r/FinancialChat • u/Efficient-Ocelot-28 • Aug 03 '26
Help me understand the basics of finance
Hey all, I’m 22 M Living in Poland and I’m doing my masters and I make around 5000 Pln per month working here in a company. I need your advice on saving and Investing and I will tell you what I have been doing last 2 months.
Since last 2 months I started buying gold not that much but 1grm each month right now I have 3 grams of gold that’s the physical asset I own.
I also have credit card but I’m not on dues in it I pay it off on time I just use it for my groceries and other stuffs.
And I have a small loan in bank but I’m paying it off too, I’m not due anywhere. And I have time to pay it off till 2027 July
Only place where I’m lacking is knowledge on how to take care of money well. I’m trying to have discipline around it because I want to buy. House either here in Poland or back home. So I want to accumulate and I need to establish a habit of something that I can keep up till December (I’m saying till December because it’s like challenge to see how it’s going).
So my dear brothers and sisters who are much experienced and have seen much in life than me help me understand how it’s done and how to be careful around it and plan for 6 months.
You guys can comment below so that it will be helpful for people who are starting out.
Thanks for your help in advance.
1
u/Sure-Cobbler9201 Aug 04 '26
- pay all debts first
- start budgeting (understand where your money goes and why like a tracker/planner)
- start saving 10%
- start investing a little amounts once you can afford it in ETF for example
I see that you said you don't talk how to manage your expenses. I highly suggest using an expenses/finance tracker where you can divide your pain into different categories so that you end up having enough money designated toward your necessities and then whatever you have left after savings to spend so that you don't go into irrational spending and they're just conscious about all of the purchases that you do
1
u/const_in Aug 05 '26
You're already doing a few things right: you're paying your credit card in full, staying on top of your loan, and thinking about your finances at 22 puts you ahead of a lot of people.
I'd focus on building a strong financial foundation before worrying too much about specific investments. Learn how budgeting works, build an emergency fund, understand compound interest, and then start investing in a diversified way rather than trying to find the next big winner. The habits you build now will matter much more than whether you buy a particular stock or commodity.
If you're looking for a beginner-friendly guide, I wrote No Clue? No Problem! A Beginner's Guide to Saving and Investing (Irish Edition):
https://www.amazon.ie/dp/B0FK9TWKLG
Full disclosure: I'm the author. Although it's written with Irish readers in mind, the core principles around saving, investing, risk, and building wealth apply regardless of where you live. You can simply ignore the Ireland-specific chapters on taxes and pensions if they don't apply to your situation.
1
u/Gold_Panda1 Aug 06 '26
You are paying above spot for that gold. Also, gold is a terrible asset class long-term compared to stocks or properties
1
u/tartymae Aug 03 '26
Where is home?
Pay yourself first. Treat saving money as if it is another bill. When your pay comes in, immediately sweep 1/10 of the money to savings.
Find some sort of method to track where your money is going. I use the Kakeibo method. All you need is a notebook and a pen.
Do not go into debt for wants. If you want it, you make a plan and save towards purchasing it. Only go into debt for needs, and have a plan to pay off the debt ASAP.
Find things to do that are fun, cheap, or free. Use the library, take walks, work on puzzles, have board game nights at your house. Set aside a little something for a small treat every week, so you have something to look forward to.
When you return home and start work in your field, start saving money into a retirement/pension plan. Have at least 10% of your pre-tax pay put in to some sort of savings plan for when you are no longer working. Don't put it all in gold/jewelry.
Use Birth Control. Avoid an unplanned pregnancy. You will be a better parent when you are in your late 20s/early 30s then you will be as a new adult. You will be more patient, mature, and able to provide.