Finding personal finance advice online can be fraught with danger, however, I have found Reddit (of all places) to be a treasure trove for financial advice, tips, and community support. No matter the personal finance journey step you are in, there’s a subreddit for everyone. Here’s the top five subreddits I have personally found useful:
1. r/PersonalFinanceCanada
This is the go-to subreddit for all things personal finance. With over 1.5 million members, r/PersonalFinanceCanada is an amazingly supportive community where users share experiences, ask questions, and offer advice on topics like budgeting, debt repayment, saving, investing, and retirement planning. The subreddit’s comprehensive FAQ section, known as the “Personal Finance Wiki,” is a goldmine for beginners. Topics include:
- Building a budget
- Managing credit cards
- Emergency funds
- Investing basics
The weekly “Moronic Monday” thread is perfect for those who are hesitant to ask questions elsewhere. It’s a judgment-free space to ask anything, no matter how simple it might seem.
2. r/financialindependence
If you want to retire early or just be financially free, r/financialindependence (FI) is the subreddit for you. This community is centered around the FIRE movement (Financial Independence, Retire Early) and discusses strategies to accumulate wealth and reduce dependence on traditional employment. Popular topics include:
- High savings rates
- Minimalist lifestyles
- Smart investing
- Early retirement case studies
With over 2 million members, this subreddit offers actionable advice and inspiring success stories from people who have achieved financial independence.
3. r/povertyfinance
For those navigating financial challenges or living paycheck to paycheck, r/povertyfinance is a supportive and empathetic community. Members share tips on frugal living, low-cost solutions, and resources for tackling debt and financial hardships. Some recurring themes include:
- Strategies for saving money on a tight budget
- Assistance programs and how to access them
- Overcoming financial setbacks
This subreddit emphasizes practical advice and emotional support, making it a valuable resource for anyone in tough financial circumstances.
4. r/Frugal
If you want to learn how to stretch your loonies further, r/Frugal offers a wealth of tips and tricks to stretch your dollars. With a focus on frugality, the community shares creative ideas for cutting costs without sacrificing quality of life. Popular topics include:
- DIY projects
- Meal prepping on a budget
- Tips for saving on utilities and housing
- Finding the best deals and discounts
Whether you’re looking to save for a specific goal or simply adopt a more frugal lifestyle, this subreddit is an endless source of inspiration.
5. r/Bogleheads
Inspired by the investing philosophy of John C. Bogle, founder of Vanguard, r/Bogleheads is dedicated to low-cost, passive investing. Discussions center around:
- Index fund investing
- Long-term financial planning
- Asset allocation
- Tax-efficient strategies
This subreddit is particularly appealing to those who prefer a hands-off approach to growing their wealth.
