{ "media_type": "text", "post_content": "How do you guys figure out your spending and saving rates/goals? Obviously there's some common sense rules (max out 401k contributions, don't be so stingy you only start really living when you're old and rich), but do you guys have any advice for a 22 y/o on how to allocate my money in ways that'll maximize happiness over the long run? I want to build good habits early so it's easy to stick to them and would love any tips or advice\n", "post_id": "609751951f326c002a6bfcb3", "reply_count": 4, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

How do you guys figure out your spending and saving rates/goals? Obviously there's some common sense rules (max out 401k contributions, don't be so stingy you only start really living when you're old and rich), but do you guys have any advice for a 22 y/o on how to allocate my money in ways that'll maximize happiness over the long run? I want to build good habits early so it's easy to stick to them and would love any tips or advice

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1) save as much as you can 2) marry someone who does the same

likesmart

Ynab or any other budgeting tool. It helps you understand how/where you are spending

smart

Read a lot of resources online that give you some of this information (nerdwallet, money under 30, the financial diet, clever girl finance, personal finance-related podcasts and YouTube channels, etc.) figure out what your end goals are (what do you want to retire with, what are key milestones you need to pay for like a house or a wedding etc); and plan accordingly. Try to allocate 1-2 days a month (to start with honestly I’d say once a week) to take a good hard look at your budget and how you want to save to the right goals and where you should spend for the right experiences. As for habits, learn what your current habits are and how they are contributing or detrimental to your money goals, and how you can change or adjust those habits (or add new habits to offset anything you know is necessary for your lifestyle). (Maybe it’s auto-saving a portion of your direct deposit to a high-yield savings account that you won’t touch, maybe you spend $25 in one sitting for a delivery meal which instead you challenge yourself to limit that to once a month and use that money to spend on grocery items for each week, etc.) It’s very particular for what you want to accomplish, where you live, your network (who is in your family/your friends that affect your money habits), and your desired future income/retirement goals.

S&P500 index fund. If you want to retire early, 401k is a trap.

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