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  • Showing only topics in ~finance with the tag "finance". Back to normal view / Search all groups
    1. TIL: Don't use your points directly on Amazon

      Maybe everyone knows this, but I suspect not. For years, I've been using the points I earn on a Chase Freedom card directly on Amazon. I just found out today that I'm only getting 80% of the...

      Maybe everyone knows this, but I suspect not. For years, I've been using the points I earn on a Chase Freedom card directly on Amazon. I just found out today that I'm only getting 80% of the value. Redeeming 26,345 points at Amazon yields $210.76. Redeeming 26,345 points on the Chase website (for an Amazon gift card) yields $263.45.

      The Chase Amazon Prime Visa does give 100% of value directly on Amazon's site.

      30 votes
    2. What is the importance of management jobs when applying for bank products?

      I live in the EU. I recently applied for a credit card, and the banker asked me (about my job): "Is it a management role?" I realized that it is a question I have been asked several times in the...

      I live in the EU. I recently applied for a credit card, and the banker asked me (about my job): "Is it a management role?"

      I realized that it is a question I have been asked several times in the past by banks. I tried a cursory google & Reddit search, but I haven't found anyone being curious about this.

      I'll try here then. Does anyone know why bankers ask this question? How does it matter? Are "individual contributors" seen as worse/riskier customers than managers?

      I have my own informal, anecdotal opinion, but I'm hoping to hear some more informed answer.

      26 votes
    3. How do you keep track of expenses/budget?

      I used to be happy paying $45/year for YNAB (grandfathered plan). But then "lol no, $90/year" happened and I started looking into alternatives. I tried out a bunch but none felt the same....

      I used to be happy paying $45/year for YNAB (grandfathered plan). But then "lol no, $90/year" happened and I started looking into alternatives. I tried out a bunch but none felt the same. Eventually I found Actual (open-source). I've been using it for ~6 months now and it offers everything I want/need. I self-host the container on my PC (no sync/etc.).

      39 votes
    4. What's your retirement plan?

      Are you planning on working until you're 60+? Or maybe selling it all and living in a rural area? Buying stocks or ETFs? Or something else? So what's your retirement plan? At what age do you want...

      Are you planning on working until you're 60+?

      Or maybe selling it all and living in a rural area?

      Buying stocks or ETFs?

      Or something else?

      So what's your retirement plan? At what age do you want to retire and how are you working towards this goal?

      53 votes
    5. Term deposits — are they worth it? At what point are they worth it?

      Now, rationally, I suspect the answer is "Of course!". But I'm looking for general advice, if my fellow Tildesians would be so kind. This question has arisen while investigating opening a Monzo...

      Now, rationally, I suspect the answer is "Of course!". But I'm looking for general advice, if my fellow Tildesians would be so kind.

      This question has arisen while investigating opening a Monzo account. Apparently, you can lock away some money for 12 months and get 5.3% AER interest on it - meaning for every, say, £1,000 I put in, I get £50 back, right?

      My question: is that really worth it, in the grand scheme of things? Even if I put in £10,000, I'd be locking myself out of that much money for a grand total of £500. I understand that's a lot to some people (even me), but it hardly seems worth it.

      Perhaps there's something I'm missing. Perhaps some bad maths on my part or some other type of interest that I don't know about. All advice is welcome and appreciated!

      21 votes
    6. Recommendations for credit cards in the USA with cashback rewards?

      I've had the same secured credit card through my bank for years; I only use it for car rentals and when my debit card gets declined on international online purchases. It's very easy to maintain as...

      I've had the same secured credit card through my bank for years; I only use it for car rentals and when my debit card gets declined on international online purchases. It's very easy to maintain as there are no fees and I always pay off the balance within the week; however, there are also no rewards. I know that a lot of credit cards out there have cashback rewards, and it seems like kind of a waste not to take advantage of that. But there are so many different ones that it's horribly overwhelming for me to try to research which one(s) might be a good choice. Costco has one which would have probably been an easy choice if I were able to spend more money there, but as of currently I have very little space and only hold a membership for gas.

      So, do any of you lovely folks have recommendations to give me a starting point for what to look into? What cards have you used and been happy with?

      ETA: I am in the US!

      30 votes
    7. How do you manage your finances?

      Always curious what others peoples finances look like, what they use to manage it, etc. Do you use budgeting software? Do you follow a certain "method" to achieve your financial goals? How strict...

      Always curious what others peoples finances look like, what they use to manage it, etc.

      Do you use budgeting software? Do you follow a certain "method" to achieve your financial goals? How strict are you with your budget? Do you automate your retirement investments/contributions?

      45 votes
    8. Any finance tips and tricks for those who are financially illiterate?

      So I'm 20, in the US (California to be exact), and I'm planning to (secretly) move out of my parents' house sooner or later. I have a plan and all that, but I'm a bit anxious since I know nothing...

      So I'm 20, in the US (California to be exact), and I'm planning to (secretly) move out of my parents' house sooner or later. I have a plan and all that, but I'm a bit anxious since I know nothing about finance. I was never taught about it at school beyond some surface-level vocabulary words (no personal finance. Only like how econ is related to governments and all) and I grew up with a dad who thought he was being selfless by making sure I never had to think about money ever. Mix that in with some good ol' learning problems and I'm clueless about money

      Here are some things I learned to give an example of what I mean when I imply I'm absolutely clueless:

      • Apparently taxes will sometimes differ from each store I buy from. I have not learned how or why each store has a different percentage (I thought it was by state), just that it sometimes does
      • Also, groceries don't have taxes, but they tend to cost more than the pre-packaged stuff
      • Speaking of taxes, apparently if you make enough for them you can completely ruin your parents' taxes if you forget to communicate with them. Luckily, I didn't have to learn this the hard way, but I suddenly realized why people who were keeping their jobs a secret from their parents were concerned about making too much
      • Credit cards are like a loan that you are forced to pay monthly. I legitimately thought the money was directly transferred from your bank account to the card, but no, it's from this storage in the bank that they have where they take your and everyone else's money and lend it to others
        • This was also why I was so confused as to why the banks collapsed right before the Great Depression
      • A lot of things only take credit cards. For example, paying a house via cash is literally impossible, which is why you need to rely on a bank (to my disappointment). In fact, living bankless will only cause more problems than it does save money
      • I figured out what a lease was. No one taught me that and I never sought to learn it until I was asking for apartment rooms

      I'm lucky in that I'm not paying any sort of bills or insurance, and that I'm still reliant on my parents for that. However, I really want to get away from them, even though I would be tied to my parents' insurance plans and all. (I don't think they will ever kick me out of them, no matter what I do.) I don't want to be thrust into something that's difficult to reverse, so for those of you who are older and know what you're doing, is there any finance advice you recommend? What should I expect money-wise when I move out? What has been a regretful decision you've made and what has worked for you?

      Resources are also nice, though I'm wary of books that are only found online and thus, I need to pay to see what's inside.

      30 votes
    9. Housing market rate hikes. Media doom and gloom or real hard times ahead?

      Rate hikes. "COVID mortgages" up for renewal at much higher rates. Wondering how badly the current rate environment is affecting people IRL. How much of this do you think (or know) is actual bad...

      Rate hikes. "COVID mortgages" up for renewal at much higher rates.

      Wondering how badly the current rate environment is affecting people IRL. How much of this do you think (or know) is actual bad news vs. just media doom and gloom?

      21 votes
    10. What's the best way to save/store money?

      Lately I've been thinking about withdrawing most if not all my money off the bank and investing in a safe box, but I'm not sure how wise of a decision that is. How does everyone here go about...

      Lately I've been thinking about withdrawing most if not all my money off the bank and investing in a safe box, but I'm not sure how wise of a decision that is. How does everyone here go about that? Do you keep your money in the bank? Do you have a safe box at home? Why one over the other? Do you invest some of it, say in things like cryptocurrencies/stocks? What would you recommend or advice someone to do in regards to this if you could?

      12 votes
    11. What are your financial goals? What habits, practices, and strategies do you use to reach them?

      How do you spend your money? How do you want to spend it? How do you save? I'm curious what strategies my fellow Tildenizens use to spend efficiently, build savings for retirement and other...

      How do you spend your money? How do you want to spend it? How do you save?

      I'm curious what strategies my fellow Tildenizens use to spend efficiently, build savings for retirement and other purchases, and otherwise maximize their financial lives. How do you use your money to maximize your happiness?


      Here's me: I'm young, single, thankfully debt-free, and my annual salary is about $70,000. I'm able to save approximately 35% of that by living relatively frugally:

      All My Stuff
      • I live in a big city, but not an expensive one. I pay rent, but it's pretty low for the amenities I have access to.
      • I live with a roommate to reduce expenses. We're on the same wavelength about minimizing spending.
      • I don't own a car and rely on public transit and carpooling to get places. I also work from home.
      • I go out of my way to shop at the cheapest grocery stores in the area to cut my weekly bill in half (or more).
      • I have three credit cards, but I always keep my utilization low and never miss a minimum payment.
      • I have a separate bank account (checking) for bills than for general spending. I set up my direct deposit to automatically put in all necessary funds for bills into the bill account. Then I set up autopay with all my providers so I don't miss payments. I have one month's buffer in this account in case there's some issue with my paycheck.
      • I contribute as much as I can to my employer-provided 401(k) savings account every month and invest in index funds. I can get to about 65% of the IRS max contribution limit with my income.
      • I contribute to a Roth Individual Retirement Account (IRA) every month to reach the IRS max contribution limit for the year, and invest in index funds.
      • I have a high-deductible healthcare plan (HDHP) which lets me use a Health Savings Account (HSA). My company pays a little into my HSA each month, and I contribute a similar amount to reach the IRS max contribution limit. Instead of using the HSA to pay for medical expenses, my strategy is to pay out of pocket for all expenses and simply invest the funds in my HSA in index funds to maximize their growth potential. Since this account is so tax-advantaged, investments here are more efficient (as far as I can tell) than in any other account I know of.
      • I have a taxable brokerage account that I contribute a small amount to each month. I know this isn't technically as efficient as putting more into my 401(k), but I figure I might want to use some of this money before I retire. I also kind of like betting on random stocks. Irresponsible, I know, but it's like $20 at a time. Gotta have fun?
      • I set up my TreasuryDirect.gov account to automatically buy I-Bonds while inflation is high, but only on the order of $100/mo. I don't know when I should stop exactly... we'll see what the interest rates are in May?

      I'm not really sure what I'm saving for here. I know you're not supposed to make financial decisions without a plan, but I honestly don't know what I want to do in the next 5 years, let alone 50. People tell me that I should buy a house to build equity instead of throwing away money in rent, but I'm enjoying not dealing with maintenance, and I don't know if I want to stay in this city for more than a few years. It's cute, and I have friends here, but city hall is full of goobers and there are too many highways nearby messing with the feng shui.

      Someone also suggested that I buy a small property and rent it out through a property management company, even if I'm still renting myself. Besides landlords being the scum of the earth and the moral quandaries that might present if I were to become one (even a tolerable one), that also feels like a lot of work. Possibly also financially unrealistic considering I'd need a 20% down payment on a house I don't intend to live in, and... I don't have that.

      I also might switch careers soon-ish, possibly to software engineering, which has a better earnings potential. I've avoided it in the past because I feel like I'm just not good enough at programming. I don't know how I would properly improve those skills now that I'm out of school.

      My pipe dream is that I want to build a really fricking big building. That's my goal. I want it to be really sick and have big Gothic spires and gargoyles and stained glass windows and cool stone carvings everywhere (but also be ADA accessible and not full of asbestos, because it's 2023). And people would come from miles around and say, "Wow, that's a cool building." All the non-racist secret societies could meet in its various hidden chambers and do whatever they do. I would hire whoever builds concert halls to design the acoustics so I could have some bomb choirs going in there, and make the floor sprung so they could do those crazy ballet dances too. Maybe at the same time. Also there would be a moat full of lava. And a robot dragon to guard it all just in case. I think this would cost upward of $500 million in total. Unfortunately that's slightly out of budget, even at my abnormal savings rate.

      But priorities change, right? I figure that if I can save enough to make myself think I might be able to build my big-ass building one day, when I eventually realize, "Wait a second, my kid needs to go to college," I'll accidentally have enough to make that happen.


      How does this compare to your life? What tips, tricks, and ideas would you like to share to help each other out? What are your financial dreams? I'm really interested in chatting with everyone about this.

      6 votes
    12. IWTL financial literacy

      It's a very hard topic to research lately because of the crypto-bros lately and it's very hard to trust a stranger on youtube spouting financial advice. Can tildes suggest any must-read books...

      It's a very hard topic to research lately because of the crypto-bros lately and it's very hard to trust a stranger on youtube spouting financial advice.

      Can tildes suggest any must-read books and/or resources to become more financially literate?

      Background: I'm a software engineer from Germany, I'm making decent salary, but I've always been incredibly bad with money. I just spend what I need and almost never look after my financial state. The result, as you can imagine, is a very low rate of savings and a lot of unrealized gains.

      Honestly, it's kind of embarrassing to ask, I lucked into a great industry, but has been so irresponsible with my money, I guess the first step is acceptance.

      8 votes
    13. Does anyone know of any good budgeting tools?

      I've realized over the past few hours that I've spent an absurd amount of money relative to my income over the last few days, and I think that starting to budget would probably be a very good...

      I've realized over the past few hours that I've spent an absurd amount of money relative to my income over the last few days, and I think that starting to budget would probably be a very good thing for me. Does anyone know of any good tools for keeping and managing a personal budget?

      11 votes