Little things to save money

buy less branded goods when you go to a supermarket. I know a guy who works in a fish packing factory and he said to me that often the difference between the food from big brands (i.e. Birds eye, etc..) and supermarket brands is the packaging. Supermarket brands often cost just a fraction of a big brand's goods!

 

Wow, you can feed a family of five with one chicken?!

 

It has been my experience in reviewing finances for people that there are two main categories that "eat up" the money:

1) "Nickels & Dimes"; these are the lunches out, $3 cup of coffee, $2 bottle of water, $5 video rental that you did not watch, etc.

2) "Hidden expenses": the biggie here is interest on credit cards, other debt, etc. There is also late fees, paying for services you really don't even use (cable & phone features, insurance, bank account fees, etc.)

The simplest method is to track ALL your expenses, this means tracking things that you may not have paid cash for, such as credit card interest, and so on. I've found some people do not even consider using a credit card as "spending"!

After a while of tracking ALL expenses, then review the largest ones, and look for the "dollars". For instance, most people do not realize how much money they actually save by paying a little extra on their mortgage. Run an "additional principal payment" through a calculator and you'd be amazed at the total saved.

It helps to break up the expenses into categories as well, (housing, credit cards, auto, etc.). There are guidelines out there as to how an average person or family's spending breaks down.

The process is to look at your largest expenses, and try to save as much as possible. For most people it is housing that is the largest. Refinancing may be an option, shop for the best price on insurance, do all the little things to save on utilities. Also review all your bills for trends and "spikes" to see where you can save.

Keep going down the list by dollar size and category; keep the mindset that there is always a cheaper way. A "frugal" mindset is a key item.

Teg, I think this is a great thread, and I'll be back to add more, gotta run..

 

Here are a few of my tips

Keep a well-stocked pantry and freezer. Peruse the weekly grocery specials, and stock up on items you use regularly. Check out marked down meats and sales on meat and fish.

Here are some of the things I buy in bulk (or at least 4-6 at a time):

Canned (or bottled) items:
Tomatoes
Olives
Mushrooms
Pimiento
Soups
Green beans
Prepared Spaghetti sauce
Black eyed peas
Canned Tuna, Salmon
Kidney beans
Green Chiles
Pineapple chunks
Evaporated Milk
Artichoke Hearts

Various Pastas, Noodles, Macaroni

Rice

Sauces and Condiments (jam, jellies, Worcestershire sauce, ketchup, etc)

Cereals
Cous Cous

Olive Oil

For the freezer:

Veggies - love the mixed California veggies - great for cooking or side dish
Meats and Fish (shrimp - always keep bags of it)
Lean Cuisines - various types
Waffles/Pancakes
Cole's Texas Toast (ok - some carbs now and then are alright!!!!)

Produce - buy what is on special - create meals plans around the specials

If you continually buy these items in quantity, you will be able to make many different dishes straight from the pantry and freezer, and you will substantially cut your grocery bill.

Cook at home. I cook nearly every day. I am a big fan of slow cookers, roasters, rice cooker, electric skllet, etc. Have some nice casseroles of various sizes (I like Corning French White) and make casseroles ahead and freeze, if needed.

Cutting out expense on groceries can substantially impact your budget- and leave you w/ more discretionary funds (or $$ to pay down debt!!!)

Learn to sew - at least enuff to do some simple alterations

Will post some more ideas if I think of anything worth sharing!

Great thread - hope others will post ideas . . .

 

Sounds like you've covered quite a bit. Teg, I think you're doing a good job.

I always tell people to cut the cable. I have DSL, and probably wouldn't give that up. But I don't have cable. We're out in the country and don't get the broadcast TV (using antenna or rabbit ears), so basically we don't watch TV. We have a set and can watch DVDs or have someone record a favorite show.

When I first canceled it I had just gotten divorced, stuck with a lot of bills, and was working four jobs. So I didn't miss much, anyway.

Once you get used to not having TV, it's very liberating. Listen to the news on the radio (you can even stream it on the computer while doing other things). As you said, go to the library and read newspapers and magazines.

I also advise take lunches, cook at home, things you're already doing.

So I think you're well on the way.

As I said earlier, no extra on mortgage until the emergency fund is built up and the bills are paid off.

 

Another main idea I've found to save money is "buy used". This includes everything! From cars, appliances to household goods.

Places like thrift shops, Goodwill, Salvation Army, etc. have amazing bargains. Until you explore some of these places, you don't know how much you're missing. It is best to be an educated consumer, to know what is a treasure find versus "junk", and it's even fun!

Check classified ads and yard sales as well. The key factor here is planning though (as Teg stated previously). Know what you're looking for. Do not just "shop".

Teg, I can't second strongly enough the key item of budgeting. A good budget is critical to financial security and happiness. There are many good software packages that are free out there. I recommend going to www.about.com/finance and doing a search. They list some of the best free packages.

Again, great thread Teg, can't wait to see other hints from everyone!

 

Craigslist and eBay.

Get rid of stuff you don't want and get money too...

 

We cut our AUTO INSURANCE and ELEC. costs.

Hi, I'm new here, but I love your discussions. I am about the cheapest woman I know, but I want to learn many more ways to get out of debt and STAY out.

You all have already hit on the main ways to save money and I use many of the cost-saving strategies you covered here, but I discovered a new way this past week--maybe it will work for some of you:

I wanted to see if I could find cheaper car insurance so I did some online checking and checked with our current agent of over 20 years (yes, we are loyal, arent we?) and she promised to "check and get back to us"
We are in our late 40s -50s with no driving kids, with paid-for cars, so I wanted to make sure we werent paying for extras we didnt need.
From all accounts, our company was giving us the best rate we could find.

On a whim, I logged into our present insurance company's website (like a new person would who is looking for a rate) and gave our name and address and contact info. But, there is a question "Are you presently insured with us?" When I clicked "yes" a pop-up came up that said they were sorry but they couldnt help us online and to call our agent if we needed anything.

Three days later I got a letter in the mail thanking me for our many years of patronage and giving us a reduction of $25 dollars on our future renewals-which comes to $50 a year.

Then, the local agent (whom I had been calling for a week without much success) called me and realized she could "put us" with a subsidiery company and gave us almost 40% reduction in our rates! Over $400 a year!!
hmmmm is it just me? Because I am thinking of all the money we overpaid all these years.
I'm going to do the same with my homeowners insurance and see what happens --we have the same company with that also.


Another way to save money:

First of all, we got a new hot water heater that my hub installed himself. I think the new model saved us some money on the electric bill, but we thought we should be doing better.

We began saving $50 a month on our electric bill from the first month after my hub installed a programmable swith that cuts the hot water heater off at night. It cuts off at 11pm and comes back on at 6 am. My hubs takes his shower at 4:30 am and says the water is still hot for his shower.
Now we are contemplating how to time everything so that we can leave the water off for a longer stretch of the day. If hub would take his shower at night I could probably leave the hot water off until after noon--now to convince the hub of that.
Of coures, always make sure you know what you're doing when you mess with electrical things. If you have an old unit, it will likely pay you to have a pro do the work for you.

Its nice to meet you all.

 

Some more great ideas!!

Welcome to the site.

 

Lot of great ideas on here! Can't believe it took me so long to wonder over here!

For us, we stick to a REALLY tight budget, we know exactly to the penny what comes in, and what goes out every month and its broken down to each pay period. Our spread sheet is crazy long, lol. Plus, we max out on deductions to get more bang for our buck in our paychecks. It comes in handy for paying off debt and just living then waiting till the end of the year for a big check. Why not keep our money now instead of wait for it? Plus for those of us who have children to claim, typically you still get some type of refund at the end of the year even maxing out your deductions.

Plus, we budget for everything! Like, we have gas down to how many miles we actually drive each week, plus a little float room for extra errands. Say we reach the "allowed" amount for the week on one car on wednesday, but the other car still has another fill up in the budget plus already has half a tank, then we car pool with the one car till the next cycle of filling up the other. On average, we save $72 a month in gas by doing it this way.

We're also firm believers in no "extras", we don't go out for dinner unless it was added into the budget the month previous. There's no going out to the movies. We both take lunches to work and so forth. We do however work in $20 a month spending for each of us, and that can be used however we want. Should one blow it in one day, well then thats it for the month! Can't stop for a pop real quick or grab a quick bite to eat, because the spending money is gone. We also budget in $30 to eat out for days when mommy is sick and can't cook : ) Plus having that, if DD gets a good report card or something we can go celebrate safely because its always in the budget. And whatever is not spent that month, we just roll over to the next month as added income and allocate it to debt.

We're also a if its not on sale, don't buy it kind of family. Also, there's a difference between want and need. If there's a want, then its worked into the budget little by little. Whether it be $5 a week, or whatever we can squeeze in. If its a need, then we'll readjust the budget to make it work.

Also, we stock up. We have a membership to one of those "bulk" places, and use that to stock up on all our cleaning products, paper items, canned goods and so forth. We save a LOT in the long run then just watch sales at regular grocery stores. We end up having to shop less, because you just go to the pantry for what you need. But a big key with buying groceries no matter where you buy them is having and sticking to a budget! Say you budget $100 a week, keep track while you're shopping of a running total. If at the end its over the 100 then decide what to put back. All the sales in the world won't help if you don't stick to what you have set aside to spend. Now granted that's not always easy, but doing the right thing rarely ever is.

When living by a budget its also SUPER important to remember to have an emergency fund. Build it up to a grand or so as soon as you can. Then, when something does happen, sit on it for a day (if you can) and decide if its REALLY an emergency and there's not some other way to come up with the funds...i.e. cashing in all that change stored in a jar, returning your pop cans if you get deposits on them. That way if an emergency does come up, it won't effect your immediate month to month living. And your first step after, is replenishing what you spent. And over time, after your debt is paid off, having 6 months worth of income saved.

I'm also an avid thrift shopper. I'm a mom to one and one on the way, clothes don't last long enough to make it worth buying everything "new". Just about everything my child owns was bought at a thrift store, second hand shop or salvation army. The only new items she gets are special occasion outfits (wedding or xmas party) and bathing suits. Other then that, its always second hand somehow. Which she actually enjoys much more because if she's behaved awesome the whole time shopping, then we can wonder over to the toy section and pick one out for less then $2 and she's thrilled to bits!

We also don't typically buy books, we hit the library. DD and I go once a week for some new reads, which is great because she changes so fast that buying new books is a waste of money. Its a guarantee that she won't touch a book she liked last year because she's getting older and its too "easy" for her she says. And you'd have to be rich to afford the kind of variety you get from a library.

This biggest thing is just making a budget and sticking to it. Throw in all your constant expenses (mortgage, food, phone, etc), and all your "discretionary" expenses ($20 spending money, cell phones, etc). Start by keeping EVERY recipet for an entire month, and include interest on any credit cards or anything thats financed. You can't create a workable budget without knowing exactly how much you spend. And once you have that and you're ready to start paying down debt, start with the smallest. You'll be able to knock out a LOT more by doing little ones at first then concentrating all your efforts on one big one. By the time you're done paying all the little ones, then you've got say, $300 a month to throw down on the big one instead of just the minimum.

 

Save money

Go to Angel food.com and see if they are in your state. I am in Delaware and they have it here. It's not a welfare or food stamp program. It's offered by churches for anybody trying to save money on their food bill. I signed up for the first time yesterday and can't believe the amount of food you get!

 

Thanks!!

See # below for Angel Food
I never knew it, but there's one within a few miles from me. Phone # and follow prompts to enter your zip and they give you the nearest location.
1-877-Food Ministry

 

Thanks for the info everyone!

 

I've been looking at reducing my electric bill. I've replaced all the bulbs in the house with screw in flourescents. They are a bit pricey, but if you shop around you can find the six packs on sale somewhere.

Buy the twisted instead of the round looking ones. The ones that look more like a standard bulb don't last very long. The twisted type do look a bit funky in my ceiling fan though

I used to put my computer into standby mode when not in use. Not a very good idea. Turn it off when not being used.

Next thing I'm going to do is install a solar heat loop in my water heater. Simple and cheap enough to build and shouldn't be too hard to install.

So far, I've cut my electric bill by about $30 a month. The next project after the water heater is going to be converting some kind vehicle to electric. It is going to be expensive, but with gas getting ready to hit $4 this summer, it should pay for itself in a couple of years. Battery technology is big drawback. When lithium batteries drop in price, it will become more viable and you will see a lot more EV's on the road.