Tools/Devices/Items/Equipment that helps you to Live Below Your Means

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nico08

Recycles dryer sheets
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Feb 6, 2010
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I am trying to Live Below My Means. I was just wondering if there are particular tools/devices/items/etc. that have helped you in particular in achieving your goal of Living Below Your Means. Is there specific equipment that has helped you to live consistently below your means? For example, cooking equipment would help you to avoid having to eat out consistently and that may help you to LBYM. Having tax software may allow you to do your own taxes instead of paying a tax preparer to do your taxes and that may help you to LBYM, you may own and use your own lawn mower, and that may help you to LBYM.

These are the types of tools/devices/items/etc. that I am looking for. Thanks.
 
A pair of scissors, to cut up your credit cards. :LOL:
 
I'm sure that many people will come up with plenty of specific ideas but my perspective on it is this - anytime you find yourself thinking, "Oh, I could never live without ______", stop yourself and think of ways in which you can. Leave no expense unturned.

Occasionally, you'll cut something out of your budget that you'll realize you really can't (or really don't want to) do without, and in that case, it's usually pretty easy to backtrack and include it again.

The point of the exercise IMO, is not to spend as little as possible, but to use your money as efficiently as possible. That way, when you do spend a little extra on a luxury, you know you'll truly appreciate it.
 
A pressure cooker is great because you can quickly cook stuff that would otherwise take hours. A chest freezer is helpful as well (I have 3 turkeys I bought at Thanksgiving promotional prices awaiting a trip to my smoker).
 
Just don't fall for the idea of spending money to save money.

For example, someone might say "buy a $200 Keurig coffemaker to save money instead of buying Starbucks!" Yes, that would save a little money, but wouldn't it be even cheaper (if you had no coffeemaker) to buy instant coffee and heat the water in the microwave that you already have?

I guess the really hard core LBYMers would quit drinking coffee entirely, but I am not that dedicated.

REWahoo said:
A strong set of 'deferred gratification' clamps. :)
Click to expand...
This is a big help to all of us, even those who are not LBYMers. I love spacing things out and enjoying the anticipation.
Major Tom said:
I'm sure that many people will come up with plenty of specific ideas but my perspective on it is this - anytime you find yourself thinking, "Oh, I could never live without ______", stop yourself and think of ways in which you can. Leave no expense unturned.
Click to expand...

Oh this is really good advice, too. We don't need nearly as much stuff as we think we do.
 
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+1 on the pressure cooker. It's really versatile.
 
CrockPot
Reel lawn mower
Laptop and smart phone ...to replace landline, TV/cable, clock/radio
 
The aforementioned clamps, when applied early enough in life, would even have a physiological effect that's long lasting.

They would help one to maintain a low BMI (<25) until the mid 50s at least. :angel:
 
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To name a few: budgeting software to keep track of my spending, free spreadsheet software to keep track of my investments, vacuum sealer to make food last and buy in bulk, stocking up of foreever stamps, saving on energy (ceiling fans, efficient lighting, digital thermostat instead of manual), subcompact car with good MPG, filtered water pitcher instead of bottled water, OTA TV instead of cable/dish, tools to be a handyman and fix stuff at home first if I can before hiring someone.
 
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The biggest tool for me was a "need/want" mental filter. After my divorce I was not sure what my financial situation would be. So I decided to only buy what I needed and not what I wanted. For me, need meant air/water/food/shelter/medical care; everything else was a want.

Now I'm doing better financially and spend money on wants (like taking my kids on trips), but I still know exactly where that line is and am very aware when money leaves my life which side of the line it is on.

Best of all, need/want filters are very cheap to acquire. Mine was free with just a little thinking and a fair amount of discipline.

2Cor521
 
Using the internet, as a research tool to find out how to make certain repairs on my car ( I already have tools) and also on household items, avoiding high labor costs to have a workman do it.
 
a piece of paper (this can be a back of junk mail) and a pencil. cost is pennies.

write down every penny you spend. Eating out a problem? find simple recipes online. Think about what was around when people lived an entire life with no debt. Betty crocker anyone?

the things you mentioned in your original post are no-brainers. Do people who LBYM send out drycleaning? Heck no. Do they cut their own lawns, cook their own food, pack their lunches, heck yeah!

and do they enjoy it?

You betcha. to keep your motivation up just think about how much your lifestyle impacts how much you spend.
 
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Here's my list:

- Ooma for practically free ($3.50/month) home phone service.
- Good antenna for picking up free HD digital TV.
- Tivo to record the free TV; yes this has a small cost, but much cheaper than cable.
- Streaming device (e.g. Roku, PS3 with Playon, etc) for streaming hulu, Netflix, etc.
- Equipment to do own lawn maintenance.
- Tools to maintain cars, house, etc. However, you'll need to know when to call in a pro.
- OBDII scan tool to pull car engine diagnostic codes.
- French press coffee pot and tea kettle for cheap, great coffee.
- Thermal leak detector to determine where extra caulking and installation are necessary.
- Device for measuring electrical use (vampire electric loads).
- CFL light bulbs.
- Programmable thermostat.
- Equipment for making your own beer or wine (never tried this...)
- Whole house fan.
 
Programmable Thermostat. I have two complete HVAC systems, and in 15 years have saved a bunch with 2 setback periods each day.

Spreadsheet to record bills. Old saying is "what is measured is managed." If you can find one leak, it saves years of costs.

Internet connection. Whether it is learning how to invest, how to measure energy costs, or where to get a $500 area rug for $300 delivered (and no tax), there is so much knowledge on the internet it has me lol'n.
 
W2R said:
Just don't fall for the idea of spending money to save money.

For example, someone might say "buy a $200 Keurig coffemaker to save money instead of buying Starbucks!" Yes, that would save a little money, but wouldn't it be even cheaper (if you had no coffeemaker) to buy instant coffee and heat the water in the microwave that you already have? ...
Click to expand...

:confused:

And we could just eat dirt instead of going out to lunch too. Instant Coffee!!??

Amazon.com: Aerobie AeroPress Coffee and Espresso Maker: Kitchen & Dining

Amazon.com: Bodum Brazil 8 cup French Press Coffee Maker, 34 oz, Black: Kitchen & Dining

No need for a $200 machine. Choose tools wisely, and live well.

-ERD50
 
Another suggestion is to choose your hobbies wisely, with an eye to finding something you enjoy that is LBYM.

A few examples come to mind:

I have friends with expensive tastes in cars and boats (and feel the need to swap these out every few years). Not LBYM.

I have other friends who do arts and crafts of all types. Some of them are very talented, but there's really little/no money in selling anything they make, and cost of classes and the materials and inventory they keep on-hand to do these things boggles my mind. Not LBYM.

I have other friends who love to cook and their hobby is cooking. This can be LBYM.

I have other friends who enjoy home repairs and home remodeling. This is usually LBYM.

Even your choice of a healthy sports activity can either suck-up money (like downhill skiing) or be relatively inexpensive (like walking, bicycling).

When I first got the idea that RE was a possibility, I decided to make FIRE my hobby. I gave up all the other time-wasting, money-sucking hobbies that I used to do just to relieve the stress and dissatisfaction of a mega-corp job.

omni
 
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You Need A Budget - ynab - budgeting software. This really has made a difference for use. ynab.com

World of Warcraft - Yes there is a continuing subscription charge. However, this hobby is much, much, much cheaper than other hobbies I had before and it fills my leisure time so I'm not as tempted to do things that cost more money.

Subscription to Netflix and Hulu for streaming video - Yes there is a charge but it is much cheaper than cable was. We also bought an inexpensive antenna to get TV without cable. (We already had a Playstation to use to stream the video on TV. Can also use the TV).
 
Subscription to the girlie magazine or website of your choice. Save on restaurants, movies, Valentines gifts, engagement and wedding rings, trips to in-laws, and home remodeling projects.

Also save on diapers, baby formula, orthodontics, college tuition, and wedding gifts.
 
Get a library card. Read newspapers online.
 
I think about how we lived when growing up. We did have a small single-family house and cars (that we bought at a junkyard and fixed up). But we did not have A/C, dishwasher, or icemaker in the refrigerator, and I didn't see the inside of a hotel or restaurant until I was in high school. And that was rare event indeed.

If it wasn't on sale we didn't buy it.

It's the mental attitude developed then that allowed me to buy my own home after the divorce. If it didn't involve food, clothing or shelter I didn't buy it for about the first five years. But as expected things started to get easier after that.

We have a long list of "wants". We have zero needs. It is important to know the difference.
 
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