Best Financial Advice

[alirobertson]

Hi guys, I know we all encountered money mishaps in some certain degrees. But can you tell me what is the best financial advice that you received or gave?

[LivingAlmostLarge]

Live within your means. If you can't pay for it cash you can't afford it on a credit card. The money once spent is gone, credit is cash just a different form on a little card.

Thank you mom. Learned that at age 12 well earlier but implemented by that age. I had a credit card, checking account, savings account, etc. I had a budget and allowance and worked. My mom was fiscally responsible for her parents by age 15 as were her siblings. And she ended up a single parent so financial responsibility was a big deal for me growing up.

[JoeP]

Budget, so that you know where every dollar goes.

[Elveen]

The best financial advice is that which is going to suit your personal situations. As your financial circumstances, your income and your goals are going to be different form others. For the best financial advice we have to consider every aspects of not only your investing goals or retirement plan saving.

[alirobertson]

Live within your means. If you can't pay for it cash you can't afford it on a credit card. The money once spent is gone, credit is cash just a different form on a little card.

That is actually true. Using a credit card more often leads to debt. I just ran through an article saying that 60% of credit card users carry a balance each month while 5 out of 6 college student don’t know their credit cards’ interest rates. Imagine?

[gokira]

If you want to make sure you make your credit card payments on time, set your payments to automatically draft from your account. Paying your credit cards on time shows a good payment history, even if you're not able to completely pay your credit cards off right away. If you schedule an automatic bill payment, then you never need to think about your bills or worry about being charged a late fee. Additional payments can still be made with that tax return or Christmas bonus.

[chrisburke21]

Pay yourself first. I have a system where I have automated my savings plan so the money is deducted before I have a chance to miss it. I wrote a blog post about this if you want to check it out.

Chris

[DebtFree&Broke]

Don't just write a budget -- track your spending!

[debtupset]

The best advice is the simplest. Make a budget, alter as needed, monitor expenses. We gave ourselves a 25% raise just by sticking to a budget. We felt rich.

[matthew111]

Writing the daily spending before you go to sleep is a good way to keep track of expenditure. Anyone can then analyse where they need to stop or slow down.

[maat55]

The Wealthy Barber has a quote that goes something like this: As long as you save the first 10%, it does not matter how badly you spend the other 90%.

[Christian321]

#1 Live within or below your means
#2 Use credit cards ONLY if you can afford to pay off the entire balance at the end of the month.
#3 Save as much as possible EVERY month
#4 Never make payments on anything that loses value (house is only exception).

[ella101]

Best Saving Advice I Had

Avoid debts, track what you spend, look for alternative options and avoid high-maintenance friends =)

[visaimperial]

Using a Prepaid Debit Card

One way to stay on budget is to limit what you spend. A prepaid debit cardhas a set monetary amount, that cannot be overcharged. You can stay within budget, as well as get a no credit check credit card.

[Homebody]

Stop eating out! Save up and pay cash for cars.

Look at your financial life this way: You are going to earn a certain amount of money in your life. Let's say it is 1 million dollars. Why would you want to give any of it away in interest to someone, in this case a bank?