How do you save?

narlus · Dec 28, 2004

N8 said:
Don't be surprised to discover that since there is only 2 of you that you won't save that much on dining out vs. buying groceries.

how do you figure that? unless you are buying top-shelf stuff or all organic produce, you'll definitely come out ahead. what's the magic # for restaurants? something like food costs should be no more than 1/3 of the price of the dish? granted they pay wholesale, but even if it's 2/3 the cost (ie, wholesale is half of retail costs), you are still ahead by 33%.

SkaredShtles · Dec 28, 2004

Crashby said:
Another thing... unless it really makes you unhappy - live below your means... almost everyone increases their lifestyle as they amass more net worth, and make more money as they get older... thus, the same money 'problems' follow. When you were 18, it was rough to pay off a $500 beater mobile... no different to pay off a $40,000 Lexus when you are older with a higher paying job (just this time, there is substantially faster depreciation on the new Lex).

Side story: A family member of mine has owned over 50 new cars. It has cost him more than $200,000 in depreciation.

At the end of the day, driving a nice used Camry or Accord is really not that much different than driving that new high end luxury car... watching a 32" standard TV is really not that much different than a 42" LCD flat panel... same with shoes, clothes, furniture, you name it. Stay comfortable and happy, but just don’t spend incrementally more just because you are pulling in more bank at the ole grind.

on every single point. Good post, Crashby! This one's worth saving. How much does that 50" TV improve your life?

A big question people need to ask themselves is - "do I want to *live* life and experience things or do I want to accumulate **** that I can show off to my friends?" Alot of people get caught in this trap. Is that new SC Blur really going to make your life *that* much richer than if you bought a 3 year old <something else cheaper>?

-S.S.-

narlus · Dec 28, 2004

that's why i drive a used civic and buy used bikes...however, i still spend too much $ on music and wine... :think:

SkaredShtles · Dec 28, 2004

N8 said:
Whatever... just don't be counting on that massive amount of dollars saved from dining out to build your savings account up anytime soon.

Tell you what - go 1 month eating out for every meal. Don't buy any groceries. Get back to me in 30 days and give me the tally of how much you spent eating out.

And then tell me you spend that much in groceries every month........

:rolleyes:

-S.S.-

Craw · Dec 28, 2004

It is hard to save. Especially when you don't make that much money to begin with...

Although, I think I'm pretty good at saving compared to my roommates. I try to put half my paycheck into savings and half into checking. Granted I don't have many expenses..

Cell phone, utilities, Gym membership, Insurance blah blah.

It also helps that I saved a bit of money before I started my job..but it's really hard to start saving from scratch..

I try to make it a point not to touch my savings account, but I do find myself using it sometimes.

I do spend waaay too much money at bars etc. But I find that at my age, and the industry I work in, going out and meeting people for drinks is practically networking...building relationships with people that work with me, and people that work in other companies can only help me in the long run...but it still hurts the wallet sometimes..

SkaredShtles · Dec 28, 2004

narlus said:
that's why i drive a used civic and buy used bikes...however, i still spend too much $ on music and wine...

There's no such thing as spending too much money on wine......... is there?? :think:

I only have a 1/2 case of a recent favorite that's pretty much out of circulation now........ '01 Marchesi di Barolo Barbera D'Alba.

If you ever see any, let me know.

-S.S.-

SkaredShtles · Dec 28, 2004

Craw said:
<snip>
I do spend waaay too much money at bars etc. But I find that at my age, and the industry I work in, going out and meeting people for drinks is practically networking...building relationships with people that work with me, and people that work in other companies can only help me in the long run...but it still hurts the wallet sometimes..

You know - you can actually drink soda or water when you're at a bar. Or nurse a beer. If it's a good beer it'll actually taste better after about an hour of nursing. :thumb:

-S.S.-

narlus · Dec 28, 2004

N8 said:
Whatever... just don't be counting on that massive amount of dollars saved from dining out to build your savings account up anytime soon.

typical N8 response after a multitude of people point out the gaping holes in his argument.

stosh, let me get this right. you *need* an xterra to haul bikes and camping gear?

yeah, ok.

:monkey:

Craw · Dec 28, 2004

SkaredShtles said:
You know - you can actually drink soda or water when you're at a bar. Or nurse a beer. If it's a good beer it'll actually taste better after about an hour of nursing.

-S.S.-

Ah true...

SkaredShtles · Dec 28, 2004

narlus said:
typical N8 response after a multitude of people point out the gaping holes in his argument.

stosh, let me get this right. you *need* an xterra to haul bikes and camping gear?

It's pretty common - people all over the place have actually convinced themselves that they *need* <insert whatever>........

Once you've discriminated between *real* needs and wants, saving becomes easier because living below your means becomes easier.

-S.S.-

Westy · Dec 28, 2004

stosh said:
Well we've found that we use it a lot for moving furniture or wood from home depot. Not only that but during the winter it enable us to get around in snow storms which I greatly value.

I like that fact that if need I can just toss my bike in the back and not worry about dirt or taking the bike apart.

I talk with so many people that use the same arguments for their cars. But the thing is 10 years ago before SUVs or AWD/4WD people still managed to get around in the snow, get crap from the store and move furniture. Growing up my family had a crappy K car, with 3 kids. Long trips we strapped stuff to the roof rack, spent the extra $2 to have lumber delivered and slapped on chains when the roads were bad. New cars have made this all much easier but it certainly is not necessary. People seem to buy cars more on image than on what they really need, I guess I am guilty of it too.

laura · Dec 28, 2004

i spend 80 bucks every two weeks on groceries for two people. every time we eat out, we spend about 30 bucks and thats if we don't drink. eating out is expensive, as well, its not that great for you health-wise.

don't eat out, or better yet, tally up all the money you spend on eating food outside of the house. we did and the sum was ridiculous. once you see how much you are spaending it will make you think twice.

i never put anything on my credit card that i can't pay cash for when the bill comes in. my credit card is for an abslolute emergency.

when tn and i got married we made out a budget. anything over that budget, we put into savings. we also go without a lot of stupid little stuff that we want.

our top priority is travel. in order to travel we have to save. when i want to buy something i just figure out what else i could do with the money if i saved it. new coat or, plane ticket to florida to see the in laws. new boots or 150 bucks in the vacation fund. besides when you save like that, if an emergency comes up, money can come out of the vacation fund, and you don't put yourself into debt. you can live debt free.

binary visions · Dec 28, 2004

stosh said:
Well we've found that we use it a lot for moving furniture or wood from home depot. Not only that but during the winter it enable us to get around in snow storms which I greatly value.

I like that fact that if need I can just toss my bike in the back and not worry about dirt or taking the bike apart.

A Subaru Legacy wagon gets around in snow just fine. It's got plenty of interior space for wood or furniture, and if you need more space, buy a roof rack.

You can toss your bike in the back and not worry about dirt or taking the bike apart.

My roommate just bought one for $3k, paid cash, and that extra $200-300/month is free to go into his savings account.

Crashby · Dec 28, 2004

I seriously considered buying a new Tacoma so I could "haul stuff from Home Depot"... instead, I used the scrap wood in my garage, and built a rack to go on top of my Yakima bike rack to create a flat 4x8' 'bed'. The other day, I brought home 5 full sheets of drywall on my Accord..

Ciaran · Dec 28, 2004

I am awfull at managing money. I never have enough. Of course I do have some nice bikes

Now that we will be getting married, I am letting the GF handle the finances. She is seriously responsible. Her dad was a stock broker/financial planner type guy and helps too. For me the only way I can save money is to not see it or have access to spend it. Sucks but I know my limits.

biggins · Dec 28, 2004

stosh said:
Yeah but I need my xterra for hauling my bikes and camping gear.

no you dont. I drive an '03 protege 5. its a wagon. I have carried 5 bikes in the back. now that i have my rack on top i can carry 3 bikes on top and 3 people in side plus all of the gear required for just about anything. it gets awesome gas mileage as well.

SkaredShtles · Dec 28, 2004

binary visions said:
A Subaru Legacy wagon gets around in snow just fine. It's got plenty of interior space for wood or furniture, and if you need more space, buy a roof rack.

You can toss your bike in the back and not worry about dirt or taking the bike apart.

My roommate just bought one for $3k, paid cash, and that extra $200-300/month is free to go into his savings account.

Yup - and Stosh, I just happen to have a '95 Subaru Legacy L wagon that's for sale.........

Oh - and B.V. is right, they kick arse in the snow.

I have to sell it to make payments on the minivan.

-S.S.-

Westy · Dec 28, 2004

biggins said:
no you dont. I drive an '03 protege 5. its a wagon. I have carried 5 bikes in the back. now that i have my rack on top i can carry 3 bikes on top and 3 people in side plus all of the gear required for just about anything. it gets awesome gas mileage as well.

When I had my GTi I just folded down the rear seats and it carried anything I ever wanted to short of 4X8 sheets of plywood. But the lumber yard only charges $12 to deliver wood.

SkaredShtles · Dec 28, 2004

stosh said:
WOW

$3k on Ebay

There you go. How many miles does that biotch have? If it's anything less than 1/4 million that's probably a good deal.

-S.S.-

binary visions · Dec 28, 2004

The only thing to be careful of, stosh, is to make sure that you can get what you owe out of the sale of the Xterra. Most people who make car payments without putting a huge chunk of cash down end up upside-down on their payments, owing more than what the car is worth.

However, if you are upside-down, it doesn't mean you shouldn't sell it. You may end up spending a grand or two out-of-pocket to save much more money in the long term.

SkaredShtles · Dec 28, 2004

stosh said:
150k

You live in CO right? How many miles on yours?

How do they run?

I am in CO. Mine has 195K on the car, 70K on the motor. They run fine. And if maintained, they run pretty much forever.

-S.S.-

N8 v2.0 · Dec 28, 2004

Stosh,

Why do you want to get rid of your Xterra again?

Is it the fuel costs or the montly notes or something else?

-dustin · Dec 28, 2004

did anyone else say that using a credit card and paying it off monthly will increase your credit rating?

stosh, what percent of your check is going into retirement/savings/whatever? what interest rate are you looking at on your credit card(s)? what interest rate on your savings? do you have any cash set aside?

before knowing that, this is what i say: pay off credit card, but don't get rid of it. if you have a fair cash reserve, and the savings account has a lower interest rate than the credit card, you the savings account to pay off the credit card. increase the amount of money going to your retirement/savings/whatever so that you really have no choice but the think about where your money is going. start looking for a house. you don't want to be paying a mortgage while trying to put a kid through college.

N8 v2.0 · Dec 28, 2004

the Inbred said:
did anyone else say that using a credit card and paying it off monthly will increase your credit rating?.

The only way, that I know of, that strategy helps your credit rating is that your Debt to Income Ratio would be lower. One of the quickest ways to hose your credit up is to skip a credit card bill payment for 30 days. That late payment will haunt you for 3 years or longer on your credit report.

N8 v2.0 · Dec 28, 2004

stosh said:
Fuel is one it's not bad because my GF drives it to work 5 miles so it's no biggie. I drive her Solara to work and I'm tacking on a lot of miles to her new car.

The payment is 300/month plus 120 in insurance.

Do you owe more than what the Xterra is worth at the moment?

biggins · Dec 28, 2004

stosh said:
Fuel is one it's not bad because my GF drives it to work 5 miles so it's no biggie. I drive her Solara to work and I'm tacking on a lot of miles to her new car.

The payment is 300/month plus 120 in insurance which is why I would like to get rid of it.

5 miles and shes driving?id put her on a bike tell her to have fun.

binary visions · Dec 28, 2004

stosh said:
Nothing like going to a 3rd grade classroom all hot and sweaty in a skirt.

If she's not going into the 3rd grade classroom all hot and sweaty in a skirt, at least once every week or two, then you're not doing your job

-dustin · Dec 28, 2004

better yet, go talk to a real financial advisor.

N8 v2.0 · Dec 28, 2004

In that case, I'd consider keeping it assuming you bought it new and here's why:

1. You know the history of the vehicle and I assume you take pretty good care of it.

2. Buying a cheaper older used car could put you in the position of having to shell out substantical $'s for repairs.

3. Sounds to me like your SUV fits your needs (bike/lumber/trailer/whatever hauling).

4. You've already taken the depressiation hit on it and Xterra's seem to hold their resale value fairly well.

5. Since you are at the break-even point, selling to will gain you $0's at best and cost you $'s at worst.

These are why I'd hang onto it if I were you. What is your interest rate on your note and the legnth of the loan?

binary visions · Dec 28, 2004

Good points, but:

N8 said:
2. Buying a cheaper older used car could put you in the position of having to shell out substantical $'s for repairs.

You can pay for a hell of a lot of repairs for $300/month. Way more than a good used car would cost.

3. Sounds to me like your SUV fits your needs (bike/lumber/trailer/whatever hauling).

A wagon would do that just as well. He's not hauling heavy trailers.

4. You've already taken the depressiation hit on it and Xterra's seem to hold their resale value fairly well.

Xterras are pretty mediocre resale vehicles

5. Since you are at the break-even point, selling to will gain you $0's at best and cost you $'s at worst.

He wouldn't be selling the car to profit. He'd be selling the car to be able to stash away more $$ on a monthly basis. Even if it costs him a grand, that's, say, 14 grand he doesn't dump into the car, instead of 15.

How do you save?

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