Favorite way to save money?


Sunday21
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You won't believe how much money I've saved since I started working from home over 10 years ago.  Savings on gas, car maintenance, work clothes, lunches, make-up, babysitter, time, etc. etc.  And I don't have to take a day off for sick days if I can help it.  And, I can even travel all around the globe and still keep working on weekdays and just spend extended weekends on vacation. Yes, I could have made lots more money working at the office but as a Mom, the savings is well worth taking a lower rung on the corporate ladder to stay home.

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That's what I love about working from home.  And I can do my job from anywhere in the world as long as I have a laptop and WIFI access.

 

*edit - Okay I guess I couldn't do it anywhere in the world.  Since I work for an LDS organization there are some middle eastern countries that prohibits anything to do with Christianity being sent.  I have a friend in Saudi Arabia that can't post anything about church things.

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Saving money????

 

It would seem that I was thought in my home different principles than what seem to be expressed on the forum.  I will list the principles as follows:

 

Principle #1.  Never spend more than you have.

Principle #2.  Whenever you receive pay - always pay tithing first.

Principle #3.  Whenever you receive pay - always pay your self second - (savings)

Principle #4.  Whenever you receive pay - always pay your obligations third.

Principle #5.  Never purchase something unless Principles #1, #2, #3 and #4 have already been met and taken care of.

Principle #6.  Whenever you purchase something - always consider who you are dealing with first - deal only with people you trust.

Principle #7. Whenever you purchase something - always get the best (highest) quality available.

Principle #8. Whenever you purchase something - the last consideration and least important of all is the price.  Never place price as a higher priority than Principles #6 and #7.

Principle #9.  Always be honest in you dealings - especially to yourself.

Principle #10.  Most people will look you in the eye and lie to you about how well they manage their own money.  People lie to themselves and others about debt.  In general people like to look better off and wiser about money than that actually are.  If they are not following the principles listed their wealth is destroying them.

Edited by Traveler
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We save money in lots of ways, but the biggest one - living in a tiny (<500 sq ft) apartment for 3.5 years (by the time we move out next spring) is not at all my favorite. 

 

The ones I do like are:

 

I never run the clothes dryer. The cheapest we can find one around here is $1.50 per load for 45 minutes. So I air-dry everything on racks at home. I have our laundry day schedule down to a science so I can run all our clothes at once, bedding and towels another day, and everything else midweek when necessary. It has saved us at least $15 a month for the past three years. Not a lot, but it pays for our cheap date nights. And I hate waiting around for the machines to finish anyway.

 

I have never had a professional manicure or pedicure. What a ridiculous thing to pay for. I also only get my hair cut professionally twice a year. And I have never paid for any other "beauty" services of any kind. All of these things can be done at home, so I do. 

 

We haven't purchased any kind of beef (or any meat really besides chicken and fish) in four years. If we get a hankering for red meat, we go to a restaurant. But that doesn't happen often. 

 

My husband works for the company where he gets all of his entertainment and tech gadgets from. Major bucks saved. 

 

We very rarely go to the movie theater on a night other than Discount Tuesday. $5 a ticket, love it. 

 

And we just have our one vehicle, the car that my husband bought and paid off while in high school. It's got a lot of miles on it, we know a big change will be coming any day, but we are grateful to have never had a car payment our whole marriage thus far. 

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Saving money????

 

It would seem that I was thought in my home different principles than what seem to be expressed on the forum.  I will list the principles as follows:

 

The principles you listed and saving money are not mutually exclusive.

 

Saving money does not necessarily mean spending Y instead of X and putting X-Y in the bank.  Saving money is another way of saying - applying wisdom in your expenditures to increase your buying (or saving) power.

 

For example - bringing lunch versus buying lunch is still applying all the principles you have listed.. . but bringing lunch uses a smaller portion of your resources.  So instead of spending $7 5 days a week, you're spending $3 leaving you with $4 that you can do something else with - like sending your kids to private school or feeding 3 kids in China...

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The principles you listed and saving money are not mutually exclusive.

 

Saving money does not necessarily mean spending Y instead of X and putting X-Y in the bank.  Saving money is another way of saying - applying wisdom in your expenditures to increase your buying (or saving) power.

 

For example - bringing lunch versus buying lunch is still applying all the principles you have listed.. . but bringing lunch uses a smaller portion of your resources.  So instead of spending $7 5 days a week, you're spending $3 leaving you with $4 that you can do something else with - like sending your kids to private school or feeding 3 kids in China...

 

My intention was to focus on the purpose for spending and not the amount.  Most of my life I took my lunch to work - My reason was not $$$$ based but health based.  I also used to travel a lot in my work and would eat meals at the grocery store because I could get more healthy food to eat there.  Yet all my expenses were being paid for.  

 

I would suggest that if one eats based on $$$$ (what is the cheapest)  that such thinking is problematic at its core - and perhaps someone is lying to themselves (kind of a strong statement but I will stand by it).  I believe the truth is more about laziness - pitting the love of money above care for health and eating a disciplined healthy menu.

 

I am suggesting that money is to be used with wisdom - not what is the cheapest, easiest or wanted at the moment.

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My intention was to focus on the purpose for spending and not the amount.  Most of my life I took my lunch to work - My reason was not $$$$ based but health based.  I also used to travel a lot in my work and would eat meals at the grocery store because I could get more healthy food to eat there.  Yet all my expenses were being paid for.  

 

I would suggest that if one eats based on $$$$ (what is the cheapest)  that such thinking is problematic at its core - and perhaps someone is lying to themselves (kind of a strong statement but I will stand by it).  I believe the truth is more about laziness - pitting the love of money above care for health and eating a disciplined healthy menu.

 

I am suggesting that money is to be used with wisdom - not what is the cheapest, easiest or wanted at the moment.

 

I agree.  I don't consider something that is lower in $ as "cheaper" than something higher in $.  For example - $2.00/gal for an 87 octane gas at Raceway is not cheaper than the $2.15 87 octane gas at Chevron even as Raceway sits right across from Chevron sucking the same 87 octane gas from the same gas pipeline.  You might save 15 cents a gallon but you will pay more in engine life in the long run.  So, I wouldn't consider getting Raceway gas "saving".

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I agree.  I don't consider something that is lower in $ as "cheaper" than something higher in $.  For example - $2.00/gal for an 87 octane gas at Raceway is not cheaper than the $2.15 87 octane gas at Chevron even as Raceway sits right across from Chevron sucking the same 87 octane gas from the same gas pipeline.  You might save 15 cents a gallon but you will pay more in engine life in the long run.  So, I wouldn't consider getting Raceway gas "saving".

 

Huh?

 

Same gas, same source, different price -- yet the less expensive gasoline somehow decreases your engine life?

 

I don't get it.

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Huh?

 

Same gas, same source, different price -- yet the less expensive gasoline somehow decreases your engine life?

 

I don't get it.

 

The pipelines pump gasoline that meets the base mandated requirements for gas in each State.  Raceways pump this gas straight out of the pipeline into your car.  On the other hand, Chevron across the street takes the gas from the same pipeline and blends chemical additives to the gasoline before it gets pumped into your car.  The Chevron additive (I think it's called Tehcron or something) is one of the best, if not the best* in providing a clean burn such that it leaves very minimal residue on the engine.  It also has properties that reduces corrosion and lubricants that reduce friction.  And, of course, as it burns clean, it also has a lighter environmental impact coming out of the engine's exhaust.  The end result is an engine that has a much higher chance of a much longer lifespan.

 

Of course, if you're the type to trade cars under 100K miles, the benefits to the engine may not be as beneficial as if you're the type to own the same car until it exhales its last breath. 

 

*I was 6 years old when my dad bought our station wagon.  My dad took me to my college graduation in the same car.  He only uses Shell gas as it is the one with the additives that he likes (he's a chemical engineer, interestingly) in our island.  When he lived in the US, he switched to the Chevron additives.

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The Chevron additive (I think it's called Tehcron or something) is one of the best, if not the best* in providing a clean burn such that it leaves very minimal residue on the engine.  It also has properties that reduces corrosion and lubricants that reduce friction.  And, of course, as it burns clean, it also has a lighter environmental impact coming out of the engine's exhaust.  The end result is an engine that has a much higher chance of a much longer lifespan.

 

This is certainly what the petroleum companies would have you believe. I have seen no evidence that it is true, and frankly, I don't trust the gas companies to tell me the truth over telling me what they think will make me buy their gasoline.

 

The internal combustion engine is very old technology at this point, having been around in more or less its present form for well over 150 years. In its modern automotive form, it requires (a) fuel, (b) coolant, and © lubricant. Gasoline is the fuel, water (often mixed with ethylene glycol) is the coolant, and motor oil is the lubricant.

 

If fuel additives significantly better this cycle, this would probably be widely known. You could buy a fuel conditioner to add to each tank of gas you buy. And, of course, you can do exactly this -- no Techtron needed. But where is the evidence that the snake oil additive does any good?

 

Anyway, color me skeptical.

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Favorite way to save money?  Learn to live on a Budget!

 

I cannot tell you how freeing it is to stop living paycheck to paycheck.  It is so liberating.  It requires discipline but it is so (financially) rewarding.  I almost don't remember the days of getting to the end of a pay period and having to stop spending money because the checking account was getting close to zero.  Overdraft?  Haven't used it YEARS.

 

First we started budgeting, then we paid off all credit cards, then we started saving money.  It also helps to budget for the expected and unexpected.  We save a little bit each paycheck to go towards christmas and birthdays.  My youngest son's birthday is Monday and we don't even have to think about how we're going to pay for it.  The money is already there.  We put a little aside each paycheck for our annual family vacation (usually visiting grandparents).  We also put a little aside for the inevitable car repairs.  We also have a budget for unexpected expenses.  These are emergency things that can't be planned for.  A few months ago our sink disposal developed a huge crack in it and needed to be replaced.  That's what the emergency fund is for.  The nice thing about these budgets is that it takes the stress out of unexpected or unplanned expenses.

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This is certainly what the petroleum companies would have you believe. I have seen no evidence that it is true, and frankly, I don't trust the gas companies to tell me the truth over telling me what they think will make me buy their gasoline.

 

The internal combustion engine is very old technology at this point, having been around in more or less its present form for well over 150 years. In its modern automotive form, it requires (a) fuel, (b) coolant, and © lubricant. Gasoline is the fuel, water (often mixed with ethylene glycol) is the coolant, and motor oil is the lubricant.

 

If fuel additives significantly better this cycle, this would probably be widely known. You could buy a fuel conditioner to add to each tank of gas you buy. And, of course, you can do exactly this -- no Techtron needed. But where is the evidence that the snake oil additive does any good?

 

Anyway, color me skeptical.

 

Yes, yes.  It is a matter of... uhm... Faith.  LOL!

 

I'm just going by my dad.  My dad is a chemical engineer that borders on genius.  I mean, you gotta meet this guy to see what I mean (well, he died 2 years ago so we can't do that now).  So, I move to the US and landed first in Hawaii - this guy taught me everything there is to know about Hawaii before I got on the plane... even when I was only in Hawaii for 5 hours and never left the airport.  He was like - but what if you get stranded in Hawaii?  So yeah, I got a Hawaiian lesson which includes its history - when it became a state, the demographic composition, major laws, what to expect for food, and how far it is from our closest relative, hah hah.  So this is how he approaches everything.

 

So, before I can drive the car, I had to be able to demonstrate an understanding of everything about cars... how the engine works, how the tires turn, how to maintain it, how to clean it, etc. etc.  I didn't have to take an engine apart, but I did have to learn to change the oil and change the tires.  That's just the way he is.

 

Anyway, when it has something to do with chemical composition - he has to know what is in the thing... any fluids that go in the car, any soap we use, etc. etc.  And he figures out - Tide is demonstrably better than Bonux so he'll spring the $ for Tide... but then he cuts tube socks in half to make 2 pairs of socks out of 1 to save $...

 

So when he uses Shell/Chevron gas, he has studied the thing.  And since his car lasted 20 years, I believe him.  My previous car was over 200K before I traded it for the new model, so it's worked for me too.  And my brother's car had knocking noises and my dad told him, use better gas... and interestingly, he hasn't had the same problem after that... but yeah, all anecdotal, all unproven.

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We haven't purchased any kind of beef (or any meat really besides chicken and fish) in four years. If we get a hankering for red meat, we go to a restaurant. But that doesn't happen often.

Do you have a college with an ag department anywhere near you? A lot of them include butchering under the animal sciences, and sell various types of meat pretty cheaply. Some only sell in moderate bulk, but it's still usually lot sizes reasonable for stuffing a residential freezer.

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So when he uses Shell/Chevron gas, he has studied the thing.  And since his car lasted 20 years, I believe him.  My previous car was over 200K before I traded it for the new model, so it's worked for me too.  And my brother's car had knocking noises and my dad told him, use better gas... and interestingly, he hasn't had the same problem after that... but yeah, all anecdotal, all unproven.

 

My dad swore by Chevron gas.  Even worked at a Chevron station when I was a baby.  He would go out of his way to purchase gas by Chevron.  Only time he didn't was when there just wasn't a station around for miles such as when traveling.

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I don't buy things I don't need.

 

I always tuck away at least 5% of our income away. Never miss it.

 

Optimally one wants to save 10 to 15% of their income if possible.  My wife and I have only saved about $1,800 this year so far toward retirement.  I invest in mutual funds.  Two of mine are Roth Individual Retirement Arrangements.  One of my 401K mutual funds did very well with me only contributing about $60 a month to it.  It is worth around $8,500 now.

 

Get interest working for you at a young age.  If you can get a 10 percent annual rate of return (you will likely never get that in a bank) your money will double about every seven years.  If one can get $15,000 set aside by the age of 30 and never touch it averaging a ten percent rate of return they will have $176,400 by the age of 55 (and that is not even adding a dime to the principle).

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