Advice on cutting finances/saving money

[Ricky]

I found out today from my gf that I have a very unexpected expense coming up. I'll spare you the details, but it's not pregnancy or anything crazy like that, but even so it's quite more expensive than expected.

Next month I have another major expense I'm expecting as well.

I'm looking for tips on cutting spending all across the board. From the smallest tip to the biggest I'd love any advice.

First off as small as it is here's what I'm thinking

1) Cut out eating out, cut out Starbucks, etc buying coffee unless I'm studying which is a positive enough reason to spend $2 for a few hours of productive work.

2) Limit travel as much as possible (I hate this, but i knew I had some belt tightening to do after recent credit card statements and a vacation). Also drive less if possible. Combine trips in an intelligent manner to limit gasoline usage.

3) Don't buy any new clothes, etc for the next few months. Only buy what's needed for replacement

4) No bars or clubs or buying beer on the town unless with some of my gift certificates I have. I haven't been hitting them much lately and I sure can't start now.

5) Eat all the stuff I have in house that's been sitting around and is still edible! Buy only health stuff, no more soda, candy, beer, etc. Buy the cheapest healthy foods. Advice on this would be appreciated.

6) Quit shopping, especially with the gf. Spend that time studying instead

7) Hit the gym, run and lift regularly to relieve stress and have a free activity to do.

8) Go to all the fun free events in town and avoid the expensive concerts etc (with the exception of an event or two I already had planned for next month)

9) Spend more time with the parents. My mom is a great cook and the food there is free! YEAH

10) Get free meals from the gf's restaurant like I do 3 nights a week. Don't cook dinner that night.

11) Rent videos/books from the library instead of buying them or going to the video store.

I know this sounds crazy but I'd love to cut every last penny. I'm not above crapping at work to avoid buying toilet paper!

I will be the most miserable miser for the next few months. This should actually be fun!


Any suggestions you have would be great

 

[Ricky]

Another item I'm considering is getting a second job.

I make pretty good money and my job often requires weekends, overtime (unpaid I might add), so it'd be hard to balance but it's a thought for a temporary fix.

My gf is picking up some extra days too. We are kind of jointly responsible for the stupid error that led to the unexpected mistake so we both have to do our part.

 

[backbreaker]

i mean.. 1) how prepared are you for this expence and 2) how BIG is it. I mean we talking 1,000 big or 10,000 big (or more )

if it's the latter, don't even kill yourself with stuff like cutting back on food. If it is that big, look into taking out a loan to bear the blunt of the expenses.

 

[mpimpin]

Ok you have caught my interest I would like to know what the unexpected mistake is if not pregnancy! If you don't wanna share over the forums PM me. Lol Anyways Your budget plan sounds great!

 

[BluEyes]

It could be a necessary surgery or medical expense, IRS, wedding, any number of things... If he doesn't want to tell, don't ask.


to the OP, get in the habit of using your bike whenever you don't absolutely need to use your car. That nails the exercise plan at the same time as saves gas money(I'm at like $30 per week)

 

[TheNewGuy]

It could be a necessary surgery or medical expense, IRS, wedding, any number of things... If he doesn't want to tell, don't ask.


to the OP, get in the habit of using your bike whenever you don't absolutely need to use your car. That nails the exercise plan at the same time as saves gas money(I'm at like $30 per week)

I'm at around $50

 

[backbreaker]

what the **** is this, the price is right? Tell us!

 

[Bible_Belt]

Buy the cheapest healthy foods. Advice on this would be appreciated.

Dried beans, lentils, and rice are the cheapest way to eat. It is less work to eat canned beans, and they are only slightly more expensive. Garlic is good for flavor. Peanut butter sandwiches are pretty cheap as well. You can actually subsist for less than a dollar a day. A meal probably costs 30-50 cents, mixing in just one of these meals a day, in place of, say, a $3 tv dinner, would save over $75 a month.

 

[BluEyes]

Grow your own veggies if you're in the burbs... Take up gardening as a hobby and watch your veggie bills plummet.

That or go single again... That's always cheap

 

[theunflushables]

Tuna is like 75 cents a can. Mixe with some non fat miracle whip which is like 3 bucks jar, very cheap and healthy way to eat.

 

[~attrACTION~]

- Ride a bike instead of driving. I know I spend around $200 on gas every month.
- Cut your own hair.
- I had a friend who literally lived on oatmeal for 6 months. It's possible, and very cheap.

Instead of trying to cut costs, why not sell some of your stuff? Sell your car. You can always buy another one later. If you have any jewelry or valuables, sell them. TV, video games, electronics, etc. You can sell your bed, your furniture, etc. and sleep on air mattresses.

If you pay rent/mortgage, try downsizing. Or, if possible, try to rent out part of your house/apartment to someone else. If you sell your furniture, you can rent out parts of your place as storage area.

Or...you could get a second-job. I'll be done with a guide on how to make some extra income on eBay pretty soon. If you work hard at it, you can make around $2k-$4k per month, tax free (you don't have to report eBay income under $50k/yr).

Whatever your situation, best of luck.

 

[NickBe]

How about get rich so you do not have to worry about cost cutting?

 

[Ricky]

I like these suggestions.

Really cutting finances isn't a bad idea for everyone. You never know when you will have some unexpected expenses.

Well, in the fall I had an unexpected expense because I was a dumbass and wrecked my car. The current unexpected expense is educational related and I'll have another educational expense next month that I have to pay. So overall in the last few years my spending has been higher.

As far as eating cheaper I am very intrigued about it because I think this will double serve the goal of cutting a bit of fat, eating healthier and saving money.

I was hoping to move to a condo or house soon so saving for that is another expense. I could save some money pretty quick if i move to a cheaper apartment though. That could make a quicker difference, but I hate to move again especially since I want to be in the market to own not rent finally after many years.

 

[Abbott]

If there's something you can't give up, consider cheaper ways of doing the same thing.

About coffee: Do you have a coffeemaker?

You can buy a coffeemaker and a grinder for $50-$60 total, and I always get the $9/lb. coffee. You can make many pots out of a pound, and it's way cheaper than always getting take out at a coffee shop.


That's just one example.

 

[Skel]

1)Dont eat out or eat fast food. Shop for your food and cook yourself. Not only is this more healthy but its a money saver.

2)When driving dont drive fast. You will burn gas faster. Also this will save you from getting tickets and also save your insurance from going up. If your car is kind of old you may look into taking a higher deductible and removing full coverage from your car. Remove any excess weight from your car. I use to carry golf clubs in my car. They weigh almost 60lbs.

3)Take shorter showers and if you use a dishwasher make sure you pack it in full so you dont waste water while doing wash cycles. Remember to turn off lights and computers when you arent using them. This adds up.

4)If you like to go out to bars/clubs, buy your own alcohol. Have a few drinks before you go. You know how expensive going out can be so why not save yourself some money buy buying your liqour at the package store?

5)For the smokers and pot heads. QUIT! They are expensive and dirty habits and bad for your health.

6)To save money in the long run, pay more than the minimum on your credit cards and stop using them to buy crap. The interest alone will bury you.

7)Get rid of showtime and all those extra stations you may be paying for. If you really are into movies get an online service like blockbuster online. For what you get, its cheaper.

8)Stop running the central air when its only 80 degrees out. Open a window and put on a fan.

 

[Sir Juanalot]

http://forums.moneysavingexpert.com/

Have a mooch through here, its UK based so not sure how well it translates to where you are. It's a great site though.

 

[Vulpine]

* Don't keep money in your wallet, keep it in your bank.

My wallet is nearly always empty. Most often, I don't even bother carrying it around.

As for eating healthy, potatoes are cheap, as is rice - get that water boiling!
If meat is your preference as it is mine, often you will find "scraps" packaged in large bulk quantities in the deli. Things like pork loin ends that are odd shaped and won't go through the slicer nice, chicken wings/drums, stew meat... you know, "scraps". If you keep an eye out, you'll likely find some awesome deals - but be prepared to buy several pounds at once and freeze a lot of it. Oh, and don't be fussy: snag up those beef briskets and "garbage" meat and become proficient at preparing them so they aren't bad. I've made brisket on the grill that has been better than many prime ribs I've had! Some meats may appear "scary" due to being packaged in juice or in bags, but don't let that stop you from giving them a try. And, the single best food for cheap living in my opinion: eggs. Eggs, eggs, and more eggs. They are cheap as dirt, portable, versatile, and tasty.

I have a planter full of lettuce growing in a spare room window in my apartment. Just walk up with a scissors, snip - snip, salad's ready! Organic! No need to wash! Cost? It cost me 99¢ for the seeds - I scavenged the pot and soil from neighbors chicks. You could make a pot out of some random container and dig up some dirt for free as well. A dollar for unlimited food? Sh¡t like lettuce grows like grass: year round if you let it. Next to the lettuce, onions and serrano chilis. Oh, and chicks dig plants. I'm not much for dust collectors and other ornaments, so my plants have a purpose!

Finally, live in the dark. In the city/suburbs, there is a LOT of ambient light. Your eyes adjust and your night vision gets better. If you are just going to do something routine, like get a snack out of the fridge, keep lights off. Open blinds at night to let light in, keep them closed during the day to keep light out. Not only does this save on lights, but on the heating/AC as well. The biggest power draw items are those that produce heat: electric stoves, george foreman grills, curling irons/straightening irons, space heaters, and toasters jack your energy bill - mind their usage. Not only are you being frugal, but you are being environmentally friendly: bill it as such. I've had $17 electric bills. My average bill, though, is $21-$22. Mind you, I have a 2 bedroom apartment and a chick roommate. She doesn't mind the "rules" because she's used to $150 bills and appreciates the environmental impact.

Oh, and candles are great: easy on they eyes, smell nice, "romantic", and women love buying them for you. It doesn't get any cheaper than free.

 

[Francisco d'Anconia]

Have you taken the time to calculate how much you spend a month on each of those things? Maybe just a better management of those things may allow you to still partake in some of those activities within reason. Also, I didn't notice anything about a cell phone and/or cable television. Those are major expenses which could be cut back without eliminating.

 

[azanon]

1. Start at the top: Your biggest expenses are your house and your car. If you're paying too much for housing/rent, then move/sell. If your car payment/maintenance is too high, sell it and get something cheap! Both sell without too much difficulty. These two things can save 100s, if not 1000s.

2. Eliminate debt (exception being house and maybe the car). Paying for everything + paying ridiculous interest means over the long haul, you're simply paying too much for everything. Over the long term, you actually get more stuff if you never borrow - that seems strange, but the mathematics doesn't lie.

3. Make your life less taxing; use IRAs, 401(k)s etc., tax advantaged programs, etc. See how little of your money you can give to the government and Social Security. Of course this can get you rich over time too.

4. Pay yourself first in a money market fund or something like that and build up a stash. Car payment sized deposits! Then, when you're really in a bind, you have that money hole!

5. Learn the art of frugality, and contentment with what you have. Having to keep up with a bunch of stuff is just too stressful anyway.

6. eBay stuff you don't use, want or need anymore. One man's junk is another man's gold.

7. Be a year or two behind in technology. People that live in the current year of technology pay about double..... or triple.

8. Rarely buy local or in stores if you can get it from Amazon. Can you say, about "as cheap as you can find something" + no tax (provided you don't file use tax) + usually no shipping cost either?

I could go on, but these are a few biggies.

 

[dot]

The whole saving **** is bull****. You have people who preach it as a way to get rich, but it's not. Saving is bull****. Trust me, I know people who save and people who have saved all their life.

I once read this book saying that the only difference between different classes in America is how much they save. What a stupid thing to say.