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LBYMs what do you save on?
Old 08-02-2014, 05:46 AM   #1
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LBYMs what do you save on?

I wonder if there is also something that LBYM types save on from principle?

I think in my case it would cars. I had felt all my life extremely strongly against wasting money on cars.....of course safety matters so I will not drive Yugo
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Old 08-02-2014, 06:00 AM   #2
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No cable.
Low internet fee.
Phone (no cell phone until last month), basic safety home phone line
Little to no investment fees (i.e. no commissions, low expense ratio, no advisor)
Credit cards (all give rewards)
Banking (no fees)
Free travel (people invite me places and pay for my travel)
Utilities low because keep A/C at 80, heat at 65
Do own yardwork
Health: Haven't been to physician in 3 years
Drugs: Don't take any.
Home: Do all repairs myself
Taxes: Do my own taxes, pay at low effective rate due to understanding tax laws

What do I spend money on:
Nice car once every 12-15 years or so.
Eating out: about 4 times a week in a sit-down restaurant

Things spouse insists on, but does not use:
Daily newspaper
Gym membership
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Old 08-02-2014, 06:26 AM   #3
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I do all yard work, house remodeling, etc.

Cars - Only buy once very 10-15 years
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Old 08-02-2014, 06:34 AM   #4
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We're weird.

We splurge on cars but then save on credit card and bank fees, tons of DIY around the house, cook great meals at home, Groupons and buy most of our stuff at Costco.
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Old 08-02-2014, 07:30 AM   #5
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We were modest in our car choices and never upgraded to a fancy house when working. We never had the expenses of children, and never racked up debt other than a mortgage which we paid off before retiring.

Now our priorities are fairly set in terms of what kind of things we think are with spending money on and which not and we don't worry about it anymore.
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Old 08-02-2014, 08:22 AM   #6
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I'm a car nut. That says it all. Goodbye money! (I'm shopping for a used Corvette right now - may not buy one but it will give me an excuse to buy something else in its class )

DW insists we get the daily newspaper (and she actually reads the thing).

We try to save on all the usual things except that DW spoils granddaughter.
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Old 08-02-2014, 08:31 AM   #7
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Originally Posted by aja8888 View Post
We try to save on all the usual things except that DW spoils granddaughter.
Multiply that 5x and you'll see the hopeless situation at the REW household.

During the summer DW invites all five of them to spend a week with us for what she calls "Grandma Camp." I cringe to think of what she spends on crap crafts to entertain them, not to mention movie, theme park and zoo tickets. They have a blast though - they had so much fun earlier this summer she invited them back for another "camp" next week!
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Old 08-02-2014, 09:18 AM   #8
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We're weird.

We splurge on cars but then save on credit card and bank fees, tons of DIY around the house, cook great meals at home, Groupons and buy most of our stuff at Costco.

We're in that weird category with you. We've saved hundreds of thousands on DIY.



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Old 08-02-2014, 09:54 AM   #9
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No longer buying overpriced beer at events. A typical price is $5 a pint for cheapo domestic beer. C'mon !


Also scaling back on my attendance of the alma mater college football games. Watch them on TV instead. I used to go, back when parking was $2 a car for all day, and a ticket was $35.

Last time I checked, parking was $20 a car, and tickets were $75. Get real!

But they're still selling out every game. Oh well..............
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Old 08-02-2014, 10:12 AM   #10
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We're in that weird category with you. We've saved hundreds of thousands on DIY.



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Yeah, when I think of the $$$ I paid (when I was working) for other people to do stuff that I could do.

Used to know a guy who said: "I make $20 an hour...why should I pay a plumber $80 an hour to fix a leaky pipe. I'm better off taking a day without pay and fixing it myself."

Actually, he was really just a lazy SOB who looked for any excuse to not go to work, but I think he had a point. His other example was "if you go to work, you miss out on the sales...by the time you get there after work, all the stuff is picked over..."
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Old 08-02-2014, 10:12 AM   #11
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Labor. We don't pay for it unless we have to. No housekeeper, yard service, we just put in our own driveway, 1000 sq feet - brutal labor - but we saved between 8k and 12k, depending on the quotes.

Recurring charges. Cut our cable bill, replaced landline with magic jack, as we replace lightbulbs we're switching from CFL to LED, etc to make the monthly charges lower. Even put in an outdoor shower that waters our hedges so that we use less irrigation water in the summer.

Free activities - rather than join a gym I walk the dog on the beach every day. Enjoyable and free. We go to free concerts whenever possible.

Older cars. My car is 9 years old, my husband's is 19 years old. Both run great so no plan to replace them. We keep them in the garage which extends their life.
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Old 08-02-2014, 11:18 AM   #12
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Rarely bathe. Drink Sterno straight from the can.
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Old 08-02-2014, 11:20 AM   #13
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Originally Posted by LOL! View Post
No cable.
Low internet fee.
Phone (no cell phone until last month), basic safety home phone line
Little to no investment fees (i.e. no commissions, low expense ratio, no advisor)
Credit cards (all give rewards)
Banking (no fees)
Free travel (people invite me places and pay for my travel)
Utilities low because keep A/C at 80, heat at 65
Do own yardwork
Health: Haven't been to physician in 3 years
Drugs: Don't take any.
Home: Do all repairs myself
Taxes: Do my own taxes, pay at low effective rate due to understanding tax laws

What do I spend money on:
Nice car once every 12-15 years or so.
Eating out: about 4 times a week in a sit-down restaurant

Things spouse insists on, but does not use:
Daily newspaper
Gym membership
The travel part sounds pretty fun. Why do people pay for your travel?
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Old 08-02-2014, 11:21 AM   #14
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I spend a lot more than I used to, and don't regard myself as terribly frugal any more, but strictly speaking I suppose am still LBYM since I spend less than FIRECalc says I could spend.

I save the most by staying at home a lot. I am kind of a homebody and enjoy it. So anyway, this means:

(1) I don't travel (which can be insanely expensive, and doesn't float my boat). Every day I thank the heavens above that I don't have to travel for work any more at all, now that I am retired. And travel for pleasure? Pffft. Yeah right, what a drag. If I'm curious about other regions, that's what Google maps/Streetview is for. I know, I know, I'm hopeless. I suppose that I just don't have the travel bug.

(2) No boats, airplanes, RV's, etc. This is a corollary to (1) above. No sense in spending a lot of money on expensive vehicles to enhance my traveling experience but not my usual life day in and day out.

(3) No concerts or events. This works out well for us since we do not like crowds and honestly prefer staying home and listening to youtube.

To me, it is important to do some introspection, figure out what it is that you really, really want, and prioritize. I get more value for my money this way. So often we think we want something because, well, everybody else does, and we SHOULD want it, right? I am not inclined to bend to this sort of pressure, although sometimes I stumble due to being far from perfect.
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Old 08-02-2014, 11:25 AM   #15
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We drive compact Japanese cars with no fancy upgrades (no V6, heated leather seats, or navigation system) and we keep our cars until they are junkyard-bound. We walk as much as possible and use the cars only when necessary - we drive only if our destination is at least 10 miles away. We rent a small apartment - no money spent on home improvements, yard work, or tchotchkes. We don't use A/C and rarely use heating. We don't travel much, except to visit family. Our hobbies are generally low cost - hiking, going to the beach, doing crossword puzzles, brewing tea, reading, etc...
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Old 08-02-2014, 11:26 AM   #16
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Rarely bathe. Drink Sterno straight from the can.
Wow....lol
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Old 08-02-2014, 11:34 AM   #17
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Rarely bathe. Drink Sterno straight from the can.
Wow....lol
Love it!
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Old 08-02-2014, 11:53 AM   #18
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We save on the usual things many LBYM posters here do - no landline, price shop insurance, cut back on cable, cook at home, turn off lights, LED bulbs, do our own housework and yard work, no % of portfolio fee financial advisers, and make most of our meals at home.

I think the things that have cost us the most are retiring early and investing in lower risk investments just for capital preservation. I view it as buying free time and financial security.

Living in coastal California is more expensive than flyover country. We also go on a lot of day trips to parks, plays, museums and gardens. I usually find ways to get the admission fees free but we still have to pay for mileage or train tickets.

We eat out a lot with coupons or at low cost mom and pop ethnic restaurants, usually at lunch prices, so it doesn't cost much but it is still more than eating at home.
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Old 08-02-2014, 12:18 PM   #19
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The travel part sounds pretty fun. Why do people pay for your travel?
They want to hear what I have to say, so they pay me for that. I am invited to give one-hour lectures about 6 times a year in interesting places. I just add on extra days of vacation around my simple obligations.
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Old 08-02-2014, 12:29 PM   #20
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We pretty much have stopped saving on things yet lbym in spite of it.
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