- Why People Like Reddit for Personal Finance
- What To Watch Out for When Looking for Advice on Reddit
- Top 10 r/PersonalFinance Threads of All Time
- How To Start Researching Personal Finance
- Have Fun Browsing Reddit Personal Finance
Reddit is a community of real people just like you asking and answering questions about money. A range of wealth levels are represented, so you not only can get advice related to people in your situation, but you also get a glimpse into what your financial life could be like as you age or as your income or life circumstances change. It’s a really engaged community that will discuss your personal situation with you — and give you opportunities to give back by contributing what you know.
You should know some basics about how Reddit works. Reddit is filled with “subreddits,” which are like forums that exist on every topic imaginable. Anyone in the community can post and respond to posts. Users “upvote” and “downvote” content — upvoted content is more likely to be seen by other users. In this way, the community self-selects which posts get the most attention. And it’s completely anonymous — you don’t even need an email to create an account.
Most of the time, this anonymity means that people feel free to be totally honest and say what they think. It also makes it a safe place to ask questions without fear of judgment or lack of privacy. Unfortunately, there are people on Reddit — sometimes referred to as trolls — who aren’t looking out for your best interests, or who don’t know what they’re talking about, so it’s always best to double-check everything someone tells you in order to ensure it’s factual. For example, if someone advises using a certain loan type, be sure to examine the details of the loan yourself before choosing it. Reputable financial websites are a great place to double-check your research.
Here are the best personal finance subreddits to check out:
“Make sure you watch your bills, because if this happened to me it is almost certainly happening to others. I’m not sure what should be done about it (if anything) and I don’t personally care at this point because the issue is resolved for me, but I do feel like AT&T should be outed for this shady behavior and that someone should be held responsible, so I wanted to post to show everyone what happened.”
Companies are sneaky and sometimes add on extra charges when you’re not looking. Always pay attention to your bills.
2. If you’re ripped off by Comcast (or any internet company), Wells Fargo (or any bank/student lender), or Aetna (or any health insurance company), here’s how to get your money back.
“The types of problems could be billing (they overcharge you), service (you’re not getting what you’re paying for), unfair and deceptive practices (you were tricked) or more. All of these complaint systems work in 2 weeks or less and it’s awesome. It’s sort of crazy more people don’t know about them.”
This thread provides a bunch of links to customer complaint resources that will actually help you get your money back when you’ve been ripped off by big corporations.
3. U.S. Breaks Up Fake I.R.S. Phone Scam Operation — 21 people sentenced for up to 20 yrs, 32 in India indicted
“As always, remain vigilant about supposed IRS claims, and never accept or believe any calls from people purporting to be the IRS. The IRS never demands immediate payment (e.g. wire transfers or gift cards), or threatens to bring in the police, immigration officers or other law-enforcement. Communication always begins over snail mail. Hopefully, these arrests will serve as a warning to others trying to prey on vulnerable populations.”
This poster shares some good news for those who fell for an IRS phone scam operation and includes some solid advice on avoiding scams. One of the tips being that the IRS never contacts you by phone or threatens to involve the police.
“Hey guys! last year I made a spreadsheet to help myself budget — I’m terrible at sticking to a budget so I made a sheet that breaks it down so that I just have the ability to break it down to a daily manageable amount.”
This user kindly created an awesome budget spreadsheet that covers income, expenses and a budget summary for both beginner and veteran budgeters.
“Wait. Where did all my money go? And how the hell did I gain 40 pounds in six months? If you’re nodding your head you’ve fallen into the brand-new-job-big-salary-eat-out-because-I-can trap. And you have to stop it. It’s killing your bank account, it’s killing your financial freedom and it’s killing you.”
This thread spills all the details on how using a Crock-Pot is a great introduction to cooking at home to save money. The thread is also full of comments on recipes and hot tips on how to get the best-tasting food out of your Crock-Pot.
“Going into the interview I was hoping/expecting that the range for the salary would be similar to where I am now. When the company recruiter asked me what my target salary was, I responded by asking, “What is the range for the position?” to which they responded with their target, which was $30k more than I was expecting/am making now. Essentially, if I would have given the range I was hoping for (even if it was +$10k more than I am making it now) I still would have sold myself short.”
Excellent reminder on how to navigate tricky financial questions in job interviews. The comments section on this one is great because it offers advice on how to navigate different kinds of questions related to salary and compensation to put the ball in the court of the employer and get the best package possible.
7. Bank of America just imposed a new $60 annual fee on its previously free personal savings account.
“Today I noticed a $5 fee was deducted from my savings account. I called and was informed this is required, unless I met certain minimum balances, etc. I canceled my savings account, which I’ve had for over 30 years.”
This thread is related to the thread about AT&T. It’s important to pay attention to changes in charges and fees on your bills – and also on your bank accounts. Not every bank account is free, and your free account could change.
8. For everyone shopping on Amazon’s Prime Day: “savings” from sales aren’t savings if you weren’t already planning on buying the item.
“This is a trap a lot of people fall into (myself included): just because it’s a “good deal” doesn’t mean you “saved” money by buying it, it’s still money that you spent!”
This great advice doesn’t apply just to Prime Day — a sale never saves you money if you’re spending it. Be mindful of your spending and only buy things that make sense to buy. Don’t buy things that are a deal just to have them.
9. In most cases, it will cost your employer far more to replace you than it would to give you a raise. So ask firmly.
“The cost of recruiting, onboarding/training, etc. often exceeds the cost of paying an already established employee more. Just remember that next time you talk yourself out of asking for a raise.”
This poster wants to remind you that you have value and worth to your company, and you should remember that when asking for things. The comments on this thread are full of great nuances to this rule, and they give advice that takes into consideration the state of your industry and the economy, as well as employer motivations.
“The IRS is setting up a framework for companies to match their employees’ student loan repayments in the same way companies match 401k contributions.”
This great news is a reminder to keep up to date on finance-related government policy and let your employer know if there’s a benefit you’d love to have available to employees.
Personal finance is such a complicated and nuanced topic that it can be really overwhelming. But tons of advice is out there for you to tap into. Here are some great places to start researching personal finance:
Grasp the benefits of budgeting, different methods of budgeting and things to take into account when creating your budget.
This article is full of solid tips on how to cut down on the cost of necessities, save more money on non-essential spending and pay down debt.
Check out all the ways anyone can make extra money on the side.
Use this guide to understand the importance of investing, investment strategy, how to make decisions about investments, how to understand investment accounts and common investing mistakes.
R/personalfinance is a great subreddit to follow if you have any interest in understanding more about how to set yourself up for financial success. The community has tons of resources, so you no longer have an excuse to leave questions about how to manage your budget, savings or retirement funds unanswered.
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