Tell me how you save money

maratea

Have you consolidated your student loans, ewhit? That made it a zillion times easier for me to pay my loans, since I only had one payment as opposed to 5 or 6 each month.

ewhiteman06

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_tell-save-money?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:b8be7952-231f-4a23-abf9-b850a0db2140Post:0c25b303-a33e-45c0-91cc-40947be20d37">Re: Tell me how you save money</a>:
[QUOTE]In Response to Re: Tell me how you save money : If you know how much they are and how much the interest rate is, you can do a super simple amortization schedule (or you can PM me and I can do it for you) to estimate your payment over the standard 10 years. 
Posted by SarahPLiz[/QUOTE]

<div>I'm a little confused because I have loans from my undergraduate degree (both subsidized and unsub) as well as when I graduate in December I'll have loans from my graduate degree (sub, unsub and plus loans). </div><div>
</div><div>Does consolidation just make it so you can make one payment a month? Financial stuff makes my head spin so I think that would be the way to go.</div>

SarahPLiz

If they are all direct loans, then they are essentially a one payment thing. If they are all from different lenders, then you  could benefit from consolidation, as it standardizes your interest rate as well. Just make sure you are getting a lower interest rate than most of your loans or consolidation could end up costing you. If they are all with the same lender, there is no reason to consolidate unless they offer you a lower interest rate. 

And you don't have to pay back PLUS loans, from what I understand. Your parents (or whoever took out the loans) do. They can't come after you for those. You may have to pay back your parents though, depending on your arrangement with them. 

Someone in your financial aid office at school should be able to get you your lender's information and help you figure out your total balance and your interest rates. 

ewhiteman06

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_tell-save-money?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:b8be7952-231f-4a23-abf9-b850a0db2140Post:4716252d-71e4-47c3-b9ed-0025a06f88d3">Re: Tell me how you save money</a>:
[QUOTE]If they are all direct loans, then they are essentially a one payment thing. If they are all from different lenders, then you  could benefit from consolidation, as it standardizes your interest rate as well. Just make sure you are getting a lower interest rate than most of your loans or consolidation could end up costing you. If they are all with the same lender, there is no reason to consolidate unless they offer you a lower interest rate.  And you don't have to pay back PLUS loans, from what I understand. Your parents (or whoever took out the loans) do. They can't come after you for those. You may have to pay back your parents though, depending on your arrangement with them.  Someone in your financial aid office at school should be able to get you your lender's information and help you figure out your total balance and your interest rates. 
Posted by SarahPLiz[/QUOTE]<div>
</div><div>It's a Grad Plus loan so it's all on me. You're right about the parent plus loans that are offered to undergrad students/dependents though, they do have to pay those back. My parents were not willing and I've been an independent for 3 years. </div><div>
</div><div>They are all through the same lender so that's pretty straight-forward. I will be making an appointment soon so I can be prepared. </div><div>
</div><div>Thanks so much for your help. It's nice to have people who "get it" explain it to me :)

</div>

alynne1113

We eat a ton of game meat so our meat bill is pretty non existant. I buy the 50% off yogurt at the store, since I eat/drink about $30 a week in yogurt it does help and its usually gone before the expiry date, if not it goes to our dogs (who are a big part of the yogurt bill since we feed them some everyday)

We are sooo bad at going out for dinner, I say we spend $300-400 a month on date nights and dinner, I can't help it I LOVE eating out and being around people. We are trying to have people over instead and that saves a bit, and I know that we need to stop.

We are going to be commuting together which will save us HUGE amounts of money and living closer to the town we will be both working in, in the spring since our gas bills are almost more than our rent!

I wish that I could save more money on groceries but we eat tons of fresh produce and in the winter months it is extermely expensive. In the summer the farmers markets cut our grocery bill in half.

entropicbeauty

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_tell-save-money?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:b8be7952-231f-4a23-abf9-b850a0db2140Post:23f33395-a0ea-419b-b2a3-6ee6f4d1f091">Re: Tell me how you save money</a>:
[QUOTE]Our biggest downfall, BY FAR, is entertainment-drinks with friends/dinners out/brunches. But we enjoy it so much! We recently discussed only going out for "nice" dinners once a month, and me limiting my nights out with girlfiends to once every 2 weeks instead of once a week. It's hard.
Posted by jennamarie10[/QUOTE]

Instead of going out with friends, invite them to come over and do a "girls night in" - I save SO MUCH MONEY not going out with friends. Even if you buy yourself a bottle of wine or vodka, that is a lot cheaper than buying 3-4 bar drinks. OR if you're not looking to drink, even cooking a meal with your friends is cheaper and more intimate! FI and I like to bust out board games with our friends and it's a great way to hang out with friends and not spend money.

I'm one of those coupon people - I am in a position where I find out about deals at a certain compnay far enough in advance that I'm able to plan when deals will overlap and I take advantage of that. It's allowed me to save $200 on a single shopping trip in the past (gotta love 20% off groceries coupons!). When I get good coupons, I WILL stock up at the cheap price and it saves me a lot of money in the long run.

I also utilize my store credit cards for the rewards points. I put almost everything on my credit cards and pay them off each month. When the rewards come up, I am then able to use them on myself as a "treat" (the key to doing this though IS making sure that you pay the balance every month to avoid interest. I have a single credit card that I keep a low balance on and that is just to help my credit score)

Starmusica

I have a related question- for those of you that save with coupons- how do you coupon?? Our local papers are only so so and I have no grasp of online couponing.

ewhiteman06

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_tell-save-money?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:b8be7952-231f-4a23-abf9-b850a0db2140Post:50a222e3-b7b8-4a15-a7c1-436f904c82b4">Re: Tell me how you save money</a>:
[QUOTE]I have a related question- for those of you that save with coupons- how do you coupon?? Our local papers are only so so and I have no grasp of online couponing.
Posted by Starmusica[/QUOTE]

<div>I'm wondering this too.</div>

SarahPLiz

Also, this seems counterintuitive, but I have unsunscribed to all the DEAL websites (woot, zulily, ruelala, groupon, etc) that send me emails daily. I don't need to see everything that is on sale. I only need to see things that I NEED when they are on sale, so I research purchases before hand to find the best deal. Instead of feeling tempted to buy lots of stuff just because its on sale, or feeling bad because I can't, I can make a few well thought out purchases and maximize the value.

SarahPLiz

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_tell-save-money?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:b8be7952-231f-4a23-abf9-b850a0db2140Post:1e799f5a-2593-44de-95d6-ffb5dc5b4a00">Re: Tell me how you save money</a>:
[QUOTE]In Response to Re: Tell me how you save money : I'm wondering this too.
Posted by ewhiteman06[/QUOTE]
Me too. Our local paper is good, but my local store never has anything on sale when there is a valid coupon out for it, or they make their own coupons to put stuff on sale and you can't use 2 coupons for the same item. I just gave up and just shop the sales. We don't have any room for stockpiling anyway. 

ewhiteman06

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_tell-save-money?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:b8be7952-231f-4a23-abf9-b850a0db2140Post:8e0f37b3-9e13-4ceb-b4b3-a7f0c77e95d7">Re: Tell me how you save money</a>:
[QUOTE]Star, I don't find many coupons for the stuff we consume.  I'll occasionally use them on cleaning products and some beauty things, but we eat a ton of fresh foods and I never see coupons for produce or meat around here. <strong>I'm not going to start eating hamburger helper and a bunch of other processed stuff to save a few bucks.</strong>
Posted by ILoveMilkDuds[/QUOTE]

<div>This is exactly what frustrates me about shows like extreme couponing. Most of the food they save on is soda,candy, chips and processed food. While it's great to save money, you're not investing in your body when you fill it full of junk. </div>

krizzo17

ewhiteman, I don't know how standard this is, but my student loans (4, ranging from 1500 to 5000) all had minimum monthly payments between $45 and $55, but they didn't tell me this until the first payment was due.

As far as the rest of how I save:

25% of my take-home pay goes to student loan repayment (this is way more than is recommended, but if you can, do it - it feels great to make so much progress so fast)

10% pe-tax goes into my 401k, and every time I get rid of an expense (I was paying 2 rents for a while, I had to pay off my credit card after graduation, etc), I increase my percentage that I contribute. If you increase it a little at a time, it's less noticable.

I have an extra $25 in taxes taken out each paycheck. This covers me in case I ever owe extra taxes for any reason, and if not, I get at least a $600 refund each year, which is always a fun surprise.

Every time I go grocery shopping, I get $5 cash back and put it in a jar.

I don't eat red meat, and I buy chicken and fish in bulk, usually pre-frozen (I hate this, but I would hate the cost of fresh meat more)

SarahPLiz

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_tell-save-money?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:b8be7952-231f-4a23-abf9-b850a0db2140Post:f19cbb83-7393-4dca-adf2-a902b0b5a093">Re: Tell me how you save money</a>:
[QUOTE]ewhiteman, I don't know how standard this is, but my student loans (4, ranging from 1500 to 5000) all had minimum monthly payments between $45 and $55, but they didn't tell me this until the first payment was due. As far as the rest of how I save: 25% of my take-home pay goes to student loan repayment (this is way more than is recommended, but if you can, do it - it feels great to make so much progress so fast) 10% pe-tax goes into my 401k, and every time I get rid of an expense (I was paying 2 rents for a while, I had to pay off my credit card after graduation, etc), I increase my percentage that I contribute. If you increase it a little at a time, it's less noticable.<strong> I have an extra $25 in taxes taken out each paycheck.</strong> This covers me in case I ever owe extra taxes for any reason, and if not, I get at least a $600 refund each year, which is always a fun surprise. Every time I go grocery shopping, I get $5 cash back and put it in a jar. I don't eat red meat, and I buy chicken and fish in bulk, usually pre-frozen (I hate this, but I would hate the cost of fresh meat more)
Posted by krizzo17[/QUOTE]
You are better off putting this in a savings account. I know that interest rates are low, but the government doesn't pay you any interest for using your money all year long. You'd still have it available if you owe taxes. ANd if you don't need it, you still have it sitting there accumulating for some other emergency need, instead of seeing it as a windfall at the end of the year, 

jennamarie10

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_tell-save-money?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:b8be7952-231f-4a23-abf9-b850a0db2140Post:bfae1565-016f-4c75-96d9-ad76b377172c">Re: Tell me how you save money</a>:
[QUOTE]In Response to Re: Tell me how you save money : Instead of going out with friends, invite them to come over and do a "girls night in" - I save SO MUCH MONEY not going out with friends. [/QUOTE]

Funny you say that, I had the girls over last night. I probably spent the same I would have at a restaurant because I provided everything, but it was very fun, and probably healthier, at least. And, if the trend catches on, I think we would lower the expenses overall as each girl would take a turn making something.

I think I'm going to take out some cash today and I can't spend more than what's in the envelope. I think I'll put my "main" credit card at home, too.

I purchased 2 new work shirts (on sale) today online though, and now I'm seriously reconsidering. I get so sick of my work clothes so fast!

froggatt.clare

We aren't the best at saving, but are still able to do little things:
- We both take public transport (we don't actually own a car, though).  For longer journeys, we belong to ZipCar.
- Since we moved in Sept, we cook a LOT more, because we have counter space and a kitchen that's larger than a shoe box.  Our local supermarkets used to be Whole Foods and Shaws, both pretty expensive.  Now we go to Stop and Shop, which makes a huge difference
- I make coffee every morning.  It seems so "duh!" but for a long time I didn't.  Instead of buying fancy or flavor coffees, I get generic and add a lot of cinnamon to the grounds before brewing.  Just as good.
- I RARELY spend more than $30 on an item of clothing or a pair of shoes.  I only buy something if I really, really love it.  I don't necessarily wait 24 hours, but I know what I will wear and what I won't.  I shop at secondhand stores and get a lot of great deals.  I also look for outfit ideas for my current wardrobe on sites like pinterest.
- I bring my own bags to the grocery store.  Yeah, you only get a nickel off your purchase.  But that adds up in the long run.
- I don't have much brand loyalty when it comes to cosmetics.  I usually buy what is on sale at CVS for shampoo, conditioner, toothpaste, soap, and makeup.

Starmusica

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_tell-save-money?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:b8be7952-231f-4a23-abf9-b850a0db2140Post:8e0f37b3-9e13-4ceb-b4b3-a7f0c77e95d7">Re: Tell me how you save money</a>:
[QUOTE]Star, I don't find many coupons for the stuff we consume.  I'll occasionally use them on cleaning products and some beauty things, but we eat a ton of fresh foods and I never see coupons for produce or meat around here. I'm not going to start eating hamburger helper and a bunch of other processed stuff to save a few bucks.
Posted by ILoveMilkDuds[/QUOTE]

<div>
</div><div>ok- totally agreed on this! I am glad I am not the only one! I wish grocery stores would do coupons on fresh items. I guess that is unlikely to EVER happen.</div><div>
</div><div>
</div><div>My biggest savings tip- shop online and always search for coupon codes. Do not be afraid to call companies if the code doesn't work. I know this sounds OBNOXIOUS, but 9 out of 10 times, the company will happily honor a discount like that. I saved us a ton on wedding items that way and I've used this in every day life. In general- shop online, but also call. For example? I asked vistaprint for free upgraded shipping on our christmas cards- got it. </div><div>
</div><div>Also- Amazon! If you can upgrade to prime, you can purchase a lot of daily items much cheaper than in the store and avoid shipping costs.</div>

soontobemrsep

I've been told I have a weird way of saving money... But it works for my FI and I, maybe it will work for you too!
I have about 6 different savings accounts. One is my general savings account and it is tied to my checking, the others are accounts that are not tied to my checking... Each paycheck I put a certain amount in each account, I have an account for my dog, mortgage, vacation, wedding, and rainy day.  This forces me to actually pay attention to my checking account, when before I would just spend away since I knew I always had money in my savings and if I overdrafted it would automatically pull (no OD charges at my CU) from one of the accounts.

HeatherMKR

I'm a couponer (not totally extreme, but I do have a stockpile). It takes some time, but it's totally worth it to me. I was doing it by myself, and after a few times, I took my fiance with me. Once he saw how much money I was saving, he started helping. We don't have to buy toothpaste or laundry detergent for a while. We just try to have a couple backups on hand of almost everything. We also started going to a bread store (hostess) to get loaves of bread cheaper and we freeze them. I've had some health issues over the past few years, so any money I save, I try to put towards paying off my medical bills (i.e. 2 shoulder surgeries, ER visit and 1 month later I had my gall bladder removed). 

NoAngelx

Yes transfer your debts to a card with a low or zero intereste rate and then pay off as much as you can before the promotional rate runs out, Then transfer to another if you have one, or call the card company and ask for a lower rate!
I'm sort of a credit/specialist and I am obsessed with keeping my bills low and credit score as high as possible.

JennaV26

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_tell-save-money?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:b8be7952-231f-4a23-abf9-b850a0db2140Post:f4ed8804-e923-427d-a156-08fa9da0ce2f">Re: Tell me how you save money</a>:
[QUOTE]Also, this seems counterintuitive, but I have unsunscribed to all the DEAL websites (woot, zulily, ruelala, groupon, etc) that send me emails daily. I don't need to see everything that is on sale. I only need to see things that I NEED when they are on sale, so I research purchases before hand to find the best deal. Instead of feeling tempted to buy lots of stuff just because its on sale, or feeling bad because I can't, I can make a few well thought out purchases and maximize the value.
Posted by SarahPLiz[/QUOTE]

<div>I am just the opposite! I'm not a very loyal consumer even though I do have some favorites. We have a local deal Website/email program that sends out coupons for local business and I've noticed they're on a monthly schedule. That being said I get to buy one coupon for my favorite restaurant every month and I only go if we have a coupon. Car washes? Dry cleaners? They're all there. I once got a comforter cleaning for $9! I also keep an eye out for things like dental exams, eye exams, routine things that I need but don't necessarilly have a set office/doctor to go to. </div><div>
</div><div>I am also an advocate of having money taken directly from my check and deposited into my savings accounts. </div><div>
</div><div>Another thing that has been a huge money-saver for me is that I've quit drinking. DH and I have saved so much money by not going out to bars, not ordering wine at dinner, not picking up bottles here and there. My checking account as well as my pride and waistline are all rejoicing!</div><div>
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NuggetBrain

We auto-deposit into a savings account each paycheck.  Otherwise we'd spend it.  Also we put whatever money we have left over at the end of the month in our checking into another savings account.  We don't really do anything actively to save money, though.  We're total consumers.