Money Management Thread

[russwest0]

As I'm getting older I'm finally becoming financially independent and it's epic.

In a 3 month stretch of moving out on my own, I cut ties with my old cell phone company, opened a new bank account, got a credit card, and have completely changed the way I handle my finances.

What I don't get is why more people don't simply automate their finances and set it up so that their money works for them? I know people like my grandma who has plenty of money but takes no steps to let it accrue her more money or anything like that.

The process of simple money managing seems pretty simple to me.

For anyone who only uses a checking account and doesn't yet have a credit card, I'd reccomend doing this:

1. Apply for a credit card
2. Open a savings account + checking account w/ an online bank. I chose Ally.
3. Turn your credit card into your new debit card, and make all purchases on it.
4. Direct deposit work funds into savings account w/ online bank
5. Pay monthly credit card bill from savings account
6. checking account is just there, you should never need to use this

This way you'll get the 1% cashback from your credit card, and then you'll get the near 1% intrest from your savings account where all of your money should be stored. It's like giving yourself a 2% raise lol

this may be common sense to a lot of people, I am just learning how to do all of this shit on my own because no one in my family does this. they are all so scared from the fear of getting debt and shit that they just use a checking acct and a debit card, nothing more.

If anyone knows more about CD's, investing, and shit like that, maybe we can talk about it in this thread

[russwest0]

for an initial question, I'd ask if anyone can recommend a good software to get for managing finances.

I want something that will link to all my bank accts, show graphs of my finances so I can see whats going where and I want it to let me control everything within the software

[navy]

How much are you charged for the Credit Card interest?

[russwest0]

How much are you charged for the Credit Card interest?

im not because i always make the full payment on it.

im trying to find a software to use and i'll eventually have it all completely automated so that the credit card's max payment gets paid in full each month

[Jailblazers7]

Might not be an ideal strategy. Running up high credit card bills (even if you pay on time monthly) damages your credit score because one of the components is how much of your credit limit you are using monthly.

But seriously, people should use an app like Mint where you can link your cards to the app and it will track your spending patterns. Really good for budgeting.

[9erempiree]

for an initial question, I'd ask if anyone can recommend a good software to get for managing finances.

I want something that will link to all my bank accts, show graphs of my finances so I can see whats going where and I want it to let me control everything within the software

Quickbooks...or make a custom Excel spreadsheet.

[embersyc]

I'm using a custom excel spreadsheet... very custom... to track my finances.

If you know Visual Basic (or any programming language that will help you understand VB) you can do some ridiculous modifications to excel.

[9erempiree]

I'm using a custom excel spreadsheet... very custom... to track my finances.

If you know Visual Basic (or any programming language that will help you understand VB) you can do some ridiculous modifications to excel.

What kind of modifications?

[enayes]

I am doing a very similar thing, have been since I was 20 (I'm 24 now). I also use Ally and pay for everything with my credit cards. One thing I would recommend if you haven't done this already is taking advantage of all the sign up bonus offers that are floating around. I just opened a Discover card just to get the $150 bonus (after spending $750 in 3 months, which I would be doing anyways). A lot of people are worried about having multiple credit cards but it's an easy way to make money. I'm up to $850 now on cash I earned just from bonus offers, and this is all in the last 6 months.



Might not be an ideal strategy. Running up high credit card bills (even if you pay on time monthly) damages your credit score because one of the components is how much of your credit limit you are using monthly.

But seriously, people should use an app like Mint where you can link your cards to the app and it will track your spending patterns. Really good for budgeting.

Using a credit card to pay all your bills/gas/groceries, etc shouldn't cause you to have to "run up" your credit card bill. And if you're worried about using too much of your credit limit, you can simply have multiple cards, so therefore you aren't using very much of your total credit.

[enayes]

How much are you charged for the Credit Card interest?

It is very easy to avoid EVER PAYING INTEREST.

How do you do this you ask?....You have to pay your bill each month.

:banana:

[Godzuki]

A) check out Slickdeals eveery day~

B) Get Shop Discover card

C) Get Amex blue cash preferred card


-use Discover on all online orders 5%~ cashback, and 10% if its a ShopDiscover vendor (quarterly program) up to a limit

-use Amex on all groceries for 6% cashback, dept stores + gas stations 3% cashback. plus card looks pimp. spend $1000~ in first 3 months get $100 back.

best reward cards out right now :pimp:

[It's A VC3!!!]

for an initial question, I'd ask if anyone can recommend a good software to get for managing finances.

I want something that will link to all my bank accts, show graphs of my finances so I can see whats going where and I want it to let me control everything within the software
Citibank has an option attached on their online platform. It's amazing and every bank should offer a similar service. I am able to link any financial account to my citi account and it shows me graphs and other charts for whatever information i choose to see. There are apps that do that as well. The most known and safest platform is credit karma. In addition to a free credit score, you can link your bank and it will give you the charts and other important for mission that you may want to view

[KyrieTheFuture]

As I'm getting older I'm finally becoming financially independent and it's epic.

In a 3 month stretch of moving out on my own, I cut ties with my old cell phone company, opened a new bank account, got a credit card, and have completely changed the way I handle my finances.

What I don't get is why more people don't simply automate their finances and set it up so that their money works for them? I know people like my grandma who has plenty of money but takes no steps to let it accrue her more money or anything like that.

The process of simple money managing seems pretty simple to me.

For anyone who only uses a checking account and doesn't yet have a credit card, I'd reccomend doing this:

1. Apply for a credit card
2. Open a savings account + checking account w/ an online bank. I chose Ally.
3. Turn your credit card into your new debit card, and make all purchases on it.
4. Direct deposit work funds into savings account w/ online bank
5. Pay monthly credit card bill from savings account
6. checking account is just there, you should never need to use this

This way you'll get the 1% cashback from your credit card, and then you'll get the near 1% intrest from your savings account where all of your money should be stored. It's like giving yourself a 2% raise lol

this may be common sense to a lot of people, I am just learning how to do all of this shit on my own because no one in my family does this. they are all so scared from the fear of getting debt and shit that they just use a checking acct and a debit card, nothing more.

If anyone knows more about CD's, investing, and shit like that, maybe we can talk about it in this thread
Pay someone to do it for you unless you plan on making it your job

[KevinNYC]

Might not be an ideal strategy. Running up high credit card bills (even if you pay on time monthly) damages your credit score because one of the components is how much of your credit limit you are using monthly.

But seriously, people should use an app like Mint where you can link your cards to the app and it will track your spending patterns. Really good for budgeting.

If you pay your balance off aren't you using 0% of your credit limit?


Isn't that on the outstanding (after 30 day balance)?

Edit:
Seems like it would only affect you if you applied for more credit WHILE your mid month balances are high. If you paid off and then didn't put anything new on the card, then applied for credit, you should be oK
http://www.experian.com/blogs/ask-experian/2014/05/02/credit-card-balance-can-affect-credit-scores-even-if-paid-in-full-each-month/

[KevinNYC]

If you want Mr. Richie Rich about it, you can set up a second savings account and take 20% of your direct deposit and then put that away as a true savings account.

[enayes]

A) check out Slickdeals eveery day~

B) Get Shop Discover card

C) Get Amex blue cash preferred card


-use Discover on all online orders 5%~ cashback, and 10% if its a ShopDiscover vendor (quarterly program) up to a limit

-use Amex on all groceries for 6% cashback, dept stores + gas stations 3% cashback. plus card looks pimp. spend $1000~ in first 3 months get $100 back.

best reward cards out right now :pimp:

A few reasons why I don't have these 2 cards. I don't want to be confined to ShopDiscover to get the big discount. That specific Amex card has a $75 annual fee. I prefer cards without them. Also, Discover and Amex aren't accepted everywhere, it's pretty annoying to pull out your card to swipe and be told "No"

I do have the Amex Blue cash everyday card, rewards aren't as good but there is no annual fee. I only opened it to get $100 cash back so it doesn't matter to much to me.

[Godzuki]

A few reasons why I don't have these 2 cards. I don't want to be confined to ShopDiscover to get the big discount. That specific Amex card has a $75 annual fee. I prefer cards without them. Also, Discover and Amex aren't accepted everywhere, it's pretty annoying to pull out your card to swipe and be told "No"

I do have the Amex Blue cash everyday card, rewards aren't as good but there is no annual fee. I only opened it to get $100 cash back so it doesn't matter to much to me.


yeah but it easily pays for itself, especially with the $100 back. well unless u don't use it much but i spend that much in gas alone in 3 months easy.

its true amex and discover aren't accepted like MC/Visa. those cards have higher processing rates so i get why vendors don't want to take them, but most around my way do.

[Jailblazers7]

If you pay your balance off aren't you using 0% of your credit limit?


Isn't that on the outstanding (after 30 day balance)?

Edit:
Seems like it would only affect you if you applied for more credit WHILE your mid month balances are high. If you paid off and then didn't put anything new on the card, then applied for credit, you should be oK
http://www.experian.com/blogs/ask-experian/2014/05/02/credit-card-balance-can-affect-credit-scores-even-if-paid-in-full-each-month/

Kind of strange. I had assumed it was some sort of rolling average based on your balance history.

[It's A VC3!!!]

If you pay your balance off aren't you using 0% of your credit limit?


Isn't that on the outstanding (after 30 day balance)?

Edit:
Seems like it would only affect you if you applied for more credit WHILE your mid month balances are high. If you paid off and then didn't put anything new on the card, then applied for credit, you should be oK
http://www.experian.com/blogs/ask-experian/2014/05/02/credit-card-balance-can-affect-credit-scores-even-if-paid-in-full-each-month/

Yes, if you pay your balance in full the credit bureaus will actually see that you are using 0% of your credit limit. There is really nothing wrong with that because it still counts as a good marking for your credit.

[sammichoffate]

yeah but it easily pays for itself, especially with the $100 back. well unless u don't use it much but i spend that much in gas alone in 3 months easy.

its true amex and discover aren't accepted like MC/Visa. those cards have higher processing rates so i get why vendors don't want to take them, but most around my way do.I would get the Amex card because the rewards sound great, but I can't spend $1k in 3 months. I'm a broke college student :( Discover is the best though, i'm opening a checking account with them and getting $50 bucks, already have the card :pimp:

[Godzuki]

I would get the Amex card because the rewards sound great, but I can't spend $1k in 3 months. I'm a broke college student :( Discover is the best though, i'm opening a checking account with them and getting $50 bucks, already have the card :pimp:


if you have family or even relatives u trust, then get a Amex for them too. its combined spending. hell give it to your mom for grocery shopping and make her pay her portion. i mean 6% on groceries is huge.


Discover is the only one with points for online shopping that i'm aware of. its only for this quarter tho but 5% is a nice. Discover also makes u call in to activate the quarterly rewards. its retarded they do that since its a no brainer.

[KevinNYC]

Yes, if you pay your balance in full the credit bureaus will actually see that you are using 0% of your credit limit. There is really nothing wrong with that because it still counts as a good marking for your credit.


The point the article makes more nuanced than that.

Let's say my total credit limit is 5,000 and I put 4,000 dollars in expense on my card the 10th of every month. On the 30th of the month I pay off my balance in full.

If I apply for more credit on the first day of next month, my utilization is 0%.
If I apply for more credit on the 15th of the month, my utilization is 80%.

So if you are applying for more credit you have to be careful with your timing.

[russwest0]

Pay someone to do it for you unless you plan on making it your job

pay someone to manage my finances?

sounds like an oxymoron.

teach a man to fish....

[russwest0]

I am doing a very similar thing, have been since I was 20 (I'm 24 now). I also use Ally and pay for everything with my credit cards. One thing I would recommend if you haven't done this already is taking advantage of all the sign up bonus offers that are floating around. I just opened a Discover card just to get the $150 bonus (after spending $750 in 3 months, which I would be doing anyways). A lot of people are worried about having multiple credit cards but it's an easy way to make money. I'm up to $850 now on cash I earned just from bonus offers, and this is all in the last 6 months.




Using a credit card to pay all your bills/gas/groceries, etc shouldn't cause you to have to "run up" your credit card bill. And if you're worried about using too much of your credit limit, you can simply have multiple cards, so therefore you aren't using very much of your total credit.

doesn't applying for these cards and having a lot of cards drop your credit score?

[KyrieTheFuture]

pay someone to manage my finances?

sounds like an oxymoron.

teach a man to fish....
Did you not see the bolded? There is a massive difference between managing your finances and investing

[GimmeThat]

if you ask the person who has to do all the research on things such as real estate, vehicles, large money purchases also be the person who has to cut all the coupons and get that extra 1% or 2%.


I certainly do agree that could be considered a full time job all on its own.

[enayes]

doesn't applying for these cards and having a lot of cards drop your credit score?

my score has dropped a couple of points because my average account age is very low, as soon as I've had all my accounts for over 2 years it will raise my score.
But the hundreds of extra dollars I've made is worth it.

[Jailblazers7]

for an initial question, I'd ask if anyone can recommend a good software to get for managing finances.

I want something that will link to all my bank accts, show graphs of my finances so I can see whats going where and I want it to let me control everything within the software

Btw, you can do this on mint.com. There is also a mobile app.

[BigBoss]

OP moves out and feels like a big boy now.

Meanwhile is mom was paying his credit card bill a month ago :roll:

[sammichoffate]

if you have family or even relatives u trust, then get a Amex for them too. its combined spending. hell give it to your mom for grocery shopping and make her pay her portion. i mean 6% on groceries is huge.


Discover is the only one with points for online shopping that i'm aware of. its only for this quarter tho but 5% is a nice. Discover also makes u call in to activate the quarterly rewards. its retarded they do that since its a no brainer.I'll ask her about it, we don't spend too much money on groceries since we're lower-middle class. I mean, I try not to eat other than what's necessary. Yeah, the online shopping is cool. I usually just activate it online, less hassle that way.

[russwest0]

Btw, you can do this on mint.com. There is also a mobile app.

late reply but thanks man.

this app is exactly what i wanted

[NZStreetBaller]

Ysing a credit card does notake u financially independent. Not relying on anyone elses finances but your own.

[Bless Mathews]

Just get your drawer money on point

If you can't afford to buy it cash, save for it, or you don't need it. ( except a house of course)

Don't give away your money bruh. Nothin but Cash money and save.

[GimmeThat]

Ysing a credit card does notake u financially independent. Not relying on anyone elses finances but your own.




you know.

appraisal, is quite the tough job. which, shouldn't be confused as negotiating.


that's how I feel about not relying on anyone elses finances but your own.

[embersyc]

What kind of modifications?

You can add buttons and other controls and basically make them do whatever you want.

[enayes]

Just get your drawer money on point

If you can't afford to buy it cash, save for it, or you don't need it. ( except a house of course)

Don't give away your money bruh. Nothin but Cash money and save.

:facepalm

I hope this is a joke. I actually get amused when I see people pay in cash and have to struggle to hold all of their change as they shove it into their pocket.

Using credit cards SAVES MONEY. If you are responsible enough to use them correctly.

[thefatmiral]

im using the quicksilver from capital one. 1.5 % on everything and 0 interest rate until next summer. but i use it too much. don't have a savings account. im worry about getting punished if i don't have enough funds in it. What is the best bank to have a savings account with?

[KyrieTheFuture]

:facepalm

I hope this is a joke. I actually get amused when I see people pay in cash and have to struggle to hold all of their change as they shove it into their pocket.

Using credit cards SAVES MONEY. If you are responsible enough to use them correctly.
Are you watching babies pay for shit in cash or are people receiving 40 dollars in change where you live?

[russwest0]

heres a question I have: why is the credit score so f*cking retarded?

these credit card companies will not tell you what credit score you need to get accepted, yet they punish your credit score everytime you apply for a credit card.

well if you told me if i'd get accepted or not then I wouldn't have to keep doing trial and error and keep f*cking applying for the good ones (gradually working my way down) until one accepts me.

so f*cking stupid.

[Godzuki]

http://slickdeals.net/f/7373746-chase-freedom-credit-card-spend-500-in-first-3-months-and-earn-200-cash-back

can't beat this CC deal. $200 back on $500 purchased iin first 3 months~ and a extra $25 for first person you sign up....that shit is too EZ :pimp:

plus the cash back is great @ 5% rewards quarterly specific. easy $200~ at the least.

[sammichoffate]

http://slickdeals.net/f/7373746-chase-freedom-credit-card-spend-500-in-first-3-months-and-earn-200-cash-back

can't beat this CC deal. $200 back on $500 purchased iin first 3 months~ and a extra $25 for first person you sign up....that shit is too EZ :pimp:

plus the cash back is great @ 5% rewards quarterly specific. easy $200~ at the least.Nice find, i'll probably ask my mom if she wants to buy groceries with this shit :pimp:

[russwest0]

http://slickdeals.net/f/7373746-chase-freedom-credit-card-spend-500-in-first-3-months-and-earn-200-cash-back

can't beat this CC deal. $200 back on $500 purchased iin first 3 months~ and a extra $25 for first person you sign up....that shit is too EZ :pimp:

plus the cash back is great @ 5% rewards quarterly specific. easy $200~ at the least.

I applied for this card but didn't get accepted despite being a full time student, a full time worker, and having 6 months of solid credit history with an above average credit score.

You know what really pisses me off about credit scores and these credit card companies?

The more you apply or inquire about credit cards, the more it hurts your credit score, yet none of these cards are transparent at all about their accepting process, forcing you to apply for more than you need to.

It's ****ing retarded and I'm thinking about sending chase a pissed off letter. Why not advertise how much credit history you need or what credit score you need to be at to get accepted so people won't waste their ****ing time while hurting their credit score in the process?

[DCL]

the big giant secret to having a credit score that will never worry you is.... making your friggin payments on time.

[enayes]

the big giant secret to having a credit score that will never worry you is.... making your friggin payments on time.

Not sure why this is a mystery :facepalm

[DCL]

Not sure why this is a mystery :facepalm

sarcasm is easily lost on you.

[dazzer87]

OP create a thread about Money Management but goes ahead and drop $200.00 on a bet(OKC to win it all) when he only make 8 bucks an hour........:facepalm

[russwest0]

OP create a thread about Money Management but goes ahead and drop $200.00 on a bet(OKC to win it all) when he only make 8 bucks an hour........:facepalm

I bet 100 on them on epic odds.

Funny thing is just yesterday I saw an article on ESPN about how OKC has the best betting odds in any sport right now or some shit... And they are at 1/10. I bet on them when they were at 1/20.