear is a given. Have proof you didn’t do damage, and get that money back.”
—nicy2
“I was terrible at math, and my community college professors helped me and spent a ton of time with me. My professors knew me, encouraged me, and helped me apply for scholarships. Their classes were meaningful and engaging, and they didn’t delegate everything to a TA. One of my community college professors even kept in touch with me for years and came to my law school graduation. I cannot say enough about community college, it is a really incredible value for your money, and you get much more personalized attention for your first two years of college.”
—lawyerlady
—danh48
Note: Submissions have been edited for length and clarity.
And for more posts about work and money, like surprisingly juicy and deliciously petty office gossip or expert tips on how non-rich people can build generational wealth, check out the rest of our personal finance posts.
