How do you save?

SkaredShtles · Dec 28, 2004

stosh said:
obviously you had to have the motor replaced though at 125k which sucks!!!

I actually had it replaced at 140k (it was a low-mileage used motor) due to not checking my temperature gauge frequently enough. :mumble:

I bought it with 126k. Even with the motor replacement it's been a cheap, reliable car to own. Registration on it is $25/year. Insurance is cheap, too.

-S.S.-

SkaredShtles · Dec 28, 2004

binary visions said:
Good points, but:

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

This is one thing people overlook all the time. $300/month will pay for CRAPLOADS of repairs. And if you get a used Honda, Toyota, Subaru you will very likely spend less than $300/year for repairs.

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

Acadian · Dec 28, 2004

step one - get rid of the GF

binary visions · Dec 28, 2004

Acadian said:
step one - get rid of the GF

No, step one should be, "Retrieve balls."

Yours is step two.

riderx · Dec 28, 2004

stosh said:
not really sure how she is costing me money?

Exhibit One:

-dustin · Dec 28, 2004

if you just want to be in a better position, become more disciplined. let frugal become your middle name.

-dustin · Dec 28, 2004

it just hit me where Google's "Froogle" came from.

SkaredShtles · Dec 28, 2004

stosh said:
thats costs money, money I don't have.

Are you telling me that you guys are double-income no kids and you don't have any extra money around? Get crackin', man. When my wife and I moved in together and were both actaully working, we had more money than we knew what to do with. So we quit our jobs and went to Europe for a summer.

-S.S.-

DRB · Dec 28, 2004

stosh said:
thats costs money, money I don't have.

It shouldn't. We have had the same one since we got married. She has been great. When we were dirt a$$ poor she helped us create a budget that made sense, offered us advice on credit cards, loans and the what not. Never charged us a cent. As we got more money we have created IRAs, money market accounts, some insurance and the what not thru her, which is where she makes her money. Most of the smart ones are looking to build a relationship with you that will last a long time.

Check with your bank, I bet they have free financial services.

Plus once a year, we have a review and she still has all of the orginial stuff she filled out in regards to our budgets, goals and cash flow..... Its kinda cool.

towelie · Dec 28, 2004

My wife and I have no fixed budget. I have no idea how much we spent on what last month. However, we tend to save her entire paycheck almost every month without even really trying by just following these general guidelines.

1) Buy you house- don't rent. Want to splurge after you buy? Do an improvement on your house. You'll get the money back out when you sell (if you do it yourself), and you get to enjoy the improvement in the meantime. It is savings you get to enjoy for years! Make sure it is well insulated, keep the T-stat below 70, and get flourescent bulbs too.

2) DON'T EAT OUT. This is a biggie- much bigger than most people think. Tally what you spend eating/going out for a month, and multiply that by 12. Most people would be SHOCKED. Hell...going somewhere nice can cost as much as a weeks worth of groceries for ONE MEAL! Don't believe N8 about it being a wash for two either- totally false. We only eat out if we have visitors in town, if we're more than an 45 minutes from home and are already out, and on special occasions (e.g. annivesery). Don't go to a mainstream grocery store either. Go to a bag-it-yourself warehouse style store. Since we eat out so seldom, we started eating higher quality foods at home. For the price of going out for burgers I can cook a nice steak, steam some veggies, and have a sensible bottle of wine! Which brings me to drinking- NEVER drink out! Markup is absurd. I never do, so instead I have a nice little bar setup at home for FAR less money than drinking out. Even that is an indulgence though. Even that one dollar bagel every morning...why not buy a whole bag of seven for $2 instead? $260/year savings for pretty much zero sacrifice.

Going to clubs or going out to movies, etc. fit in this same catagory (I probably go out to movies twice a year). If you're a movie buff, you can get Netflix or Starz for a month for the cost of going to one movie. Oh yeah...if you have broadcast TV in your area, get rid of the satellite or cable. Instant $300-$600 per year. The same can be saved by getting rid of your cell phone.

3) Most people (probably 75% of the people I know) spend WAY MORE on their car than they should. Think modest. Find a good deal on a used car, or a great deal on new car. Think used Cherokee instead of new XTERRA. (although in your case I don't think selling your car should be that high of a priority compared to other things- you're not spending much on gas on those short trips, and it should be reliable. If you have no money, you'll find interest rates are higher on used cars.

Once you have your car pay it off ASAP, maintain it religiously and drive it for at LEAST 200K before thinking of getting something else. Any well maintained modern car should have no problem going that far.

Also, don't make unecessary trips.

4) Lay off the CRAP purchases. Most people buy way too much junk. Before you buy something, think "do I really need this? Where will this ____ be in one year"? Do you really need a new computer every year or two. Most people think they do, but my five year old computer can do everything most of my friends use their new computers for (except games and rendering DVD's). It takes a little longer to edit photos and such, but how many dollars is that miniscule time savings really worth?

That said, when you really do need to buy something, get something that is quality. I've found by getting the junky version of tools, electronics, or whatever I usually wind up buying the good version later. It would've been cheaper just to get the good one to begin with. Not necessarily top of the line, but never bottom of the line.

Books, CD's and DVD's. Only get them if you REALLY like them. I only buy a DVD if I think I'd like to rent that movie enough times in the next 5-10 years to break even. Otherwise, just rent, right? Get books at the library.

Never buy little toys and nick-knacks that don't really do anything.

Here is a big one for people here: Bikes. Many here buy a new bike every year, not to mention lots of accessories. Lets say I ride 3x per week (156 times per year), and every year I buy a new $2500 bike and $600 worth of accessories. (*I'm sure many here do as much, and I'm guilty of sometimes spending too much on bike stuff myself.) This means each of those rides cost $20 (Maybe $10 if you sell the old bike at the end of the year)! Too much to go riding? By less stuff or a less expensive bike and ride more or keep it longer before upgrading. Keep it until you feel the cost per ride is down to an acceptable level. Also, proper maintaince can be a big money saver. You may come out ahead if you buy winter or night riding gear so you can get more rides per year, but it'll take a while to break even.

Another way to save money, as has been mentioned before, is to think what else you could buy for a given amount of money. For instance, whenever I get the bug for a new car I just think to myself 'hmmm...for $25k, I could get a used jet ski, some new kayaks, a new bike, learn to skydive + buy the gear + jump for a year, and take one bad ass vacation to an exotic destinition. Or, I could invest the money and retire several years earlier! Several YEARS spent doing stuff other than working!!!! Or, I could be more comfortable and look cooler when I drive around.' Hard decision :rolleyes:

Even though I love cars, and love all the other stuff I mentioned, I hate working even more so I always choose to save the money. Sometimes I'll spend it on my house instead so I can enjoy and save at the same time.

Oh yeah...if credit cards are a problem, just use your debit/check card for most purchases. You can't go below your limit on those.

Good luck. Saving money can feel very empowering, and it can actually become sort of addictive when you start to see big numbers in the "available balance" column.

-dustin · Dec 28, 2004

Ebenezer Scrooge was addicted to saving money.

N8 v2.0 · Dec 28, 2004

the Inbred said:
Ebenezer Scrooge was addicted to saving money.

There is a lot to be said for striking a happy medium between saving money and enjoying life.... especially since you can't take it with you.

SkaredShtles · Dec 28, 2004

N8 said:
There is a lot to be said for striking a happy medium between saving money and enjoying life.... especially since you can't take it with you.

Very good point. And everyone needs to remember - some people *are* happier with the 60" TV. Me? I'd rather take a trip here for a few weeks:

ALEXIS_DH · Dec 28, 2004

eating out is a money drain. i remember one summer i ate out the entire summer term. in august i went thru all my cc statements (which at the time, i was 19, i didnt even check) i spent more in 3 months of eating out, than in 4 months combined of room and board at the school.

narlus · Dec 28, 2004

N8 said:
There is a lot to be said for striking a happy medium between saving money and enjoying life.... especially since you can't take it with you.

well if you don't have kids, there are always charitiable donations one can make. that said, i agree. no need to be a ascetic.

Skookum · Dec 28, 2004

This thread is long, it would take me too much time to read it all, time is money, i save time, so i just saved money.....
cool i win.

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