LBYMs what do you save on?
- Thread starter eta2020
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NotJustDreaming
Dryer sheet wannabe
Excellent list! The last part made me LOL!
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Don't buy random s***
Buy inexpensive clothes rarely
Eat out only 1-2x/month
Costco for necessities
No cable
Cheap MVNO phones
Cheap index funds
Drive older cars
CC purchases end up paying for domestic flights
Do own yardwork
Eat healthy and exercise to prevent expensive preventable diseases
Buy inexpensive clothes rarely
Eat out only 1-2x/month
Costco for necessities
No cable
Cheap MVNO phones
Cheap index funds
Drive older cars
CC purchases end up paying for domestic flights
Do own yardwork
Eat healthy and exercise to prevent expensive preventable diseases
I am the most careful about anything that is a recurring expense. For example, I don't have a cable or a contract cell phone. It seems to me that it is easy to allow these relatively small recurring expenses to add up and eat into the monthly spending plan.
On the other hand I do have a newspaper subscription since the newspaper and a leisurely cup of coffee in the morning is one of my joys of retirement.
Sent from my iPad using Early Retirement Forum
On the other hand I do have a newspaper subscription since the newspaper and a leisurely cup of coffee in the morning is one of my joys of retirement.
Sent from my iPad using Early Retirement Forum
We have a winner!
Live And Learn
Thinks s/he gets paid by the post
Still have a dumbphone which I will switch to PagePlus later this month (thanks to the forum !).
Groceries. I stock up when items are buy-one,get-one and I never buy meat at full price.
We have three TVs but only one cable box. The other two get "basic whatever" which is good enough for the lanai and the kitchen. One of the TVs was free (a hand me down), the other was $99 on sale.
DH would love to have a pool. BTDT - ummmmmm, never again. We have two pools in the community and they are both very nice, and almost always have less than 20 people at them !
Slower internet speed. I remember dial-in networks, so anything faster than that is good enough for me !
Entertainment. Library books, walks or bike rides in the parks, playing with my dog or my bird, birdwatching with the Audubon society.
But all of that pales with the most significant item I've saved on -- home decor. My house is nearly spartan. I have comfortable furniture (leather reclining sofa set and sleep number bed) but I don't have any knick knacks outside of the very inexpensive souvenirs I've bought from my (infrequent) travels. I visit friends, relatives and neighbors and cannot imagine how much they've spent on making their home look like its straight from a magazine. It's beautiful and it works for them, but its not my thing.
Groceries. I stock up when items are buy-one,get-one and I never buy meat at full price.
We have three TVs but only one cable box. The other two get "basic whatever" which is good enough for the lanai and the kitchen. One of the TVs was free (a hand me down), the other was $99 on sale.
DH would love to have a pool. BTDT - ummmmmm, never again. We have two pools in the community and they are both very nice, and almost always have less than 20 people at them !
Slower internet speed. I remember dial-in networks, so anything faster than that is good enough for me !
Entertainment. Library books, walks or bike rides in the parks, playing with my dog or my bird, birdwatching with the Audubon society.
But all of that pales with the most significant item I've saved on -- home decor. My house is nearly spartan. I have comfortable furniture (leather reclining sofa set and sleep number bed) but I don't have any knick knacks outside of the very inexpensive souvenirs I've bought from my (infrequent) travels. I visit friends, relatives and neighbors and cannot imagine how much they've spent on making their home look like its straight from a magazine. It's beautiful and it works for them, but its not my thing.
Senator
Thinks s/he gets paid by the post
I don't smoke.
I don't drink.
I work as much as I can at every side gig I can fit in my schedule. It increases my means.
I clip my dog myself.
Walmart Family mobile phone service.
I use coupons virtually everywhere. I rarely eat at a restaurant without a coupon.
Red Lobster or Outback Steak house is an extravagant meal. Almost always .10 off on gas. Always haircut coupons.
I use cash back credit cards. I have two, and use the 5% categories for each one. restaurants and gas.
I do my own taxes.
I let my grass grow as long as I can. Then I have a 23 HP mower that will cut anything. No one puts "He has the best lawn in town" on your headstone.
I have several (24) rentals. I do my own management and maintenance.
I buy new cars and run them for 13+ years. I shop hard for them, and buy a Honda Civic. Low end one.
I never pay interest, unless on a mortgage.
There are probably lots more, but here are a few.
I don't drink.
I work as much as I can at every side gig I can fit in my schedule. It increases my means.
I clip my dog myself.
Walmart Family mobile phone service.
I use coupons virtually everywhere. I rarely eat at a restaurant without a coupon.
Red Lobster or Outback Steak house is an extravagant meal. Almost always .10 off on gas. Always haircut coupons.
I use cash back credit cards. I have two, and use the 5% categories for each one. restaurants and gas.
I do my own taxes.
I let my grass grow as long as I can. Then I have a 23 HP mower that will cut anything. No one puts "He has the best lawn in town" on your headstone.
I have several (24) rentals. I do my own management and maintenance.
I buy new cars and run them for 13+ years. I shop hard for them, and buy a Honda Civic. Low end one.
I never pay interest, unless on a mortgage.
There are probably lots more, but here are a few.
obgyn65
Thinks s/he gets paid by the post
I think it was a joke. I hope so anyway.
ERD50
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I'm certain it was a joke. Sterno should be filtered through cheesecloth (or a well used dryer sheet) and served in a brandy snifter for maximum enjoyment.
-ERD50
travelover
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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I lied about the bathing.
Rather than any one specific thing, since I see a wide gamut in the responses, what I conclude is that LBYM people make conscious decisions about what their priorities are and they realize they can't "have it all". So they make choices about what is and is not important to them.
For a lot of people here, travel is a priority so they spend on that and don't spend on other things, like high-end furniture and cars or dining out. Someone else might have a high-end car but not care so much about travel.
Bur I doubt anyone here has a mcmansion, takes several cruises a year, dines at high-end restaurants at least weekly, buys a new car every other year and has a extensive jewelry collection. Some might do one or a couple of those things, but not all. At least that's the sense I get from it.
For a lot of people here, travel is a priority so they spend on that and don't spend on other things, like high-end furniture and cars or dining out. Someone else might have a high-end car but not care so much about travel.
Bur I doubt anyone here has a mcmansion, takes several cruises a year, dines at high-end restaurants at least weekly, buys a new car every other year and has a extensive jewelry collection. Some might do one or a couple of those things, but not all. At least that's the sense I get from it.
prudent_one
Recycles dryer sheets
- Joined
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I get up real early and read the neighbor's newspaper, then put it back in his driveway before he gets up. The exercise is a bonus as sometimes I have to run to put it back when I see his lights go on.
I buy gift cards for places I know I will use from online sites that sell them at a discount - even more savings than if I use the 6% I get with the Amex Blue Cash Preferred card at grocery stores. Home Depot - 11% off. RiteAid - 9% off.
You can get T-shirts at thrift shops 12 for a buck. Sure, it might say "Springfield State 1984 Chugging Team" on it, so what? Just throw them out when they are dirty. It's cheaper than paying to wash and dry them.
I wait until my neighbor goes on vacation before doing the projects that need a lot of power tools, he has a handy outlet on his back porch and I have a long extension cord.
Know how retailers mark down prices and what the price codes mean (example: at Target, if the price ends in 8, it will get marked down again if they don't all sell. If it ends in a 4, that's as low as it will go.)
Five minutes with a light mahogany wood stain... no need for a tanning salon.
Dental floss will last for at least 3-4 uses.
Funeral home has a viewing let's say on Monday and Tuesday, funeral on Wednesday. Check the dumpster after closing time on Wednesday. Nice flowers, and they only got delivered on Monday - still fresh.
When it's hot and sunny, you can put a baking sheet of cookies on your dashboard, park in the sun, and not have to turn on the oven.
I buy gift cards for places I know I will use from online sites that sell them at a discount - even more savings than if I use the 6% I get with the Amex Blue Cash Preferred card at grocery stores. Home Depot - 11% off. RiteAid - 9% off.
You can get T-shirts at thrift shops 12 for a buck. Sure, it might say "Springfield State 1984 Chugging Team" on it, so what? Just throw them out when they are dirty. It's cheaper than paying to wash and dry them.
I wait until my neighbor goes on vacation before doing the projects that need a lot of power tools, he has a handy outlet on his back porch and I have a long extension cord.
Know how retailers mark down prices and what the price codes mean (example: at Target, if the price ends in 8, it will get marked down again if they don't all sell. If it ends in a 4, that's as low as it will go.)
Five minutes with a light mahogany wood stain... no need for a tanning salon.
Dental floss will last for at least 3-4 uses.
Funeral home has a viewing let's say on Monday and Tuesday, funeral on Wednesday. Check the dumpster after closing time on Wednesday. Nice flowers, and they only got delivered on Monday - still fresh.
When it's hot and sunny, you can put a baking sheet of cookies on your dashboard, park in the sun, and not have to turn on the oven.
steelyman
Moderator Emeritus
Hey! Don't disrespect the Springfield State 1984 Chugging Team!
Great post
Great post
NW-Bound
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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What I spend less on than most people (I think):
* Cars: We do not buy the cheapest cars, but I drive mine to the ground and do my own maintenance. Cars stopped exciting me more than two decades ago.
* Home maintenance: I do my own yardwork, plumbing work, etc..., as much as I can.
* Eating out: When we eat out, it is usually on travel or to some special restaurants. We prefer home cooked meals to restaurants, my wife even more so than I am. I will not eat out everyday even if somebody pays for the meal, no matter how fancy a restaurant. Just the hassle of going out to eat often turns us off.
* Entertainment: I cannot remember the last time we went to a night club or concert (15-20 years ago?), heck even the normal movie theaters (7-10 years ago?). It's not the money, but we no longer enjoy it. Nowadays we both spend more time on the Web. We still have DirectTV even though the TVs in the metropolitan home have not been turned on for months. I keep DirectTV because we do watch it when up in the boonies home which lacks high-speed Internet. It has been years since we watch any regular show on TV.
* Electronic toys: I have several PCs, but they are 3-5 years old, and were bought back when I was using them for income-producing work and were tax deductible. Now that I no longer work, my expense for computer stuff is minimal except for the high-speed cable modem. I only recently had an iPhone, a hand-me-down 3GS that my daughter upgraded from. We do not watch much TV, so still have our HD TVs that are several years old. Here again, it's not so much the money but I have become much less interested in gadgets.
In contrast with the above, I spend a lot for a 2nd home and travel. I am back up to my high-country home at 7000 ft, from where I am posting this. Both homes just cost me $20K recently for maintenance work. In a few years, I may need to do something about the rest of the boonies home stained lap siding and the large deck, which may cost $30-40K. But it is all worth it, as we are both homebodies when we are not on travel. Oh, and don't get me started on travel.
So, what we splurge on costs more than what we save, but at least we are not spending money on what we do not enjoy.
And I need to see which tips from prudent_one I can adopt.
* Cars: We do not buy the cheapest cars, but I drive mine to the ground and do my own maintenance. Cars stopped exciting me more than two decades ago.
* Home maintenance: I do my own yardwork, plumbing work, etc..., as much as I can.
* Eating out: When we eat out, it is usually on travel or to some special restaurants. We prefer home cooked meals to restaurants, my wife even more so than I am. I will not eat out everyday even if somebody pays for the meal, no matter how fancy a restaurant. Just the hassle of going out to eat often turns us off.
* Entertainment: I cannot remember the last time we went to a night club or concert (15-20 years ago?), heck even the normal movie theaters (7-10 years ago?). It's not the money, but we no longer enjoy it. Nowadays we both spend more time on the Web. We still have DirectTV even though the TVs in the metropolitan home have not been turned on for months. I keep DirectTV because we do watch it when up in the boonies home which lacks high-speed Internet. It has been years since we watch any regular show on TV.
* Electronic toys: I have several PCs, but they are 3-5 years old, and were bought back when I was using them for income-producing work and were tax deductible. Now that I no longer work, my expense for computer stuff is minimal except for the high-speed cable modem. I only recently had an iPhone, a hand-me-down 3GS that my daughter upgraded from. We do not watch much TV, so still have our HD TVs that are several years old. Here again, it's not so much the money but I have become much less interested in gadgets.
In contrast with the above, I spend a lot for a 2nd home and travel. I am back up to my high-country home at 7000 ft, from where I am posting this. Both homes just cost me $20K recently for maintenance work. In a few years, I may need to do something about the rest of the boonies home stained lap siding and the large deck, which may cost $30-40K. But it is all worth it, as we are both homebodies when we are not on travel. Oh, and don't get me started on travel.
So, what we splurge on costs more than what we save, but at least we are not spending money on what we do not enjoy.
Now we know how you pay for your love of travel.
And I need to see which tips from prudent_one I can adopt.
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Senator
Thinks s/he gets paid by the post
Funeral homes are also a great place to get dentures. You might have to try on a few pair before you find the pair the fits right, but for pennies on a dollar you can have a new set of teeth.
robnplunder
Thinks s/he gets paid by the post
In total amount of saving, my top 3 are:
1) housing - live in lesser neighborhood in Bay Area, cheaper house than what we can afford
2) car - have only one, takes company shuttle for commute, Hyndai instead of Benz, BMW, Lexux, etc.
3) travel - budget, economy class, frequency
1) housing - live in lesser neighborhood in Bay Area, cheaper house than what we can afford
2) car - have only one, takes company shuttle for commute, Hyndai instead of Benz, BMW, Lexux, etc.
3) travel - budget, economy class, frequency
Gunny
Recycles dryer sheets
Own yard work.
No cable, stream NETFLIX,etc
Consumer cellular, no landline
Low investment fees, no FA.
Maintain good health, retired military gives me cheap healthcare
Eat out only a couple times per month
No credit cards, pay cash for everything
DW cooks almost every meal from scratch
Pack my lunch
No Starbucks
No designer name clothing
Enjoy good beer and bourbon in moderation
Vacations are spent in our RV
By used, but in good shape, durable goods from CRAIGSLIST when they are needed
Drive a 12 yo GMC with 200k but still going strong
Most of my own home maintenance
Oh, and we homeschool our 10 yo son. He loves it and is well advanced academically and it saves us big time over private school
I do spend on hobbies. I love to fly fish and duck hunt and short road trips on my Harley.
I feel I live a full life and not deprived. Frugal does not have to hurt. Balance is key. I'll ER at 55 in four years.
Sent from my iPad using Early Retirement Forum
No cable, stream NETFLIX,etc
Consumer cellular, no landline
Low investment fees, no FA.
Maintain good health, retired military gives me cheap healthcare
Eat out only a couple times per month
No credit cards, pay cash for everything
DW cooks almost every meal from scratch
Pack my lunch
No Starbucks
No designer name clothing
Enjoy good beer and bourbon in moderation
Vacations are spent in our RV
By used, but in good shape, durable goods from CRAIGSLIST when they are needed
Drive a 12 yo GMC with 200k but still going strong
Most of my own home maintenance
Oh, and we homeschool our 10 yo son. He loves it and is well advanced academically and it saves us big time over private school
I do spend on hobbies. I love to fly fish and duck hunt and short road trips on my Harley.
I feel I live a full life and not deprived. Frugal does not have to hurt. Balance is key. I'll ER at 55 in four years.
Sent from my iPad using Early Retirement Forum
truenorth418
Full time employment: Posting here.
Other than taxes, over which one has limited control, housing is usually the biggest expense and therefore the biggest opportunity for savings. When I long ago became specific in my plans for early retirement, I focused on limiting housing-related expenses, and there have been many collateral benefits to this approach.
Although I live in an expensive area of NYC, I live in a very modest co-op apartment, fully paid off and therefore no mortgage costs. Property taxes are proportionally low. I don't need much furniture. My electricity bills are miniscule. Very little spent on renovation over the years since there is not much to renovate.
Money that would have been spent on a larger home and related items was squirreled away and invested, allowing me to comfortably retire in my late 40s.
I have to admit I have little sympathy for someone who openly complains about how much they hate their job or struggle to keep up financially, while at the same time they chain themselves to the financial burden of a large house - and possibly two if they also own a vacation property. For me, simplifying my life into a smaller, less expensive home about 15 years ago was one of the wisest decisions I ever made.
Although I live in an expensive area of NYC, I live in a very modest co-op apartment, fully paid off and therefore no mortgage costs. Property taxes are proportionally low. I don't need much furniture. My electricity bills are miniscule. Very little spent on renovation over the years since there is not much to renovate.
Money that would have been spent on a larger home and related items was squirreled away and invested, allowing me to comfortably retire in my late 40s.
I have to admit I have little sympathy for someone who openly complains about how much they hate their job or struggle to keep up financially, while at the same time they chain themselves to the financial burden of a large house - and possibly two if they also own a vacation property. For me, simplifying my life into a smaller, less expensive home about 15 years ago was one of the wisest decisions I ever made.
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truenorth418
Full time employment: Posting here.
I remember something my first boss out of college said too me about personal finance. He said, "You'll find that when you get a raise, you'll end up spending it all as you constantly upgrade your lifestyle. The more you make, you more you'll spend. It's really hard to keep up."
I thought this was a crazy way of thinking. Even then my intuition told me that a LBYM lifestyle was the way to go.
I thought this was a crazy way of thinking. Even then my intuition told me that a LBYM lifestyle was the way to go.
+1
Also turn underwear inside out to get multiple use and reduce frequency of laundering.
daylatedollarshort
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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We are late to the game but have realized the same thing about our current house. I have been looking at what neighbors' houses sell for and what they paid for them 10 years ago and the ones that bought in 2004, despite housing price increases in our area in the last couple of years, have maybe broke even on the price. Over ten years they still lost quite a bit of money when you add in upgrades, repairs, inflation, opportunity cost of capital, property taxes, realtors fees, insurance, furnishings, and either the money or their time cost for yard work and housecleaning. Renting or buying smaller / lower cost $ sq foot would have been much more economical.
Plus I realized in semi-ER that our taxable income is largely controllable, and the higher overhead for our current house means higher draws, which in turn raises our income taxes, lowers financial aid and raises our health care premiums.
For people really into their houses, gardens and workshops, I can see where it is worth the money, but we have decided that for us downsizing is the way to go.
38Chevy454
Thinks s/he gets paid by the post
Like many others, I save a lot the following ways:
1) Do my own car and house maintenance (mowing, trimming, etc).
2) Do my own taxes and all the bookkeeping for my small home-based side business.
3) Don't eat dinner out much, except when traveling. I live in the country, so eating out is not so convenient.
4) Don't drive a new luxury car, but also not a small $#!tbox little car.
5) Live in nice, but modest house with a big detached garage.
6) Do my own house and appliance repairs.
7) Use a coupon when I can, or stock up when a good 2-for-1 sale or closeout for something I will use.
8) Get online deals when it is appropriate for buying things.
9) No debt besides small mortgage payment at low interest rate.
10) My favorite designers are Levi's and Dickies, I do not own anything that would be considered designer fashion. My wife may have a couple purses or similar that are designer she got as gifts.
Not really a savings, but I actually make money on my old car hobby, fix them up and then enjoy driving them; and eventually when sold I make profit (not incl my labor).
1) Do my own car and house maintenance (mowing, trimming, etc).
2) Do my own taxes and all the bookkeeping for my small home-based side business.
3) Don't eat dinner out much, except when traveling. I live in the country, so eating out is not so convenient.
4) Don't drive a new luxury car, but also not a small $#!tbox little car.
5) Live in nice, but modest house with a big detached garage.
6) Do my own house and appliance repairs.
7) Use a coupon when I can, or stock up when a good 2-for-1 sale or closeout for something I will use.
8) Get online deals when it is appropriate for buying things.
9) No debt besides small mortgage payment at low interest rate.
10) My favorite designers are Levi's and Dickies, I do not own anything that would be considered designer fashion. My wife may have a couple purses or similar that are designer she got as gifts.
Not really a savings, but I actually make money on my old car hobby, fix them up and then enjoy driving them; and eventually when sold I make profit (not incl my labor).
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jkern
Full time employment: Posting here.
I'm a little different than a lot of people here, but I'm still a LBYM person that others sometimes call cheap!
1) I don't save on TV, heating and air, phone, hot tub, or any other utilities. I'm willing to pay to be as comfortable as I want.
2) I buy relatively expensive cars but keep them for about 15 years.
3) I'll buy expensive furnishing's, but try to take good care of them and make them last.
4) I'll buy whatever I want with respect to sporting goods and hobbies.
The things that I'm frugal on:
1) Don't spend money on drinks when eating out. I'll have water instead of wasting money on soda or wine.
2) Don't go to expensive restaurants often, maybe once or twice a year.
3) Don't stay at expensive Hotels for one or two night trips.
4) I set a vacation and entertainment budget that is relatively low and stick to it.
1) I don't save on TV, heating and air, phone, hot tub, or any other utilities. I'm willing to pay to be as comfortable as I want.
2) I buy relatively expensive cars but keep them for about 15 years.
3) I'll buy expensive furnishing's, but try to take good care of them and make them last.
4) I'll buy whatever I want with respect to sporting goods and hobbies.
The things that I'm frugal on:
1) Don't spend money on drinks when eating out. I'll have water instead of wasting money on soda or wine.
2) Don't go to expensive restaurants often, maybe once or twice a year.
3) Don't stay at expensive Hotels for one or two night trips.
4) I set a vacation and entertainment budget that is relatively low and stick to it.
Tadpole
Thinks s/he gets paid by the post
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- 1,434
I started pre-saving for things rather than buying on credit or loans. It's funny how you jealously protect already earned money compared to future money. (House excepted in this.)
Example car - If you have a paid off car, then the hypothetical future car payments can be put in the bank each month and earn interest (OK, maybe not now) rather than paying interest. Do this for everything you can.
Impulse buys become - I really want that. New savings bucket. At some point you make the purchase in confidence or find out you would rather keep your money.
I spent years living out of these piggy bank accounts, retired, and discovered I am now totally insane. I'm still doing it rather than enjoying the resulting "riches" while I am still around.
Example car - If you have a paid off car, then the hypothetical future car payments can be put in the bank each month and earn interest (OK, maybe not now) rather than paying interest. Do this for everything you can.
Impulse buys become - I really want that. New savings bucket. At some point you make the purchase in confidence or find out you would rather keep your money.
I spent years living out of these piggy bank accounts, retired, and discovered I am now totally insane. I'm still doing it rather than enjoying the resulting "riches" while I am still around.
youbet
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
And not doing things the way others do isn't right or wrong, it's just your way.
Ouch! Here's where we have a big difference in personal tastes. One of the major reasons we FIRE'd was to have the time and resources for enjoying travel and entertainment. We work hard to get value out of the travel and entertainment dollars we spend, but it is one of our major expenditures.
Each to his own and may everyone enjoy life!
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