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Thread: Improving your financial knowledge

  1. #1
    J
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    Improving your financial knowledge

    as a society i think a lot of us know how to spend money and are not sure how to make our money work for us.

    there are many ppl that just don't know what to do with their money..

    use this post to ask any financial questions that you may have and see the feedback that you get.. this may be a great help to us all

  2. #2
    Unique woman TriniTrini's Avatar TriniTrini is offline
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    What are some ways to make our money work for us?
    When You Get.. Give.... When you learn... teach (Maya Angelou)

    Be the change you wish to see in the world.
    Let us work with others to change our communities.

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    Players Play I Coach Swollen's Avatar Swollen is offline
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    Quote Originally Posted by TriniTrini View Post
    What are some ways to make our money work for us?
    Savings.
    1st you start by paying yourself 10% of your salary to your savings account.

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    Registered User Skilz™'s Avatar Skilz™ is offline
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    Quote Originally Posted by swallow View Post
    Savings.
    1st you start by paying yourself 10% of your salary to your savings account.
    Ive heard people say this.I have also heard it mention that its not good to have your savings where you have debt and that includes overdrafts.

    Should your saving account be one thats only accessible a few times a year?

  5. #5
    Gladiator
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    Quote Originally Posted by TriniTrini View Post
    What are some ways to make our money work for us?
    Well my formula is to live "by your last paycheck"...

    For example, if your company raised your salary this year, then you should keep on living to the budget of your prwvious salary and use the raise as savings. Therefore the next time you get another raised, you will live according to the previous paycheck that you did not inherited.

    Also use this formula when you get promoted. If you were a salesman, but next week you are the new floor supervisor then you should continue living to the budget of a salesman. Same for your if your a lieutenant and now elevated to a captain, then stay within the means of a lieutenant. I bet if anyone follow this formula their savings will increase steadily.

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    coeur Chillybebee's Avatar Chillybebee is offline
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    TriniTrini- save more than you spend.
    Look for bargains. Ignore what you don't need. Use coupons and stock up on what's on sale. Don't pay full price if you don't have to. Be creative with what's in your closet and with food items that are on sale.

  7. #7
    Unique woman TriniTrini's Avatar TriniTrini is offline
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    Quote Originally Posted by swallow View Post
    Savings.
    1st you start by paying yourself 10% of your salary to your savings account.
    Thanks, I do save once a month. Not a lot but I am making sure I do.
    When You Get.. Give.... When you learn... teach (Maya Angelou)

    Be the change you wish to see in the world.
    Let us work with others to change our communities.

  8. #8
    Unique woman TriniTrini's Avatar TriniTrini is offline
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    Quote Originally Posted by Lieutenant View Post
    Well my formula is to live "by your last paycheck"...

    For example, if your company raised your salary this year, then you should keep on living to the budget of your prwvious salary and use the raise as savings. Therefore the next time you get another raised, you will live according to the previous paycheck that you did not inherited.

    Also use this formula when you get promoted. If you were a salesman, but next week you are the new floor supervisor then you should continue living to the budget of a salesman. Same for your if your a lieutenant and now elevated to a captain, then stay within the means of a lieutenant. I bet if anyone follow this formula their savings will increase steadily.
    I love, love this.
    Just act like you never got a raise or more money. Using the increase to save for the future is a smart thing. One question though do you think one should save the bulk of the pay raise for the future but start saving a smaller portion for a splurge fund?

    Quote Originally Posted by Chillybebee View Post
    TriniTrini- save more than you spend.
    Look for bargains. Ignore what you don't need. Use coupons and stock up on what's on sale. Don't pay full price if you don't have to. Be creative with what's in your closet and with food items that are on sale.
    I love this. Could you expand on the bolded? I am guessing you mean trying to bargain or negotiate for a lower price? Or could it also mean search for a cheaper price for the same item? (which I do, sometimes).
    When You Get.. Give.... When you learn... teach (Maya Angelou)

    Be the change you wish to see in the world.
    Let us work with others to change our communities.

  9. #9
    coeur Chillybebee's Avatar Chillybebee is offline
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    re: Don't pay full price if you don't have too.

    You're right on the money. Wait till the item is on sale or marked down. Look online for coupons before going out to shop. Make a list of items/ food you purchase and be a savvy shopper. Double up on coupons and store discounts. Buy what's on sale and pair it with coupons.

    Negotiate a lower price. Walk away if you have to...soo many times the salesperson will negotiate further or call you within a few days with a better price such as with a car. With this economy merchants have lots of discounts. However, some things you may need right away and have no choice but to purchase at full price. Think of ways you can trade services...in the legal way...lol for e.g. you'll wash for someone or babysit if they fix your computer.

    Quote Originally Posted by TriniTrini View Post

    I love this. Could you expand on the bolded? I am guessing you mean trying to bargain or negotiate for a lower price? Or could it also mean search for a cheaper price for the same item? (which I do, sometimes).

  10. #10
    Freedom ~Ms. Classy Lady~'s Avatar ~Ms. Classy Lady~ is offline
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    The best advice I can give right now is to join a credit union at your job if you can. I joined mine a yr ago and I surprised my self when I saw how much I saved. I'm very much on track to reaching my new years resolution. When u join, the money is deducted from your salary so most times u 'forget' u are saving money because u get used to living on your take home instead of your actuals and before you know it, you have fat ass savings.
    ~~When your character is built on spiritual and moral foundations, your contagious way of life will influence millions.~~

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    Players Play I Coach Swollen's Avatar Swollen is offline
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    Quote Originally Posted by Skilz™ View Post
    Ive heard people say this.I have also heard it mention that its not good to have your savings where you have debt and that includes overdrafts.

    Should your saving account be one thats only accessible a few times a year?
    If you have overdrafts you are overspending.
    When your savings reach a certain amount invest it into an IRA.

    Should your saving account be one thats only accessible a few times a year?
    It's nice to have CD's but you want to be able to move your savings into something more concrete.

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