★ 38 Money Tips from the Rockstar Community

Posted March 30, 2017 6:03 am by with 24 comments

stacks of money

When no one talks about money, everyone sucks at it. When everyone sucks at money, no one wants to talk about it.

And when people do talk about money, everyone gets better at it. When everyone is better with their money, they are more likely to talk about it.

It’s either a problem that feeds itself, or it’s a solution that feeds itself.

We like to be part of an open conversation about money. One that helps grow everyone’s knowledge and encourages everyone to stay focused on growing their wealth.

So, we reached out to the Rockstar community and asked people to share their best money tips. Then we topped it off with some from other money blogger friends, mostly in the FinCon community.

The result?

38 Hot Money Tips

We hope these help :)

  1. Turn your budget upside down! Instead of taking expenses out of your income first and having nothing left for saving, take out money for saving first and then budget for expenses. You’ll be forced to cut expenses rather than forgo your financial future. – Joseph, Peer Finance 101
  2. While paying off debt, always make sure you save money too. You not only need to pay off debt, but change your mindset to that of a saver. A percentage-based payoff/saving method is a great way to ramp up savings as more debt is paid off. – Grayson, Debt Roundup
  3. Don’t just have an emergency fund – have an emergency plan.  Create and write down your emergency plan so if disaster strikes you’ll have one less worry. No one wants to worry about money when they’re sitting in the ICU next to their spouse on a ventilator (trust me on this one). It wasn’t the emergency fund itself that saved our financial lives. It was executing on our emergency plan. – Chief Mom Officer
  4. Diversify your income. Look for small new ways to add income streams into your life. Whether that’s selling your old stuff on eBay, making something to sell at markets on weekends, driving a shift per week on Uber, starting a blog and making a few dollars in affiliate commissions or taking a temporary part-time job over the summer – lots of little extra streams of income add up to significant earnings over time. – Darren, ProBlogger
  5. Don’t solely focus on reducing your expenses. Increasing your income has unlimited potential and can help your budget in more ways than you can imagine. Just make sure as your income increases that you have a plan for how to use that extra money. If you spend it all, you’ll be in the same situation. – Lance, Money Manifesto
  6. Grow your career. It’s likely the only multi-million dollar asset you own and if you work at it a bit you can make it worth a few million more. – John, ESI Money
  7. The secret to building wealth isn’t necessarily earning a six-figure income—it’s consistently saving and investing. Tip 2: It’s better to have an imperfect investing strategy than be paralyzed by indecision. Just get started. Your future self will thank you. – Kate, Cashville Skyline
  8. Set aside a weekly or monthly check-in with your money. Celebrate your wins and figure out how to fix your mistakes. (No shame or blame game). Do this as a couple or as a single person! – Elle, Couple Money
  9. Only spend money you already have. It’s deceptively simple, but when you only spend money you already have, you automatically live within your means. This means you end up with MORE money to do the things you love because you aren’t paying extra for every single thing in the form of interest. – JackieBeck.com
  10. Everything is negotiable. Call your providers (utilities, cable, phone, etc.) and ask for a discount. That’s a no? A quick online search will give you a list of the cheapest providers who will be happy to get your business. You might even get cash back for the switch. Refinancing your mortgage is one of these little tweaks that takes just a few hours and can save your thousands of dollars. If you keep making the old payments, you’ll shave months or even years off the life of your loan are well! – Pauline, Reach Financial Independence
  11. Run *your* numbers. When making financial decisions, run the numbers (your numbers) instead of just accepting rules of thumb or general ideas. – Julie Rains, Investing to Thrive
  12. Spend less than you earn and invest the difference wisely. – Todd Tresidder, Money Coach at Financial Mentor
  13. Focus is key. Do one thing with as much intensity as you can until said thing is done and then start on the next! Don’t try to do everything at once. – Steven Goodwin, My Family on a Budget
  14. Think in terms of a trade off. It’s hard to cut back on your morning latte just to “save,” but it’s easier to cut back if you know saving that $5/day will mean you can take a vacation with your family next year. – Jim, Wallet Hacks
  15. Create an annual budget first. The first budget you should be creating is an annual one. It will help you plan for those larger, less frequent expenses that derailed your plan in the past. – Adam Hagerman
  16. Track your net worth! You will automatically start saving more when you know you’ll be checking up on yourself every month. And it’ll help you make decisions faster too knowing exactly where you stand! – J. Money, Budgets Are Sexy (Check out the ultimate net worth tracker.)
  17. Treat your debt like your house is on fire! Make it a priority to get out of debt as soon as possible. – Frankie, Student Loan Hero
  18. Focus on the big bills first. If you can get your biggest bill or expense down, it may save you more money than several smaller categories combined and it takes less time and effort. – Justin, Saving Sherpa
  19. Get rid of your biggest bill – housing – by doing a house hack. Buy a duplex, triplex, or fourplex with a regular mortgage, rent out the other units, and let them pay for your mortgage. I lived FREE this way! OR… Do a live-in flip. Buy a fixer-upper house below value, move in, fix it up, and after 2 years sell it and make a tax-free profit (up to $250,000 for individual/$500,000 for couples filing taxes jointly). – Chad Carson
  20. Manually track your budget. Either by hand or by entering transactions manually into software for at least 2 years. Then you’ll have a really good handle on your habits and where your money goes. – Nick, Mapped Out Money
  21. Tape your budget to your credit cards! (If you want a reality check!) It prevents overspending dramatically. – Whitney Hansen
  22. Be greedy when others are fearful, and fearful when others are greedy (a quote from Warren Buffet). This advice served me well in 2008! – Chief Mom Officer
  23. Shop smart for groceries and make a plan. I used to go to the store and bought what I wanted – and that’s how we had a $1,000/month grocery bill! – Mrs Picky Pincher
  24. Use the library for more than just books. We’re loyal patrons of our local library. I use the library to check out cookbooks for free so we always have fresh menu ideas. We also use the library to check out DVDs so we don’t need to go to the movies or buy films online. – Mrs Picky Pincher
  25. Debating between two options for your money? (Like paying off debt or investing?) Choose the one that excites you the most. You are far more likely to accomplish the mission when you’re jazzed about something vs. going a route just because it’s the “right thing to do.” – J. Money, Budgets Are Sexy
  26. After taxes, housing is likely your second largest expense. Living somewhere expensive can add years to the duration of your FIRE journey, while there isn’t much that can suck the joy out of life like a lengthy commute. – Slow Dad
  27. Pay yourself a car payment. If you have a car loan (gasp! ;)) and pay it off, keep saving 1/2 (or more) of the payment you were making in a car savings fund for eventual repairs and/or replacement costs. You’ll never take another car loan! – Mrs_Need2save
  28. Invest 50% of your raises. Bump up your savings or investing by half the amount of your raises (so if you get a 4% raise, put 2% more into your 401k) every single year. – ChiefMomOfficer
  29. Track your spending. A budget should include both tracking your spending and planning your spending. – Derek, How Do I Money?
  30. Gamify your finances. I have built challenges into our daily living. For example, if the kids leave the lights or the TV on, they have to (each) pay me $0.25 out of their allowance. This has led to them calling us out on our poor utility saving skills (yes, I’ve paid $0.25 as well!). We put it in a jar and see if we can beat last month’s goal. I do the same with our spending money: I see how much we can save and how far it will go. Challenges encourage people to constantly do better and while no one is perfect, it’s at least getting our family to think of things they take for granted. – Tucker
  31. Automate your savings. When I worked a 9-5, setting up 3 different direct deposit accounts made saving money easy! Aside from a quarterly look at the savings account, this kept the money out of sight and out of mind. – Tai Stewart
  32. Understand the difference between price, cost and value. Primal Prosperity
  33. Make financial decisions based on your ‘inner musts’ and not ‘societal shoulds’. – Primal Prosperity
  34. Start young. Take advantage of compounding, the most powerful force in the universe! – The Retirement Manifesto
  35. Shop your car insurance. Insurance companies are notorious for bumping up your premiums each year, knowing most folks will never leave. Leave! – The Retirement Manifesto
  36. Spend less than you earn. (And keep working on both sides of the coin.) We usually work hard on one part of it, but you can really boost things by finding ways to earn more while being smarter with your spending. – Elle
  37. Set (and follow) an investment plan. You need to define how you should react to various situations up front and stick to the plan through good and bad. – Full-Time Finance
  38. Automate your investments. It’s SO much easier to invest when you don’t have to actively make the payment. – Shin, Money is Not Taboo

Got your own money tip? Lay it on us!

Derek heads up the Weekly Money Challenges here at Rockstar Finance and over in the Rockstar Money Forums. He also runs an outrageous blog and podcast over at HowDoIMoney.com – check it out!

24 responses to ★ 38 Money Tips from the Rockstar Community

  1. Mrs. Picky Pincher March 30th, 2017 at 9:54 am

    Well hey, thanks for the mention! I absolutely adore all of these tips! Gonna have to do some bloggersphere stalking now. :)

    Reply

    • J. Money March 30th, 2017 at 10:46 am

      haha, we’re glad :)

      Reply

    • Derek Olsen March 30th, 2017 at 11:17 am

      I feel ya’ on the blog-stalking. I’m doing some myself! There’s so many good money blogs out there, it’s endless.

      Reply

  2. Primal Prosperity March 30th, 2017 at 11:59 am

    Hey, thanks for incorporating my ‘tips’! There are a lot of bloggers on this I haven’t read yet… looking forward to some weekend reading!

    Reply

  3. Bill Dwight March 30th, 2017 at 1:14 pm

    My favorite money tip for parents of teens is to start a “Family 401(k)”. As soon as your teen gets that first W-2 paying job (summer/part time).
    1) Open a Roth IRA account for your teen (custodial if under 18)
    2) Contribute the max possible – usually the total of what your teen earned since most earn less than $5,500 (or whatever current IRS limit is). Since your teen won’t typically have that much laying around to contribute (after blowing paychecks on pizza and whatnot), she can solicit matching contributions (aka gifts) from parents, grandparents, rich uncles, etc.
    3) Invest the funds in a nice diversified, low cost index fund. VTI is my personal goto choice.
    4) Review, rinse and repeat each year

    Decades from now, your adult child will be sitting on a sizable nest egg – even if they fall off the contribution wagon during young adulthood. Compounding over the long haul is that powerful.

    Even if you as the parent gift the entire contribution, it’s a neat way to pass money to your kids while signaling all the right messages:
    – It’s tied to getting a job and bringing home a paycheck
    – It shows the power of patient investing
    – It’s a great excuse to talk to your kid about investing every year
    – It puts your kid well on the path to a financially independent future
    – It seems a lot healthier than plopping a lump sum windfall in your kid’s lap when you kick the bucket

    Reply

    • Derek Olsen March 31st, 2017 at 11:54 am

      That’s a really good idea. I love the reasons you give for it.

      Reply

    • J. Money April 1st, 2017 at 7:24 am

      yeah dude – that’s hot!!! I’m always taking down notes from you as our kids begin to grow up here… still far away at 2 and 4, but one day!

      Reply

  4. Cody @ Dollar Habits March 30th, 2017 at 4:21 pm

    There are some really great tips here. Thanks for sharing. I definitely have new blogs to check out now as well.

    Reply

    • Derek Olsen March 31st, 2017 at 11:55 am

      Even I was pleasantly surprised to find some of the blogs I’d never really looked at before. So many good ones out there!

      Reply

  5. Joseph Hogue March 30th, 2017 at 8:02 pm

    #7, so #7

    Reply

  6. Nick True March 30th, 2017 at 9:52 pm

    Love this list guys. It’s awesome to see wise words from the community.
    Personal favorite is probably gamifying your finances… I love that whole concept… And… It freaking works.

    Reply

    • Derek Olsen March 31st, 2017 at 11:57 am

      I like that one too. It helps me get back on the horse when I’m not feeling motivated or when personal finance starts to get boring. Treating it like a game brings a whole new perspective to it.

      Reply

    • J. Money April 1st, 2017 at 7:22 am

      We need all the tricks we can get to keep us on track, haha…

      Reply

  7. Keith "Shin" Schindler March 31st, 2017 at 9:18 am

    Wow! Me, included in the list of awesomeness? I’m still in shock! Thanks! Thanks, also for all the great tips and links. I’m definitely going to be checking these out!

    Reply

    • Derek Olsen March 31st, 2017 at 11:57 am

      Well…. thanks for the awesome tip!!

      Reply

  8. Slow Dad April 1st, 2017 at 6:50 am

    Wow, some amazing company here, and some new bloggers with some good ideas to check out too. Thanks for the mention Derek

    Reply

  9. Professor April 7th, 2017 at 9:17 am

    Now how the heck do I fit this on a 3″ x 5″ index card? ;)

    Great post.

    Reply

    • J. Money April 7th, 2017 at 10:49 am

      HAH! That would be something, wouldn’t it?

      Reply

  10. Whitney Hansen April 11th, 2017 at 1:11 pm

    Thanks for the inclusion! You guys rock! :)

    I loved all the tips. Definitely have some new things to try out.

    Reply

    • J. Money April 12th, 2017 at 7:26 am

      Yours was one of my personal favorites, shhh…. ;)

      Reply

  11. Denise May 11th, 2017 at 10:28 am

    Great tips. I need to get going on my budget..I find it so hard to stick to a budget:( and with a husband who typically says “its only 20 bucks more..really what difference does it make” he has the money grows on trees mentality haha..usually that’s the female! I do save though and I am diligent about it. If I take any money from savings it goes right back in. Reading this article and finding this site is getting me motivated to shake things up!

    Reply

    • J. Money May 17th, 2017 at 4:38 pm

      Start giving him an allowance and that mentality will change real fast ;)

      (though seriously, it can help! when you know you have money that you can do whatever you please with without being pestered by your other half, it does miracles :) And the allowance can be big too – I see couples doing it all the time.)

      Reply

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