The 10 Most-Hated Money Saving Tips

[Armueller2001]

10. Be healthy -- Let's face it, people don't like being told they are fat and lazy. I think that's at the core of the disdain for a healthy lifestyle. But despite the pans this suggestion gets, there's no debating that being healthy can easily save you thousands of dollars on items like medical expenses and life insurance. Even something simple like losing some weight can add up to big savings. Or you can sit on the couch watching TV every night eating bon bons. You decide what's best for you.

9. Move to a foreign country (or even visit for health care) -- How dare I even suggest this idea? It's unpatriotic, would require extensive travel to see family, and, after all, the United States is the "best" in everything, so why move? Let's take these objections in reverse order.

First, here's a news flash: the United States is NOT the best in everything (such as health care, lifestyle, culture, weather, etc.) I know, some of this is subjective, but come on, does anyone really believe the U.S. is the best in everything? Second, living in Central America may actually require LESS travel to see family than if you lived somewhere else in the U.S. Example: You live in New York and your family lives in LA. You move to Mexico. Are you closer to them now? Besides, once you have to get on a plane, any trip is not that much longer away even if you live farther. Finally, I'm not suggesting you renounce your citizenship. What I'm saying is that you can still love the U.S. (as I do) and live somewhere else. Sheesh! Lighten up.

The fact is that the cost of living is significantly lower in other parts of the world and you can save a ton of money by moving overseas. Of course this brings up the "what do I do for a living" question, so this idea works best for retirees. Some money saving countries to explore: Mexico, Nicaragua, and Panama.

As far as health care goes, you can easily save thousands having a major medical procedure done in a foreign country. Concerned that the care isn't as good as in the U.S.? It isn't. In many cases it's better.

8. Quit smoking -- Ok, I expected the smoking addicts to hate this one. They, of course, decry the fact that I'm trying to steal all the fun from their lives. But I didn't expect the outcry from another group: those who invest in companies who make cigarettes. Ha!

I think everyone will agree that smoking is bad for your health. And, as we know by now, having poor health is bad for your wallet (re-read item #10 in case you've forgotten this already.) In addition, you can save somewhere around $6,000 a year by quitting smoking (maybe less, maybe more.) Heck, by just not buying cigarettes it's easy to save a bundle.

For you smokers, find a cheaper, better way to enjoy life. And for those of you buying cigarette stocks, do something better (and easier) and go with index funds.

See? Now everyone is happy! ;-)

7. Buying used -- Let's list the things people hate about buying used: 1) it's not new; 2) someone else has used it; 3) did I mention it's not new?

Really, is owning something brand new really worth that much more? I think most of us have generally accepted that a good-condition used car is less expensive than a new car, but we haven't made the transition to other areas of products. But if we do, buying used can save a bundle. And yet, people don't really like this idea -- especially when it comes to buying used clothing.

6. Buy a house you can afford -- This one used to get a lot more heat than it does now. Then the subprime mortgage mess hit and detractors have been silent lately. Funny how good advice seems to always win out in the long run, huh?

Anyway, buying a house you can easily afford is a key part of my formula for buying a house. Avoid this suggestion and it can cost you big time as many people are unfortunately finding out now.

5. Cutting your cable -- It's a known fact that the U.S. Declaration of Independence states that all men are entitled to life, liberty and the pursuit of happiness through watching endless re-runs of "dog police" and "the world's wackiest whatever" sorts of shows. Who cares that it's rotting your brain and costing you a fortune?

You can save thousands by cutting cable TV -- maybe even $1 million. And if you can't cut it completely, at least take steps to save as much as you can on cable costs.

4. Taking your lunch to work -- Who knew there were so many advantages of blowing $10 a day on lunch out? You get out of the office (which gets you exercise and allows your mind to freshen), you get to socialize with others (which can enhance your career), and you get to have fun!

I've got an idea, why don't you bring your lunch to work, saving a bundle of money, then get a group of people from the office to run at noon. Then you get exercise, socialization, a fresh mind, and fun. Or, if you simply want to walk with friends you could do that too. Not to mention, you wouldn't have to find a place to shower afterwards. And you can save a few thousand dollars a year. Not bad.

3. Limiting small spending -- Personal finance guru David Bach came up with the "latte factor," the idea that you could save a bundle of money if you limited the small, worthless purchases you make every day -- like $5 lattes for example. But no one likes this idea. It takes all the fun out of life and besides, we all need to focus on the big amounts we spend, that's where you can save the really big money.

Yes, while it's true that we all need to watch our big money expenditures, it's also true that before you have millions, you need thousands. And before you get to thousands, you need hundreds. And before you need hundreds, you need tens. And so on. Ok, enough with the philosophical junk, what I'm really trying to say is that pennies can add up to millions. Live with it for Pete's sake!

And finally, while it may be fun to pour $5 down your throat for 15 minutes a day, I prefer to have more fun checking my ever-growing net worth. ;-)

2. Not buying a pet -- If cable TV is the #2 right of every American, having a pet has to be #1. And shame on me for suggesting that pets actually cost money. What am I, some sort of neo-fascist?

Ok, I didn't help my cause out any when I claimed a pet costs $48,000. I was doing that to get your attention. I've since done a bunch of posts on what pets really do cost and it seems to me that $1,000 per year is a fair, rough cost for a pet. And just for the record, I'm not the only one suggesting pets are expensive -- Money Central says getting a pet can be a stupid money move.

That said, I'm also open minded enough to consider the alternatives -- that pets might actually SAVE you money, make you happy (who said money couldn't buy happiness?), help you become healthier, extend your life and even allow you to buy love. Ok, maybe the dog people are wearing me down.

Still, I'm still horrified by the possibility of having a problem dog that needs to wear diapers.

1. Moving to a lower cost-of-living city -- This one really puzzles me. Not only is it that people don't like this idea, but they REALLY don't like it. As in "you're the stupidest financial blogger ever" sort of don't like it. But what do I care? I still have my day job. ;-)

It must be the fact that, in general, people love where they live. They like the area of the country, their job, and the fact that they have family nearby.

However, if you move from a high cost-of-living city to a lower cost-of-living city, you can literally save MILLIONS over the course of your lifetime. And yes, that accounts for the fact that you'll probably make less money in the new city. But your living expenses will drop so much more that you'll be way better off financially. I know -- you don't want to hear that. I'll shut up now.

Let me end by saying that I'm not against spending money. I'm not about saving every single penny, eliminating any fun in life, just to accumulate more. But what I am saying is that there are a number of good savings ideas that will allow us to save money -- so we can invest a bit more and spend the rest on things we enjoy. And even with ideas we may hate, there are some really good ways to save money if we simply take time to consider them a bit.

http://www.freemoneyfinance.com/2007...-most-hat.html

[IconBasser]

ah, common sense. Tis' a shame that this sort of stuff actually has to be written down for people

[tplyons]

I agree with everything said here. Some is common sense but then again some people just aren't sensible. It's a shame that this needed to be written down.

[Armueller2001]

Originally Posted by tplyons

I agree with everything said here. Some is common sense but then again some people just aren't sensible. It's a shame that this needed to be written down.

It is pretty simple stuff, but many people have problems living within their means in this "buy now, pay later!" society that makes banks rich and saddles people with debt.

I'd much rather achieve financial independence and retire early than live in a "cool" city and waste a ton of money on inflated houses and taxes to go with them.

[fdeck]

I have a couple of misgivings about moving to a supposedly low-cost town. In a town where my spouse and I once lived, it was practically taken for granted that everybody would shell out for private school tuition because the public schools were so bad.

Also, I think that culture matters.

[Jefenator]

I do at least half of those things (still working on the healthy part )

It allows me to feel comfortable on my musician/glassblower's income.

If someone else wants to spend the bulk of their life doing something they dislike, and still feel financially strapped, but sport the late model car and the 3 bedroom / 2 bathroom spread, adorned with newer junk, well... it's a free country.

[jarrhead]

The singular, most hated, is don't spend it. I'm 14 and I already know the joy of spending money. Oh crap. o_O

[IconBasser]

you're 14?


well, this certainly makes some of your weirder threads make more sense to me...

[jarrhead]

Hah, you didn't know? I only got bashed in multiple other threads. lol

And it's on my profile.

[OriginalCrash]

Hmm... decent, common sense advice... But some of the ones about not buying certain things (pets, cable, etc.) can't really be taken as gospel truth. They're luxuries, to be sure, and if we quit spending money on them, sure, we'd have more. But if you follow that logic, one could make the argument that one shouldn't spend money on any luxuries... only pay for the real needs in your life. And while we'd all have a heckuva lot more cash if we did that, I think most would also agree it's extreme to the point of being silly. Now if someone is under the illusion that they "need" cable tv or a nice car or something like that, they're a fool... But if someone weighs the pros and cons and chooses to accept the costs involved, well, they should have the right and freedom to do so.

[electracoyote]

What? No "Stop Buying Music Equipment" on that list? That would save me thousands per year. Even if I only bought used.

[playinpearls]

while most of this is common sense...some isn't. i just feel weird moving to another country...maybe i'm a wuss...(no affirmation needed) but it does make me curious...

buy a house i can afford? are you kidding? how dare you suggest that! this is america!! bigger is better!!! Actually i just bought 1 for 70k. happiest rent payment i've ever made...


a side note about keeping citizenship...i heard on the radio the other day someone talking about if you dont renounce your citizenship when you move away that you have to continue to pay taxes? Wouldn't that fall under the "working abroad" situation where you can work tax free? like the contractors going over to iraq for a year and doing laundry for 100k a year? Has anyone ever heard that? It was some writer, consultant, or something...

[Steve]

Hmm, while there are some suggestions in there worthy of consideration, methinks that gentleman is a little on the mercenary side and way to invested in genuflecting before the altar of the cash cow.

What is the value of dieing a millionaire if you never lived life?
If you spent you life jogging and eating tofu, wheat germ and distilled water you might live to be 130 years old but, who would want to?

And as far as getting rid of my dog goes, he can kiss my fat @$$. I'd rather die with a few grand less in the bank. Some things money can't buy, a good dog is one of them.

Living within your means is a really good idea but,that guy is a Ferengi.

IMHO YMMV

[Steve]

Originally Posted by playinpearls

a side note about keeping citizenship

What makes you think you have a choice? The rest of the world isn't the US. Most countries are pretty dang tough to get into. If you're too old or don't have a needed skill set, forget it.

Want to become a citizen of Austrailia?
Are you older than 45?
For-Get-It.

[GregC]

Originally Posted by Blog

"However, if you move from a high cost-of-living city to a lower cost-of-living city, you can literally save MILLIONS over the course of your lifetime. And yes, that accounts for the fact that you'll probably make less money in the new city. But your living expenses will drop so much more that you'll be way better off financially."

That's a huge assumption. It depends greatly on what type of work you do, and how specialized it is. I've lived in cheap, small towns, and I now live in Chicago--I know from experience what works for me financially and what doesn't. It's just like a blogger to post his opinion and state it as a fact, though.

[dullsilver_mike]

Lots of people that have to cut these corners in the first place literally can't secure enough cash to arrange a major move... Number one is pretty much a moot point for anyone below the poverty line and a fair few people above it.

Some good stuff in there though. I've never had a roommate that I could talk out of getting cable. I have no need for it, but everyone I've ever lived with absolutely must have it. I wish they'd all just realize that they can 1) watch most of their favorite shows online 2) can watch the game down at the sports bar 3) will be more thoughtful and engaged if they interact with their past-times in these ways rather than vegging out on the couch.

[Armueller2001]

Originally Posted by dullsilver_mike

Some good stuff in there though. I've never had a roommate that I could talk out of getting cable. I have no need for it, but everyone I've ever lived with absolutely must have it. I wish they'd all just realize that they can 1) watch most of their favorite shows online 2) can watch the game down at the sports bar 3) will be more thoughtful and engaged if they interact with their past-times in these ways rather than vegging out on the couch.

Funny you mention that, I had a roommate (out of 3 of us) that just HAD to have cable... he had to have his sports. The other 2 of us didn't care, so we said nope we're not paying for cable, we don't watch it enough for it to be worth it, you want it you can pay for it by yourself. He did. And was unable to pay rent and utilities on time, and always begging his parents for cash.

Priorities, schmiorities.

[abstractart06]

This is probably the most talked about subject today. Fortunately I have been living modestly for the last five years, so when the economy tanked, I was not in over my head. Divorce can actually be liberating in many ways. I have always had hobbies like cycling, walking and swimming to stay healthy and they are virtually free activities. Now I am devoting more time to playing bass, and that has been good as another cost effective activity. I try to buy everything I can second hand, sometimes I am amazed at what people throw away. I have also cut way back on eating out and cook for friends instead.

[DuffMac87]

6,000$ for cigarettes!!!!!! Bull, i dont smoke but lets do the math

1 pack a day 5$x365 (days in a year)=1825$
2 packs a day 10$x365=3650$

I doubt anyone really smokes 3 packs a day , 1 pack is about the average or less for a smoker . 2 packs a day is really high and 5$ per pack is on the high side of a pack of cigs most range 2-6$.

Where did he get his numbers?


Pets are cheap i have a 40 pound dog that eats 30$ or less in food a month, besides the water it costs to bathe him and some free sticks for fetch he does not cost anything else, he was free and if he did develop problems i would put him down i dont spend tons of money on a do with cancer i would pay 50$ to put him to sleep.

[playinpearls]

Originally Posted by Steve

What makes you think you have a choice? The rest of the world isn't the US. Most countries are pretty dang tough to get into. If you're too old or don't have a needed skill set, forget it.

Want to become a citizen of Austrailia?
Are you older than 45?
For-Get-It.

i'm not really saying either-or...mainly just renouncing...you dont HAVE to be a citizen anywhere...

i'd probably stay on this side of the earth anyway...carribean..south america...