Money-Saving Tips

[LauraleeH]

Hey all, with the economy being so bad and money being SO tight here, I was hoping to start a thread of tips on how to save money. If anyone has any great advice, please share!

[Scar]

Spend less than you earn.

I know that's not the kind advice you mean, but it really is as simple as that. Anyone who cannot follow that rule deserves to be in financial trouble.

[offwego]

one thing that's often overlooked is a review of the services you use.
Contact your bank, cable company, phone services etc to be sure your getting the best possible deal for your useage habits.
And review things such as magazine and newspaper subscriptions. Most are online and you likely don't need the paper version (plus it's a green thing as well bonus!)
If your habitual restaurant goer, plan ahead with your grocery and menu shopping to avoid impluse eating out.

[thumperbug]

I agree with the spend less then you earn.

My DH and I both worked in subprime mortgages and lost our jobs 16 months ago and 10 months ago respectfully. But we are luckier then most. We never lived beyond our means...always put money away for savings and we bought our house over 9 years ago so we have a smaller mortgage then most.

We are both still out of work and looking for any job...retail, janitorial....

But thankfully, due to us being smart over the years we have sufficient funds to keep us going for awhile. With the exception of our mortgage, we have no debt. We own our cars and only spend on necessities. Some of the money saving tips we have employed are

-cancellation of home newspaper delivery except for sundays and read it on line instead
-I cut my sons hair myself
-I color my hair myself
-coupons, sales and more coupons
-cut back on cable service.
-do yard/tree maintenance ourselves
-buy my generic prescriptions for $4 at major retailers
-my grocery store marks down bread products due to expire in a few days and I buy it and freeze it....pay only half.
-same store will give you $2 off on meat expiring in next day or 2. I do that..cook and freeze
-store brands. Almost all the same
-forget eating out...unless there is coupon
-order movies on cable. Only $4.95 and can watch unlimited times in 24 hours
-buy in bulk when possible and cost effective
-do all errands in 1 trip.
-Dollar stores!!!!

[vicster]

Spend less than you earn.

I know that's not the kind advice you mean, but it really is as simple as that. Anyone who cannot follow that rule deserves to be in financial trouble.

I agree with that one! We live like that so thankfully if we both lost our jobs we'd be just fine. Of course we splurge on vacations but we also save for it. Too many people live beyond their means and that's one reason for the mortgage mess today.

[dnickels]

Spend less than you earn.

I know that's not the kind advice you mean, but it really is as simple as that. Anyone who cannot follow that rule deserves to be in financial trouble.

:thumbsup: Perfect!!

For specific ideas I'd add
-get movies / books for free from the library rather than buying them or paying for Netflix
-cancel cable (there's nothing good on TV anyway)
-unplug every electronic device when you're not using it

[LauraleeH]

Thanks for all of the advice. I am already doing all of that, plus more. Actually, I was thinking about unplugging stuff I'm not using so thanks for the reminder ;)

As far as not spending, it's kind of hard when you only bring home x amount a week and your water, electric, rent, cars, insurance, etc...bills cost more than you make a month. And the cost of trash...TRASH...is outrageous where we live. Of course, the people right behind us are actually paying more, so I should be thankful.
It's not like we can move because we've looked and we'd be making even less than we are now. Also looked into career changes and we'd still be making less and actually working more.

We are making more cuts (No more fake nails) and when I go out to eat with friends, we always share (If I eat at all)...but it's still not enough.
I haven't been buying clothes. I've been selling my possessions. I usually get rides everywhere so it's not like I'm living above my means. Milk alone is $5 a gallon for the grocery store brand!
Anyways, we're looking for more jobs so hopefully that will help. Also hope that bills go down soon! Any other tips would be appreciated! :thumbsup:

[alphamommy]

Spend less than you earn.

I know that's not the kind advice you mean, but it really is as simple as that. Anyone who cannot follow that rule deserves to be in financial trouble.

The thing that scares me is that this actually IS a revelation to some people! I know folks who have driven themselves into large amounts of credit card debt by not following this simple piece of advice. They didn't do it because utilities, etc., are expensive; they did it because they feel the need to eat out/go to the movies multiple times a week.

My dad had his own business, which went under when I was about 13. We didn't have money to throw around like my friends' families did. I got trips to the movies, etc., as birthday presents, because we weren't able to afford it very often. I hope I never have to live like that again.

Here are some pieces of advice for pinching pennies:
* Avoid convenience foods at the store - make your own mac & cheese from scratch, etc.;
* Don't renew unnecessary magazine/newspaper subscriptions;
* Buy in bulk only when it makes sense - don't buy a giant box of Bisquick if you won't use it by the expiration date;
* If you have a wholesale club membership (Sam's Costco, etc.), ask yourself if you really use it? I realized a few years ago that I only went once or twice a year, so we let our Sam's Club membership go;
* Use coupons - there are websites where you can print them out if you don't get them in the paper;
* Combine trips to minimize gas usage - if I'm out, I try to run all my errands in a particular area on one trip;
* Think about things like gym memberships, etc. - do you get to go often enough to justify the expense (if your having financial problems)? If not, maybe you can work out at home, go for a jog or walk, etc.;
* Cut back on birthday/holiday spending - kids don't need the latest and greatest video game system, etc., just to keep up with their friends. Try to think of thoughtful and meaningful gifts, not just expensive ones;
* Save change for special things that you want - DH and I each have a container to put our extra change. When we got married, we were able to pay for most of our honeymoon from the spare change we had each saved up. Use your extra change for vacations, dinner out, movies, etc.

Best of luck to all of us as we struggle through this economy!

Tammy

[Marilyn Michetti]

Look at EVERYTHING that comes in your mailbox. At least once every few months, I have to go to the bank or call a utility or CC company, and ask, "what is this charge"? Even the reputiable company's can make mistakes, or just blatently "add" a surcharge or late fee on something that wasn't.

Shop for 0 / 12 interest for purchases, and make sure it's paid off in time.


We go to Fry's the first Wed. of each month, (Sr. citizens - 10% off entire purchase). That's when we buy our pool chemicals, re-stock canned products, and coffee/cereal stuff.

I make a list of everything I need to do the next day, even phone calls, but that's because I'm old and un-focused.
We're not very good at this all the time, but we try not to "run" to Home Depot or Sam's unless it's on the list. The LIST is my second Bible, - I do enough driving.

I'm on a limb with this last one, but it's imperative to us. GIVE some money away to church and charities - don't know why, but our money always goes further. That's personal, but for us, it works.

Lastly, (is that a word, Pogo)?, don't work all the time just to pay bills, keep a regular date night, or pizza with the girls/guys - whatever. Take a little time and cash to have some meaningful, inexpensive FUN !

Is this post too philosophical? Weed it out or toss it, but surviving is a job, and we need each other's input to pull it off, and go to Disney too.:mickey:

[BrerGnat]

My advice? If you can't afford it, DON'T BUY IT!

If you can't afford to keep paying for it...SELL IT and DOWNGRADE!

One of the biggest problems in our society today (mainly I'm talking about Americans as a whole) is the mentality of wanting more, newer, and better than the next guy. There is this idea that we can fool everyone (and ourselves) into thinking we can afford this lavish lifestyle because we can "pay for it later". This is how we got into this mess in the first place. We want big houses, shiny new cars, expensive technology in our homes, the latest handheld electronic gadgets, and the list goes on and on. When we don't have enough money in our checking accounts to pay cash, we whip out the credit card and charge it, because the banks GAVE us these lines of credit, that, frankly, MANY of us should not have been given in the first place.

So, now, what should we do to get back on track? If you are SERIOUSLY struggling right now, my advice would be:

1. Sell your car. Buy a fuel efficient used car that costs HALF of what your old car costs. You'll save on gas, insurance AND car payments.

2. Sell your house. RENT. You'll save on maintenance, property taxes, utilities, and water. In a few years, you'll be able to take advantage of lower housing prices and buy a house that you can REALLY afford.

3. Stop going out for dinner and movies. Period. Although the cost of groceries has gone up, it is still more economical to shop in bulk and prepare meals at home. Rather than going to the movies, sign up for Netflix (but ONLY the ONE MOVIE AT A TIME subscription). For $8.99 per month, you can watch as many movies as you want, but you can only have one at a time. Theoretically, you can have a new movie every 3 days. That's plenty for $9 per month.

4. Cut back on your cell phone plan. Eliminate your "data" plan, unless you NEED it to conduct business. Eliminate NON ESSENTIAL components of your plan, like text messaging and video share plans. Sign up for a family share plan, which is cheaper, or downgrade to the cheapest monthly plan, and only use your cell phone when you HAVE to. Have a land line phone for the rest of your calls, but keep that plan minimalistic as well. Just sign up for the bare minimum features that you NEED. This goes for internet and cable as well.

This is all about living within your means, and eliminating the luxuries that you do not NEED, at least for the short term, until you can strike a balance financially. This is about learning some humility as a society, and realizing that we cannot have everything we want all the time, and that we are not all entitled to live out the "American Dream". We all must work for what we want in life and be responsible with our money in order to attain what we desire, but it becomes a problem when people are told that they can have it all, and just pay for it later. Well, later is now, and now, no one has the money.

[LauraleeH]

My advice? If you can't afford it, DON'T BUY IT!

If you can't afford to keep paying for it...SELL IT and DOWNGRADE!

One of the biggest problems in our society today (mainly I'm talking about Americans as a whole) is the mentality of wanting more, newer, and better than the next guy. There is this idea that we can fool everyone (and ourselves) into thinking we can afford this lavish lifestyle because we can "pay for it later". This is how we got into this mess in the first place. We want big houses, shiny new cars, expensive technology in our homes, the latest handheld electronic gadgets, and the list goes on and on. When we don't have enough money in our checking accounts to pay cash, we whip out the credit card and charge it, because the banks GAVE us these lines of credit, that, frankly, MANY of us should not have been given in the first place.

So, now, what should we do to get back on track? If you are SERIOUSLY struggling right now, my advice would be:

1. Sell your car. Buy a fuel efficient used car that costs HALF of what your old car costs. You'll save on gas, insurance AND car payments.

2. Sell your house. RENT. You'll save on maintenance, property taxes, utilities, and water. In a few years, you'll be able to take advantage of lower housing prices and buy a house that you can REALLY afford.

3. Stop going out for dinner and movies. Period. Although the cost of groceries has gone up, it is still more economical to shop in bulk and prepare meals at home. Rather than going to the movies, sign up for Netflix (but ONLY the ONE MOVIE AT A TIME subscription). For $8.99 per month, you can watch as many movies as you want, but you can only have one at a time. Theoretically, you can have a new movie every 3 days. That's plenty for $9 per month.

4. Cut back on your cell phone plan. Eliminate your "data" plan, unless you NEED it to conduct business. Eliminate NON ESSENTIAL components of your plan, like text messaging and video share plans. Sign up for a family share plan, which is cheaper, or downgrade to the cheapest monthly plan, and only use your cell phone when you HAVE to. Have a land line phone for the rest of your calls, but keep that plan minimalistic as well. Just sign up for the bare minimum features that you NEED. This goes for internet and cable as well.

This is all about living within your means, and eliminating the luxuries that you do not NEED, at least for the short term, until you can strike a balance financially. This is about learning some humility as a society, and realizing that we cannot have everything we want all the time, and that we are not all entitled to live out the "American Dream". We all must work for what we want in life and be responsible with our money in order to attain what we desire, but it becomes a problem when people are told that they can have it all, and just pay for it later. Well, later is now, and now, no one has the money.
1. Our car is a lease. The other car is used and was paid for in cash.

2. We haven't owned a house a years. We rent.

3. I have cut that out a lot. Not completely, though. I know I'm going to stop movies completely, but I'm still going to go out to eat with family and friends occasionally, even if I don't eat.

4. We have been on the cheapest family plan for years. We stopped buying ringtones and extras.

Thanks for the post! This reassures me that we're doing almost everything right, and with another job or two, we should be able to make it. These days, it's tough on everyone, so we're not alone. That helps a lot, just knowing all of that.

[LauraleeH]

Look at EVERYTHING that comes in your mailbox. At least once every few months, I have to go to the bank or call a utility or CC company, and ask, "what is this charge"? Even the reputiable company's can make mistakes, or just blatently "add" a surcharge or late fee on something that wasn't.

Shop for 0 / 12 interest for purchases, and make sure it's paid off in time.


We go to Fry's the first Wed. of each month, (Sr. citizens - 10% off entire purchase). That's when we buy our pool chemicals, re-stock canned products, and coffee/cereal stuff.

I make a list of everything I need to do the next day, even phone calls, but that's because I'm old and un-focused.
We're not very good at this all the time, but we try not to "run" to Home Depot or Sam's unless it's on the list. The LIST is my second Bible, - I do enough driving.

I'm on a limb with this last one, but it's imperative to us. GIVE some money away to church and charities - don't know why, but our money always goes further. That's personal, but for us, it works.

Lastly, (is that a word, Pogo)?, don't work all the time just to pay bills, keep a regular date night, or pizza with the girls/guys - whatever. Take a little time and cash to have some meaningful, inexpensive FUN !

Is this post too philosophical? Weed it out or toss it, but surviving is a job, and we need each other's input to pull it off, and go to Disney too.:mickey:
1. I hope everyone reads their bills! :)

2. Very good advice. I'm trying to pay for everything in cash and close my credit cards (Keeping one for emergencies, of course).

3. I've never heard of that. Is it like Sams? I might need to start going there if it's cheaper to buy in bulk. Plus it saves gas money from not driving to Target twice a week :secret:

4. I can't go a day without making a list!! :cloud9:

5. I donate a lot to my church, and I do believe that God blesses those that are generous, but I don't want to give just to get the blessings.

6. Perfect! Except I only have a little bit of time left to visit Disney before my pass expires, and I won't be able to renew next year. Hopefully I can save up some gas money and go when it's cold! ;)

Thanks again! :thumbsup:

[diz_girl]

Here's what I do. This will hopefully help you live within (and below) your means.

First, I track my spending. All of it. I carry around in my purse a small notepad and a pen and write down everything. On the left 2/3 of the page are all of my purchases (what it is, the method of payment, and $ amount) and on the right is a running total of the cash in my wallet (bills only). For the method of payment I use A for American Express, V for Visa (when I can't use Amex), C for cash and Ck for checks and debits from my checking and savings account. The running total keeps me on my toes so that no cash purchase goes unrecorded. I write down everything, all CC purchases, checks to church, savings, mortgage, etc. I monitor my checking acount and CC bill online so I don't miss anything. I then log everything on my notepad into spreadsheets to get a summary of my expenses (each month has it's own sheet and there's an annual roll-up sheet). Using this method, I can see where my money is going and curtail my spending accordingly for spending categories that have seemingly excessive dollars.

Second, I have my budget for 12 months into the future on an Excel spreadsheet. I started with 3, extended it to 6, then 9, and finally 12. Every month has it's own column with my checkbook balance as the starting point and all money coming in & out gets included in a running total of the balance. I have all paychecks going in and all bills coming out. I list MAC withdrawals, rather than each expense, as I already record my cash expenses elsewhere. I also list one CC bill per month because the details are recorded elsewhere. I list so many months in a row because there are quarterly, semi-annual and annual expenses that need to be recognized so they won't just show up as a periodic surprise when I least expect it.

Third, I plan out my CC purchases each month and sometimes a couple of months in advance. This is also done on a spreadsheet. I list everything that I plan to purchase, including leaving something for unexpecting items. I monitor my CC purchases online and check-off what has been purchased. I make sure that my CC bill in my budget matches my planned CC purchases spreadsheet, and if my purchases exceed what I planned for the month, I adjust my CC payment on my budget accordingly.


I hope that this helps anyone who reads this post.

[LauraleeH]

Thanks, that was a bit confusing when I skimmed it, but I'm in love with organization so this sounds like exactly what I need and I'll also enjoy doing it! :thumbsup:

I will start that the next time I buy something. Thanks again! :thumbsup:

[JPublicover]

I just had to leave Chicago because of the price of living. I was working for a non-profit theater there while gigging on the side with some miscellaneous university research--which was just as financially lucrative as it sounds. I'm living in NC now, and I landed a job with Trone, a PR firm that handles press for Uniroyal Tires. We've got this campaign with Kim Danger, who is a money-saving expert and founded a website called MommySavers, that's full of little things you can do to save yourself some money. I was skeptical at first but I've put a good number of these tips to use with pretty good results (things like go to the library instead of Blockbuster, do not underestimate thrift stores, how to budget for vacations, and so on), and they might work for you, too.

[Dakota Rose]

Three words: Outlets, clearances and end-caps.

Outlets: I buy my bread and bread-like products at a bread outlet. I go once a month and spend $5-7 and that gets me enough bread, bagels, crackers, etc for a whole month.

Clearances: I have a slogan, "If it's not on sale, I don't buy it." And except for butter, milk and eggs (which never go on clearance) that's how I shop. You can even find clearance meats, frozen foods, etc.

End-caps: At stores like Target, they put all the clearance blow-out stuff on the end caps. I shop there first. I can pick up a lot of "staples" for my household for pennies on the dollar by shopping there.