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How do you save money?

Discussion in 'Members' Lounge' started by tab, Jan 20, 2015.

  1. tab

    tab Super Moderator

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    This isn't a how to, but how do you do it?

    I buy vehicles that are a couple years old, but still newer and nice. My wife and I get the smallest data package for cell phones, and do a lot over wifi. I cut directv. We have limited basic with Xfinity, but stream heavily over Hulu Plus, Netflix, and Amazon Prime.

    I've never seen a thread on here sharing tips and tricks.
     
  2. 92stoccord

    92stoccord Big Member VIP

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    I have terrible spending habits. I'm a big time impulse buyer.
     
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  3. TurboMirage

    TurboMirage YEEAAAHHH VIP

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    I save up a bad day fund, but other than that we stay semi-comfortable and try to maximize consumables (buy things we like alot in bulk, eat perishable groceries quickly) . unplug electronics when we don't use them. turn the heat down during the night and while at work. try to do errands in all one trip instead of multiple trips to save gas. i obviously don't have a phone bill.

    if i don't need it, sell it or trade it for something i do need. or want. i'll be buying 2 sets of brand new tires with my bonus, and the rest i'll be dropping into my braces loan. if i get tax money back, that too will go against my braces.

    kristen can't really save. we'll use her tax money to take a good chunk out of the car payment.
     
  4. Jeef

    Jeef NO MA'AM Moderator VIP

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    I would take an amount of money you won't miss every month and throw it in savings account to build up some reserves. Other guys can tell you good options for when you get that built up.

    Right now to save money is we drive the Civic instead of the truck when running errands, even though gas is cheap now. I pretty much use my truck for work or if I am doing something on my own.

    We try not to eat out or get take out often. We make enough food for dinner that night and lunch the next day. There is a smaller independent grocery store near me has great prices on quality meat and they have some decent sales on other products. Their other prices suck so we get some stuff at walmart,some items are over a dollar cheaper for the same size as other stores. We use other grocery store for some stuff we can't get elsewhere. Other than meat and veggies we stock up on what we use so we aren't constantly going to the store.

    We don't have kids.

    Cancel the home phone if you don't need it.

    Write down what you spend your money for a month or two, I mean every dollar. You might be shocked at how much you spend for certain items.
     
  5. jamesA

    jamesA Well known pissed off telephone guy VIP

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    This... this is pretty much it.

    I don't have cable tv, home phone, and over the past month I've really cut back on going to the bar, I'm trying to stop eating fast food for lunch and actually cook for dinner.
     
  6. TurboMirage

    TurboMirage YEEAAAHHH VIP

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    you also use a vape instead of a pack a day. that is a big help im sure.
     
  7. jamesA

    jamesA Well known pissed off telephone guy VIP

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    Oh yeah. I'm not sure why I forgot about that.

    $4.68 per day in smoking vs $10 per month in vaping helped a little too.
     
  8. tab

    tab Super Moderator

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    I have kids. I use basic talk VoIP service which works great. They ported my phone number(kept it) and it costs $13/mo after taxes.

    I like www.fastfoodmenuprices.com for coupons, under the fast food coupons tab.

    The heat stays low in my house at night and while the family is gone via programmable thermostats.
     
  9. BigJ

    BigJ I'm just about that action Boss. VIP

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    I'm just starting to really tune up my savings and put a higher percentage of my income away than I used to. I know my situation is different than others, and I had some poor habits that took awhile to break. Mostly the impulsive spending and drinking.

    I plan my meals out for breakfast and lunch, and most dinners. I cut back on my alcohol consumption and only go out to dinner 1x a week. I buy in bulk. I don't have a car payment, have low insurance and have cut all debt except student loans. I've started doing hobbies that are low cost like fishing and barbecuing. Hopefully going to get nominated for a committee member position at a charity and start volunteering soon, which should cut down even more on my leisure spending.

    On increasing my savings per month, I'm about to start moving, and have a lot of stuff I don't want that I'll clean up and sell. Hopefully for about what I paid. I usually buy used on craigslist. Joining a van pool for work for a few days a week. Going to change the phone plan. Hoping to lower my insurance rates even more soon.

    My goal this year is to increase my savings an additional 15% from last year. Last year I had some large health and debt related expenses that probably took about 20% out of my pocket.
     
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  10. Briansol

    Briansol Admins Admin VIP

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    1) Pellet stove (saves about $3-4k in heating oil costs a year, a little less at today's oil prices, but still significant savings )
    2) family plan cell phone, shared 3gb data, unlimited otherwise, 125/m for all 3, = ~42/m/line,. buy used phones with no contract. no house phone
    3) bring lunch every day. saves about $10 a day
    4) eat calories, don't drink them. saves a few bucks a day and is healthier. water only at work, at dinner, etc.
    5) shower together with gf, saves hot water :D
    6) shit at work, less water use at home, less TP expense, get paid to poop
    7) grow my own food in the back yard
    8) become regulars at a thai restaurant. We get double portions and are 15% VIP discount card holders
    9) don't rent shit from red box/etc... wait for it on netflix. I have basic cable because I want amc/history/discovery. hbo came with it. Got showtime for $10, probably canceling it though because I never watch it.
    10) go to the cheap movie theater for date night, $5
    11) carry higher deductibles ($1k) on auto/home = cheaper rates monthly
    12) put 5% in a 401k, reduces tax burden, company matches it 4%. =9% savings pre tax.
    13) put 4% in a roth. totals 13% retirement savings.
    14) opted for deductible health insurance plan, saves $20/m and has better coverage near limits (ie, non-deductible plan pays 1mil, deductible plan pays 10 mil lifetime limits)
    15) drive to work the longer mileage way, but actually moving. saves gas, clutch, and road rage vs stop and go, still takes the same time anyway.
    16) When I shop online, I start at eBates (aff) and get money back on stuff i was going to buy anyway. I get about $10-20 a month in checks from them.
    17) When I shop online, I search for coupon codes/etc first.
    18) When I shop online for clothes, especially for work stuff, I pretty much only hit up the clearance section. Most of my dress shirts and dress pants were bought for under $10.
    19) I buy Android devices instead of iDevices, saving about 80%
    20) I don't buy a lot of food in boxes. I rarely go down aisles in stores, just stick to the borders. I legit spend about $50 a week in groceries, and it's almost all organic.
    21) shop at the Asian market for things that are Asian. Things like Sirraca are like $6.99 at the grocery store, but it's 2 bucks at the market. rice is half the cost, etc.
    22) Use work's healthcare reimbursement plan to pay for my gym membership
    23) Fund the FSA to cover all anticipated medical costs for the year, pre tax.
    24) watch the stock market and see what's going on in the business world on a day to day basis and move money appropriately.
    25) roll old debt onto 0% credit cards promos. When they are near due, move it again. The 3% xfer fee is significantly less than a year of apy. Allows you to pay principal only. Use a cash back credit card for other daily purchases to earn 3% cash back, etc. I use a BJ's card (wholesale club) which saves me 10c a gallon on gas, 2% regular purchases, and 5% on in club purchases. It pays out in store credit, which is great for me, as I shop for groceries there a lot so it's worth it to me.
    26) pay $100 extra on the mortgage, which is almost a double principal payment (lol). As #25 gets lower, this number will increase.
    27) rent the basement to E
    28) use @reckedracing for tax services (saves me a LOT compared to when I did them myself)
     
    Last edited: Jan 20, 2015
    tab likes this.
  11. jamesA

    jamesA Well known pissed off telephone guy VIP

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    Wanna loan #27 out to some regular members, B? :)
     
  12. jamesA

    jamesA Well known pissed off telephone guy VIP

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    Some other things I realize I'm lucky about, I don't pay for a cell phone plan. I haven't had my own cell phone since 2005. I hadn't driven my car since 2012, when I was told I could use the company vehicle for personal use... family company for the win.

    Since 2012, I think I've purchased 4 total gallons of gas for my lawnmower.

    My expense/net income ratio right now sits around 46%, it'll soon jump to 49%, but hopefully I can get a huge chunk of that extra 3% finished off by April.
     
  13. Briansol

    Briansol Admins Admin VIP

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    the gimp in the basement is not for lease :D
     
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  14. corvetteguy78

    corvetteguy78 Well-Known Member VIP

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    #5 i shower with B's girlfriend as well to save money
     
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  15. corvetteguy78

    corvetteguy78 Well-Known Member VIP

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    Lowered the car payment
    lowered the car gas bill
    Went to pellets instead of oil(which will pay off over time)
    Lowered the cell phone bill
    lower the cable bill
    Put wife's CC debt on a 0% for 18 months
    Making more lunches for work rather then buying
    I cut out D&D coffee in the morning for a year now as we have Kurig at work and i just buy cream
    Buying store brand stuff, Except Heinz Ketchup...don't you fucking dare buy me store brand fucking ketchup! That fucking shit is NOT THE SAME.
    Wife starting using Ebates which i thought was BS until she started getting real cashable checks in the mail.

    I do have impulse buying habbits myself, like for instance,last night i bought Definitive Technology StudioMonitors 350 on Amazon to complete my 7.1 Home theater down stairs but i have $50 Amazon Gift card so they were only $90 bucks with free shipping :)
     
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  16. E_SolSi

    E_SolSi Member of the 20 nut club Moderator VIP

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  17. get_nick

    get_nick These snozzberries taste like snozzberries... VIP

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    I try to follow the advice of "pay debt, save money, spend whatever is left".

    All the debt I have right now is my car payment and student loans. Eventually I'll buy a house. But I don't use credit except for big purchases, i'll get the miles and immediately pay it off.

    I just don't spend a lot of money. I save 10% in my 401k and company match is 6%. Car payment and insurance are cheap. I don't have cable tv. I bbq a lot of food and try to take lunches.

    My biggest thing is knowing how to make my money work for me. If I have $20k to spend on a car, i know that if the interest rate is 3% and I can make 6% in a conservative investment, it's smarter to finance the car. Know what to do with your cash and how to make it work for you.
     
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  18. B16

    B16 Super Moderator VIP

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    ^This.

    I max out my 401k to the federal limits each year and I put $1,200 a month in a savings account to eventually put into other investments. I also keep a $30,000 emergency fund.

    After that my only debt is 2 car payments for under $1,000 a month each and my mortgage.

    Kids aren't too expensive.. Until your wife convinces you to send them to private school.. :(
     
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  19. Briansol

    Briansol Admins Admin VIP

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    does your wife work too?
     
  20. tab

    tab Super Moderator

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    That's impressive. I defer vacation time to a 357b. I also have a PERS retirement system.

    $30k emergency fund? :wtf: I wanna know where you work! That's great man.
     
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