How do you LBYM?

[Montecfo]

I agree with others that it is a lifestlye, not simply tasks. Basically, what we have always tried to do is minimize everyday costs to free money for savings and for more travel than most of our friends do.

I think the most significant thing most folks can do to save money is buy reliable cars and keep them a while.

Tied to that is learning how cars work so you can do basic repairs (and know when a mechanic is taking advantage) and invest the time to find an honest, value oriented mechanic. Ask them their shop labor rate, it is one way to compare.

Another is to live close to where you work, to minimize commute time, vehicle costs, and overall stress. This leaves more time for family, exercise, etc. You want to LBYM time-wise also.

It is easy to get in the habit of eating out a lot since you are "too busy" to plan meals. Instead if you learn some basic quick recipes and use all the great tools we have now (instant pot, air fryer, crock pot) and cook enough at one time to serve as base for a few meals, you can cut your eating out dramatically.

As others have said I mow my own lawn. I also do my own landscaping. When I had a pool, I maintained it myself.

 

[street]

Almost all the things mentioned on how people save we do also. I will say though, that if we need it we buy it.

The one thing I don't save on is oil changes and some of the more technical vehicle work that needs to be done. I hate changing oil. LOL

 

[Markola]

I built up my stash through maxing the 401k and trying to get the other big stuff right, which was satisfying. These days I’m focused on spending on things and experiences that give me satisfaction and joy.

 

[ncbill]

We do many of the activities already listed. A big cost cutter for us compared to some of the people we know was that our kids were / are enrolled in STEM programs from community college and public, in state schools and had paid internships. They are financially self sufficient now with no student debt and marketable skills. Our out of pocket college costs were minimal and we don't have to provide any ongoing economic outpatient care.

We've managed our MAGI to get ACA tax credits so our total health care costs last year were $24 for insurance premiums. We eat plant based diets and cook from scratch often. Gas and clothes from Costco. Low property taxes due to Prop 13. Capsule wardrobes - no fast fashion. Low water and energy usage. Limit single use products. Make our own cleaning supplies. We're interested in low consumption and sustainable living so LBYMs just flows naturally from that.

I buy annual passes / memberships with senior / military / Groupon prices and then we get in free to many of the local wineries, museums, plays, music venues, gardens, tourist attractions, parks, etc. all year. This past week I had tickets for three plays (all discounted or comp preview performances), a free military concert band performance and a free library pass for a botanical garden. We get to go out almost every day, or as much as we have time for, to some fun event and it doesn't cost us much.

Yep, plenty of ways to cut the cost of college.

Our kids used the military to pay for theirs...one at a service academy, the other via a ROTC scholarship.

Just joining the Guard in many states pays tuition/fees at in-state schools.

 

[RobbieB]

Used cement blocks under the car verses fancy metal stands.

I hope you mean a solid cement block and not one of those 2 buck cinder blocks with the holes in it?

That car fall on you and your bills are going out of sight!

 

[SnowBound]

I hope you mean a solid cement block and not one of those 2 buck cinder blocks with the holes in it?

That car fall on you and your bills are going out of sight!

Not $2 blocks, free blocks from someone else’s project.

Don’t worry about the medical bills though, I met my deductible in February from a ski vacation broken leg (in the hotel lobby)....

 

[fvfire]

I started cutting my own hair about two years ago. Got tired of paying for crappy cuts and learned I can do a better job myself. Feels good to no longer depend on subpar service while saving time and money.

 

[gretah]

Echo Pawprint's recco for library use.

I don't have a TV - I borrow DVDs from the library for free, which I play on my computer. No cable bill, just a nominal internet bill.

I read lots of books, both fiction and non-fiction. I enjoy reading magazines at the library. I borrow around 60 items a month. Some are fabulous cookbooks from which I type recipes into my computer and make tasty meals.


Beyond the library, I listen to lots of podcasts and National Public Radio stations from various parts of the US plus Canadian Public Broadcasting stations. Many podcasts feature lectures by authors, which I how I learn of new books to request from the library.

 

[scrabbler1]

I think these 4 words in my signature line sum it up well:


"No kids, no debts."

 

[Hermit]

Building my own house. (I'm not sure I am saving any money, but it feels like I should be.)

 

[mountainsoft]

Used cement blocks under the car verses fancy metal stands.

I hope you're not serious. You can buy jack stands for less than $25 that will be a lot safer than cement blocks.

https://www.amazon.com/Torin-Big-Steel-Jack-Stands/dp/B000CO86BY/ref=sxin_3_osp48-1a77d8b6_cov

 

[mountainsoft]

Building my own house. (I'm not sure I am saving any money, but it feels like I should be.)

Assuming you're doing the work yourself, you should at least save on labor costs which is usually at least half the cost of a house. We built our own house in 2004 for 60K which was less than a third of what a comparable house was selling for at the time (today it's worth almost 400K).

 

[The Cosmic Avenger]

I hope you're not serious. You can buy jack stands for less than $25 that will be a lot safer than cement blocks.

https://www.amazon.com/Torin-Big-Steel-Jack-Stands/dp/B000CO86BY/ref=sxin_3_osp48-1a77d8b6_cov

Actually, if you do a lot of work on your vehicle(s), I would think jack ramps would be easier and save you time, and they're only $40. https://www.amazon.com/RhinoGear-11909ABMI-RhinoRamps-Vehicle-Ramp/dp/B0117EETEK/
Then again, I mostly worked under the hood rather than under the car. I'm curious what those of you with more experience think of these.

 

[Gumby]

Actually, if you do a lot of work on your vehicle(s), I would think jack ramps would be easier and save you time, and they're only $40. https://www.amazon.com/RhinoGear-11909ABMI-RhinoRamps-Vehicle-Ramp/dp/B0117EETEK/
Then again, I mostly worked under the hood rather than under the car. I'm curious what those of you with more experience think of these.

I have both jack stands and ramps like those. I wish I had a lift. In any event, I'm not going to risk being crushed just to save a few bucks.

 

[Big_Hitter]

Actually, if you do a lot of work on your vehicle(s), I would think jack ramps would be easier and save you time, and they're only $40. https://www.amazon.com/RhinoGear-11909ABMI-RhinoRamps-Vehicle-Ramp/dp/B0117EETEK/
Then again, I mostly worked under the hood rather than under the car. I'm curious what those of you with more experience think of these.

i use my rhino ramps all the time to do oil changes on my pontiac - I used to use them for exhaust work on my subies too

 

[Rianne]

Question for LBYM:
Would you buy a new car, last year version (so new 2019), with knowledge you'll keep it for 20 years? Or stick to used? We struggled for weeks about this then went this route.

Just got trade in for 1997 Camry 196,000, $1450. Bought new 2019 Huyandai SEL, all in out the door, taxes fees included, $22,400. All the bells and whistles, have no clue how to use most of this stuff. Heated leather seats, Appleplay, and a bunch of safety features. 5 year warranty bumper to bumper, 10 year on power train.
What say you all LBYM?

 

[The Cosmic Avenger]

Question for LBYM:
Would you buy a new car, last year version (so new 2019), with knowledge you'll keep it for 20 years? Or stick to used? We struggled for weeks about this then went this route.

Just got trade in for 1997 Camry 196,000, $1450. Bought new 2019 Huyandai SEL, all in out the door, taxes fees included, $22,400. All the bells and whistles, have no clue how to use most of this stuff. Heated leather seats, Appleplay, and a bunch of safety features. 5 year warranty bumper to bumper, 10 year on power train.
What say you all LBYM?

We buy new as a "reward" for saving up and paying cash. It's more work and more risk to buy even a 1-2 year old vehicle, and the most reliable models are very hard to find used, and often not discounted as much as others.

Am I rationalizing? Maybe. But we also like being able to order/find the exact options we want, rather than settle for what's on the market, and this way we KNOW it's been maintained properly from the start.

 

[mountainsoft]

I would think jack ramps would be easier and save you time

Ramps are great for oil changes or other tasks when you just need to get under the front of the car. However, if you're rotating tires, replacing brake pads, rotors, drive lines, ball joints, shocks, struts, or any part of the suspension system you can't use ramps.

I have an older set of plastic ramps (I don't remember what brand they are). Much nicer than the cheap metal ramps I started out with. They're great when I can use them, but most of the time I use a floor jack and jack stands as the wheels usually need to come off.

 

[mountainsoft]

Question for LBYM:
Would you buy a new car, last year version (so new 2019), with knowledge you'll keep it for 20 years?

If you want a new car and can afford to pay cash for it there's nothing wrong with buying a new car. However, I would not finance a car that will be worth half as much in five years.

We have never spent more than $4000 on a car and generally keep them at least ten years (I kept my last car over 30 years). Even including repair and maintenance costs the total spent will be far less than the 22K you paid for a new car. Of course, I do all my own car work, so that does factor into the total cost. It would probably cost a lot more if you have to pay a shop to fix your car.

I bought my current 2000 VW Jetta for $1900 about three years ago, and have spent about $3500 in repairs. I had several big ticket items like a throttle body, catalytic converter, new tires, new struts, etc. My total cost, including the cost of the car, is just under $5500. It looks good, drives great, and gets me where I need to go.

 

[Rianne]

We buy new as a "reward" for saving up and paying cash. It's more work and more risk to buy even a 1-2 year old vehicle, and the most reliable models are very hard to find used, and often not discounted as much as others.

Am I rationalizing? Maybe. But we also like being able to order/find the exact options we want, rather than settle for what's on the market, and this way we KNOW it's been maintained properly from the start.

Had to get FIRE affirmation. The deal, take financing for 3 months BUT my first payment will be $20K. There's no limit how much you can pay in a payment. 2nd payment $1K, 3rd payment $1K, then $400 something last payment. We got $1000 off price doing this. I think the interest is @ $100, so the discount is really $900 but worth it as a cheapo.

 

[rayinpenn]

As our income grew over the years we still lived pretty much the same ...

 

[GravitySucks]

Especially if there's a model change that year. Got a fantastic price on a 2010 Hyundai in 2011. Didn't care it looked older. 5 years in Hyundai replaced the transmission free.

Question for LBYM:
Would you buy a new car, last year version (so new 2019), with knowledge you'll keep it for 20 years? Or stick to used? We struggled for weeks about this then went this route.

Just got trade in for 1997 Camry 196,000, $1450. Bought new 2019 Huyandai SEL, all in out the door, taxes fees included, $22,400. All the bells and whistles, have no clue how to use most of this stuff. Heated leather seats, Appleplay, and a bunch of safety features. 5 year warranty bumper to bumper, 10 year on power train.
What say you all LBYM?

 

[Music Lover]

Question for LBYM:
Would you buy a new car, last year version (so new 2019), with knowledge you'll keep it for 20 years? Or stick to used? We struggled for weeks about this then went this route.

Just got trade in for 1997 Camry 196,000, $1450. Bought new 2019 Huyandai SEL, all in out the door, taxes fees included, $22,400. All the bells and whistles, have no clue how to use most of this stuff. Heated leather seats, Appleplay, and a bunch of safety features. 5 year warranty bumper to bumper, 10 year on power train.
What say you all LBYM?

I'd buy a 3-year old car for roughly 60% the cost of a new one...so for $22,400 you could get a much nicer vehicle for your dollar. But if that's the vehicle you like then I'd still buy a 3-year old one for $12,000 or so.

Then I'd keep it for 6-8 years, sell it, and buy another 3-year old car.

 

[HadEnuff]

DW and I don't eat out much. She's the least food motivated person I have ever known, and I like my own cooking, and my own home-made wine.

We don't enjoy international travel anymore. Did it, done with it.
We don't spend much on clothes.
We live in one home, albeit on a nice lake.

What we do spend money on: we belong to a golf and pickleball club, and we spend winters in The Villages, where we rent, not own.
We don't feel as if we have to "sacrifice" anything, it just turns out that there are some expensive things we don't desire.

 

[dixonge]

I started cutting my own hair about two years ago. Got tired of paying for crappy cuts and learned I can do a better job myself. Feels good to no longer depend on subpar service while saving time and money.

I've been shaving my head for years now. Ended up settling on Dorco, the manufacturer of the razors used by Dollar Shave Club. Order direct, last forever. Just realized I forgot to have a box waiting for me on this visit to the States!