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Best Way to Save Money? - 8/8/2008 2:57:18 PM
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Kateers82
Posts: 10
Joined: 2/8/2007
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I am just looking for some great ideas/suggestions to save money! I have very little to save, but I think it is because I spend some of my money unwisely (in fact, I know that is why!) I have been doing a lot better, but everyone on here seems to have great ideas about things so any suggestions are appreciated. Also, where is the best place to invest money for the long term?
_____________________________
~Trials are not enemies of faith, but are opportunities to prove God's faithfulness~
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RE: Best Way to Save Money? - 8/8/2008 2:58:59 PM
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Miss Giggles
Posts: 4268
Joined: 4/18/2005
From: MI
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It depends, are you going over on any categories in your budget? That's where you start. Some people overspend on food, and some people live very wisely but they don't have high income.
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RE: Best Way to Save Money? - 8/8/2008 3:12:28 PM
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Miss Giggles
Posts: 4268
Joined: 4/18/2005
From: MI
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Yeah mine's high too.
70 isn't bad if you can make multiple meals out it and freeze.
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RE: Best Way to Save Money? - 8/8/2008 4:11:05 PM
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LCannon
Posts: 1252
Joined: 2/22/2007
From: Lebanon, OR
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Create a realistic monthly income/obligations budget and honestly track(write 'em down)your expenses to see where your money goes. You can adjust your budget but until you know where your cash is going(or leaking)it's pretty hard to stop(or reduce)the leak.
_____________________________
"I pray that You dispose of my health, my sickness,
my life and my death for Your Glory."(Blaise Pascal)
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RE: Best Way to Save Money? - 8/8/2008 5:38:22 PM
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BlueAdept
Posts: 99
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Kateers82,
Here is something interesting to think about.
a 20 oz bottle of pop costs 1.19 to 1.39. Lets use 1.25 just for the fun of it. 20 ounces is about 15.6% of a gallon. So one ounce is about 6.25 cents. If you were to put that in your gas tank, that would cost you 8.00/gallon. So it would be cheaper to drink gasoline than to drink that 1 bottle of pop.
When you purchase 70.00 at the store, what are you purchasing? Are you getting "meals" or stuff to really cook? When you buy 1 pound of hamburger (just as an example) you are paying about 3.00. That should make 3-5 meals, depending on what else you put with it. Noodles, rice, bread... you can likely eat that meal for under 3.00-4.00. However, if you are getting meals, Budget Gourmet, Lean Cuisen (sp), etc... you are likely paying anywhere from 2-4 dollars for that meal. When you add other stuff to go with it, that meal just cost you 3-8 dollars. Skip the rice-a-roni, rice in a box, pasta in a box stuff. Get brown rice, pasta and other items they are healther and cheaper.
How much of what you purchased at the store did you eat and how much got thrown away? 25% of the produce you purchased likely ended up in the trash. So one area to address is plan your meals, then purchase the meals to the plan.
Skip the salad bar, purchase the the items. Catalop is 2.00-3.00, but off the salad bar you will pay 4.00/pound. Lettuce is 1.79 per pound, (where I live) off the salad bar 3.50/4.00. These are just some of the areas I have seen, little gremlins that eat up grocery money. I am sure there are lots of other areas as well.
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RE: Best Way to Save Money? - 8/8/2008 5:57:01 PM
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buckifn
Posts: 1802
Joined: 5/23/2006
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you can use eggs, beer, or mayo to make a great shampoo/conditioner
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RE: Best Way to Save Money? - 8/8/2008 6:15:40 PM
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revbob4God
Posts: 598
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If you are single, don't get married.
_____________________________
For thus saith the Lord that created the heavens; God himself that formed the earth and made it; he hath established it, he created it not in vain, he formed it to be inhabited: I the Lord; and none else.
Isaiah 45:18
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RE: Best Way to Save Money? - 8/8/2008 7:01:18 PM
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DeltaPine
Posts: 13
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Best way to save----
Spend less than you earn.
_____________________________
"Vienna Sausage---how can something so tasty cost so little?"
EAMUS CATULI!
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RE: Best Way to Save Money? - 8/8/2008 7:24:15 PM
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Kateers82
Posts: 10
Joined: 2/8/2007
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Thank you for those who gave the advice. I like your thinking, BlueAdept!
I am curious as to why revBob4God is telling me not to get married when that has nothing to do with what I asked? Perhaps you meant that by getting married it might be harder to save money?
_____________________________
~Trials are not enemies of faith, but are opportunities to prove God's faithfulness~
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RE: Best Way to Save Money? - 8/8/2008 7:24:45 PM
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pbaribeault
Posts: 1029
Joined: 4/29/2005
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It sounds like you spend money because you have it, then you see something you want, and you don't have a reason not to buy it... you have the money.
First - set up a savings account.
Second - decide to put $50 to $200 dollars per pay check into it. Once you've decided, set up an automatic transfer on the day after your pay day. Do not try to do this yourself, just let the bank do it for you.
Third - convince yourself that the savings account does not exist, or that people who dip into their savings for no good reason just never amount to anything, that you want to be a better steward than that. Build a good strong fence around that account.
Fourth - if there is a good reason to spend your savings (it's fair enough to save for vacation time, Christmas, a vehicle, a new computer etc.) decide how much is reasonable for that item and transfer it back to your checking account. Make sure that this never depletes your savings below what you put into it over the prior 3 months.
Fifth - revise (increase) how much you are putting aside every time you become more prosperous.
Sixth - once you have a good amount, consider some safe investments.
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RE: Best Way to Save Money? - 8/9/2008 10:18:20 AM
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creationtalk
Posts: 697
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When I was on an extremely tight budget and couldn't save money...I had one account that I paid one bill from. I had just enough money in it to cover that bill and I would deposit the amount of the bill each month. Then I started simply rounding my deposit checks up to the next multiple of ten. I wasn't changing anything really, I had to write the check so that there would be money for the bill, and since the check was written when I was paid, I never really missed those few dollars. That meant that each month the amount in the account increased by a few extra dollars...
...a few years down the road, I had NO savings (still living month to month) and one of the horses (valuable pregnant broodmare) was seriously injured. The vet hospital was talking surgery to save her...and wanted a 50% deposit. I could make payments on the balance, but had to put down the up-front money. I checked...and there was just enough in that "bill" account to cover that down payment. And the best part? I took the horse in Friday afternoon, surgery was scheduled for first thing Tuesday morning (surgeries were done in the AM Tues-Fri). I paid my down payment...called a bunch of friends to pray...and on Monday when I called to check on the horse I was told that she had had a "miraculous" (THEIR word) recovery...come and get her, she's taking up unnecessary space. God is SO good! All the money was refunded except the boarding and initial exam costs.
Other suggestions: If you are often purchasing soft drinks at work put the money you would normally spend in a week on these "impulse buys" in an evelope, buy a few cases and always take a couple of bottles with you in the morning (maybe keep a few in your desk that can be transferred to a refrigerator if you forget, if that's possible) and put any money left in the envelope in a savings account.
keep some of the "no-refrig-required" meals at work in case you don't have time to pack a lunch one day...
If you ever find yourself buying snacks from a vending machine, consider buying snacks at the grocery store and keeping them for when you get those vending machine impulses.
THe best way to save money is to take it out of the equation before you ever see it. However you are paid, when the paycheck is deposited, make sure that some of it is funneled into a savings account where it is harder to access. It doesn't have to be much. Take that little bit of money out of the budget and make sure you stick to your budget.
If you know that you will buy X sodas this week, instead of trying to cut back, find a way to meet that need on less...budget for what you know you will do. When you budget, go back and see your spending history...use this to determine reasonable amounts for the budget. Don't budget $80 for a category that you regularly spend $85. Reduce the spending to $80 (spend less than budgeted) for a sustained period to establish the habit, then adjust the budget. If there is unnecessary spending going on, determine what need you have that is being met by that spending and see if you can find a way to meet that need without the expense. Example: my church currently meets in the evenings. Sometimes a group of us go to eat after church. If someone in that group cannot afford to eat out, but don't want to miss the social aspect, then they can suggest that we do something that does not cost as much (or make sure that the rest of us know it's a hardship so that we can help) or come along and have a drink rather than food (as has been done).
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RE: Best Way to Save Money? - 8/11/2008 2:46:43 PM
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stamper_ben
Posts: 10985
Joined: 4/11/2005
From: Lone Star State
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Here's an idea I heard about.
You save the spare change from your purchases. If you buy a 30 cent pack of gum with a dollar bill, or 5 dollar bill, you save the change. If you buy 11 dollars of whatever, you use a $20 and save the change. Do this with every purchase of the day, not spending the change from a previous purchase but using a new bill that hadn't seen the light of day that day, and at the end of the day put it away. By the end of the week (or month depending on your spending style) you should have enough for a sizable deposit into a savings account at the bank.
You might be surprised at how quickly this adds up.
_____________________________
We will be known as His by the love we show one another.
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RE: Best Way to Save Money? - 8/11/2008 3:41:37 PM
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hjemerson
Posts: 232
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I just want to let any one that would like to learn how to cut you grocery bill and HBA in half or less, Look at this I have been at ti for over two years and Now have the best of every thing and love all the saving!! You can read all about it and post on the message broad free"thegrocerygame.com" and you can pick up some great tips, Please if you think of trying out the site PM for a refe ."Savingtime/money and my e-mail" , You can cut almost all your shopping down to half or less and this works for singles and large families. I did not belive it till we did it here, Just look and see for your self,
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RE: Best Way to Save Money? - 8/11/2008 8:01:30 PM
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twoboys
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We are not very good savers either. But what I've started doing is taking 5% of our paycheck and put it in our savings account RIGHT AWAY (this is the key for us). It's on an online account ING so I can get it out but it's not as easy going to the ATM. This really helps us!
_____________________________
Courtney
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RE: Best Way to Save Money? - 8/12/2008 9:11:13 AM
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Row1
Posts: 250
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i lived for years as a really weak money manager. for the past year and a half, my wife and i have been really successful with a monthly budget.
we have every expense written on the monthly budget. so when we get paid, the money has already been devoted to some area. we each get a certain amount for "pocket money." this is what i use to buy my sodas or whatever. we don't have a savings line in our budget: right now, we are devoting the "extra" money, that is not assigned to any other budget category, to paying down debt. We are gonna continue this until our house is paid off and my student loan is paid off - around 7 years from now.
we also have an 'emergency fund' -when we began living by this budget, we got this together so we would not be putting purchases on credit cards, since that is trouble.
so, sketch out a monthly budget. include some amount for "pocket money" for sodas or eating at restaurants. with whatever is not "devoted" to electricity bill or whatever, either pay off debt or save it.
the budget led to many changes. i renegotiated just about every bill - electricity, cell phone, cable, car insurance. it was worth it because when i lowered a bill by 10 per month, i saw the amount i was able to put on debt increase, which i can see accelerate the time to get it paid off.
also, we really stopped eating out - now maybe once every week or two, not 2-3 times per week. that makes a drastic difference.
keep working at it until you can live by that budget. it took us about 3 months to get it working.
we made all of these changes by following the dave ramsey plan for money management. you don't need to follow his plan specifically, but it helps. you can look him up on the internet.
bottom line: i think for most of us, we really can't manage our money well until we start living by a monthly budget.
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RE: Best Way to Save Money? - 8/13/2008 12:15:55 PM
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Kateers82
Posts: 10
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THanks for all the great advice!!
It is somewhat hard for me to figure out a true budget because I get paid hourly where I work, and sometimes I work 40 hours a week, sometimes its less, and sometimes it is more. A couple weeks ago I worked a lot and made good money, but then the next week it slacked off a bit (in case anyone is curious, I work for a beverage distributor and since I work in the office, my job is to wait for all the drivers to get in everyday. Sometimes they get in early, but sometimes I end up sitting there for hours just waiting for one to get back in.) I also have trouble figuring out how much to allocate for gas and groceries each month. I have kept a nice Excel spreadsheet since April showing where ALL my money has gone and it seems I have spent anywhere from $90-$140 a month in gas. As far as groceries, I tend to buy things I do not need, or I buy the name brand. I could probably cut down that area of spending if I am very disciplined. Any advice??
Another question while I am here.... I have about 7 credit cards I have been paying on for quite some time. A long time ago I got myself into some credit card debt and I am still paying for it (very diligently.) All the cards are in a program called A New Horizon where they take my money and then distribute it to all 7 accounts. Since these cards are in the program the interest rates have been lowered or completely eliminated. So my question is, I have about $200 extra right now I can use to pay on something. Should I just pay off a low balance or apply that $200 to the high balance card?
_____________________________
~Trials are not enemies of faith, but are opportunities to prove God's faithfulness~
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RE: Best Way to Save Money? - 8/13/2008 12:53:03 PM
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BlueAdept
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When you say they are in a program, you mean you are paying someone to "manage" the payments for the cards?
I guess one question I have is do you have an emergency fund? If not then take that 200 and put it in the fund. Continue building that fund until it has between 500 and 1000 in it. 500 if you make less than 30K, 1000 if over that amount.
The main reason for funding your emergency fund, is so you don't have to use a credit card for an emergency.
When I shop, I very rarely buy the name brand of anything. The exception to that is when the name brand is on a better sale than the store brand.
As for the variance in gas that can make since. If you fill up once every 2 weeks - 18 days, then you would have some months where you fill up 3 times not 2 times. That extra fill up would cost about 40-50 dollars, depending on price and gallons.
One way to "fix" that is to change from a monthly budget to a every payday or 2 week budget. If you switch to a 2 week budget, then monthly bills, get multipled by 12 and divided by 26. So the phone bill is 40 x 12 = 480 / 26 = 18.50 (rounding) per 2 weeks. You would allocate into your spending that 18.50 (put it in the "envelop") and then when you spend it you have it.
I hope that helps.
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RE: Best Way to Save Money? - 8/13/2008 1:42:57 PM
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P31W
Posts: 2972
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The best way I have found to both save money and make the most of it is to view it as a tool that God allows you to use.
Set up the correct foundation.
Make sure you have your saving in place.
Make sure you have proper insurance. (notice I said proper...not the wrong kind, not too much and not too little)
There is a new program on CNBC called "On The Money" It may help you begin to think more wisely about your financial choices. I like the program alot.
http://www.cnbc.com/id/15838483/?__source=SI_41761993_1509307966_1
< Message edited by P31W -- 8/13/2008 2:30:04 PM >
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RE: Best Way to Save Money? - 8/13/2008 4:16:12 PM
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Row1
Posts: 250
Joined: 12/2/2005
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kateers22- good questions.
I agree to do a winning combination of: ceasing to use credit cards and having an emergency fund.
I agree: take that 200/month and build up emergency fund of 1000. anytime it gets used, like for car repair, do not pay extra on credit cards or anything until you get the emergency fund back up to 1000.
we actually budget 300/month for car repair or other unanticipated expenses. that has made me able to either manage a car repair with no bump in my budget, or build the 1000 back up when i need to. we have 3 used cars, so there is a repair every now and then.
it takes a few months to figure out exactly how much money for gas, and for food. set some number, then just adjust. beyond that, i make a couple adjustments each month anyway. it is so nice to be able to quickly see how i can handle any ripple in my money. it is all in one budget.
Variable income: here is the style of budgeting for variable income:
you do a regular budget like we have suggested. however, you make this one focused on regular essentials. you also develop a second budget which gets ordered by priority. any pay OVER the amount to satisfy the essential budget then immediately gets applied to the second budget.
for example: you work anywhere from 120 hours per month to 160 hours per month, and you NET $6 / hour. Thus, your monthly pay would vary from $720 / month to 960/month.
You need to set a first budget at $720. this budget may exclude haircut, cleaning supplies, car wash, occasional food things such as mustard ketchup, tea, whatever you need to dealy in order to live on the low amt. the second budget lists these other expenses: haircut, car wash, cleaning supplies, and the contribution to the emergency fund (once emergency fund is at 1000, then put whatever you can toward the credit card debt).
either way, this requires discipline (see Proverbs 13:18). but it changes your way of thinking: you never have "extra" money that can just get spent wherever. trust me, this is a really different way to live. i got my 'tax stimulus' rebate, and donated ten percent of that to my church, then applied the rest where i had already planned to direct this money. i did not splurge on anything or go out to eat. well, maybe one meal out.
which debt to pay down? there are two opinions. go with whatever will work for you. first opinion is: pay off the lowest amount, so you feel a sense of accomplishment as you reduce the number of credit cards from seven to six to five...the success keeps you energized.
the other opinion is to pay off the highest interest rate acct, since in the 'long run,' that will save you the most money....IF and this is a big IF ...if you actually ever get there.
Just like dieting and exercise, most of us NEED small successes to keep us motivated. So, I have been doing the lowest-balance deal.
**Another idea: you are a young, healthy, working person. Find a second job! Or find another job that has 40 steady hours per week!!
You sound like you are learning a lot, and are really trying to grab hold of the reins of your life. Just do it. Pay off whatever you have in credit card debt: whatever it is, 20,000 or whatever - never use credit again (Proverbs 22:7), and never look back.
Get you finances in order, and give 10% to your church, instead of giving it to some store for a coke, $1.25 at a time!
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RE: Best Way to Save Money? - 8/14/2008 9:39:22 PM
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creationtalk
Posts: 697
Joined: 6/9/2005
Status: online
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quote:
I get paid hourly where I work, and sometimes I work 40 hours a week, sometimes its less, and sometimes it is more.
Look back over your income history--average your weekly income, multiply by 4. This is your average monthly income. Work your budget from this. If you make MORE than the average, put the extra into savings. Then when you make less, you pull from the money in your "budget" savings. If you are paid weekly, most months you will be paid 4 times. Some months you will be paid 5 times. Use the "extra" payment (not in the budget) to build your emergency savings and to pay down debt.
When I budget for variable expenses (food, fuel,etc) , I usually budget for the maximum or at least higher than the average cost. This helps to keep me from exceeding the budget on a regular basis.
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RE: Best Way to Save Money? - 8/22/2008 1:01:41 PM
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Dancre
Posts: 1280
Joined: 4/12/2005
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Hi Kat
I too am single by myself. I too have had the same problems you have. I can spend almost $100 a month on fast food.  I too need a savings account and all. Here's what I did.
I downloaded Microsoft money from Microsoft: http://www.microsoft.com/Money/default.mspx
It has a budget area that I can keep an eye on my 'stumbling blocks'.
I made up a budget on Money. I have only $30 a month to spend on fast food, my weakness, so I use it wisely.
I pay God first, me second into a savings account.
I don't buy video games, won't even have them in the house.
I avoid going to the library. Late fees get me everytime. Instead I'll just break down and buy soft cover books.
I have a grocery list that I take with me to the store and I only go ONCE. I discovered in one pay period I went to Walmart 6 times!! I spent bucco dollars. I have a budget for grocery food, so I have to plan wisely. I also plan my meals ahead of time. I make lots of cassaroles, those go far, very far for one person. I freeze everything so nothing spoils. I save all my plastic butter containers and use those instead of baggies.
I was able to go from $150 every two weeks for food, down to $80 every two weeks. And avoid the bigger named stores, like Kroger, Schnucks, Dierburgs. These places will gorge you. Go instead to Walmart, Cubs or Aldi. They have the same food, only cheaper.
By doing this stuff, I was able to squeeze a small amount of money from my very small paycheck and that money is now in the savings account. It's tiny, but I'm proud of myself.
I noticed down below that you said you get the $1. soda drinks. Why not istead buy the larger bottles at the store and bring a glass of soda with you? Why spend $1. for soda? If you buy one a day, that's 30 bucks you've spent. Instead, pay $1.50 for a large bottle that will last you for some time.
Saving your money takes discipline. Tell yourself, NO!! You don't need it. It helps.
I also wanted to add, you probably run into the same problem I have: It's only $5. This is what gets me everytime. I can get a value meal for $5.00. That top only costs $10.00. I can spend that much. But that's $20.00 in the long run. That's gas money. So avoid the "It's only $X.00." Instead, say, no, that's savings money and transfer that $20.00 to savings account. It really helps!!! :)
quote:
ORIGINAL: Kateers82
I am just looking for some great ideas/suggestions to save money! I have very little to save, but I think it is because I spend some of my money unwisely (in fact, I know that is why!) I have been doing a lot better, but everyone on here seems to have great ideas about things so any suggestions are appreciated. Also, where is the best place to invest money for the long term?
< Message edited by Dancre -- 8/22/2008 1:44:36 PM >
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RE: Best Way to Save Money? - 8/26/2008 12:21:04 PM
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InfoCentral
Posts: 158
Joined: 8/1/2008
Status: offline
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Hobby
I remember when I first got out of High School and had my apartment with my brother he told me something that would change my life. He said, "you know what your problem is? You don't have a hobby!" I thought about it and I said you know he has a point. I went out an acquired one. The one I choose was painting plaster sculptures. And he was right. The next thing you know is that I wasn't out spending money I was at home working on my projects all night. And at the end I had something beautiful to show for it. Soon my friends would come over to visit and see what I was doing and within a few months I have a whole group of people painting plaster sculptures and everyone sharing their projects too. My brother was right on and I'm glad for his advice to this day.
Food
If you eat out a lot food can be your biggest expense. If you have a plot of land then use it to grow something you can eat. I live near Disneyland and one year Disney did all their landscaping in edible plants. It looked great and when you took a closer look at it you would realize what it was. Making an effort to bring your lunch to work each day can add up fast. In order of this to work you need to make your lunch the night before. If you say you'll do it in the morning the chancing of not doing it go up dramatically. Also don't keep money on you. If you have the money you may just decide to go out with the lunch crew and bring that lunch you made back home with you. Most work places have microwave oven so heating food isn't a problem like it used to be. This means you can get extravagant with your lunch meals; steak, string beans, baked potato, etc. You could be the envy of your coworkers and spend less then a trip to McDonalds.
Stay Busy
If your busy then you don't have the time to spend money. If your going to spend money then spend money on things that will keep you busy. What I mean by this is fixing things or improving things. If something needs to be done say to yourself "I'll do it!" Instead of taking your car to get the oil change learn how to do it yourself and do it. If you don't know how to do it than go find someone and ask them or do the research, go to the library, ask questions on an appropriate forum. Wash your own car. Do everything yourself or with the help of others but try not to turn over any work to others. Next look for things that need to be done and develop a todo list. Before you know it you will be the center of discussion. The Bible says to stay busy and this is a real key. Good luck and God will Bless You if you trust and obey...
< Message edited by InfoCentral -- 8/26/2008 12:31:21 PM >
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