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Kindly suggest some good resources to learn python and aws i have 0 knowledge in these kindly suggest few good online urls or courses or trainer names
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Well now I hate myself because truth be told, while I have student debt, I pay the minimum and I do eat out and grab drinks weekly but I do so at the expense of savings/ security. Seeing the way everyone lives outside of this expensive fucking city, makes me want to live like every other 25 year old does. But I’m a fucking idiot who clearly isn’t being as responsible as I could be. Pledging to y’all that starting tomorrow I’m going to take control because it’s not ok that I don’t have the money to cover next months rent. 🙁
Do you get drinks with your coworkers or friends on the weekends? Do you eat out, even sometimes? If so, you can afford to put AT LEAST 10% of each paycheck into a savings account (Ally gives 1% interest) for emergencies. Getting laid off or breaking a bone are the only emergencies this account qualifies for.
I've lived in rooms the size of a mattress, bought some of my food at the dollar store , gone out for the night and just drank a bottle of water, always used public transport. If you have done all those things and cannot save then I get it. But if you have not then you are making a choice and should reevaluate why you prefer to live in fear than live with sacrifices
Stop contributing to your 401k, cut your lifestyle and save up 6 months of expenses. You’ll learn you can live on less if you do get laid off and you’ll have the piece of mind of a pile of cash.
OP please don't take the advice to stop contributing to your 401k, that is incredibly short-sighted. You're literally getting free money out of the deal, and you will kick yourself in 10 years if you haven't been saving for the future (which hopefully you are). But yes, start also adding liquid savings ASAP. 10% may seem like a lot from each paycheck, but it's more than worth it. 4-5 months of essential expenses would be a good rule of thumb to work towards. Good luck getting things on track
Google Mr Money Mustache and read all his early posts. He lit a fire under me regarding money and how to accumulate savings, lots of it. As a freelancer I lived through a recession or two where I couldn't sleep at night I was so scared shitless. Now I have a lot of savings and believe me, when I'm out of work, I can sleep.
Don’t stop contributing to you me 401k; it doesn’t save you as much money as you think it will, because you have to pay taxes on what you aren’t contributing. Cut the lifestyle, but leave a little room for fun or it won’t be sustainable.
This is me. I don’t eat out, get drinks or travel... it’s the damn student loans and debt (from a former bad situation) that I’m repaying. I feel for you.
Set up an auto transfer for every Monday to move $10 to your savings account. Make the account with another bank without a card so you can’t be tempted to spend it. $10 isn’t much a week, but it’s $520 at the end of the year. Add more to it when you can. That’s not a lot, but it’s a start.
^8 months is even better, though. And in this industry, that might be how long the drought becomes
To clarify, you should only stop contributing to your 401k for a couple of months. I did it for 3 months, sold some things and cut my lifestyle to get my emergency fund done. More of a rip the bandaid approach, but I think I got it done quicker because of the fear of not contributing to my 401k. Definitely set a deadline and a goal savings amount if you go this route.
You save money. It may be hard to do at your level but it’s not impossible. If it is you’re not making enough (or you’re spending too much).
I had this fear for years. I still have it. It’s part of what makes me good at what I do. Because I have to be.
Or you could take the opposite tact. Commit to a big number, 10k, 20k, more, and do whatever you can to save that much this year. The sacrifices will be outweighed by the awesome feeling as you see your net worth grow.
@freelance - love you for referencing Mr Money Mustache , I adopted the lifestyle and it worked for me :). Almost at FIRE :)
@spark I've mentioned MMM a couple times on FB and there's always someone who says they're a fan too. It's great!!
I think having three months of expenses saved up is a good way to keep the fear at that motivational level and not the insomnia level. Also for peace-of-mind’s sake you might wanna figure out what your company’s severance policies are: that way when you think about this, you know exactly how much you’d be walking out the door with.
Even putting a little away every month will help! I put $100 in a savings account at the beginning of each month. Its automated so I don't forget. I am still working towards that 3 months of expenses, but I was able to travel for a death in the family and evacuate a hurricane last year without going completely broke. That was a huge relief! Start small, pay yourself before you pay your Bill's, and separate it from your checking, or else you'll spend it without knowing it. You can do this!
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