Ways to economize

[MultiScaleMale]

Garden/herb garden. A basil plant is often cheaper that a bunch of cut basil, and will give you pesto all summer.

Yeah, we've done that with rosemary, basil and a couple others. Rosemary is a very tough plant. It survived the winter outside and still going strong.

 

[Tom Lane]

I'll chime in two things I haven't seen yet:
1) every two years, I go through our spending with a fine-toothed comb. I assess routine expenses like insurance, utilities, and those monthly sucker entertainment or newsletter fees. Many of them look like an extra ten dollars per month and they are, but they can add up to a few hundred dollars per month if you're not watching them carefully.
2) the next one is as someone else mentioned, compound interest. A good retirement ETF portfolio - four to five, maybe six, done by consulting someone knowledgeable who doesn't "time the market" because no one has yet and then judge what they recommend and then sit on your hands.

 

[gln1955]

I have a "Make A List!" app that I use to plan shopping. I have about 18 pages of items that I've bought at least once. I uncheck just the things I'm getting so they go to the top. As I check them in the store they go back in order. I also have everything categorized by what aisle or area it's in. So I seldom have to back track. I save money and time.

I use an app called Anylist. It not only does shopping lists like you describe, but also stores all my recipes, both by automagically downloading recipes from web sites or letting me create my own. It's shared among all of our devices, so really handy.

 

[Ostie]

I joined BJ’s gas club and save quite a bit per gallon. I Also save money on groceries there. If it were just groceries, I would join Costco or Sam’s, but BJ’s is about a mile away, while the others are 20 minutes away.
I also save a lot by doing my own home maintenance. Car repair I leave to the experts, cuz you can really muck things up if you do t know what you’re doing.

 

[gln1955]

I've loved grocery stores my whole life (weird, innit?), and have made quite the game out of saving money in them. But prices are zooming so bad, I go in and look around and don't know whether to laugh or cry at the crazy price tags.

If you think about it, save for some canned goods and some incidentals like small appliances, EVERYTHING in a grocery store is going bad, minute by minute. So they are always going to run some sales to clear a category, a particular brand will run a sale to push product, etc. Here in Nashville, most of the 'Weekly Ads' come out on Wednesday and run through next Tuesday, whether Kroger, Publix, or local mom and pops (yours truly NEVER goes to WalMart). So any time there's a really good sale or a buy one/get one for packaged goods (nothing that needs refrigeration or fruit/vegetables), I stock up and stick them back.
Coffee, pasta, oils, rice, beans, etc. The store has to move it now, or write it off, and that's when it's my turn to save.

Of course we have the 'organic' stores, Whole Check Market, Sprouts, etc., but with all the farms around here, not much point. Actually, the best produce are several of the large Mexican or Asian markets here in town. Besides, you can't get yucca fries or good pho at the Hot Line at Kroger !

Fruits and vegetables are mostly buy now/eat now, and then there's meat. It's only two of us and the best deals are these 'Family Packs' but what are two older folks who are light eaters do with that many chicken wings, chops, etc.?

So I bought a vacuum sealer, divvy every thing up to meal amounts, date them, and vac'd they'll keep for months with no freezer burn. They thaw out beautifully, and there's dinner.

It's the one game I can play with my money (I DON'T gamble) that I usually always come out to the good.

This describes our strategy for food pretty well. Saving fifty cents or a dollar at a time on grocery items really does add up in the long run. It does take some time and effort though. I'm retired now, so strategic shopping is one of my hobbies.

 

[SoonerBill]

I joined BJ’s gas club and save quite a bit per gallon. I Also save money on groceries there. If it were just groceries, I would join Costco or Sam’s, but BJ’s is about a mile away, while the others are 20 minutes away.
I also save a lot by doing my own home maintenance. Car repair I leave to the experts, cuz you can really muck things up if you do t know what you’re doing.

I recently got a Walmart Onecard. Cash back on everything. More of course if bought at Walmart. Gas is always 10 to 12 cents per gallon off at select stations. On Wednesdays through September it's $1 off per gallon.

 

[buldog5151bass]

One more important thing. Avoid automatic monthly payments. You don't get a chance to scrutinize the charge before it goes out, and you tend to forget what's on that schedule. I want to know every dollar that is being spent and why.

 

[MJ5150]

One more important thing. Avoid automatic monthly payments. You don't get a chance to scrutinize the charge before it goes out, and you tend to forget what's on that schedule. I want to know every dollar that is being spent and why.

Would you expound on this please?
In our home, we automate the payment of everything we can. In those situations we receive an email about the new bill and the date the payment will be made which allows us to review the charges to ensure they are all legit.
I'm wondering if you're referring to automatic payments of another kind.

-Mike

 

[Hurricane Jimmie]

So Anyway, not much to offer here. When I was single I lived a pretty spartan life...crappy apartment, VW Beetle, no vacations, etc. Not sure I'd want to or could do that again.

Years ago while shopping for a family gathering, Mrs. Hurricane said 'Isn't it nice we don't have to think about what we put in the shopping cart?' We also really enjoy doing things for our kids and grandkids.

But if I wanted to really cut expenses, I'd look at a the statements or end of year download from our credit card. If you use your card for a lot of automatic payments, you'll immediately add up what part restaurants, insurance, fuel, travel, electric basses (OK, let's not get ridiculous), cell, internet, cable and other expenses play in your budget.

Good Luck with your decisions.

 

[buldog5151bass]

Would you expound on this please?
In our home, we automate the payment of everything we can. In those situations we receive an email about the new bill and the date the payment will be made which allows us to review the charges to ensure they are all legit.
I'm wondering if you're referring to automatic payments of another kind.

You may get a notice that there is a payment due to a creditor, but not all of them itemize each payment. Also, when it becomes an automatic payment, most people are less likely to scrutinize what notice they do get. It's easy to "set and forget ".

That's why car dealerships now just talk about your monthly charge, rather than the actual cost of the car. It's easier to swallow a $450 per month, rather than the fact that you are paying $40000 for the car, with a lot going to interest.

 

[gln1955]

Would you expound on this please?
In our home, we automate the payment of everything we can. In those situations we receive an email about the new bill and the date the payment will be made which allows us to review the charges to ensure they are all legit.
I'm wondering if you're referring to automatic payments of another kind.

-Mike

Yes on the autopay. Everything gets paid precisely when it needs paid and nothing is forgotten or mishandled. If I have something on autopay, it's something I need so why would I need to scrutinize it?

 

[Low Main]

The 3 things that are killing me in my seventies are taxes, cars and teeth. Don't buy a Volvo. Take care of your chompers.

I live a modest existence with almost zero frills and still have to pay out chunks of money all too frequently and involuntarily.

The problem is that property valuations have skyrocketed and made homeowners better off on paper but unable to deal with the cash requirements.

Maybe I'll sell my overvalued house and downsize and get a Kei truck. Taj Mahal: Gonna Move Out To The Country, Paint My Mailbox Blue.

Cable cutting is a big help. I just changed trash collection service because the mega corp trash hauler priced themselves out of the market.

I run a food rescue operation so I often have a spare loaf of bread or tub of yogurt come into the house to help keep food cost down.

One of the Robert Allen books started off by mentioning that Charles Revson (founder of Revlon and worth gazillions) bought his mouthwash by the case whenever it went on sale. I internalized that lesson and it is my guide on the path to thrift. As a consumer or end user, there's always some way to cut costs and get in control of monthly expenses.

One of my lifelong commitments is that although I'm a fan of sorts, I've never financially supported pro sports in any way. No tickets, merch, autographs, special viewing packages, etc. And more importantly, no wagering. And I don't live in a municipality that has funded massive sports arena or stadium projects. They have never gotten a dime of my money.

I watched part of the Knicks game last night and with what those tickets were selling for, as I looked at the crowd, all I could think of is that each seat represented a car. A used Camry in the nosebleed seats, a used Tacoma about halfway down, and a new F150 at courtside. There's no way that every person in the building had the liquidity to cover the cost of their seat. If I ever decide to leverage part of my net worth to attend something like that, just shoot me.

 

[MJ5150]

You may get a notice that there is a payment due to a creditor, but not all of them itemize each payment. Also, when it becomes an automatic payment, most people are less likely to scrutinize what notice they do get. It's easy to "set and forget ".

That's why car dealerships now just talk about your monthly charge, rather than the actual cost of the car. It's easier to swallow a $450 per month, rather than the fact that you are paying $40000 for the car, with a lot going to interest.

Interesting.
We haven't had this experience. We don't have credit card payments, so all we have is our utilities, auto insurance, cell phone, etc. When we do get a notice that the electricity bill is due and will be paid on yadda yadda, it's ample time to go take a look and make sure it's all good.
I do catch your drift on folks not paying attention and just letting it auto pay, but that is a group of folks who lack the discipline and knowledge to be financially responsible in my opinion.
I am curious what creditors are out there that do not itemize the money you owe them. Aren't they legally obliged to do so?

-Mike

 

[slobake]

Not exactly a lifestyle change one can make on short notice, but... the best financial decision my wife and I made was when buying a house; although we both have full-time careers, we had the bank approve a mortgage based on just one of them. We got a modest ranch instead of being lured into some big expensive mcmansion that way, and it leaves a lot of headroom in the budget. I think a lot of people get sold on a "dream home" and then borrow beyond what's prudent to get it.

Likewise - no more car than you need. I had an Acura for a little while, only because it belonged to a friend whose engagement split up and she found herself unable to afford it, so I took it off her hands. As soon as I had paid the loan down on it enough, I sold it and got a little Subaru. Went from 24 mpg to 34 and the monthly payment dropped $200 a month, plus saving on insurance.

With groceries, I always try to buy generic unless the name brand actually makes a difference, and always get the meat that's on discount. Cooking for yourself rather than prepackaged meals or takeout definitely helps.

The best decision Mrs slo and I ever made was buying a house. We bought it in a rough neighborhood in San Francisco. The neighborhood changed over 30 years and the house ended up being worth 5 times what we paid for it. Counting inflation the increase probably wasn't as much but it was substantial. We sold it, moved to the suburbs and kept our property tax base. Now we have no mortgage and a low property tax.
We always buy low mileage used cars and pay cash. We hate paying interest.

 

[slobake]

Vegetarian meals keep grocery spending down. Learn to cook with rice, yams, plaintains, squash, etc... Basically just spend your money where demand is lower and you will find reasonable prices everywhere.

What, no beans?

 

[slobake]

To be sure, but this does raise the bigger question, which is what is valuable.

The thread is about economizing, which means managing money. But it's also an important truth to me that money itself is literally worthless.

I think of it this way; if I were to ask "what is an inch worth?", it's an absurd, unanswerable question. An inch OF what? Inches by themselves are not things of value; "inch" is just a term we use to measure something ELSE.

The same thing is true of "dollar" or any other unit of currency. It doesn't have any worth in itself. Rather, the dollar is a unit to standardize and quantify the value of other things. Doing that enables us to streamline the exchange of valuable things and actions. It's easy to fall into the trap of wanting to have lots and lots of dollars; but it's a fallacy if it causes one to lose sight of the fact that dollars are just measurements, and to forget about the actual things of value.

Some things have value that can't be quantified - beauty, peace, life itself.

So what this comes around to is, speaking for myself; if I hadn't had kids, absolutely, I would have more money today, and I would have experienced less stress and worry. If my parents had never had me, they likewise would have had more money and less stress in their lives. If nobody had ever had any kids at all, no doubt everybody would have more money and less stress. But wait a minute...

Some things are very much worth spending on, and sacrificing for, including the sacrifice of financial pressure and mental stress. My life would be far, far impoverished in value if I hadn't had my kids. There are things precious enough that one shouldn't skimp on them.

Adopting my sons and having foster kids was a great choice in my life, but I realize some people are not destined to have children and I also accept that having a lifetime partner is not necessarily what everyone needs to be fulfilled.

 

[slobake]

I'm retired so...
Do not buy a new car.
I cook at home, I never go to restaurants, which means I eat better and healthier meals for way cheaper. I look for specials on food, when there's a good one I make reserve.
Do not buy a new car.
I shop for clothes at thrift stores(well, except for underwear and shoes). You cannot believe how much you pay in there for designer branded stuff, like shirts that sells in store for over a hundred can be had for a fiver.
When I need something, like furniture and stuff, I look to find used first. You can often find quality, branded stuff, for les than new cheap junk.
I cut down my concert going, down to zero. I'll be dead before I pay 500+ buck just to watch somebody play music for 1 1\2 hours. Even if I was a billionaires I would not pay that, just on principle. I still go to music festivals and stuff, but those are typically reasonably priced, or even free.
I set the dates of my traveling according to pricing. Oftentimes by just moving a trip a day or two, hundreds of dollars on plane tickets can be saved, money that can make the rest of the trip more agreeable.
Did I mention: do not buy a new car!

I don't go out to eat much either, now when I do it is an event and I enjoy it more.

 

[slobake]

Talking about discount movie tickets and airline tickets say to me that you are not serious about saving money.

I respectfully disagree. I understand that some folks choose to live that way but I do not. I also think you can have a spirit of poverty and be too focused on finances.

 

[slobake]

I run a food rescue operation so I often have a spare loaf of bread or tub of yogurt come into the house to help keep food cost down.

We make our own yogurt, it is simple, cheaper and much better yogurt. Mrs. slo makes great sour dough bread, also cheaper and better.

 

[slobake]

Why? Saving money doesn't mean you have to live like a monk. In fact, living thriftily can even mean the opposite. Money I save by not driving a new car and being careful with my food money could mean I can then afford to travel south in the winter without throwing my finances in the red.

YUP!