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People Share 30 Money-Saving Life Hacks That Made The Biggest Difference For Them
Saving money is really not as easy as it looks. It seems that if you do save lots of money, you're stuck at home and can't even go out and have fun. However, if you spend too much money on hobbies and activities, you'll probably never save up. Finding the balance is really difficult, but perhaps this online thread will have some helpful tips and tricks.
This Redditor asked other internet users to share one budgeting tip, and many chimed in to help out. Perhaps after reading this, you will come up with the perfect plan to help you save up for whatever you've been dreaming of buying. And if you have your own money-saving hacks, feel free to share them in the comments.
If you're interested in checking out more lists on this topic, click here or here.
This post may include affiliate links.
#1
Wait a week to see if you actually want an item. Stops impulse buys.
Caro Caro 3 years ago
My husband was an impulse buyer. Drove me nuts. Even when shopping for groceries I would find things in the cart like candy, gadgets and other unnecessary things.
Gwen 3 years ago
Put in Amazon cart, and wait to see if it is something that you really want/need.
Noname 3 years ago
I have an active wishlist in my Amazon cart. When I have extra cash, I will look and see if any items there are ones I really really want or if I can wait to buy.
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D. Pitbull 3 years ago
I usually agree with this... HOWEVER... I do not regret buying a Hippopottoman!!! I anxiously await Hugo's arrival (look it up. I'm not joking. I know that even a year from now... I'd still want a hippopottoman)
DennyS (denzoren) 3 years ago
I don't need weeks, I've always told my cousins this...when I'm shopping just let me pick it up and walk around a little, don't go directly to the cashier. After a few minutes I'll realize I don't need it and put it back. Lol
Lene 3 years ago
When I have my no spend -years (2023 will be my 3rd one) and I go shopping for something I need and find something that I love and want I quickly think to myself "do I have something at home with the same function as this?". And usually I do. My big mantra when on a no spend is that I should use what I already have. Also, I add lots of pictures to my wishlist when I'm on a no spend. Lol. I take photos of the items I want and the price tags and either add to my wish list on my phone or I just send the photo as an mms to whomever may get me that present. Lol.
Teresa Spanics 3 years ago
I did that for a second laptop. The first one has issues which I will deal with later this year, and I wanted a backup in case my desktop went on me.
AnonymousApple 3 years ago
I'll preface this with, this is good advice. Impulse buying is absolutely your enemy. BUT. I will say, stopping impulse buying is seriously difficult. I know some people think it's frivilous and dumb, but when you grew up so poor that even buying food felt like a luxury, it is REALLY hard to break the mindset of, I should buy it while I can. And it can feel kind of pointless to say, well I should save this $10, when you know damn good and well $10 isn't going to help you any more tomorrow than it will today. Oh, I'm gonna put $10 into savings every two weeks? That's gonna save me a whopping $260 a year that's not going to do me any good in an actual emergency anyway. Sure, that seems like huge incentive to not spend $10.
RELATED:
#2
I use the public library. I'm an avid, fast reader. It makes no sense for me to buy books because I finish them (usually) fairly quickly. I have a shelf of favorites, but other than that, I frequent the public library, whether it's using my Kindle or getting physical copies. They're also great for fun, free events, classes, etc.
Stephanie Did It 3 years ago
Some years ago I sadly gave up on library books because I'm severely asthmatic and so many of the books I checked out reeked of cigarettes. Got a kindle and never went back.
ALittleKnownGoddess 3 years ago
Many library systems have e-books; you can get them delivered to your kindle and still save money and support your libraries.
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DennyS (denzoren) 3 years ago
I really like buying books though. It's the only think I feel like I have that's worth something and I can eventually give to someone who would appreciate it.
Mari 3 years ago
I go to the libary and I buy books too. I go to the libary for fiction. Non fiction books, biographies and cookbooks I buy often.
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Remi (He/Him) 3 years ago
Also the libraries in our area have the option of loaning things like drills, saws etc and you can book time to use on site things like 3d printers, sewing machines, laser cutters and so forth. Saves you from buying your own and having them gather dust and taking up room in the storage
oddly_informed_raven 3 years ago
my school librarian knows me and my taste, and tells me when she gets new books in
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Anxious&Bored Bear 3 years ago
Please support your local library. My library has a for sale shelf of books. Sometimes I'm buy a book, read it, then return it to the shelf!
Kevin B 3 years ago
Our library has free passes to local museums, the zoo, gardens that are paid entry, and the pay to use bikes around town.
Cara G 3 years ago
I just got a new library card on Monday! Totally spur of the moment decision while I was out for a walk to clear my head. But I was thinking of putting together a program through the library for high school students that teaches basic life skills that aren't taught in school and are often overlooked by parents. Things like ironing, addressing an envelope, writing a check, email etiquette for a business setting, resume writing, etc. What do you guys think? Any suggestions?
Ursula Johnson 3 years ago
That was home economics that used to be taught in schools. Writing checks, resume and business functions are taught in high school and college under personal finance and intro to business classes. Vocational schools teach those skills as well.
Load More Replies...We got an interview with the Redditor that asked the question. We asked them to share how they save money: "My money-saving tip was to do a simple meal plan and check your pantry before going shopping. One mistake would be not saving enough, and another would be not having a plan for your money.
I think saving money is extremely important, and everyone should have a basic emergency fund. There isn't enough emphasis on saving money and financial literacy for young adults."
#3
If you’re in a shopping mood, go to a thrift shop! Sometimes I just want a new item and that itch can be scratched with a $5 skirt or a $8 dish rather than $$$ at a regular shop - bonus, there often aren’t that many items you want, so it stops you from buying up the whole shop, and secondly, items are often good quality and will last longer than getting something from target.
Kris 3 years ago
In Oslo, Norway thrift-shopping has become so hip the prices have skyrocketed. I saw a dress there that was cheaper in the original store. :(
Beck 3 years ago
I have seen some dollar tree stuff ($1.25) for $1.99 in ours.
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Tracy Wallick 3 years ago
Am I the only one whose local thrift shops only ever seem to have the ugliest stuff imaginable? And it always seems to reek of mothballs or cigarettes
Jeff Gabrisl 3 years ago
For real, you can find amazing things at thrift shop. I got an amazing Wilson's leather jacket for $11! It's soft leather, and has held up fine for the last 2 years
Caro Caro 3 years ago
Got stuff to keep me warm for about 5 euro's. Snug as a bug :)
Load More Replies... Cara G 3 years ago
I haven't been thrifting in a while but I've also never not found something amazing each time. My brass bed frame, an old piano bench that I painted and reupholstered, an authentic Fendi snakeskin clutch (for $11 USD), a perfectly fitted ballgown for $7, my crystal bedside lamp, a vintage crystal telephone that makes me look like a fancy lady just by being in my living room...
Celtic Pirate Queen 3 years ago
I can't tell you how many clothing items I have donated that still had tags on them. Someone got really good stuff at a steal.
Brian Droste 3 years ago
Yes, but don't those clothes you buy at thrift shops come from stores like Target or other big box stores. So wouldn't those clothes also be of poor quality?
#4
I try to frame expenses, especially “wants”, in terms of time. For example: this game/clothing item/electronic device is the equivalent of x hours/days of work - is it worth it to me? Especially when I think about it from a post-tax and deduction standpoint, it helps put things in more perspective for me.
Fabian Bernard 3 years ago
I exactly do that, but can't stick to it for my hobby (restoring vintage mopeds)
Randolph Croft 3 years ago
I just came here to say "That is a peculiarly specific hobby." Bravo.
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Mad McQueen 3 years ago
How long will it take me to make the money to buy it and how long will it last and be useful is my strategy
3 Owls In A Coat 3 years ago
My grandpa goes further, “if it costs you $10 and you use it 10 times, that’s $1 per use. I never buy anything that costs me more than 0.10 per use.” I used to think he was lame but now that I’m an adult I find myself saying it to myself when I’m trying to justify a purchase lol
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Jordy De Bruijn 3 years ago
My rule that i do is. Item cost 60. Will i use it more then 60 hours. yes? i get it otherwise not. how much money I save with this thinking is bigtime!
rodger coghlan 3 years ago
Another trick is to think of it as a return on investment - How much do I have to have invested to pay for this from interest/dividend?
Linda Riebel 3 years ago
Good calculation practice which I learned from the book Your Money or Your Life.
Jonn Thundergun 3 years ago
I have one main hobby that I pour my money into. The problem for me is that I only really stick with this ONE hobby so without my life would feel pretty dreadful so any money I put into it IS worth it or else what am I even working for? I refuse to work JUST to pay bills and survive. When I come home I want to see the fruits of my labor in more than just "oh the lights are on" kind of way. All that being said though my hobby does not take precedent over my needs but definitely gets placed high on the list of expenses.
They also shared where people should draw the line when it comes to saving money: "If you are miserable every day and are giving up simple pleasures like having lunch with friends to save money, then you might be too frugal. Or if saving money becomes obsessive and damages your personal relationships or mental health."
#5
Shop your fridge, freezer and pantry BEFORE you even contemplate grocery shopping. The meme is true “we have food at home.”
IcyPenguinToes 3 years ago
Ordering my groceries online has helped me with this a lot. I search the actual things I need while standing in the kitchen and get wooed less by the cookie aisle because I don't see it in person
General Anaesthesia 3 years ago
Agreed but believe it or not I like grocery shopping during quiet hours. So I make a list at home the way you do, and I just stick to it in the store. And I get a good test of my self-discipline out of it :)
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Susan Green 3 years ago
True, you end up buying things you normally wouldn’t.
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Kendra Miller 3 years ago
I live within walking distance, so I walk, which means I have to carry everything back. I skip the carts and load my groceries in the reusable bags I brought with me. I will then know innately how much copasity I have left. Seriously cuts down any impulse buys since I literally can't carry it home.
Celtic Pirate Queen 3 years ago
I try to do this before I go to the store so I don't end up with a bunch of duplicates I don't need. Also - NEVER go grocery shopping when you're hungry.
nuberiffic 3 years ago
What does this even mean? Fridge, freezer, and pantry is where the groceries go.
#6
For me it would be meal planning! Pre-COVID my husband and I never planned meals. He would get lunch at the cafeteria at his work and I would either eat snacks or walk to the nearest fast food place by my office. One of us would call or text the other on the way home from work with the dreaded what’s for dinner question which meant we would hitting the store almost nightly. It also meant we ended up buying things we already had at home. When we moved two years ago I found SIX jars of dried basil! We were also going out to eat a lot.
When the lockdowns happened going to the store every day wasn’t advised or safe so I started planning out our meals and what we could reuse for multiple meals. We would spend so much less on food when I would check what we already had first and make a list. We also stopped needing to grab takeout as much. The habit stuck and I’ll never go back to how it was before.
Susie Elle 3 years ago
I feel this one would be a good idea for me and my boyfriend as well. Sadly we live in a tiny studio so I don't have the space nor a freezer for long term storage of food. Once (if) we buy a house then I'll make more of an effort for this :)
3 Owls In A Coat 3 years ago
I have the same issue in my apartment! My own solution, which will not work for everyone, was to start eating a lot less meat and a lot more dried beans and lentils. Saved room in the freezer by buying less meat (and filled that space up with more veggies and ice cream lol), cut my grocery bill down by 25%, learned some awesome new recipes and became a 5% better cook :) and I kind of enjoy meat more now that I only get it 1-2x a week. (Again, this tip won’t work for everyone, I’m just sharing!)
Load More Replies... Gemini9 3 years ago
Agree this idea works. We began by taking inventory of what we had. Got a white board, listed week days, added meal menu for each day. It got us on track with the what's for dinner question. It has grown to lunches too. Both of us cook now.
Cinnamon 3 years ago (edited)
We use a dry erase board too. Planning and shopping for a week or two of groceries let’s us use perishable items without waste. For example, If a recipe needs fresh basil, I create another recipe to the rest of it .
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Mia Black 3 years ago
For me it is so weird to think, that Most (?) Western people, including my SO would just go to a Restaurant or Cafeteria for Lunch when i and my handyworker Colleges ALWAYS bring Our own food to work. In over ten years i just had like three times a meal during worktime, i didn't bought by myself and that times Our Chef paid for it because we were ona construction site (But we usually eat Our breads) . And now we have to save more money but from my places is nothing more to save because i already live that way....
GirlFriday 3 years ago
I haven't bought lunch out in months and it has saved me so much money. Not only am I eating healthier (and dropping a few pounds) I am saving money by not running errands (mostly impulse shopping) on my lunch hour.
Spooky Scary Skeletons 3 years ago
Best to buy what you can afford/fit now than dealing with inflation/supply issues down the road. I think I have enough dry goods and aluminum foil in my pantry to last the rest of the decade.
They also shared some thoughts on how much money people should put aside every month: "This depends on income, but I was taught to pay myself first by putting 10% of each paycheck into savings before spending on anything else."
#7
I live in a small apartment that hasn't been updated since 1970 and I drive an old car. I don't make a ton of money and I'm not particularly spendy in other areas, but I could be spending $700 or $800 more in fixed costs easy if I rented and drove "what I could afford."
A few times a year I get the bug to move into a nicer apartment, but instead I spend a few hundred bucks on a new rug or jazzy wallpaper or new sheets.
Jeff Gabrisl 3 years ago
Keeping an older car is much more profitable in the long run. Even if you keep full coverage insurance, you aren't paying the $300 a month for a new car for the next 5 years. Yeah, the old car might need something fixed, but with proper maintenance it won't cost the $3600 you would spend on a new car. Case in point: I bought a 1979 Camaro in 2000 for $1900. With proper maintenance, and being able to work on it myself, I spent about $6k to keep it running for 20 years. I only had the cheapest insurance because I bought it cash. Yeah gas was expensive, but I have never driven a car that was more fun to drive. I still own it, but the engine died and I haven't had a chance to fix it. My new car that I bought isn't fun...
Kookamunga 3 years ago
Check this out. I have 11 year old Hyundai. Was thinking about selling. Recently the car seized up and died. The dealer told me this was due to a recall and they kept my car for two months (gave me a rental) and put in a BRAND NEW ENGINE at no cost to me. I now am driving a 2011 Hyundai with a 2022 engine. My odometer went back to zero. It's freaky as heck, but I'm happy I can keep my car for another ten years if I want to.
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Lily Mae Kitty 3 years ago
I drive a 2008 and my husband a 2001. We don't care about cars. as long as it runs well, we're happy.
Alleman Jennifer 3 years ago
We have a 2007 jeep. It runs fine but we call it The Murder Jeep as it looks like it might carry dead bodies in it. Well, at least noone wld be surprised if it did
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Id row 3 years ago
Also, always buy a car outright if you can, even if you have to use a credit card. I bought my '06 car with half cash and half credit card convenience check. It had 0% interest for 15 months, so I broke the payments down into 15 months. This way, I don't have to have extra insurance on it. That meant the difference between paying $1,300/year and $400/year. I still drive that car and have saved roughly 15 grand, which was the price of the car. Also, make sure the car you're buying is reliable so you can be driving it so many years later. (Scion xA ftw)
Michael Largey 3 years ago
There are accidents you won't survive in an older car that you will in a newer one. That's something to cost out, too.
Brenda Leigh 3 years ago
Agree. I had an accident which I had survived exactly because of this. You don't have to buy a new car every year but sometimes it's worth it: better safety, a lot of earlier extras later become basic accessories, etc.
Load More Replies... Fabian Bernard 3 years ago
My daily driver is a 1961 moped. 250 km done with 5 litters of mix, reliable, no electronics,all maintenance is simple and done by myself. 21€ a year for insurance. And avoiding traffic jams, it take the same time to go to work than using a car. Can park everywhere. Also people is nice toward my granma rider and kind on the road
rodger coghlan 3 years ago
My B.I.L. says keeping this 40 yo pickup with repairs is a lot cheaper than paying $60k for a new one
Gehtdich Nixan 3 years ago
I have no car and I live in a small old apartment and I still have to spent half my salary on rent, cause rents are insanely high. So great "saving tip". not.
#8
On my grocery list, I include a 'not' section, too, to remind me of things I commonly buy but don't need this week (generally butter, cheese, carrots, onions, potatoes, beans, pulses, herbs, and spices). It helps stop some 'just in case' purchases.
Anyone-for-tea? 3 years ago
Or butter! I get nervous if I don’t have at least one extra one in the fridge.
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Nina 3 years ago
She said "...commonly buy but don't need this week..." 😉
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Sander 3 years ago
Luckily I made a shopping list app for this. You have no idea how useful it is to just be able to add items when you notice you're running out of stuff. Or, that items can persist indefinitely. Out of this weird sauce you can only get at specific places? Just keep it on the list until you're there again.
Firstname Lastname 3 years ago
Sometimes I will add a "need to use up" section to my list because I don't know how, but I will see what's on sale when I get there, when I have things like leftover sauce. Helps clear the fridge for new groceries.
Mary Kelly 3 years ago
good list....i often buy two of something so i have a back up only to find that i already had a back up....
Michael Largey 3 years ago
My grocery shopping motto is "If it's not on the list, it doesn't exist."
#9
Pay myself first. Before any "fun" money is spent, I'm throwing $$ into my savings fund. I haven't set it up for an automatic payment yet but I will in the next few weeks.
Remi (He/Him) 3 years ago
Savings accounts often give a bit of interest every year too. Automatic 300e transfer from the moths wages also lets me forget they exist, so I don't accidentally plan anything for them.
The Scout 3 years ago
There used to be interests on saving accounts. Nowadays lots of banks even charge depository fees for the money instead.
Load More Replies... Kendra Miller 3 years ago
I'm paid weekly, so I have scheduled an auto payment of 25 dollars to my tax free savings account. At the end of the year my mom helps me calculate how much I would have to put into rrsps register retirement saving something or other to offset my taxes so I don't have to pay the Canadian government any money I won't get back. I pull that money from my tax free account. If able I think more working class Canucks should take advantage of the rrsps.
Jim Reilly 3 years ago
No truer words were ever spoken! Pay yourself FIRST-- by paying your FUTURE self for when you really really need it
Ursula Johnson 3 years ago
Only works if you have extra money. Inflation has ruined that for many people.
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Gene Perry 3 years ago
Save your spare change. I toss my change into a bin at the end of each day. At the end of the year, I deposit the change in the bank. A couple hundred dollars.
#10
I generally check Marketplace and local groups before I buy things like clothes, toys, baby gear and furniture (within reason, obviously there are some things that shouldn’t be bought used). If I can find it in good condition used, I’ll get it instead of buying new. I’ve saved heaps this way, and it’s better for the environment.
Maebe Maeve 3 years ago
I shop eBay for great deals on brand-new but "open box" items, which are usually returns made by other customers. The savings are often 30-50% and the items are literally in original packaging, all parts/manuals, everything. I buy all my power tools and appliances this way and save a fortune.
#11
Letting things sit in my cart for a week before checking out has helped a lot. Or sending them to my “save for later” half the time I forget about them.
#12
If you are planning on taking on new debt by financing a large purchase (car, house, etc.), calculate what the monthly payment would be then practice making that payment by putting that amount in a savings account each month. It gets you used to having that expense in your budget and helps you save up a down payment.
Geoffrey Scott 3 years ago
Have the mortgage auto debited from savings after pulling 1/2 the amount from each(biweekly) pay.
Adele Walker 3 years ago
I’ve been doing that for a year in anticipation of buying a new car in 2024.
Id row 3 years ago
Back in '02 when the housing craze was ramping up, I was looking to buy a house and knew what I could afford, yet the bank kept trying to get me to take out much higher loans saying I deserve a nicer house (?!?). I thought it was strange as I knew how much I could afford to pay each month and wondered who would do such an irresponsible thing. Turns out a lot of people would. "The bank said I could afford it!" That all came crashing down hard.
#13
Budget realistically. If you give yourself unreasonable goals, you're setting yourself up to fail. Base your budget off of actual previous spending and try to improve slowly but surely. Yes, "no spend November" can be a fun challenge, but it's not sustainable.
General Anaesthesia 3 years ago
No spend November is not sustainable why? Because of that commercial trap called Black Friday which is spreading around the world? I looked up the definition of No spend November, "taking a month-long break from shopping for nonessential items". Not buying nonessential is not sustainable? Its the most sustainable thing anyone can do, per any definition of the word.
Judith Wilson 3 years ago
The OP is saying, you might be able to do it for a month, but it's not sustainable for the year.
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patricia patricia 3 years ago
I think November is the most un-fun month in the whole year. Where I live it's really grey, cold, foggy, rainy, damp, miserable... The whole winter is the same, but December has a bank holiday and then Chistmas, so it's fine. But November! I hate it!
Well-Dressed Wolf 3 years ago
I’m with you! Plus November is the month my dad had his accident when I was 18 (catastrophic brain injury) so I’m not fond of the month in general!
Load More Replies... Sander 3 years ago
A very simple budgeting technique is to just deposit a certain percentage of your income to a savings account. If you find you need it, just take it out. Otherwise you saved it for later use. Want to buy something nice? Make sure it doesn't exceed a quarter of your savings. Of course don't do this too often, you still drain your savings! Emergencies can bite into the full amount, that's what it's for.
Jim Reilly 3 years ago
For impulsive millennials- subscribe to an app that finds and monitors all those tiny annual fees you pay for impulse buys of music, video, streaming, Apple sneaky monthly charges, credit monitoring etc, You will be amazed how $5, $1, $8, $6, $16, $10, $9, $2 each month adds up! it could be $500- $800 a years available for savings
#14
bought a 99 civic with 125k miles from a neighbor when I was 15 and was devastated when it died a month ago. It had 273k when it stopped working and I will not be buying a new car. I don’t need that expense, and it’s nice biking places bc I am fortunate enough to live in a pretty bike friendly city. It has also cut down on my spending bc I hate online shopping and i rarely go to stores now, same with stopping at a fast food place on my way home from work. Really the only things I spend money on now are food, rent, loans etc and then I save most of what’s left. Only way I could spend less money is if I stopped buying weed and going out with friends, BUT it is important to have things that get out of the money saving, work grindset and live a bit.
3 Owls In A Coat 3 years ago
…..are you trying to insinuate something? 😅 it’s legal to smoke in my country and I spend probably $120 a month on 1oz, it’s definitely its own category on my budget Excel sheet and I know a lot of people trying to cut down, including myself. (I quit alcohol so I’m already in the black there lol)
Load More Replies... DennyS (denzoren) 3 years ago
My first car was a 99 Civic hatchback! It was such a reliable car. Sold it eventually...still miss it today.
Susan Green 3 years ago
My picks are Hondas or Toyotas. Well made and they last.
Load More Replies... Steve Robert 3 years ago
A wise hippie once said It is better to have weed and no money, than to have money and no weed!
Cuppa tea? 3 years ago
Civic died at 273k miles? Sounds more likely you forget to fill up with petrol :)
Mary Kelly 3 years ago
that honda probably had another 200K miles left in it with a few repairs...that's all i look for in a car...can i drive it until it's dead with few repairs in between...and who care what other people think about how it looks
GamerChick5567 3 years ago
Just fix it yourself if you have access to ramps or engine and transmission tools. A 99 civic is pretty simple and the parts are cheap! A mechanic friend of mine specializes in diags and engine and trans replacements, its turned i to quite the small buisness!
Jim Reilly 3 years ago
hahah smoking weed as a fundamental , last stand' core need-- Me thinks there are other areas of your life that need evaluating :) Weed changes brain chemistry in subtle and devastating ways over long periods of time ( like nicotine does). Free yourself from the addiction and save even more for that rainy day. IMHO
Kat Lyle 3 years ago
Thanks for the lecture, but it's his life. If dude is managing to save, he's got his sh1t under control.
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#15
Reporting my annual mileage to my car insurance company since my annual mileage is less than half of the generic estimate they use. Savings from that add up over time!
Notorious DBT 3 years ago
I saved so much doing that. My insurance company has a program where you put a device in your car that tracks your mileage and charges you monthly. During Covid I saved SO MUCH. Ask your insurance if they have a plan like that.
Satya Bain 3 years ago
Most car insurance companies have an app that calculates all of that for you. Lots of savings there since I work from home and drive less than half of the national average now.
#16
Use your credit cards like cash (that gives you cash back!). Don't spend money you don't have yet, and pay it off at least once a month.
Arabiata Arabiata 3 years ago (edited)
I gave back my credit card to the bank. Live within your limits.
J. M. Montes 3 years ago
There are benefits to using some credit cards if used correctly.
Load More Replies... Id row 3 years ago
Yes! I get cash back from my credit card and forget about it. After a couple years, I have a few hundred in it. I bought myself a ps5 from it this time around. Last time it was a tv. Make sure you pay off the balance each month so you're not paying interest. Don't buy what you can't afford to pay off.
The Darkest Timeline 3 years ago
Can you pay cash? Sure but there are cards that give you money back for certain purchases and have savings built into them. So long as you don’t carry a balance, you actually save more with these cards. If you’re good with your money, take advantage of these deals.
Bruce Horton 3 years ago (edited)
Pay your credit card in full every month, do not carry a balance. Interest rates on cards are extremely high. If you can't pay it off, you're spending too much.
Aaron Dodd 3 years ago
The cashback tip is good. I use my cashback card exclusively and pay it off monthly. When the cashback balance gets decently high I cash that out and send it as a prepayment to the mortgage. As long as you don't carry a credit card balance (so no interest charge) it's free money you don't get just using cash/debit card. To be fair it did take awhile to understand what I could afford to pay off in full and stick to that, it is easier to not overspend if you just pay by debit card.
Steve Robert 3 years ago
Thankfully I haven't paid an interest charge on credit in thirty years. I use my cards (no debit card) for the protection and extended warranties they give me, and pay them off at the end of the month. I bought two Corvettes on 0% financing, and only paid 1.9% interest for four years when I bought my daughter a new car 14 years ago but only financed 10k. Didn't amount to much and my money was earning much more than the interest I was paying
Littlebooks 3 years ago
Yup! I exclusively use my credit cards, pay them to a zero balance every month, and usually get about $500 or so in cash back every year. What gets me is my financial institution lets me pay my mortgage with a credit card, so I make money back on that, too!
Noname 3 years ago (edited)
Idk-never saw a credit card in France - maybe they have them, but I solely use my bank card, and if I'm overdrawn, they just tell me I'm overdrawn. If I go past a certain amount, they block my bank card until funds are deposited. My bank never charges me for overdrafts or using atms they don't own. Banking in France is really different from the USA in that you don't have tellers, you can't just walk in to a bank and cash chèques or exchange cash for coins or vice versa. They rely on the atm for all transactions. I needed coin for a tagsale and had to order my coins a week in advance from the branch I opened my account in.
Cleber Griff 3 years ago
Again, self control and budget. You will find out that paying the same thing 30 days later for the same price is actually smart saving.
Cleber Griff 2 years ago
I am responsible enough to use my credit card without overspending. Do the same and learn to tame the beast.
#17
Also: money is no good if you don’t look after you health. So take care of yourself. You’re worth that trip to the therapist/gym/doctor…
Noname 3 years ago (edited)
I think this is a bigger problem for Americans than other with social Healthcare. Since moving to France, I don't worry about the cost of visiting the ER or my GP or the cost of pharmaceuticals. My surgery for a broken wrist with pins inserted cost me about 50€ for everything, including the ER visit, the 2 surgeries and pain meds. When my kids had asthma attacks in the US, if steroids were given, it was an automatic overnight treatment that cost in the thousands of dollars. In France, if steroids are given, you get sent home and advised to return only if there is any reaction. Cost : 15€.
Noname 3 years ago
Recently, my GP in France put me on a non-payment list for my treatment for diabetes and depression, so my blood tests, my meds and psych visits are free. But before, the costs for lab work and meds was only 35€ a month, which was already cheaper by hundreds compared to the USA.
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Id row 3 years ago
Have you seen what therapists are charging? That's a luxury service for sure.
Noname 3 years ago
Yes!! Even in Europe, a private psychologist has a going rate of 90-150€/50 minutes, but often these psychologists are just not able to offer real help, so you're paying €€ for someone to listen to you without offering any aid. Case in point-I had been visiting a psychologist for 2 years because I was suffering from severe anxiety from the abuse from my husband. Not once did she acknowledge that I was in an abusive relationship, (the police did) and when I showed her the bruises from my husband, she blamed me for provoking him. When I quit her, she sent me a message saying not to contact her again. There's a real reason psych therapists get a bum rap, and it's because they can pass the test, but don't actually know how to help people.
Load More Replies... AnonymousApple 3 years ago (edited)
Ha. This is a classic example of "this will save you money if you can already afford it." I can't afford health insurance for my family (of course I live in the U.S.). I'd love for all of us to get regular checkups and preventative healthcare, but you know what? We can't. Full stop. Can't afford it. Even with insurance, deductibles are insanely high, so it makes no measurable difference. Sure, great, take care of your health, awesome advice, OH WAIT. Even the most basic healthcare is out of a lot of people's reach.
#18
If you can’t afford to pay cash, you can’t afford it. (Aside from a home)
Olivia Mansfield 3 years ago
Oh you mean food and utilities thanks to greedy inflation excuses for rich to get richer
TheFloydist 3 years ago
Some emergencies warrant it. Our sewer line stopped working and we didn't have the funds immediately to cover the repairs. I did make sure we could afford the payments on the financing, but we did have to take on the debt to take care of it.
AnonymousApple 3 years ago
Except when an emergency comes up and you don't have the cash to cover it, so you're forced to go into debt. I get it, don't charge things you don't need, but the issue is that people are getting into debt because they have no other recourse. If you're living paycheck to paycheck, you probably don't have anything in savings. If your car breaks down and your car is the only way you can get to work... guess what? You're taking out a high interest emergency loan. And so the cycle continues.
Brian Droste 3 years ago
Yes I agree. When I was younger I got credit cards and also end getting heloc loan l. Max it out. Because of circumstance took me a long time to pay everything off. Now that I am older and getting close to retiring if I can't pay cash I don't buy something or Try to save up for it. I don't ever want to be in dept liked that again. Still have a mortgage though
#19
Use a spam email account for any purchases you make so that the marketing emails go to that account instead of the account you use for everything else. No more impulse shopping when “deals” come through in your email.
Id row 3 years ago
Don't use a spam email account, why clog up the works with a valid address? Use a temporary email service like https://10minutemail.net/ They give you an email address that is valid for 10 minutes. You can add another 10 if you need it, too. This way the spammers have to deal with message failed emails.
Cleber Griff 3 years ago
If you use gmail, you can do something like myemail+bestbuy@gmail.com Adding +something to your account will make it easier to block, filter and even know who sells your data for spammers.
Heather Talma 3 years ago
I never even open those cause they never show things I actually want.
IcyPenguinToes 3 years ago
And as a bonus, there's less spammy c**p in the way of real, important emails.
#20
Keep track of everything you spend. From pricy to cheap. Add it all up at tte end of the month. It’s scary how much unnecessary spending goes on!
GirlFriday 3 years ago
Oh do this. I teach a financial literacy class at my local women's shelter and I preach this every single class. Write down every single penny that comes in or goes out. I even give them journals to do it.
3 Owls In A Coat 3 years ago
I’m trying to learn financial literacy! Any quick hot tips?
Load More Replies... #21
Mine would relate to food as well:
- cultivate the skill of home cooking so you enjoy what you cook as much as a mid-range restaurant meal, and learn to enjoy the process so it doesn't feel like a chore. That way, when you're tired through the week, you can pull something yummy out of the fridge that costs a tiny percentage of what you would pay if you ordered delivery or went out.
I was watching a TV show the other week (Gruen, in Australia) where one of the hosts said research suggests that only ten per cent of people actually enjoy cooking and both me and my husband turned to each other and said thank God we fall in that ten per cent! It saves so much money and feels financially empowering.
BakedKahuna 3 years ago
I love eating, I enjoy cooking and I'm glad I don't have to depend on bad take away or heavily processed food.
On a whim 3 years ago
Same. I Love eating. I enjoy cooking as it’s rewarding to devour the efforts!
Load More Replies... patricia patricia 3 years ago
Even if you don't enjoy cooking, I think it's a basic skill everybody should learn. You don't need a lot of effort or intelligence to learn how to prepare some nourishing, everyday meals. It's amazing how many adults can't even cook pasta or rice properly, and have no clue about food safety. Unless you are rich and you can afford a cook, it's something you must learn whether you like it or not.
AnonymousApple 3 years ago
Y'know. It's not that these bits of advice don't have merit. It's that they kind of gloss over situations where stuff like this just isn't realistic. If you're a single parent working two jobs, you may not have the freaking energy to come home at night and make a "mid-range restaurant meal." It may feel like a chore simply because you're always freaking exhausted. So many of these pieces of advice are not realistic for the people suffering the most.
Remi (He/Him) 3 years ago
I find cooking very enjoyable especially if I'm trying out new recipes. Thankfully internet is full of those from all over the world. Of course you shouldn't choose a recipe that requires a whole bunch of ingredients that are expensive and hard to come by in your area, but even then you have a plethora to choose from
Celtic Pirate Queen 3 years ago
Cooking yourself is usually so much healthier, too. You can control the amount of salt, fat, sugar, etc. One of the best lessons my Dad taught me was "if you want to eat well, learn to cook well."
Kendra Miller 3 years ago
I live alone, I make big batches of soup, spaghetti, enchiladas etc and freeze them in 1-2 cup sized glass containers and freeze. I'm trying to empty my freezer to make room for edible Christmas gifts and I've literally not made a meal for myself in two months. Which is good since I'm a painfully slow cook. I don't eat out, because if I'm hungry it's quicker to pull something out of the freezer than to have to place an order and then wait for it to be ready.
Barbara Maloney 3 years ago
And when you do cook, make extra for tomorrow's lunch or dinner. You don't have to cook 7 nights a week. I do enjoy cooking. We eat out less, but when we do, we go for higher end, better quality food. So many US chain restaurants are micro-waving most of their food.
#22
Leave the house less (aka make due with what you have) literally every time I leave the house I spend at least $100. Groceries, fuel, toiletries, whatever. It’s relentless, and it sucks.
Sander 3 years ago
But, you need groceries and fuel whether you stay home or not. It seems that the actual problem is impulse buying or overspending.
Kendra Miller 3 years ago
Sometimes the easier solution is to drive to the store and buy that ingredient you are missing. Ruling that out as an option makes you get creative and problem solve, what do you already have in your cupboard that you could use as a substitute. Plus when you are shopping you'll come across things you've run out of, but forgot to add to the list. Technically impulse buys, but still necessities.
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Id row 3 years ago
Hell, I can spend $100 from my computer just having my morning coffee. You don't have to leave the house to spend. I recently gutted my bathroom and bought a whole new one online, lol. The only thing I went to pick up in store was sheet rock and paint. The tile, tub, two sinks, two vanities, lights and plumbing were all bought online. Oh, and just bought a fridge online, too. Groceries are all online, too. Outside = bad.
Victoria Pitt 3 years ago
During 2020 I felt rich! Couldn't go out anywhere and had to cook at home. Saved so much money.
Susie Elle 3 years ago
I once had the idea to just carry my weekbudget around with me as cash instead of taking my debit card everywhere, but I never implemented said idea.
Cleber Griff 2 years ago
Going for a walk or enjoying a Kombucha by the lake is cheap and priceless. I'd say you shouldn't lock yourself and stop living like that.
Cleber Griff 3 years ago
I can go out for walks everyday without spending a dime. Nature is free and fun to watch. Educate yourself is better than locking up inside.
#23
Always always always saving something! Even if it's 10, 20, 50 bucks. I saved $50 out of my paychecks since I started working because something is always going to come up or is coming up. Holidays, birthdays, car repairs, etc.
Toffee's girl 3 years ago
Not sure if this applies to all countries or banks but mine run a service called save the change - if i buy something for say £2.80 and I use my debit card to pay, 80p will automatically be transferred into my savings account. It may not sound like much but if you're someone who doesn't have cash on them regularly these little things can soon add up.
Mama Penguin 3 years ago
I use a third party app connected to my bank account. When I use my debit card or even pay my rent with a check, it transfers up to the next dollar amount. If I spend $4.75, then it will transfer 25 cents to the app. And for a flat dollar amount, it will transfer $1. It's not much, but it's easy because it's out of sight, out of mind until I need a quick cash.
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Thee8thsense 3 years ago
I have a friend who saves every $5 bill she receives (as change for a purchase, etc), and she has inspired me to try this. It actually surprised me that it adds up quickly.
Geoffrey Scott 3 years ago
Pocket change adds up quick too. Wife financed our fuel costs to visit our daughter ($150 each way)
#24
Use the library for free event/cultural tickets and ebooks.
Steve Robert 3 years ago
Or you can pay $8000 for a Taylor Swift concert for two hours of extreme noise and a terrible seat. FU Ticketmaster!
Kendra Miller 3 years ago
We just had a local gentleman have a theatrical reading of the Christmas Carol. He did a great job and we had to find more chairs for all the attendees.
Ursula Johnson 3 years ago
Amazon has millions of books you can buy for free. Kindle books are cheaper since I like to own my books and audiobooks.
#25
Plan once a year to call all your providers / services and negotiate for better deals and if necessary, be prepared to leave a service and try another for a better deal.
I have had my internet "first year" 50% off deal extended for going on 3 years now. My cell phone plan is excellent and frugal, and in October I lowered my auto insuance by $53 a month for the same coverage (and actually a little better in a few areas)
It does take a little time and effort, but when you consider how much it saves over the course of a year, it's completely worth it.
I am also a big believer in rotating streaming services and/or sharing them with friends/familes. I have Prime, Neflix, and Crave but they only cost me $11 a month total because I share them all.
Linus Bourque 3 years ago
Additionally, if you work from home, check if you company will pay part or all of you internet/cell phone. My company, I found out, pays for all my internet and most of my cell phone (my cell phone plan includes myself and my wife). At $300 per month back from the company, it's like having free internet and cell usage.
Kendra Miller 3 years ago
Another option if your neighbors places are physically close is to share the internet cost. I pay my neighbor 30 a month for unlimited business internet.
Victoria Pitt 3 years ago
I always call my internet provider and XM radio to get better rates after they increased. I just tell them I can't afford it anymore and have to cancel, they always give me a better rate then I had before.
#26
Shopping secondhand on Vinted. I’ve purchased so many new items that are in excellent condition and add a third of the price of the current collections in the stores. My last purchase was a super comfortable pair of loafers which cost me only £10 with shipping included.
InvincibleRodent 3 years ago
But be careful- Vinted just recently came to my country, and the app's reviews are absolutely full of people complaining about fraud. (I also wouldn't wear used shoes lol, I'm not very keen on having anyone's athlete's foot!)
Fabian Bernard 3 years ago
Yes, refund and send back policy is nearly a scam
Load More Replies... Chonky Panda 3 years ago (edited)
Do shop second hand - however never do it on Vinted, I've only seen bad reviews
#27
I'm by no means a minimalist, but I do like to think of my purchases through Marie Kondo's "What gives you joy?" lens.
If it's a purchase, however frivolous, that truly makes you happy--it is probably worth it (if you can afford it/make it worth saving for).
I was able to cut so many things (and spend more on higher quality things) when I looked at things through the "does it bring me joy" lens. Whatever those things are is going to be different from person to person, but this idea has really helped me cut back without feeling deprived.
Idk if this is my *most* important thing, but it's certainly been an effective and important one for me.
Mama Penguin 3 years ago (edited)
My husband and I have a rule. Is it a need or a want? And if it's a want, is it something that makes sense to buy or is it something we can afford? It's helped us reduce buying things impulsively.
3 Owls In A Coat 3 years ago
I’m similar - is it a need or a want? If it’s a want, sit on it for at least 3 days and then reconsider. If it’s still a want, do some research on best prices and quality. If I can justify it, perfect. (Thinking of this giant cat tree I want to buy my cats for Christmas lol)
Load More Replies... Well-Dressed Wolf 3 years ago
I’m terrible with this. I buy trinkets and geegaws on impulse, and then they end up tossed in a box and forgotten. When I unearth them months or years later, I don’t care about them and they don’t rekindle any joy for me. I’m currently working on this negative aspect of myself :)
poiplescales 3 years ago
On this note. I spent 4 bucks a month ago on a big ball of liquid and glitter. It makes me just as happy today to pick it up and spin my little glitter globe. (it's as big as both of my fists together so it is both big and little depending on comparisons.)
#28
Spend MORE on luxury items, you will use daily and for years. Like a car, furniture, electronics. And cut back on mindless shopping for small items.
Fabian Bernard 3 years ago
Except it doesn't work at the moment you have a need for a car, a phone or a computer and your bank account balance doesn't match...."Car is dead" " No worries, we'll buy a Mercedes to commute to work in 5 years ''
AnonymousApple 3 years ago
Great advice unless you simply can't afford to buy anything other than the cheap thing that'll break down sooner.
Linus Bourque 3 years ago
Ya I wouldn't do the Mercedes. I did do the Toyota option and paid cash for those (admittedly, I'm lucky in that I get stock options from my company and sold them to buy out the vehicle). Even if I couldn't i would never lease a vehicle. I'd finance it to buy and then run it into the ground (challenge here in Atlantic Canada with all the salt in the air). But no new vehicle until the existing one stops working. Since I have a Tundra and they seem to last a million miles or more when looked after with few issues, it'll be worth it in the long run (I figure about 20-30 years)
InvincibleRodent 3 years ago (edited)
And be mindful of the durability of the items! Something expensive is not necessarily better if it isn't stable, or it's dependent on constant connectivity, or whatever. I have had a Sony Walkman mp3 player since high school, and back in the day it was kind of pricy but not glamorous, but 8-10 years later I still use it daily, it has zero issues, and it still easily goes a week with one charge.
Rick Seiden 3 years ago
If you don't take "luxury" to mean high end name brands, this makes sense. If you know you're going to be editing YouTube videos, spend an extra couple of hundred bucks on a computer that can do it well instead of paying someone else to do it for you. Or if it's something you're going to use a lot, buy the higher end version. If you build electronics projects, spend $100 on a good soldering iron with temperature control instead of $15 on the one at Lowes.
Jonn Thundergun 3 years ago
Luxury cars are not more dependable than an economy class car. Luxury cars often have more complicated repair methods as well as an overall higher maintenance cost. A Toyota Corolla is by no means a luxury car but is the most affordable and dependable car you can buy and has a repair cost in the hundreds annually, not thousands. Also electronics are hit and miss. Typically you get what you pay for but I have seen several cases where some $50 BT speaker was better and lasted longer than $200 BT speaker. Furniture is pretty accurate. Spend more get better quality.
Bruce Horton 3 years ago
If you expect to keep something for years, like tools, buy the best you can afford.
Jonn Thundergun 3 years ago
Tools are a great example of get what you pay for. Best advice I got about tools was buy cheap first then see what you use the most and what breaks then upgrade as you need to. If the cheap tool works and/or you don't use it often then roll with it.
Load More Replies... #29
I leave my purse/phone in the car at certain stores (Michaels, Menards) so that I have to go out and get it before checking out. That 2 minutes and leaving empty handed breaks the spell and I can go back in and really edit my overflowing cart before I get in line. Weird, but it works!
Firstname Lastname 3 years ago
As the person told "my money is in the car," please don't. Babysitting your order should not be the responsibility of someone who was actually doing something because you can't restrain yourself.
Remi (He/Him) 3 years ago
How can you shop without your phone? that's where the shopping list lives
SewingStaffy 3 years ago
So you leave your full basket or whatever somewhere in the store for the lucky employee to now have to put everything back. Here's a little idea, just don't go in the store in the first place
patricia patricia 3 years ago
No. I think OP leaves the full basket "parked" in a corner, goes to the car to get the money, and when he returns he has an objective look at what he had put in the basket, and he returns to the shelves some stuff he doesn't need. He buys on impulse, and that little walk to the car gives him time to stop and think.
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Rick Seiden 3 years ago
I leave my debit card in the car if I go to a casino. I take in $20 or $40, play the cheap games for an hour, and leave. Without my debit card, I can't hit the ATM for another 5 minutes of play.
#30
Let's see, I'm putting this down without looking at the others.
Have a budget category solely dedicated to the household upkeep. Excludes bills and food, includes repairs, replacement of appliances, smaller renovations (limited to one piece of furniture, one wall, one window segment, anything bigger needs its own category) and may also include household necessities such as cleaning products, tissues, toilet paper, gloves, etc. etc. This way, you are able to separate these expenses from the food and you can also have a good view on how much you spend on these things, considering that it's pretty much a non-negotiable category.
3 Owls In A Coat 3 years ago
Best Xmas present I ever got was a Costco-sized box of dryer sheets and a 4L container of dish soap. Needs are much more important to quality of life than wants.
Satya Bain 3 years ago
Since my last divorce, I have kept an annual budget using Excel. I do realize not everyone has skills using Excel. For me, a frustration spender, it works. I budget outgo high, based on previous spending habits and income low, based on base salary minus 2%. It reduces most of the frustration spending. I also subscribe to the practice of online spending by putting something (want) in the wishlist category. The next time I have to buy a need (medication) I peruse the wishlist and if I cannot justify the want vs need then it stays in the wishlist. I've learned much about myself doing this,.
Heather Talma 3 years ago
Seems unnecessary to budget food and TP separately considering you buy both in the same store at the same time and have basically the same amount of need for them.
Celtic Pirate Queen 3 years ago
I have candles and flowers in our grocery budget. I'm always going to have fresh flowers on the dining room table and vanilla votives around the house. May as well include them.
#31
You can't spend money when you're dead. Set aside fun money.
Ace 3 years ago
"Set aside" is not the same as "spend money that I don't have to spare".
Load More Replies... #32
We almost never eat out for dinner anymore — my husband and I have young kids so when we pay a babysitter, we usually get them for a time when our kids are actually awake, and go hiking or running or some other active/free activity together. Also, I bake all the bread we eat. A minor expense but I enjoy it!
#33
Minimize big ticket expenses - rent, car payment. Do without a car if you can, etc.
Geoffrey Scott 3 years ago
Most in USA cannot. Used to bike the 3 miles to work, until some clown decided how close he could get to me. Never bothered me before, now I'm getting too old/chicken.
LAWLAWLAW 3 years ago
Suck it up buttercup, 3 miles is less than an hours walk
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Stephanie Goadsby 3 years ago
When your job and getting groceries is reliant on having a vehicle, there is no room for negotiation on that topic. Rural life is about as cheap as you can get regarding rent, but there are no busses or delivery services of any kind. If a taxi was willing to make the journey (a rare occasion) it would cost you upwards of $100 to go to town and back.
Jessica J. 3 years ago
I live in the mountains. It's 26°F outside. There are no sidewalks here, but we do have sheer drop offs of hundreds of feet. Not having a car is not an option.
Okasan Willis 3 years ago
We have a good bus system that stops right in front of our apartment complex
3 Owls In A Coat 3 years ago
I’m so lucky to be able to walk to work within 15 mins. Because of this (and the small size of my town) I don’t need a car. BUT boy would it ever make my life easier.
J. C. Schutte 3 years ago
Eliminate as many recurring charges (subscriptions) as you can. If you can't or won't eliminate a certain subscription, see if paying quarterly, bi-annually or annually will save you any money.
Kendra Miller 3 years ago
I specifically moved into town from rural Canada in order to be able to walk to work and all the necessities. I still have a car, and I use it once a week to get to my big city job and visit friends and family since unfortunately unless you are in a major city Canada has terrible public transportation infrastructure. Like no infrastructure. I've owned my car since 2014, my once a week driving has kept anything from seizing and hasn't worn anything down severely. My winter and summer tires that I bought at the beginning, still have plenty of life left in them. Another cost I just don't have to worry about because I walk. I like to say, walking is good for my health and my wallet.
#34
Pay yourself first. Set it up so that before your paycheck hits your bank account account, have X% go to retirement vehicle, emergency fund, sinking fund etc., then the rest goes to your bank. Typically, when u don’t see all that money, you are less likely to spend it all.
Greymom 3 years ago
I think there’s supposed to be a comma after retirement 😂
Load More Replies... Kendra Miller 3 years ago
My paycheck is mostly taken by my mortgage. So much so I have two other jobs to supliment. My main job is the breadwinner and its a job I love, but bills can be a lot when you live alone and only have yourself to rely on
#35
For emergency savings, have a high yield savings account at a different bank from your checking account so your savings is direct deposited and that money doesn't even hit your checking account. Once a year (I do it when I've received a raise) recalibrate that amount. It's amazing how quickly it grows when you set it and forget it for a while, and you get used to living without it since you never see it in your checking account in the first place.
Ace 3 years ago
If such a thing as "a high yield savings account" exists in your country, it's only because you're living somewhere with a high inflation rate. Better by far if inflation can be kept down, and mortgage rates with it, even if I can't earn much interest on my savings.
The Darkest Timeline 3 years ago
And at this point, there isn’t a savings account with a rate that outstrips inflation. Better to invest.
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#36
I don't save credit cards in my shopping profiles. It stops impulse buying since I have to GET UP and get my credit card.
Victoria Pitt 3 years ago
This is huge. I also have Paypal. When I try to impulse online shop at a place that doesn't take PayPal and I have to get up to get my cc, I almost always just close the window and not buy it lol
#38
Delete the shopping apps!
Mama Penguin 3 years ago (edited)
The only shopping app I have on my phone is Amazon, but that's because there are things we buy regularly.
Kendra Miller 3 years ago
My shopping apps scratch my shopping itch. The trick is to add that stuff to the cart and then ignore it for a few weeks. By the time you come back, there is no urgency to buy the stuff you put in the cart. It's essentially window shopping
#39
Sometimes I reverse engineer raises or income reductions with my savings. Reducing monthly spending by $1k is giving myself a $20k raise! Getting a raise that big can be tough. Reducing spending that much, less so (for me)
Squirrelly Panda 3 years ago
Nice when you have the income for it, but when your after tax income is 2k per month you just don't have much left after housing, utilities and transportation to and from work. That bit left goes for food.
#40
Try go one whole month without going to a shop/store for drinks and snacks and see how much you have left at the end of the month! You’ll be pleasantly surprised. I worked out I was spending £60 a month on average on chocolate bars and drinks, it all adds up, that’s £720 a year which could pay for a holiday abroad instead.
Kendra Miller 3 years ago
I've noticed that I'm happy to eat my own food all month. Then if I eat out, suddenly I'm craving take out for several days after. It's to the point that I haven't bothered to eat out for months.
Well-Dressed Wolf 3 years ago
In what decade would £720 (about $888 USD) pay for “a holiday abroad”?
Scary Laugh 3 years ago
Flights for January from Manchester to Istanbul £211 Easy to find a cheap hotel room for £500 for a week.
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#41
Spend some money now to save more money later. Good shoes, healthy food, dental care preventative whatever; all worth spending a little more now to avoid big costs later. Goes double for pets. If nothing else, learn to brush teeth and trim nails at home.
Well-Dressed Wolf 3 years ago
Quality pet food is always worth buying! No cheap ones full of fillers or crappy grains.
Susan Green 3 years ago
I agree Wolf. It can save you money in vet bills down the road.
Load More Replies... #42
A budget spreadsheet like Mint or YNAB , whatever works. It is a bit time consuming to set up, but then the numbers don't lie.
#43
buy nice ingredients, snacks, and desserts from the grocery store. fills in the gaps between meals and prevents me from dining out.
3 Owls In A Coat 3 years ago
No. Don’t buy pre-made snacks and desserts from the grocery store. Buy cookies and ice cream etc and make your own desserts. Nice spice-cupboard-esque ingredients are absolutely worth it though - having to eat scrambled eggs for the 4th night in a row is a lot more enjoyable when you have good quality cayenne and paprika and saffron and pepper and sea salt etc to add
#44
I budget down the big fixed items so the smaller items are more flexible and I’m more at ease spending more or cutting back as needed. For example: My rent is only $1k even though I could comfortably rent for about $1.8k. I drive a 25yo car (that I LOVE!) with no monthly payment, low insurance, low maintenance. This frees up my budget wayyy more for discretionary spending through the month and nicer items that will last longer and I’ll get to take with me (aeron desk chair, vitamix, etc). If I need to reel it back, I can do that super easily because most of my spending happens in the daily expenses :)
#45
Not a budget tip but a money one. I like to buy silverware / glassware from the restaurant supply. Made to handle a-lot more use and abuse than my house! Also bought fiestaware dishes about 6 years ago and even picked up some used (from the 80’s!! ) that I use frequently.
Francesa Miller 3 years ago
Check your Fiestaware dishes. They might not be safe to eat off of. "If you have a Fiesta set that is simply old and used but was manufactured after the radiation era (post-1986) then you’re probably fine to use them. Just make sure the glaze is not cracked or chipping away because then chemicals could still find their way into the food."
#46
Envelope budgeting! Such a lifesaver. I use YNAB.
#47
Successful budgeting is very personal. You need to spend time reflecting on your dreams and goals. Then you need to figure out what budget strategies work best for you and what don't. Some people are naturally spenders and some are savers. Successful budgeting habits of a spender vs saver can look very different. And sometimes the "best practice" advice wont work well for you and that is okay.
#48
Set up a standing order to a savings accounts where your money is locked in. And you get a penalty if you take money out early. This has really help me save because before I would always dip w***y nilly into my big savings account and never really save anything worthwhile. I now have my long term savings account for a house deposit that I can't touch until I get a house. My life emergency savings account, for if i loose my job or need to move quickly. And my short term savings account for holidays, big purchases or treats for myself. I feel so much more financially secure and prepared for life. Helps me sleep easier and worry less.
#49
Zero based budgeting and paying yourself first. Savings are part of my budget
3 Owls In A Coat 3 years ago (edited)
Zero based budgeting? (Yes downvoters I can Google this myself but I wanna see what the pandas think)
#50
Track every dollar, categorise it. Workout exactly how much your monthly expenses are. If you have anything left over, put it into categories of: treats, emergency fund and savings. Stick to it. I follow the barefoot investor book (by an Aussie dude, he’s not particularly inspirational to me but his base-level budgeting advice helped me dig myself out of a financial hole) Start investing for your children, if you have have any. $5 a week (or whatever you can spare) into a historically stable ETF, over time this will be a wonderful gift to you can give them. I’m so late to the game - 40’s. I wish someone had taught me about budgeting in ‘buckets’ and smart passive investing early. But I can at least pass this info on :)
Ace 3 years ago
Naah, life's too short for such micro-budgeting. I have better things to do with my time,
3 Owls In A Coat 3 years ago
I kind of agree - I like vague budgeting rather than micro-budgeting ($200 to spend however it makes me happy) rather than being super hyper specific on every penny (“40 on this pre-planned dinner, $10 on this fun item, oh wait it’s suddenly someone’s birthday? Too bad I didn’t include it in my budget) everyone has a different process though and some people will call me an idiot for that :)
Load More Replies... #51
Save before you even see your paycheck. Have a portion of your pay direct deposited into a separate HYSA the same way you do with your 401k.
3 Owls In A Coat 3 years ago
This is probably the best idea here - even if it’s only $10-20 a cheque
#52
Work to find free and inexpensive activities in your area / ways to spend time socializing. It's very easy to default to shopping, dinners out, expensive cocktail bars with friends, etc. It takes a little brainstorming, but there are so many low cost options, and especially when socializing, it's nice to keep things in a price range easily affordable to everyone. I highly suggest keeping a running list or spreadsheet of ideas. As a bonus, things like nice dinners and shopping feel more special when they aren't your default activity. some ideas: - Libraries often have free or discounted tickets to museums and shows. Museums often also have free days and events even if you aren't a member - Hike or take a picnic to a local park - Explore new areas on foot with a coffee, either a cool downtown area or a neighborhood with beautiful homes. On a similar note, I highly recommend grabbing a coffee with friends to catch up in place of going to a bar. - Many cities have free or inexpensive outdoor workout classes during summer months. Many fitness studios have free or discounted classes for first time visitors. - Have a cooking night in with friends - do handmade dumplings, hot pot, cookie decorating, make your own pizzas, etc. less expensive and a lot of fun - Craft nights and game nights with friends - search around to see if there are lists of free things to do in your city. there's often a lot more going on that you'd think
3 Owls In A Coat 3 years ago
LIBRARIES. They often have some pretty cool free events :) I just took a Spanish cooking class at the library last month
#53
Copilot app. I tried mint and personal capital and YNAB and couldnt budget. This works.
#54
Cash for lunch. Give yourself a budget and it's easier to stick to it with it if you realize hey I have no more money for lunch. You can do the same thing if you are ordering DoorDash. When you are placing an order, you take the money out of your cash and put it into your bank account to pay yourself back the next day.
Geoffrey Scott 3 years ago
Been "brown bagging it for 30 years. An occasional order out is a treat.
Well-Dressed Wolf 3 years ago
Fewer and fewer places are accepting cash these days, it seems like XD
#55
Tracking every dollar you spend is great if your establishing a baseline budget (I.e. just getting started) or if you need to get back on track (hi, it’s me 🙋🏻♀️) For me, the biggest benefit to my budget has been cutting back on superfluous clothes, skincare, and makeup. Not even necessarily stopping shopping (let’s be real, I love a good online browse) but I just bought a home and honestly there’s just not room in my little 20’s bungalow. Regarding spending what you can afford - I probably did spend too much on my house and it definitely stretches me sometimes, but I’m still hitting the savings goals I was before, just with less to spend on junk.
#56
Always ask if there's a discount, especially if you have an ID that would entitle you to one. Use the discount sites that many large PEO sites like ADP or TriNet provide as a perk.
3 Owls In A Coat 3 years ago
If you’re a student in Canada, always ask! Many places have discounts that they won’t offer you until they find out you’re a student.
#57
Shop at Walmart. I go once every few months and stock up on beauty products, otc medication, dry groceries, dog toys, whatever. Everything is between $1-15 cheaper than target and I don’t get sucked into buying stuff I don’t need
digitalin 3 years ago
Yeah but Walmart employees aren't paid enough. So it may be frugal to shop there, but that money saved is basically because someone else is being exploited.
Geoffrey Scott 3 years ago
10 years ago I would agree. They are getting better, maybe from being shamed that most employees qualified, after a 40 hour week,(or 39 so they did not qualify for benefits) for food stamps, Medicaid, etc.
Load More Replies... Victoria Pitt 3 years ago
I avoid Walmart at all costs. Evil corporation. I'd say I go once or twice a year only if I know I need an item that will cost significantly less. Not only that but it is always crowded. For everything else I just wait for sales at my supermarket or pharmacy. Shop local if I can. I'd rather wait a few months to save for my item so I can support a local shop then just go out and buy the cheapest thing available. Personal preference of course but I feel better about it.
Jesse 3 years ago
And what if you don't have a walmart in your country? This is painfully US based
Mama Penguin 3 years ago (edited)
It doesn't have to be Walmart exactly 🤷🏻♀️ Whatever big box retailer or regular grocery/drug store that sells items for cheaper. I live in NYC and we don't have a Walmart here. But we do have Aldi, Costco, and recently Lidl.
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What do you think ?
VonBlade 3 years ago
Mine was overthrowing the capitalist system and correcting the tax breaks given to large corporations, using that money to help the poor and needy which it would many times over.
Tyke 3 years ago (edited)
From my first job, the day of or after payday I check my account and whatever I had the day before payday which is over £50 went into a savings account. So £60 - £10 went in, £100 and £50 went in. Obviously some months (often December) nothing went in. Bonuses too... 60% of whatever that was went into savings. As I got older and got a slightly higher paid job, the months I could save increased. And that's how I built up a small savings pot.
Fabian Bernard 3 years ago
This is what I do when I get paid : paying all the bills and rent, planned expenses. Then divide what's left on my account by the number of days lasting untill next paycheck. That's giving me the affordable daily amount I'm left with With no expense days, you know fast what you're saving and can do extras if not spending anything for a few days
VonBlade 3 years ago
Mine was overthrowing the capitalist system and correcting the tax breaks given to large corporations, using that money to help the poor and needy which it would many times over.
Tyke 3 years ago (edited)
From my first job, the day of or after payday I check my account and whatever I had the day before payday which is over £50 went into a savings account. So £60 - £10 went in, £100 and £50 went in. Obviously some months (often December) nothing went in. Bonuses too... 60% of whatever that was went into savings. As I got older and got a slightly higher paid job, the months I could save increased. And that's how I built up a small savings pot.
Fabian Bernard 3 years ago
This is what I do when I get paid : paying all the bills and rent, planned expenses. Then divide what's left on my account by the number of days lasting untill next paycheck. That's giving me the affordable daily amount I'm left with With no expense days, you know fast what you're saving and can do extras if not spending anything for a few days
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