Home > Things I learned on SavingAdvice/Financial Thoughts

Things I learned on SavingAdvice/Financial Thoughts

October 10th, 2023 at 11:11 pm

I was thinking about all of the advice or topics I've read, or learned on this forum and blogs. These are in no particular order of importance, because different ones will be most, or more important to everyone.

1. Make a budget, and stick to it

2. Live at, or below your means

3. Track your spending, know where every penny goes

4. Distinguish between a want and a need

5. Save, save, save. Establish an emergency fund and don't touch it for anything other then a true emergency.

6. Pay off your debt, understand why you went into debt, and then don't fall back into it.

7. Learn to cook, meal plan, batch cook. Plan before you grocery shop. 

8. Have adequate insurance. especially health insurance, but also dental, vision, home, car etc.

9. Treat yourself every now and then. Save for the fun things in life too, whatever they are for you.

10. If you own a home, pay it off early, or at the very least , before you retire.

11. No one is perfect! If you fall off the wagon, go back into debt, whatever it might be, start over. And don't beat yourself up for it.

12. Learn to invest, and then do it.

I'm sure there are others! 

Also, things happen to derail the best laid plans. Think they can't happen to you? They can. Things like:

- stock market crashes, bubbles that burst (housing market, tech) banks fail, unexpected job loss, recession, inflation, serious physical and mental health issues, pandemics, war, bankruptcy, losing your home, divorce, death of a spouse or partner, etc. 

I am not fear mongering by mentioning these things, they have all happened in my lifetime. Not all TO me, but they have happened.  Some have seriously derailed my own financial plan for my life, sometimes things just happen that are out of your control. Well, I'm rambling, but these are my financial thoughts right now! Maybe it's because the world seems in such turmoil.

8 Responses to “Things I learned on SavingAdvice/Financial Thoughts”

  1. Turtle Lover Says:

    always good things to remember!

  2. Lots of Ideas Says:

    This is an excellent list.

    I’d add - make the system work for you. Don’t pay fees for bank accounts. Choose a credit card with rewards that are useful and use them to their fullest advantage. Pay attention to coupons and sales, and stock up in a reasonable manner. Don’t let food go to waste, Pay attention to interest rates and move funds when it makes sense.

  3. anonymous Says:

    All great ideas! Thank you for the reminder!

  4. mumof2 Says:

    I do all of these but invest can't find anyone good to teach me...but i do use an app right now that invests for me but it is only a small amount until I figure it out more

  5. GoodLiving Says:

    Wink, I think this is an excellent list including Lots of Ideas comments. It's definitely the slow and steady way of managing finances. It's mostly what I've done but I've also had some unexpected wins that have gotten me to where I am...

  6. VS_ozgirl Says:

    So so true! Thank you for sharing. I do half of these things religiously but I’m not perfect, I still have plenty to work on. Savings Advice is so good for helping me stay on track by seeing what other people are doing with their financial lives. I read the blog all the time and know I have to start posting again too.

  7. LivingAlmostLarge Says:

    Great list!

  8. rob62521 Says:

    You are a life long learner!

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