Saving Money

Dr. Cheese · #1 03-06-2010, 11:07 PM

Like many these days, I'm pinching my pennies more than I used to. I generally want to build up my savings, and I also want to be able to get a nice boutique withou feeling that I am raiding the budget. One thing I am really try to do is to cut down on impulse and casual spending. In other words,I am trying to severely limit the amount of money I spend on a "good buy" that I really don't need or wasn't thinking about until I saw it. Today, I put back a discount DVD, I decided not to go look for a magazine I like, and I didn't add to my pocket knife collection. Just those three things saved me $43. I don't spend willy nilly all the time, but it just struck me how small items add up so quickly.

Obviously, this is no profound insight, but I just thought I would share. I suspect a little extra thought here and there could save me maybe $250 a month without really changing anything important.

**jmattbassplaya** · #2 03-06-2010, 11:31 PM

One good tip that I`ve always used is always have a list so you know exactly what you need and only bring enough cash to cover it. Do not use your cards for any reasons but emergencies. This forces you to stay on task and to not get sidetracked by things you think you need but really don`t.

Also try to monitor how much you actually use things. Do you really ever watch tv/cable or is the set being used just for movies? Do you really need an unlimited calling plan or will a few hundred minutes a month be sufficient?

jrthebassguy · #3 03-06-2010, 11:48 PM

Whenever I try saving money by cutting out casual/impulse spending, what I like to do is add up the cost on the things on the "I wanted to purchase, but didn't" list and then deposit that amount into it's own little checking account. $10 here, $20 there, etc. Then I would check on it once a month or so - it allows you to see a quick and very real amount on what you're not spending. That's how I saved enough to buy a Les Paul guitar a while back.

Tim Cole · #4 03-07-2010, 12:01 AM

I've learned that the reason I've bought things is because I would rather have them than money. Life's too short....do what makes you happy.

Dr. Cheese · #5 03-07-2010, 06:35 AM

Quote:

Originally Posted by Tim Cole

I've learned that the reason I've bought things is because I would rather have them than money. Life's too short....do what makes you happy.

Good advice. At the moment, I'd rather have the money than many of the little things I usually buy!

varunkapahi · #6 03-07-2010, 07:56 AM

i have been through times in the past when i wouldnt have more than a dollar approximately to spend in a day, living with my family made things doable but i'd still be going to college everyday and managing lunch most times. i kinda hated that time and started looking for more work but i had devised a whole calculated method to not to spend anything more than just planned. actually i'd do the same thing some one said above, that is just carrying the money you need and not anything more so that you dont end up over spending.
its one of the reasons i still dont have a credit card or something, that ways i always avoid impulse shopping

Smurf-o-Deth · #7 03-07-2010, 08:12 AM

I've saved a lot of money by not dating anymore, and just getting hookers. I'll happily engage in moral bankruptcy to avoid financial bankruptcy.

Ziltoid · #8 03-07-2010, 09:24 AM

Get a pocket change pot, mine is at 70.95 so far, I don't put anything bigger then quarters in it

Dr. Cheese · #9 03-07-2010, 09:30 AM

Quote:

Originally Posted by Ziltoid

Get a pocket change pot, mine is at 70.95 so far, I don't put anything bigger then quarters in it

My daughters are racking up with a pocket change pot.

blendermassacre · #10 03-07-2010, 09:47 AM

We've stopped going out to eat as much. The amount of money saved is quite astonishingn, IMO. I'm saving up to buy an upright without raiding the coffers.

varunkapahi · #11 03-07-2010, 09:50 AM

Quote:

Originally Posted by blendermassacre

We've stopped going out to eat as much. The amount of money saved is quite astonishingn, IMO. I'm saving up to buy an upright without raiding the coffers.

yeah i stopped eating out too but that was because i had no money to eat! heh it is INDEED a great way to save a lot of money. it also helps you find cheaper and great places to eat and stuff

Dr. Cheese · #12 03-07-2010, 09:52 AM

Quote:

Originally Posted by blendermassacre

We've stopped going out to eat as much. The amount of money saved is quite astonishingn, IMO. I'm saving up to buy an upright without raiding the coffers.

I've got to get better at taking lunch to work!

UncleFluffy · #13 03-07-2010, 09:54 AM

What's working for me right now is:

- cut down on eating out
- work with cash wherever possible and use a fixed budget
- sweep whatever's left in the checking account on payday to a couple of savings accounts, one of these accounts is for toys, the other is long-term savings
- if I can't buy toys with what's in the toys account, I have to wait until it's full enough

blendermassacre · #14 03-07-2010, 10:02 AM

Quote:

Originally Posted by Dr. Cheese

I've got to get better at taking lunch to work!

because I'm a guy, I had my wife get stuff that I will make (like.... microwaveable stuff). If I'm tired and hungry when I get up, and I have to spend 20 min. making something, I'm out.

Also, not eating out is really helping the diet too. It's a win win: less weight, more money.

tplyons · #15 03-07-2010, 10:10 AM

1) Taking turkey and cheese sandwiches to work every day gets boring, but it saves plenty of money. I bring 3-4 times a week and buy once to keep myself from going crazy.
2) Change in a bucket. I haven't cashed in since December, and I figure I've already got $50 in my change bucket.
3) $20 a week in a box... I use an old Electro-Harmonix box and stuff a minimum of $20 a week in it.
4) Quicken... seriously. I seldom carry cash, so I charge everything (but never more than I can pay off that month... I never pay interest and I receive cash for points) but with Quicken, I've tracked every dime I've spent in the last 3-1/2 years. Once you realize where it's going, you can change your habits to avoid that.

**Chris Fitzgerald** · #16 03-07-2010, 10:51 AM

Quote:

Originally Posted by Dr. Cheese

I've got to get better at taking lunch to work!

This is a big one. In the past few years, I've taken to the habit of taking my lunch 4 days a week and eating out (cheap Thai food, which I love) the other day. I also invested in a small fridge and cheap espresso maker for the office at the U, which ended up saving me a lot. After checking the difference in Quicken (as someone else mentioned), it's really substantial.

iamlowsound · #17 03-07-2010, 11:50 AM

The biggest thing that has helped me not to over spend is to write down every single penny that I spend. Once you realize how much money you are actually spending, it is a wake up call and you start cutting down quickly.

lowsound

emor · #18 03-07-2010, 12:29 PM

I wonder if one reason the economy seems slow in turning around is that a lot of people got "scared straight."

We hardly ever eat out anymore and it doesn't seem to be any big deal. I also convinced my wife to cut my hair which has proved to be much more convenient anyway, and saves $14 every three or four weeks. Even if we started bringing in more money I wouldn't go back to having it done.

I guess that's the downside of discovering self-reliance; while you are saving money, the person you used to rely on for something is now out of a job.

Phalex · #19 03-07-2010, 01:55 PM

I'm brewing beer in my basement these days. Works out to around $0.50 a bottle.

capnsandwich · #20 03-07-2010, 02:02 PM

Best way to save money for me is to STAY OUT OF THE TB CLASSIFIEDS!