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Stop eating out. Stop shopping for fun. Find cheap fun to keep you occupied without feeling like you need to spend money to have fun. Surround yourself with people who prefer not to go out. Cheap fun could be board game night with friends, a few beers, or a potluck. Way cheaper than a fancy dinner drinks at a bar, then dancing at club. Then Ubering home. Also don’t have kids
My challenge is the eating out part. I HATE cooking.
You sound like a person that needs to set up allotments. Send the money to your savings before you even see it hit your account and don't go over there to pilfer it for nonsense / non-emergency or anything else that defeats the goal you're saving for.
Set it up as a percentage just like you did with your 401k and just let it sit.
In a few months, look on Mint or somewhere and group what your typical expenses are and pick one to decrease by 5-10% (e g. dining out. Way to reduce is pick 1-3 fun meals that you like and learn to make them yourself at home).
Hard agree. Pay yourself first and have automatic deductions from your checking accounts to your brokerage/savings. For example, besides the automatic deductions for 401k and HSA, i automatically set aside 500 a month for an IRA
Heyy, yeah I love personal finance. Mint is wonderful and which platform you use isn’t really going to matter. I personally use Personal Capital but it doesn’t make a difference.
The best way to start is to figure out what you really need. First total up your fixed expenses such as your rent/mortgage and then get your total living expense like with utilities and stuff. Then figure out your variable expenses.
Set a desired budget in your phone notepad for stuff monthly and weekly like restaurants spend, Amazon spend, groceries. Keep it simple and when you hit 0 that is it you’re done for that time period and honor it.
Read Ramits book “I will teach you to be rich” he does a wonderful job and once you cut there will only be so much you can save at the end so then you will pivot to focus on increasing your earnings
Stop buying dumb things you don’t need. Stop eating out / stick to your grocery budget.
One thing that really turned around my finances was doing Dave Ramseys baby steps to get out of debt. This made me stick to my budget so I could pay off all my student loans as fast as possible. Highly recommend his steps for anyone wanting to get out of debt / get better with their personal finances. I use his app Everydollar and it is the #1 reason I got out of debt and continue to have success with personal finances. I do a zero based budget every month, and track every single transaction I have throughout the month for my categories.
F
Practice discipline
Max out 401k - money you never see is easier to save
In addition to the 401k you can also allocate money towards a personal brokerage account and Roth IRA, you’re investing more and it leaves less money available to spend. That’s what I’ve been doing since starting and it’s worked pretty well