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Old 2019-02-03, 14:15   #9
jvang's Avatar
Nov 2015
Middle of Nowhere,AR

1BC16 Posts

Originally Posted by M344587487 View Post
Are you sure the included cafeteria covers all meals and not just lunchtime? Sounds weird, are American colleges really that much more nannying than British universities? If you're spending $25 a month on aspirin to recover from hangovers it begs the question how much you're spending on booze. Life insurance with no dependents sounds odd. $50 per month on a mobile bill sounds nuts but I make a point of doing everything I can online, £5 a month sim-only is enough for the rest.

My biggest costs by far are accommodation and food. Then vehicle stuff, then utilities, then booze and whatever I'm doing at the time, then internet, then the rest.
Originally Posted by kriesel View Post
Taking UW-Madison as an example, food service hours range from 6:30am to 1am. It's pay as you go. Many meals offered are oversized. middle tier meal plan plus academic year housing ~$11,000. This campus is miles in size (ignoring its distant satellite locations) so being able to eat on campus saves travel time. Daytime population (students and staff) of over 50,000, about twice Jarrow or Aldridge.

$25/mo could be the copay on prescriptions such as allergy meds, plus a multivitamin. It would be a LOT of aspirin/tylenol, dangerously so.
At the University of Arkansas, it's a couple thousand dollars per semester for unrestricted cafeteria access. Said meal plan is covered in the scholarship, which is convenient

I could cut some money off of my phone bill, but my dad doesn't want me to split costs with anyone else. And I like unrestricted/unlimited data, texting, and calling on my phone ("unrestricted" being a recurring trend here).

kriesel is correct on the prescriptions. I don't need refills monthly, but if I needed all my refills in a particular month then that's about how much it would be.

Originally Posted by kriesel View Post
Why life insurance early? Typical vehicle is universal life, which builds cash value, and in which time is your friend, and eventually you might want to borrow against that for some major purchase like a house. "The most powerful force in the world is compound interest." (It can work for you, or for someone else and against you.) With no dependents and not much income, you don't have a need for cheap term life to provide for a big lump sum to help get through life the nonexistent spouse and children if something bad happens to you and they can no longer count on your big salary carrying them through. Insurance rates are economical and your insurability is easy when you're young and healthy. For both whole life and financial investments, the most powerful thing is compounding of gains over a long period. Roughly, would you rather contribute to your personal financial investments, 10% of gross income from the start, 50% from ~age 45, or work almost until you die and are physically unable?
This life insurance situation is very confusing to me. I don't know much about any "universal life" insurance, but I've heard that it wasn't a great deal compared to having term life plus normal investment of the remaining money or something. You are correct in that I have no spouse or dependents, so I'm pretty sure that it makes no sense for me to have it. My parents say "oh its only 11-12 dollars per month, it doesn't matter," but that's a couple thousand dollars over the 20 year term that it covers.

Originally Posted by Chuck View Post
Get started early with a financial management program. I have long used Quicken and have data going back 20 years. If you put in sensible descriptions of expenses you can easily find when you bought that GTX 480 (!) graphics card.
Originally Posted by swellman View Post
This cannot be overstated - knowing where you spend your money is crucial to financial mastery regardless of income. If you spend a few coins on a vending machine, note it. Note everything. After a while, you can comb the data for bad habits and behaviors you never consciously realized you have.

One other thing - start a retirement account as soon as feasible. Even if you save no more than ten bucks a week you are building the habit of a lifetime. Follow the old adage “pay yourself first”.
I'll probably just use a spreadsheet utility like Excel or whatever Google has. My dad does something like that and it seems like it works

Originally Posted by kriesel View Post
7 habits of highly effective people, how to win friends and influence people
I read those a couple of years ago, and still have them on my Kindle. They seemed pretty good, and I'll reread them again sometime when I'm bored.
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