Share your money $aving tips


#1

This one is very simple and we should all do it!

Turn off all lights when not in the room. Also turn off ceiling fans when not in room. MANY utility studies have proven that this $aves anywhere from 10-15 bucks per month on your power bill! If you want to save even more, cut the juice to all your “phantom” juice suckers!


#2

Live somewhere with a low(er) cost of living. After taxes, for most people, rent/mortgage payments are their single biggest expense.

Consider house hacking, particularly if you’ve got no children.

If you really want to save money pick somewhere that has free/cheap healthcare, 4-5 weeks paid vacation every year, paid parental leave, and tertiary education that doesn’t see freshly minted graduates starting their careers saddled with a mortgage sized debt!


#3

These are not applicable to everyone or across the board…

  • Turn down your heat or A/C a degree or two (or forgo one or both altogether, depending on your climate). If you set the A/C at 72, try 73 or 74. If you set your heat at 72, try 71 or 70.

  • Move to a dense urban center. While rent may be higher, this is more than offset by ditching the car, ditching the long commute, and gaining the long-term health benefits (and therefore additional healthcare cost savings) of walking/biking everywhere. The smaller apartments, houses, and yards require less stuff to fill and maintain. In general, the dependency costs plummet. Wages also tend to be higher in dense urban areas.

  • Buy groceries every couple of days rather than once a week. Focus on fresh / raw items that go bad after a few days. This will help prevent food waste as you’re not planning out for days at a time, and can help lead to a healthier diet. This option is made all the healthier and cheaper if you live in a dense urban setting and can walk to the grocery store.

  • Don’t use a credit card for anything, even if you pay it off every month, unless you have a serious handle on your spending. Even without carrying a balance, just having plastic around results in increased spending.

  • I have started playing tennis a lot more instead of golf. Way cheaper (free) instead of ~$30 a pop. Also better exercise.

  • Drink less alcohol. Even one less drink a week can save $5-$10/week, plus the long term health benefits.

  • Drink fewer sodas. See above re: alcohol.


#4

Great tips! I take it you’re speaking from experience? Fill us in!


#5

Now that’s some SERIOUS money $aving tips!! Thanks for posting :slight_smile:


#6

Cost of living is largely a lifestyle choice. You could live on Nob Hill or the Upper East Side… but you could just as easily pick somewhere with the same commuting time for a much lower mortgage/rental cost. It’s a choice. Taking that idea a bit further, @PoF wrote a great post about geographic arbitrage (finding the sweet spot between high salaries and low cost living).

I wrote a bit about house hacking here. Many people mistakenly believe you need to physically live in the same apartment building as your tenants, but the concept works just as well if you’re half a world away.

Basically your tenants not only cover the operating and financing costs of the investment properties they occupy… but they also subsidise (partially or fully) your own living costs. Feels like winning to me!

http://www.cantankerous.life/2016/11/debt-recycling.html

As for the lovely list of benefits (both work and societal), check out much of Europe, the UK, Australia and New Zealand.

Unfortunately it is (much) harder than it used to be not so long ago… with insecure nationalists the world over voting to raise the draw bridges, hide behind walls, and require superhuman powers to meet onerous visa/residency requirements. That said folks can still buy citizenship in places like Malta for relatively low prices, which in turn provides admission to many of the above.


#7

Excellent advice.

I guess I am one of the few who can think of charges as actual cash. All of my purchases are questioned and 1.5 to 2% more buying power adds up.

I am also more extreme with the A/C and Heat. 79/80 in the summer and 64/65 in the winter. It makes a huge difference on our utility costs. I am sure it also helps add life to the appliances. The only trick is having buy in from the entire household! Don’t forget the water heater either. What you do is slowly turn it down in small increments over time and wait for someone to complain. Then move it back up slightly. Chances are most people have it needlessly set too high.


#8
  1. Cut cable and get rid of the TV.

  2. Negotiate your cellphone and internet monthly cost with your providers.

  3. Walk as much as you can instead of driving everywhere.

  4. Turn down your thermalstat by a few degrees. Turn it way down when you’re not at home or sleeping.

  5. Drink water instead of pop, juice, or alcohol.


#9

Great advice! I also keep my water heater at 120 degrees! Saves money :slight_smile:


#10

Great tips!


#11

Thank you for sharing such amazing tips. Completely agree, it is really very important to maintain your HVAC system. It not only helps to sustain longer lifetime but also helps it to work effectively. My friend takes heating company NJ regular professional tune up for efficient working of HVAC unit and suggested me the same for the best professional service in town.


#12
  1. Own the minimum number of cars as practical and drive them as little as often.

  2. Live near public transport for your commute and use it - if possible, live within 30mins of work.

  3. Brown bag your lunch to work

  4. Shop around for your insurance and have your provider price match the best offer

  5. Oh, and don’t own a boat.


#13

I have given 99 money savings tips that all of us can incorporate in our day to day life


#14

I designed and am now building a home for a relative. I found a very steep wooded lot (low-priced because of the steepness) with a fantastic view and designed a home with a walk-out basement. On the lower level we built a two-bedroom apartment (which also has a great view) that will be rented either long-term or Air B&B (depending upon which approach yields the highest level of dependable income). The owner is paying cash for the project, and when finished, the apartment rent will pay for all expenses and taxes with several thousand bucks left over. The owners will live on the top two levels. Because the site slopes two directions, there are two separate driveways–one above and one below, so there is total privacy for both parties. The economics are so good that the same thing could be done in reverse in popular destination cities. The owners could rent the upper two levels (for much more money) and keep the lower level as a vacation home-away-from-home. The numbers are so good that we’re now actively searching for similar properties in nearby cities in order to duplicate the process. We looked at the option of buying the land, using cash to build the project, and then obtaining a low-interest rate 15 year mortgage upon completion, and those numbers were also great. If sweat equity (painting, cleanup, etc) is added to project, the gains can be even greater.


#15

An under-utilized money saving tip is having goals. Sometimes saving money for the sake of saving money can seem pointless and easy to veer away from without an end goal. Having a concrete thing to work towards (European vacation, a new lawn mower, FIRE) makes cutting costs a little bit easier to swallow and be consistent with.


#16

Get your bread from sub shops and bakeries at closing time. They were probably going to toss it and will likely let you have some for $Free.99.


#17

I have a Nest thermostat. A smart thermostat like this one really cuts down on the amount of time your heater / AC is on.

Buy LED light bulbs. I think they use something like a tenth or less electricity than an incandescent. That means a tenth of the cost, which will normally cover the cost of the LEDs themselves fairly quickly. Their price has gone way down recently, too, unless you get fancy looking ones. CFLs are okay, too.

LED light bulbs aren’t a good excuse to leave lights on, however!


#18

I can’t remember exactly where I shared the way I bought my first car. Even though I had the money then but I chose to invest in stock market. The market performed very well and I was able to buy the car from my returns. I am planning to cover the whole story on my blog. I believe it will be helpful to my readers


#19

Saving to me has become 2nd nature. I love to keep the money in my pocket. I do a lot of things now (habits) that I really dont have to think about anymore.

Buying foods when on sale.
Cooking own food, in big batches so to save time/effort.
Bake own cakes, sweets then cut into portions and freeze.
Never buy coffee out, make my own and take along, so easy.
Water is nice to drink, very thirst quenching and goes with almost everything.
Ivory soap is my beaty treatment, get so clean and fresh. expensive cosmetics is not really going to make me prettier, but sleep will.
Having beans 2 or 3 times per week is nice, low cost, tasty, satisfying, healthy, so easy to make and a break from meat.
My spa is to have long warm shower, then get so relaxed to go and rest in bed.
I find u tube is great, instead of TV.
Enjoy listening to the radio, you only have to listen.
Buy most of my furniture used, it works well for me and my wallet.
Instead of a gym, I like to hike and swim in lakes, ooh love the fresh air!
Saving time: It is ok not to have everything sparkling clean all the time: saves on time and on cleaning products.
Mizer driving style: hyper miling, why not, you will get red lights anyways.
Sell what you dont need or want, or give to good charity as Salvation Army.
Be greatful for many blessings: health, peace of mind, your desire to be frugal, not feeling need to keep up with the jones’s., not smoking / drinking.
Pack your own lunch, of course, I would not spend $5 for lunch.
Take care of your teeth, will save lots of money and give a nice smile.
Go deodorant free on your days off - let your skin breathe.
Air dry laundry, so easy while i sleep.
Have fun without spending money: picnic, window shopping, walks/hikes, walk somebody’s dog, bike, home made pizza night. Have useful hobbies.
Do a lot of substituting in cooking if some ingredients are expensive, it works quite well most of the time.
I cut my tooth paste tubes open when near empty, there is still a lot of tooth paste in there to be used up.
Some treats are much better if you make them yourself and a tonne cheaper such as sushi, vietnamese spring rolls.
Be organized: saves time, have a home for everything.
Declutter, why have a mess when you can have tidy?
Wash your hands as soon as you get home, avoid getting sick.
Just live simple, it is so simple and easy.
Dont sweat the small stuff, you really have much bigger fish to catch.
Enjoy the night sky, beautiful stars, what an amazing light show.
Listen to the rain, so cozy.
Look at the sun set, so special.
And it is free!
Just be yourself, you are better that way. No fake.


#21

I take some amount from each of my paychecks and have it auto-deposited to a side savings account that I do not have a debit card for. So, if I need to access it I have to actually go to the bank or wait 1-2 days to transfer funds to my main account. Prevents me from spending it on anything frivolous or silly.