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Not actually a "change", but the one bit of insight I like to share with people is that it takes $1.33 (or more) of income to make up for a wasted $1 in spending, when you factor in taxes. Everyone knows they pay taxes, but most people think a dollar of additional income makes up for a dollar squandered. For example, if someone has a budget of $200/month for gambling, they have to earn $266 to generate that $200 in cash. It shows the real impact of wasteful spending.

sackland87 said:   Stop tobacco and/or alcohol consumption.

And as a corollary, don't buy drinks at restaurants. When I stopped doing that, I was shocked at how "cheap" dinner became.
Instead, have a decent stock bar at home and invite people over. It's much better for everyone involved.

Time = Money.

dpid said:   sackland87 said:   Stop tobacco and/or alcohol consumption.

And as a corollary, don't buy drinks at restaurants. When I stopped doing that, I was shocked at how "cheap" dinner became.
Instead, have a decent stock bar at home and invite people over. It's much better for everyone involved.



Why not pregame before heading out?

king0fSpades said:   US1549 said:   Bag lunch to work. Cost of a ham sandwich $2 VS. going out of $5-7

Ham sandwich? Why are we even living? How about become homeless or suicide? If a person cannot enjoy a decent lunch what is the purpose of life? Should look into getting a better career.

Lets do the math, 22 days of work/month, saving just $1300 per year and eating crap for whole year and rest of your life? This is an absolutely ridiculous suggestion. I never did this in my life did this and I turned out OK.

That $5-7 you are spending when eating out is for the same ham sandwich anyways.

You're right in that it's a question of taste if you are skimping on a bag lunch (you can just skimp when eating out, too); but I cringe when I go out to eat with someone who orders something that I could've just brought from home for 1/4 the cost since I know all the stuff needed was already sitting in my refrigerator. That's the real point of taking your lunch to work to save money.

Lunch during the workweek can be a bit harder, actually - I dont know why that's the meal typically suggested to save money with. Since you typically have to make your meal hours in advance and let it sit/re-heat it, you are limited in options. You cant really make your own chicken fingers, burgers, or pizza to take to work (you can, but its not nearly the same re-heated). Dinners and weekends is when you can best save money by eating at home, without cutting back on satisfaction.

aznshadoboy77 said:   king0fSpades said:   US1549 said:   Bag lunch to work. Cost of a ham sandwich $2 VS. going out of $5-7

Ham sandwich? Why are we even living? How about become homeless or suicide? If a person cannot enjoy a decent lunch what is the purpose of life? Should look into getting a better career.

Lets do the math, 22 days of work/month, saving just $1300 per year and eating crap for whole year and rest of your life? This is an absolutely ridiculous suggestion. I never did this in my life did this and I turned out OK.


I agree, $2 ham sandwich is a bit extreme, but you can definitely save money by making meals at home vs. going out to eat.


Actually, my target for lunch is $1. Seriously. Can of soup on sale $.99. Frozen dinner on sale $.89. Ramen noodles 6/$1, $.17. Occasionally I'll splurge for McDonald's: $1 burger + tax = $1.08. $2 ham sandwich would be exorbitant for me.

Chris.

king0fSpades said:   US1549 said:   Bag lunch to work. Cost of a ham sandwich $2 VS. going out of $5-7

Ham sandwich? Why are we even living? How about become homeless or suicide? If a person cannot enjoy a decent lunch what is the purpose of life? Should look into getting a better career.

Lets do the math, 22 days of work/month, saving just $1300 per year and eating crap for whole year and rest of your life? This is an absolutely ridiculous suggestion. I never did this in my life did this and I turned out OK.
Right, I think this thread is going to quickly become a bunch of people parroting what they read on Mr Money Mustache's website.

Funny he hasn't been mentioned yet.

I was going to recommend spritzing oneself with spray bottle on long road trips instead of using the AC.

Minimize household electronics -

Wireless stereo systems -> go out to a live show at a local cafe/bar
LED TV/projector upgrades -> hit up a legit 15/70mm Imax once every few weeks.
Tablets and other small gadgets -> go browse and read at the library/park. Get the kids off these devices.

My family went all out with household upgrades when my father's first company was acquired in 2000. We stopped going out camping, fishing, and doing other outdoors activities together. Having a nice home to come back to is one thing - but making a luxurious prison for yourself is another. It's all too easy to forget to live a little (and save some $$ at the same time).

cpaynter said:   aznshadoboy77 said:   I agree, $2 ham sandwich is a bit extreme, but you can definitely save money by making meals at home vs. going out to eat.

Actually, my target for lunch is $1. Seriously. Can of soup on sale $.99. Frozen dinner on sale $.89. Ramen noodles 6/$1, $.17. Occasionally I'll splurge for McDonald's: $1 burger + tax = $1.08. $2 ham sandwich would be exorbitant for me.

Chris.


That's gotta be terrible for your health...

If you really wanna save money and be healthy, there's plenty of healthy cheap options. Rice + beans + some frozen vegetables is inexpensive and pretty healthy, and with a bit of seasoning can taste pretty good.

aznshadoboy77 said:   king0fSpades said:   US1549 said:   Bag lunch to work. Cost of a ham sandwich $2 VS. going out of $5-7

Ham sandwich? Why are we even living? How about become homeless or suicide? If a person cannot enjoy a decent lunch what is the purpose of life? Should look into getting a better career.

Lets do the math, 22 days of work/month, saving just $1300 per year and eating crap for whole year and rest of your life? This is an absolutely ridiculous suggestion. I never did this in my life did this and I turned out OK.


I agree, $2 ham sandwich is a bit extreme, but you can definitely save money by making meals at home vs. going out to eat.


This was my lunch today plus a piece of string cheese (the cheese was an uncommon splurge).

For some folks, I understand this is a poor way to save as they truly enjoy eating out and trying new places. But in the spirit of saving, I see it as giving up the luxuries that I don't really care about to save for the luxuries that I do.

Buy low, sell high.

aznshadoboy77 said:   cpaynter said:   aznshadoboy77 said:   I agree, $2 ham sandwich is a bit extreme, but you can definitely save money by making meals at home vs. going out to eat.

Actually, my target for lunch is $1. Seriously. Can of soup on sale $.99. Frozen dinner on sale $.89. Ramen noodles 6/$1, $.17. Occasionally I'll splurge for McDonald's: $1 burger + tax = $1.08. $2 ham sandwich would be exorbitant for me.

Chris.


That's gotta be terrible for your health...

If you really wanna save money and be healthy, there's plenty of healthy cheap options. Rice + beans + some frozen vegetables is inexpensive and pretty healthy, and with a bit of seasoning can taste pretty good.


Everyone laments that the salad bar at WF is so expensive, however, if you do your portions correctly, then you can have a decent size salad for under $5. I'm vegetarian and I would make myself a salad almost everyday (WF is between my work and home). It might not be a complete meal, but its a healthy add on to whatever I have after that. Plus I don't have to stock up on a lot of perishable items (as a single person, don't forget to account for spoilage).

If you are lucky to have Marino's, the salad bar is cheaper, if not as nice/well stocked as WF.

Learn what investments are before putting money in them.

Don't be "Mr.Frugal" 365 days a year, it will drive your spouse and friends crazy, even if they only talk about it behind your back. If you work hard, its ok to splurge and spend money purely for enjoyment sake. Of course if being frugal and hoarding your money gives you that enjoyment, then that's ok too.

Read FatWallet Finance before FatWallet Hot Deals

jakejames6 said:   Conjuring my best Dave Ramsey here - "Create a monthly budget, spend every dollar on paper on purpose before the month begins and stick to it."When I first read that, I wondered what one would do with all that paper.

Stop paying alimony

Whenever you consider the price of anything, include all taxes, tips, etc. when making your decision. Especially for meals, where the true cost might be around 25% or more than the price on the menu and for large purchases, where the tax (depending on your state) could be a pretty sizable sum of money.

Make your purchasing decisions on the full price of an item, not a portion of it.

Make sure you die before you go into the nursing home.

Can't believe no one has said this yet: Use credit cards as much as you can and use them responsibly (aka pay your bills in full. ALWAYS).
Don't underestimate the power of 1) purchase protection and 2) reward points. The latter can literally change your quality of life with zero (or negligible) extra cost.

stop thinking small. A dollar a day is a good start but figure out how to make $100 more. You can either reduce spending or increase production. Both are hard but one gets you where you want faster.

No matter how young you are, start saving - compound interest is a bigger friend than you can imagine.

No children.

At the point you graduate and get your first "real" job, max out your retirement contributions. You will never have such a huge increase in your income again and it won't seem to be any impact to your lifestyle at that point. You will learn to live on the lower amount for the rest of your life. In fact 85% of a professional salary is a whole lot more than 100% of a student income.

Too many people "reward" themselves for graduation by buying a new car, clothes, vacation, etc. and start out life spending more than they make.

Whenever you refinance, keep paying the same payment as before and pay it off sooner.

Consider the value of your purchase before you spend any money. Consider whether or not there are less expensive alternatives that would be just as good, think of other ways you could spend (or save!) the money, calculate the number of hours of your labor were spent at work to earn that money. If its too easy to put a purchase on the credit card, start using cash instead.

FrugalFreak said:   Don't impulse buy. Waiting for things you want or need CAN be gotten cheaper if you wait and watch prices.

And you might decide you don't really need it anyway, which is always my favorite outcome.

At McDonalds, only buy sandwich on the dollar menu, ie. Mcdouble and mcchicken

Find a bank account that doesn't nickle & dime you with fees.

Pay your credit card bill in full. There is almost no excuse for paying interest on a CC, unless it's an emergency. And make sure you have a decent rebate card to use.

brettdoyle said:   Wear condoms

Swallow to save money on condoms and to increase protein in-take............

unimeg said:   Find a bank account that doesn't nickle & dime you with fees.And one that rebates ATM fees. Or stop using other bank's ATMs for $20 and paying the fee for it.

work out, eat right, be healthy

find happiness in non-material things

Understand leverage, and how it can work for and against you.

jd2010 said:   The markets are rigged, don't try to daytrade.
but that's exactly why some people DO daytrade

billrubin said:   Pay your credit card bill in full. There is almost no excuse for paying interest on a CC, unless it's an emergency. And make sure you have a decent rebate card to use.
If for any reason you cannot pay it in full, try to roll it to another card/bank credit line
This is very important when it comes to 6 months interest free, if you are even $1 short you will pay 6 months of interest vs a month on a credit line/heloc

Cars should be cheap, reliable transportation, not personal statements.

If it flies, floats or f*cks, rent it don't buy it!

Have two sub-budgets for food splurges:

1. "Taste" - eating alone, for the 8-9 foods you just have to have each month, in moderation.
2. "Socializing" - eating/drinking with others, be it beers and wings during the NASCAR race with your buddies, or a night out with the spouse.

Avoid women



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