Tell me how you save money

ewhiteman06

I'll be graduating in December and will be beginning the lovely process of paying a monthly student loan payment. I'm trying to scrimp and save to pay off my auto loan and credit card before then (or a large bulk of it).

Tell me how you save money: weekly, monthly, annually. Big ways, little ways, I wanna hear it.

Here's some of what I already do:

- Share internet with the guy downstairs

- Use netflix, redbox instead of going out to movies

- I coupon a little (I'd love to hear more from those who do it religiously)

- Buy in bulk then freeze

shaydenise

We have a set amount that we put into savings each month and we treat it as a bill.  Meaning, we don't put what's left over each month in savings, we put what we want in savings then use the rest for other stuff.

Other things:

-I found an app on my phone that finds recipes based on what's on sale at your local grocery store that week (it's called "food on the table")

-We both pack lunch everyday rather than buying

-We bought a programmable thermostat for the house so if we forget to turn off the heat/air when we leave it automatically does it

-We keep a spreadsheet that itemizes our spending.  This really helps because you can see exactly where you're spending and where you can cut back.

I know there's other things, I just can't think right now.

SarahPLiz

I wear the same thing to work every week. No more spending on clothes until I am too small for my old ones.I have 2 pairs of pants and 1 skirt that fit, and about 6 shirts and one black blazer. If people get tired of looking at me, I'm sorry. .

I use 2 different grocery stores, depending on which one has the lower price on what I need. I don't have time nor space to coupon and hoarde (I mean stockpile) so I have to deal with weekly sales. 

We eat a fair amount of beans so I buy dry, cook and freeze in portions instead of buying canned. This way I can control the sodium as well. 

The easiest thing for me to do, however, is have part of my paycheck go into a savings account that I don't see when I log into my bank account. Its at a separate institution. I never check the balance because I don't want to ever feel comfortable with how much is in there and let myself think I don't need to keep saving. Also, I never see the amount since I don't look at my paystubs so I just spend what we have. 

anna.oskar

*only buy luxury food and other items if we have a coupon.
*Clip coupons and meal plan
*Sam's Club membership has saved us tons on canned veg and paper products
*Only fill up the cars on big discount gas days at our supermarket
*Stick to mostly in season foods as they're cheaper usually
*DIY home projects instead of buying ready built or hiring someone
*Bulk meats and then indiv. package and freeze them myself
*Never impulse buy.
*Groupons
*Limit eating out to special occasions.
*No movie rentals
*Put half of after expense $ in savings.  out of sight out of mind.

Nebb

We have a store loyalty card for groceries, we get points (regular and bonus deals) and certain incrememnts of points gives us $ discounts. We check the flyer every week to see what's on sale and what is bonus points but we only buy what we need/use. For a long time we did the jar system, x amount for food/transportation/entertainment/toiletries and that was all we could use. It really helped us cut out silly spending. We keep our credit cards at home. We very rarely (if ever) eat out.

AllAboutTheBenjamin

Meal planning has helped me a lot.  I used to go to the store and buy all kinds of random shiit and drop $150 or more.  With meal planning, trips to the store rarely reach $100.  It's more like $50-$75.

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:6e3398bc-3c30-4189-8fd1-eac5cb6bb4f4">Re: Tell me how you save money</a>:
[QUOTE]We have a store loyalty card for groceries, we get points (regular and bonus deals) and certain incrememnts of points gives us $ discounts. We check the flyer every week to see what's on sale and what is bonus points but we only buy what we need/use. <strong>For a long time we did the jar system, x amount for food/transportation/entertainment/toiletries and that was all we could use. It really helped us cut out silly spending</strong>. We keep our credit cards at home. We very rarely (if ever) eat out.
Posted by Nebb[/QUOTE]

<div>I'm thinking about doing this. I have almost all my bills come out the first week of the month, so what's left are those things you mentioned. I am an impulse spender and buy a ton of shiit I don't need. I think doing something like what you're talking about or using an envelope system to help me visualize how much money I'm actually spending</div>

achiduck

We save by doing:

1) Having a set amount go into a high-interest savings account. Right now it's the wedding savings account, but after October it becomes a house savings account.
 

2) Meal planning - we've been able to eat really well on what FI would consider a small food budget (I consider it reasonable) by doing this.

3) Budgeted hydro - our condo windows are really old and inefficient so going with a programmable thermostat didn't really make any dent in our bills so we called the hydro company and had them budget it. Now we pay the same amount every month no matter how much hydro we use and there are no surprises.

4) Eating in as much as possible (and using coupons when we want to go out) and brown-bagging lunches.

5) Groupon/Wagjag - I've been able to cut my haircuts and highlights way back by using these.

6) Cheap date nights - $4 Tuesday movie tickets, again groupons, etc.

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:9c088d4c-53c5-4422-8c95-65f33721dfba">Re: Tell me how you save money</a>:
[QUOTE]*only buy luxury food and other items if we have a coupon. *Clip coupons and meal plan *Sam's Club membership has saved us tons on canned veg and paper products *Only fill up the cars on big discount gas days at our supermarket *Stick to mostly in season foods as they're cheaper usually *DIY home projects instead of buying ready built or hiring someone *<strong>Bulk meats and then indiv. package and freeze them myself</strong> *Never impulse buy. *Groupons *Limit eating out to special occasions. *No movie rentals *Put half of after expense $ in savings.  out of sight out of mind.
Posted by anna.oskar[/QUOTE]

<div>I do this with ground turkey and chicken, can you do it with like lunch meat?</div>

[Deleted User]

We live pretty modestly, and only spend big bucks on the things we need for our businesses (luckily we can write them off come tax season). We only go out to eat typically when we have a gift card, and to the movies if we have saved for it, like last night. 

We hardly ever buy new clothes, and when we do, it's from stores like Bealls Outlet or Marshalls.

For food, we go for the specials and buy 1, get one free offers. I don't buy much name-brand stuff unless the store brand just sucks And Winn-Dixie offers gas rewards, so sometimes I have as much as $.75 off the gallon. 

I used to ty and put a certain amount of money into savings each month, but I had to stop when Whisky got sick. That extra savings money now goes to his meds and vet visits. So now I'm putting my paychecks from teaching the college class into savings.  

Nebb

I like to buy a lot of stuff when its super on sale. My hair stuff goes half price once in a while so I usually buy a few bottles whenever it does. We also buy bulk from costco when we see our products. We just got a pack of 10-12 bars of dove for like 15$ which will last us for a while. So worth it.

shaydenise

Also, we pay for everything with our credit cards because we both have a rewards points card (we pay it off every single month so we never pay interest).   Once we get a certain amount of points we cash them in for giftcards to places we shop.  We've gotten over $500 in Lowe's giftcards doing this.  I've actually started planning larger home projects around this lol.

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:b295e2b4-a8b0-4ae3-8440-29fd4d939076">Re: Tell me how you save money</a>:
[QUOTE]Ewhit, I used to impulse spend a lot when I was just out of college because I had my first real job and actually had money. To get better, I made myself stick to the 24 hour rule. If I still wanted something after 24 hours, I could go back and buy it if it was in my budget.  That helped a ton especially helped to cut out random clothes purchases.
Posted by ILoveMilkDuds[/QUOTE]

<div>That's a really really great tip. I'm good with big purchases (anything over $10) about thinking about whether I really need it, it's just the stupid stuff like groceries, toiletries, nail polish. I'm realizing that I buy that stuff because it gives me 15 minutes of happy when really the stuff that makes me happy for good is exercise, spending time with family and nature. So I'm trying to do those things instead.</div><div>
</div><div>I did manage to leave Fred Meyer (a Target like dept store) with ONLY milk this morning. I think I need to stop walking to the store every time I need something and plan on a once a week trip where I only get what's on the list. </div>

maratea

Everyone has given some great tips. A few other things I do are:

*Shop at thrift stores/Goodwill. I've found some really great deals on practically new clothes.
*Join an email list like Freecycle. That's where I scored our 1-yr old couch for free.

[Deleted User]

We just got a credit card with the cashback rewards. It has a higher interest rate (apparently my effing credit is still too "new" since I've only ever had 1 cc in the past) but we pay most balances off every month so it's not usually a big issue. Plus the one we switched to has a 0% APR intro offer so that will help. I'm hoping that having 2 cards now, and keeping the other one with a super low balance, will help build my credit more for the future.

Also, we pretty much leave the AC and heater off now unless it is unbearably hot or cold. We use a small space heater for the living room and holy crap has it reduced our electric bill.

AllAboutTheBenjamin

What has worked for me is finding out what my monthly budget is and then setting a weekly budget.  Like for example - if I had $200 to spend a week, I could take all week to spend it, or blow it all on Tuesday or something - but if I did, I couldn't spend any til the next week.  lol.

polichik

The single biggest thing that has helped us was signing up for Mint.com, which is a free, secure website that tracks your spending so you can see where your money is going (I know I sound like an endorsement, but I have no affiliation with them). Seeing the little pie chart is awesome, and it was shocking to see how much we were spending on Starbucks and dinners out. You can set a budget, and they'll send you a text message if you go over budget in a category, like Shopping, Restaurants, or Personal Care (my three biggest ones, ha). When we first moved to San Francisco, we were so broke that we had no money left over after rent, utilize, and groceries. But we sought out free stuff to do and went for lots of walks. Now that we can afford to go out, we try to keep it as a treat, like it was when we were making minimum wage. That helps keep things in perspective. Finally, we're about to set up the direct deposit so that my checks from my retail job go straight into savings.

achiduck

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:b295e2b4-a8b0-4ae3-8440-29fd4d939076">Re: Tell me how you save money</a>:
[QUOTE]Ewhit, I used to impulse spend a lot when I was just out of college because I had my first real job and actually had money.<strong> To get better, I made myself stick to the 24 hour rule. If I still wanted something after 24 hours, I could go back and buy it if it was in my budget.  That helped a ton especially helped to cut out random clothes purchases.
</strong>Posted by ILoveMilkDuds[/QUOTE]

This is super important. I used to be a big impulse spender and well and started doing this. If I thought I would for sure go back for something or there was only 1 left I would ask the store to put it on hold for me until close the next day. I've found that I've only ever gone back for about a third of the stuff. Instant savings.

ewhiteman06

I have a credit card question. I opened an Office Max credit card in Sept when I bought my laptop with the intention of paying it off when I got my financial aid. That didn't happen and I accrued quite a  bit of debt because of that card. I cut it up and have been making more than the monthly payment, but it goes from like 8% APR to 23% next month.

Is it financially intelligent to transfer the balance to a 0% APR card that will increase to 11% after 21 months? My plan is to really dig deep and get this paid off this year. Are there red flags I should be wary of?

lbarr088

With the upcoming wedding we have learned how to stretch our money as far as we can and save some (FI is still "learning" this concept ).

1. Rent: For right now we do not live above our means.  There are many apartments/rental houses that we could afford but ultimately would prevent us from saving.  We are sticking on the smaller side until we truly can afford a larger place.

2. Groceries:  We have a store loyalty card.  I always hit up the sales especially for meat ... even if we don't want it that particular week, we will the next, etc.  I also shop at 2-3 different stores so I get the best deals.  I don't coupon but would love to "learn" how to do it effectively.  

3. Meals:  We eat in, almost all of the time.  I look up quick/healthy recipes.  Those usually have a few ingredients and are fairly cheap but have lots of flavor.  We bring lunch.  FI has saved so much money since I moved in because I reinforce the whole bringing lunch dealio.  It's healthier and better for the wallet.  

4. Extras:  FI needs a little help in this area sometimes, as do I.  He is a car fanatic and just before he's about to pay one off he always seems to trade it and get a new one.  My car has over 160k miles, and is hanging on at almost 13 years old.  It is still driveable and there are a few minor problems.  As much as I want a new car, I really don't need it.  That has saved me a lot.  Also, we go out with friends every so often but don't go crazy so we can save some money.  I also try and put a chunk of money into the wedding account and my savings at the start of the month, (whatever is leftoever after rent).

LP11509

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:730827ba-0fc3-4f01-b33a-9bee8f090574">Re: Tell me how you save money</a>:
[QUOTE]What has worked for me is finding out what my monthly budget is and then setting a weekly budget.  Like for example - if I had $200 to spend a week, I could take all week to spend it, or blow it all on Tuesday or something - but if I did, I couldn't spend any til the next week.  lol.
Posted by AllAboutTheBenjamin[/QUOTE]

<div>I did basically this when I was first "on my own" and money was tight. I made a list of things that I was allowed to charge on my CC or use checks for - food (from grocery store), gas, bills (electric, water, cable/internet, cell phone) rent and basic personal needs (tampons, soap, etc).  ANYTHING else I wanted, I withdrew $100 cash every 2 weeks and had to use that money.  If I didn't have enough, then I had to wait until the next withdraw date.   Once I got a handle on my budget, I stopped doing it, but it really did help (and kinda sucked at times, haha). </div><div>
</div><div>ETA: I also pay off my CC in full every month to avoid interest charges.</div>

LDYGTR13

We work with cash. We figured out our monthly take home pay and subtracted our regular monthly bills which brought us to a total. We cut that in half and then split what was left in quarters and we get that in cash each week after our paycheck hits (we get paid every other week on offsetting weeks). We use the cash for everything we should see coming - groceries, haircuts, entertainment, oil changes etc. Emergencies (Drs visits, etc) still use the cards if we have to, but we try not to use our debit cards even in an emergency if it can be helped. 

It's really helped us!

Nebb

I also try to sock away a few hundred (150-300) a month for potential upcoming expenses (oil changes, membership renewals, gifts, vet) so that we aren't "hit" at that time.

achiduck

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:b0951d6e-2d11-4ada-aa0d-5cb164b5d89e">Re: Tell me how you save money</a>:
[QUOTE]I also try to sock away a few hundred (150-300) a month for potential upcoming expenses (oil changes, membership renewals, gifts, vet) so that we aren't "hit" at that time.
Posted by Nebb[/QUOTE]

We've started doing this as well.

We both like to travel so we also set aside $100 per month each so each year we end up with $2400 that we can use. If we only stay local one year or find a cheap last minute all incluse we stash the remainder away for a big trip (ie Europe, South America, etc).

jennamarie10

These are all some great ideas. It's motivating me to try to stick to an actual budget this week.

The only thing we've been doing lately is buying meat from a local butcher instead of the grocery store. We buy what's on sale, and it's better (in my opinion) and so far has been cheaper!

we also try to only buy soda when it gets to $2.50/12 pack, etc.

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.

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:69a247e1-e63b-40b5-a41b-b1c24f9243cb">Re: Tell me how you save money</a>:
[QUOTE]I have a credit card question. I opened an Office Max credit card in Sept when I bought my laptop with the intention of paying it off when I got my financial aid. That didn't happen and I accrued quite a  bit of debt because of that card. I cut it up and have been making more than the monthly payment, but it goes from like 8% APR to 23% next month. Is it financially intelligent to transfer the balance to a 0% APR card that will increase to 11% after 21 months? My plan is to really dig deep and get this paid off this year. Are there red flags I should be wary of?
Posted by ewhiteman06[/QUOTE]
That would be smart. Even if they charge a 3% balance transfer fee, which is pretty standard. 

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:cb1e4cc7-534c-4efa-8634-ebbc2694cde7">Re: Tell me how you save money</a>:
[QUOTE]In Response to Re: Tell me how you save money : That would be smart. Even if they charge a 3% balance transfer fee, which is pretty standard. 
Posted by SarahPLiz[/QUOTE]

<div>Thanks for answering my question :) If I qualify for the one through my credit union it actually has 0% transfer fee for balances which is awesome.</div>

ewhiteman06

I have one other question. How can I determine what my monthly student loan payment will be? All my student loans were through direct loans I believe. Is there a way to access that online?

SarahPLiz

Your student loans shouldn't go into repayment until 6 months after you graduate. What you might want to do is figure out the payment now and once you graduate (or before), start acting like you are paying them back by putting that much in your savings account at the beginning of each month. By the time you reach repayment status, you will be used to living without it. Also, you'll have some savings in case you need a little cushion one month because of unexpected expenses. 

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:217692fa-650a-49f1-94ec-359a2b7e5624">Re: Tell me how you save money</a>:
[QUOTE]I have one other question. How can I determine what my monthly student loan payment will be? All my student loans were through direct loans I believe. Is there a way to access that online?
Posted by ewhiteman06[/QUOTE]
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. 

Wiscisbliss

Things we do:
Shopping:
*I don't buy anything (non-food) unless it is on sale.  Need jeans?  Wait until they are at least 30% off.  Want new shoes?  Check out the clearance rack. 
*I try not to impulse buy.  I make a list of things I need/want.  It has to stay on the list for a few days before I will go and buy it. 
*I don't believe in the power of name brands.  I don't give in easily to trends. 
*Use cupons
*Buy used (our crib and changing table for baby came from Craigslist)

Food:
*Buy meats when on sale and freeze. 
*Use cupons
*Buy store brands and/or look at the price per unit weight. 
*Check out the fliers and plan meals around what is on sale
*Bring lunch from home instead of going out to eat.  Reuseable containers and lunch sacks.
*Drink water and not much else (trying to get DH to get on this bandwagon.  Soda adds up)
*Try to avoid expensive packaged foods (trying to get DH to realize Digiorno isn't cheap)

Entertainment:
*Rent movies, don't go to the theater.  Or when we go to the theater, go to the super-bargain matinee (usually between 4-6 and only $5). 
*We don't go out with friends very often.  Game nights and movie nights in are popular get-togethers.  A six pack costs about the same as a beer out at a bar plus tip. 
*Seek out free stuff.  There are often local events going on that are free.  We capitalize on these. 

Phones:
*We have dumb phones and do not have data packages.  Really, who needs the internet all the time?  If you say you need work email, then work should be paying for the increase in your phone plan. 

Heat/Utilities:
*We installed a programmable thermostat which turns downt he heat in the house automatically while we are at work and while we sleep
*Have low-flow/flusher things installed on toilets

Lodging:
*We live in a modest townhouse.  We are looking to buy a modest house.  Vaulted ceilings, extra rooms, etc are fancy and nice, but cost to heat, furnish, etc. 

Finances:
*We use our credit card to pay for everything.  We get points which we stash up to the maximum point to dollar ratio and cash in for visa gift cards which can be used on anything.  We pay the credit card off monthly, so we never pay interest. 

Take care of sh!t you already own:
*Wear an apron when cooking/doing dishes so you don't stain clothes
*Avoiding eating in carpeted/clothy areas
*Just not abusing stuff so you don't have to replace it often

Things I want to do:
*Get rid of cable
*Grow more produce
*Knit/Sew more items... Sometimes this is cost effective, you have to be careful.  Knitting baby booties is cost effective (socks are $1/pair at Target) and I can make a ton of booties with a $3 skein of yarn.  Knitting a sweater?  Buttons are not cheap... Something to think about. 

Things that are a good idea, but not super feasible for us to do regularly:
*Carpooling, riding bikes places