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If you’re trying to get your personal finances in order, Reddit is a useful tool. It’s a great site where you can ask questions and engage in discussions about money.
Reddit is designed around the concept of subreddits (or subs for short), which are essentially categorized message boards. On each subreddit, users are talking about a different topic:
On the r/Science subreddit, they’re talking about science and tech-related topics …
On the r/Gaming subreddit, they’re discussing everything that has to do with video games …
And on r/PovertyFinance, users share financial advice and offer tips on how to survive on a low income.
But the Poverty Finance Reddit board isn’t the only one offering financial tips. Reddit’s personal finance community gathers on dozens of different boards, and each one offers something valuable.
In this article, we’ll show you a few of our favorites:
Reddit personal finance: The top subreddits about money
Whether you want basic advice on how to save money or advanced tips on how to invest in the stock market, these boards can help you.
Let’s take a look at some of the best personal finance subreddits out there:
The main subreddit about personal finance is, naturally, r/PersonalFinance. Users on this board discuss everything from how to pay down student loans and credit card debt to how to invest in real estate.
There are even discussions on where to live to skip capital gains taxes, escape paying exorbitant prices for healthcare or health insurance, and avoid running out of money in retirement. (Hint: lots of people move abroad to avoid these things.)
There’s hardly a money-related topic that isn’t discussed here by Reddit users. So if you’re new to Reddit and you have financial questions, this is a great place to start.
Personal finance tips for young adults
One of the best things about this subreddit is its “Financial Advice for Young Adults” section.
The moderators of this board designed an entire wiki page for people between the ages of 18 and 25. It answers dozens of questions, including:
- How do you pay off your student loans?
- Is grad school worth the money?
- How much should you pay for health insurance?
- What are the best side hustles for earning extra income?
- How do you start saving for retirement?
Even if you don’t fall into the 18-25 age bracket, this board might be useful for you. It’s especially useful if you neglected your finances during your early 20s and are trying to catch up.
The Poverty Finance Reddit board is one of my favorites. In my opinion, it’s one of the best places to get financial advice online.
Although it was designed for people who are living below the poverty line, this board is just as useful for middle-class people with disposable income. If your goal is to be smarter with your money and save more for retirement, the folks at r/PovertyFinance will show you how!
Users discuss a range of topics, including how to:
- Spend less money at the grocery store
- Minimize health insurance costs
- Make money fast when you have none
The best part about these personal finance subs is the success stories. Many users are people who’ve struggled through poverty in the past. They post about their experiences and offer insight to help other users get their financial lives back on track.
It’s one of the most uplifting sites on the internet!
Please note: At the time of publishing this article, coronavirus is driving many people out of employment. This subreddit offers a lot of valuable info on finding work and taking care of family during the crisis.
Personal Finance for the Financially Challenged
The moderators over at r/PovertyFinance created a separate resource for reddit users called “Personal Finance for the Financially Challenged.”
This wiki is a comprehensive guide on how to not only survive poverty, but to get out of it.
The guide covers a wide range of topics, such as:
- Finding free food, clothing, and health care services
- Raising a family on a limited income
- Prioritizing your budget
- Getting out of debt
- Building credit
- Making better money decisions
- Paying for education
- Finding a high-paying career
This resource is valuable for many people, but especially unemployed folks and those who are having trouble making ends meet.
The Financial Planning Reddit board offers advice for people in all different income levels. However, this subreddit is focused primarily on professional advice for working people.
Redditors use this board to discuss everything from career advice and negotiating tips to insight on the best retirement plans.
Whether you’re trying to become financially independent or are already there, this is a helpful subreddit to improve your financial situation. The commenters there are eager to answer any money-related questions you might have.
Other personal finance subreddits we love
In addition to the Personal Finance, Financial Planning, and Poverty Finance Reddit boards, there are loads of others.
Here are a few of the best Reddit subs that have tremendous financial benefits:
r/SimpleLiving: Provides tips on how to live with less and save more money. Also includes a lot of DIY advice to help you make things (so you don’t have to buy them).
r/Frugal: From budgeting advice to time-saving tips, this subreddit can teach you how to use your resources better.
r/FinancialIndependence: This board is similar to the Poverty Finance Reddit board. It provides tips on surviving with little income and advice on achieving financial independence.
r/CareerGuidance: This board is full of info for working and unemployed people. Whether you’re thinking about a new career or looking for tips on how to ask for a raise, the Redditors on this board are happy to help.
FIRE movement Reddit boards
The FIRE (“Financial Independence, Retire Early”) movement is very popular on Reddit.
People from all over the world gather on this subreddit to discuss entrepreneurship, investments, passive income, and other related topics.
And believe it or not, there are a lot of subreddits that dive into specific aspects of the FIRE movement:
r/leanfire: This is a community that helps you get off of the consumerist trajectory and start thinking like a mogul. R/leanfire approaches FIRE from a minimalist perspective. They want to work as little as possible, cut down on annual expenses, and live with the bare essentials.
Here is one of our favorite posts from r/leanfire:
r/fatFIRE: This community is the opposite of r/leanfire. Instead of embracing frugality, r/fatfire aims to achieve financial independence while living a comfortable (sometimes even extravagant) lifestyle. No worries about major annual expenses here! If you want to retire on a yacht with a butler, this is the perfect subreddit for you.
r/childfree: This board is a gathering place for people who call themselves DINKs (“Double Income, No Kids”). They discuss how being child-free allows people to majorly up their savings rate and embrace a FIRE lifestyle.
How to get the most out of Reddit
Redditors are a different breed. They tend to be incredibly protective of the areas where they hang out and are sensitive to anyone they feel is imposing on their domain.
Yes, I know this first-hand (but that’s a story for another time).
So if you're thinking about signing up for a Reddit account so you can start to get active on the personal finance subs, you'll want to learn a few basics first:
Most Reddit subs have strict policies about self-promotion. So if you're a blogger, don't spam Reddit with links and expect to get a bunch of hits. It won’t work.
In fact, it's much more likely that you'll just get banned. Self-promotion threads and comments are often automatically removed, but those that aren't will quickly get downvoted by the community.
The more that you participate on Reddit without dishing around links, the better you'll do.
Answer other people’s questions
If you think of Reddit only as a place to go for questions regarding personal finance/investing topics, you’re doing it wrong. Reddit is a community that you can participate in, and you should answer other people’s questions just as much as you ask your own.
After all, it’s likely that you have some valuable information to share.
Let’s say you just bought a car for the first time and you got a really good interest rate.
Well, there are probably a ton of people on Reddit who want to know how to find low-interest car deals. If someone asks about that topic, chime in!
Maybe people are looking for personal finance podcasts to listen to, or books to read. If there are any that have helped you in your financial journey, you should share them!
Think of it as a way to help other people; if you can potentially change someone’s life just by typing a few words on your keyboard, why wouldn’t you?
Keep your interactions positive
Reddit is a valuable resource, especially for financial information.
But, like all social media platforms, it can be a toxic place. Arguments happen. People say mean things. And users do all kinds of things to get themselves banned.
Stay away from all that. Don’t join in on toxic arguments. Don’t say mean things. And don’t do anything to get yourself kicked off the site.
This is a fantastic platform, full of wonderful people who just want to help each other. Focus on that part and forget about the rest. The important thing is to participate on Reddit for the community and not worry about what other Redditors are doing.
You’ll get much more value from the experience, I promise.
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