saving money

JHZR2 · Jun 24, 2006

minor savings in paypal is a good idea. If you have the merchant credit card (you dont really need to sell much of anything on ebay to be able to get it), then you get 1.5% back on ALL purchases you use it on...

So you sell a $5 trinket on ebay, get hit with the paypal fees... but all the while save up $1000 in the account and spend it on something you need, besting the cashback rates of more or less any credit card for stuff other than gas and groceries...

JMH

Doug · Jun 24, 2006

thanks all!

Razl · Jun 24, 2006

I started my job contributing 6% into my 401k to get the match, then 1% every 6 months after that, which was the frequency my plan allowed. Each time, the net pay was pennies...OK maybe a few dollars but not enough that I would noticed unless I had both paystubs side by side. I'm now over 20% with the match.

If I worked as close as you did, I'd ride my bike or get an electric scooter like the eGo2. My new lawn is under an acre so I'm contemplating if I need my ride mower anymore. I read great reviews on Scotts Classic reel mower and will probably get one of those next month. Selling my tractor will fetch over a $1000.

Your electric bill sounds a little high unless that includes heating/cooling. If not, consider switching to compact fluorescent bulbs for the lights you leave on most. With the recent incentives, you can fetch bulbs for about a $1 each. Also get a water heater blanket if you have a tank.

Don't buy chemical cleaning products, make your own with safer ingredients (vinegar, borax, washing soda, baking soda, vegetable soap, etc). It'll save you tons plus reduce the toxin level in your house. "Better Basics for the Home : Simple Solutions for Less Toxic Living" is a great book for this.

It sounds like you have a wonderful family and life. Money can never buy that.

TheTanSedan · Jun 24, 2006

What helped me was the advice to track every penny of expenditures for, say, three months and then break it out. Then, going solely on feeling -- did I like what I got for spending this -- re-order. Not a budget, a confidence-builder by experiment. In other words, going for the biggest picture possible made the small decisions easier.

We all think that we've done this, that we have a strategy. Not so. There would appear to be 1,000 ways to do things. Experimentation, going for an intuitive feel was of help in sorting.

Going after small things on occasion (time versus money experimentation) was more useful after setting up, sorting, and "disciplining". Small steps within categories, if you will. Persistence, not obssesion.

JAYCEE · Jun 24, 2006

Pay yourself FIRST!

Doug · Jun 24, 2006

quote:

Originally posted by Razl:
If I worked as close as you did, I'd ride my bike or get an electric scooter like the eGo2. My new lawn is under an acre so I'm contemplating if I need my ride mower anymore. I read great reviews on Scotts Classic reel mower and will probably get one of those next month. Selling my tractor will fetch over a $1000.

Your electric bill sounds a little high unless that includes heating/cooling. If not, consider switching to compact fluorescent bulbs for the lights you leave on most. With the recent incentives, you can fetch bulbs for about a $1 each. Also get a water heater blanket if you have a tank.

thanks for the ideas. I thought about a bike, but I don't have any shower facilities, cuz I'd be sweatin like a stuck pig.... Also, I only paid $400 for the riding mower, it was used. As far as the electic bill, that includes everything, A/C, etc. It's going to be 103 degrees here tomorrow, so it runs most of the day. Plus the well pump runs all the time since I irrigate every day. I did change most of the bulbs to the florencent type.

thnx....

Doug · Jun 24, 2006

quote:

Originally posted by TheTanSedan:
What helped me was the advice to track every penny of expenditures for, say, three months and then break it out. Then, going solely on feeling -- did I like what I got for spending this -- re-order. Not a budget, a confidence-builder by experiment. In other words, going for the biggest picture possible made the small decisions easier.

We all think that we've done this, that we have a strategy. Not so. There would appear to be 1,000 ways to do things. Experimentation, going for an intuitive feel was of help in sorting.

Going after small things on occasion (time versus money experimentation) was more useful after setting up, sorting, and "disciplining". Small steps within categories, if you will. Persistence, not obssesion.

Yeah, Wells Fargo online has a cool spending report that I can pull. It breaks it down to categories for each month, then averages it too.

Doug · Jun 24, 2006

I opened an account with ING Direct. I'm going to have it take money from my WF acct on paydays. I set it up for every two weeks on my pay cycle. That way I won't see it. This way it won't be accessible like the us bank savings accnt is... I didn't know about web based accnts, till you all said so.. So, THANKS!

msparks · Jun 24, 2006

quote:

Originally posted by Doug:
I opened an account with ING Direct. I'm going to have it take money from my WF acct on paydays. I set it up for every two weeks on my pay cycle. That way I won't see it. This way it won't be accessible like the us bank savings accnt is... I didn't know about web based accnts, till you all said so.. So, THANKS!

That's a great idea. It's too accessable when it's hooked to your bank and checking. I like to keep several accounts with different banks so it more of a pain in the butt to get out.

I have a janus Money Market that I would keep some in that had a checking account, except there was a minimum of $500 to write the check so you couldn't just use it for anything, but if it was an emergency or something big I could write a check out of it. It also paid a little better than a savings.

I think you have to have $3,000 to open an account though.

The_Jeff · Jun 25, 2006

Read mother earth news online. They have articles from the 70s onward and all sorts of crazy ideas.

You might be able to find a way to divert your washing machine/ dishwashing greywater to irrigate your grass. (I wouldn't irrigate food with it.)

You might be able to landscape with rocks or moss or wildflowers that need less mowing and irrigation.

Just try some hippie-dippie stuff out, it could be good for the planet and your wallet.

Al · Jun 25, 2006

IMHO a "Must Read". Its an easy read and its not going to make you an expert. It will steer you in the right direction.

Slick 55 · Jun 25, 2006

Eating out 2 times per week is a pile of money in a months time. You could easily save $250 a month by cutting that back.

PandaBear · Jun 26, 2006

As a cheap bast-ard grew up in a slum (only 28), I can say a few about my experience and advice:

1) Think small, think efficient: what you spend on may add up, like gas (0.10 cheaper gas on no-name station vs. Chevron or Shell), food (always buy generic brand and bulk, don't buy luxury food or pre-processed food), clothes (salvation army, outlet, and buy things that you wear every week), utility (use fan instead of AC, etc).

2) Think before spending: is it worthed to work 1 whole month just to buy the new big screen HDTV?

3) Buy used: craigslist has lots of good used stuff.

4) Carpool: well, you are only 3 miles away, so it won't help.

5) Home business: have your wife babysit a few more kids, or do ebay for you.

6) Education: educate yourself more for a higher income (i.e. go back to college if you haven't got one, go for a master if you don't, etc).

7) Get as many rebate credit card as possible: Chase business card has 3% rebates on restaurants, gas, home improvement, and office supplies; Citi Dividend Platnium has 5% on gas and groceries. Put everything (and I mean everying down to $0.50) on credit card and pay it off every month. I get $100+ rebates per year.

I have been saving 70% of my aftertax money since I graduated college, and yes, I lived at home with my parents and pay them rent (in the 30% living expense), carpool to work (makes $15/day before gas, $8 after gas), bring my own lunch, maintain my own car, and bring back all the free bagels from work on Friday for weekend's breakfast.

Now I got $100k saving in 4 years and my girlfriend got $100k doing the same in 5 years.

Al · Jun 26, 2006

quote:

Originally posted by PandaBear:

Now I got $100k saving in 4 years and my girlfriend got $100k doing the same in 5 years.

My hat is off to you. You pretty well hit it. Generating wealth is painful..make no mistake about it (as you know). We operated in the same mode all our married life. Now once the kids were through college we have loosened up a bit. But being able to retire at 55 and having had no worries about money through the years was (in my opinion) worth the sacrifice.

Again congrats.

Schmoe · Jun 26, 2006

Wow. That is CHEAP!!! The wife and I have about 20K saved up and wondering what we are going to do with it. Getting 1.5% interest from the bank isn't jack. We have an acre of land up by lake Texoma that we would like to build on, but I am now questioning if it's worth flopping down 30K on. It's also a 3 hour drive one way. It's pretty and one huge lake, but I just wonder if it will even be worth it. All our other stuff is good to go...10% retirement, company matched up to 5%, medical/life insurance good, 529 plan for the daughters college fund is good. We refinanced the house for 15 years, with 8 left on it and have only one car payment. Anybody got any insights?

JHZR2 · Jun 26, 2006

3 hours one way is a bit far... my parents built a weekend house about 1.25 hours away, and we went most every weekend. It was great for family time, and we have so many memories... granted, we alays had chores to get things done there, and my mother cleaned two homes as a result.

But was it worth it? Definitely.

But is a 3hr drive worth it? thats a bit far to get to often...

JMH

Papa Bear · Jun 26, 2006

There is no voodoo here. If you make $1000 and spend $800, you will save $200.

Like dieting ... how can I get slim and trim ??
1) Eat less and/or 2) Exercise more
Calories in vs. calories burned ..... that's it !!

Be realistic and truthful with your budget, live within your means. It's all about choices.

Stay balanced in your finances, don't be TOO tight or loose with your money. Savings has to be a part of your budget ALONG WITH entertainment.

Doug, I was always going to be happy "WHEN".... when the mortage was paid off, when I had more money in the bank..... DON"T GO TO EXTREMES (I know, I know,...just the fact that we are BITOG'ers means that we are extreme !!)
Get a good balanced plan, stick to it as best you can, and don't overanalize it... It will work out .
Enjoy the scenery along the way !!

P.B.

Benzadmiral · Jun 26, 2006

Don't have any more children! Especially don't do it if *you* don't want to -- i.e., "When are you going to give me more grandchildren?"

Don't give in to peer or family pressure, is what I mean.

-- Paul W.

JHZR2 · Jun 26, 2006

I think P.B.'s advice is about as good as it gets!

JMH

Doug · Jun 27, 2006

quote:

Originally posted by Papa Bear:
Stay balanced in your finances, don't be TOO tight or loose with your money. Savings has to be a part of your budget ALONG WITH entertainment.

Doug, I was always going to be happy "WHEN".... when the mortage was paid off, when I had more money in the bank..... DON"T GO TO EXTREMES (I know, I know,...just the fact that we are BITOG'ers means that we are extreme !!)
Get a good balanced plan, stick to it as best you can, and don't overanalize it... It will work out .
Enjoy the scenery along the way !!

P.B.

Thanks. We aren't going to extremes. I just finished with my ING Direct Accnt, I already have it taking $out of my paycheck on paydays so we won't see it. We;ll do this for a few months and see if we need to change it. thanks.

saving money

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