"Your" Ideas are worth "Millions"!!!

[AJL]

This post is the one I've been wanting to see !-I haven't run into anyone compiling a list of things that you can do to cut your expenses, which can definitely help get a person get to ER!! I now realize that all of the people that have given me some guidance these past couple of weeks has really helped me "get my head on straight", and I know that there are tons more that have their own ideas that can help us all save more, in less time, making the dollar count now so you end up depending on yourself, and not relying on the government handout programs! Reading books are fine, but some are hard to grasp the meaning without a Harvard education. I'm sure that I'm not alone in this. You can only get so much from reading. Education and information are important to everyone here, thats why all the questions are asked! I, for one would like to pick the brains of those out there who have made the mistakes that I don't want to make! Give me even some small bits of information and I promise to pass it on to everyone I know. If this has been posted by someone else, please make me aware. These are some of the things that I have done to cut "my" expenses!!
1. Credit card now has a balance of 1800, down from 3200 in six months. I have a credit card from AARP, good for 6 months at 0% finance charge, and no annual fee. Instead of using my credit card, I use my bank card. this has forced me and my wife to spend within our limits. Your bankcard is also a credit card, and you can use it like a credit card usually anywhere! When my 0% card expires, i just fill out another 0% or low interest loan from another company til the card is paid off.
2. I bought a truck a couple of months ago. I got the loan thru the bank as a "home equity loan". The interest on this loan is "tax deductible" just like the interest you pay on your mortgage. Also check out the Certificates of Deposit vs your savings plan, the interest rate may be better.
3. I pay my mortgage taxes separate from my mortgage payments. I know its hard to come up with this money, but most loans that include your taxes usually hold a lot more in "escrow" that you would normally pay thru the year.
4. My wife and daughter love to "yak" on the phone. I got a deal thru ATT on my long distance anywhere in the USA for $30 and Verizon -local calling for $18 - total about $50 a month!! Down from the $200-$300 bills 1 1/2 years ago.
5. On your Mutual funds - or your 401K. You can change to another fund at no cost as long as its in the same "family" of funds, without a sales charge. And most 401K plans - they give you about 13 or so funds to choose from-you can change most of these from one fund to the other, daily if you like, doesn't cost you anything either!
6. Being the "so called man of the house", its my duty to constantly remind everyone to "turn off the lights when your not using them"!, "Were you born in a barn? Close the door"! "Is there a reason the shower is running with the force of water over Niagra Falls and your at the sink brushing your teeth"? etc. etc. You know what I mean!!
Would appreciate hearing from everyone, no matter how trivial your thought may seem. If I need to be corrected on the above ideas, I would appreciate your input. Thanks.

[Marshac]

Quote:

Originally Posted by AJL 4. My wife and daughter love to "yak" on the phone. I got a deal thru ATT on my long distance anywhere in the USA for $30 and Verizon -local calling for $18 - total about $50 a month!! Down from the $200-$300 bills 1 1/2 years ago.

I got packet8 (like vonage), and for $20/mo I have unlimited local and long-distance calling per month... the only catch is that you need broadband internet.

Quote:

6. Being the "so called man of the house", its my duty to constantly remind everyone to "turn off the lights when your not using them"!, "Were you born in a barn? Close the door"! "Is there a reason the shower is running with the force of water over Niagra Falls and your at the sink brushing your teeth"? etc. etc. You know what I mean!!

compact fluorescent lights are good- I got about 20 14W bulbs a few months ago for $.17 each using a $2 per-bulb instant rebate the power company provided.

Low flow shower heads can help those who take long showers... I take short showers, and I hate the low-flow heads

[sgeeeee]

Quote:

Originally Posted by AJL . . . 4. My wife and daughter love to "yak" on the phone. I got a deal thru ATT on my long distance anywhere in the USA for $30 and Verizon -local calling for $18 - total about $50 a month!! Down from the $200-$300 bills 1 1/2 years ago. . . .

It still amazes me how much people spend for telephones -- especially cell phones. Several years ago I bought my father a computer. My brothers have their own. We communicate regularly via email. None of us owns a cell phone. I talk with each of them about once a week using OneSuite at 2.5 cents per minute.

I have dozens of friends and colleagues across the country and in Europe. I keep track of them via email too. I set my computer calendar to remind me to send a note at least once per month to each of them. Sometimes when I get a response back about some significant news, I'll make a phone call using OneSuite at 2.5 cents per minute. It costs a little more for Europe.

My annual long distance bill is less than $40/year.

I realize that a lot of people today think this behavior is archaic. But I've carried a cell phone (when I was working and they paid for it). I've watched and listened to most of the people around me on their cells. And I've got to tell you that most of you are just babbling nonsense. You are wasting your time and the time of those around you. Cut that sucker off and live in the real world. You'll save money and enrich your life.

[MJ]

I agree use of cell phone has gone out of hand.
As a bicyclist living in a traffic congested large city, I noticed the dangerous pedestrians yapping all the time while not watching where they are going. There's the motorists illegally using their cell, not paying attention to road and unable to signal a turn (another violation) because their hand is holding the cell. The last lunacy is the occasional bicyclist (usually a male) riding and talking on his cell.
For some people, it is a social addiction. They feel they must communicate with someone because they can't stand being alone.

[Martha]

Quote:

Originally Posted by Marshac Low flow shower heads can help those who take long showers... I take short showers, and I hate the low-flow heads

I admit, we tampered with our low flow shower head and now it is great. I figure no significant waste and we take quick showers as well.

[Outtahere]

My Dh and I both have cells, only use them when we have to, mine is paid for by the co since I'm on call when I'm not at work but I'd still have one for the safely aspect. As for the public using them, the last thing I saw that I really shook my head at was a guy on a motorcycle talking on his cell. Dh and I both ride and wouldn't even THINK of using it then, lol most of the time we can't hear them ring anyway.

We don't have a low flow shower head because we both take quick showers.

Lights are turned off when not in the room and if I'm doing some kind of lenghty download for work I power my monitor off.

We buy in bulk when it's cost effective.

Oh and I cut my dryer sheets in half LOL

[MRGALT2U]

Quote:

Originally Posted by Outtahere My Dh and I both have cells, only use them when we have to, mine is paid for by the co since I'm on call when I'm not at work but I'd still have one for the safely aspect.* As for the public using them, the last thing I saw that I really shook my head at was a guy on a motorcycle talking on his cell.* Dh and I both ride and wouldn't even THINK of using it then, lol most of the time we can't hear them ring anyway. We don't have a low flow shower head because we both take quick showers. Lights are turned off when not in the room and if I'm doing some kind of lenghty download for work I power my monitor off. We buy in bulk when it's cost effective. Oh and I cut my dryer sheets in half LOL

I have never seen someone riding a motorcycle and talking on a cell.
Doesn't surprise me though. I had very strict rules (for myself)
when I was riding. Didn't need one for cell phone use.

Bought DW a Tracphone for "security" purposes mostly. Works fine
and I borrow it when I go to Texas. Right now we plan for that to be our only phone while we are there this winter. Computer access?
Have not decided yet.

Now this is pretty simple, yesterday I got a CC offer for -0-% APR
until April, 06. Trouble is, I already maxed out that card when they
offered me 1.99% sometime back. Next week I will move all of the CC
money (currently earning 3.5%) to a new account paying 3.75%.
At the same time I will pay off this particular CC and then write a convenience check for close to the credit line. This will net me
about $260 (after a $65 fee) by next April. A little bit here, a little
bit there..

I hardly have any clothing (except shoes and underwear) that wasn't bought at resale shops or garage/yard sales. I think 100% of my
dress shirts and 100% of my shorts were obtained that way.

Everything we buy is tested first to see if we can get it free
or surplus/overstock. Example...........
I needed a new storm door to replace one which was broken and
discarded. I looked around yard sales and auctions for a while.
No luck. I finally found one that would fit in a builder's surplus store.
Cost me about 50% of new and I had a local guy (who works for cheap)
put it in. Looks great. The thing is, I have time now to work on this stuff. It was always there but when I was working I didn't shop
nearly as aggressively. I spend a lot of time trimming costs where I can.
It pays off.

JG

[LovesLife]

When thinking about making a purchase on a nonessential item I ask myself if this will somehow enrich or enhance my life in some way. 99% of the time I pass on the purchase because it really won't add any value to my life.

LL

[MRGALT2U]

Quote:

Originally Posted by LL When thinking about making a purchase on a nonessential item I ask myself if this will somehow enrich or enhance my life in some way.* 99% of the time I pass on the purchase because it really won't add any value to my life.* LL

I like this system. Nailing down "nonessential" may cause some angst.

JG

[LovesLife]

My husband tells me I am the cheapest person he knows. I usually have to force myself to a treat now and then. I vacillated for a long time on whether or not to join the "Y". After all it was going to cost me $30 a month. I have to say it has added a huge enhancement to my life.

LL

[Outtahere]

Quote:

Originally Posted by LL My husband tells me I am the cheapest person he knows. I usually have to force myself to a treat now and then. I vacillated for a long time on whether or not to join the "Y". After all it was going to cost me $30 a month. I have to say it has added a huge enhancement to my life. LL

Mine says the same thing but when he has money to go buy something he wants, like that new exhaust system for his bike he thinks twice.

I always ask if we really need what ever it is we are going to buy or is it just a want. If it's just a want then I ask what he would rather have, me retired or the bigger better what ever it is? Usually the answer is for me retired ...lol but not always.

[MJ]

Quote:

Originally Posted by LL My husband tells me I am the cheapest person he knows. I usually have to force myself to a treat now and then. I vacillated for a long time on whether or not to join the "Y". After all it was going to cost me $30 a month. I have to say it has added a huge enhancement to my life. LL

My "Y" costs approx. $50/month. I joined the AARP and got a 20% discount. I then found out that, the 'Y' had a day time schedule for $23/month.
Since I'm now R and was going to the gym in the morning anyway, I saved another $17/month. I also thought about eliminating the 'Y' expense and use the Parks Dept Recreation Centers for $10 a year. I didn't like the atmosphere. The few center near me didn't have the best weights/machines and no sauna or steam room.

[AJL]

You know, if everyone that has read these posts up to now would just do one of these items each, it would save - Millions!! I liked the fluorescent light bulb idea, and being in estimator in electrical construction and know about these things, you'd think I would know better!!! Plus the low wattage will make the bulb last longer!! Credit card rates are getting out of hand, both of my kids - one 24 and one 27 both have CC rates in the 20+% bracket!!My son (a college graduate) is in Afghanistan and he wanted me to handle his finances for him while he is gone. I told him that his one card alone has a $42.35 a month finance charge, and his minimum payment is $43.00. No brainer there, at that rate his balance will never diminish!!Worse part about it, he has the money to pay it off if he wanted to!! Kids!&%$#*?? Not to mention grandkids (if you have those also). I have a little bit of money in a mutual fund for my granddaughter and also opened up a savings account at the bank for her. I just pack up my change every 4 months or so and put it in her account, not much, $20 or so, but its up to about $150 dollars now. I even talked the bank loan officer to waive the monthly service charge!! Its not much 3% interest, but its a start for her. I have been thinking about the education plan 528 is it?? where the money is tax free if you use it for their education!! She gives me a dollar once in awhile to put in for her, so I'm trying to get her in the habit of saving (she's 6)!! I'm going to make a list of these ideas once there are compiled and take the difference that I would have spent and "buy another share",
Thanks everyone!!

[MRGALT2U]

Quote:

Originally Posted by AJL You know, if everyone that has read these posts up to now would just do one of these items each, it would save - Millions!! I liked the fluorescent light bulb idea, and being in estimator in electrical construction and know about these things, you'd think I would know better!!! Plus the low wattage will make the bulb last longer!! Credit card rates are getting out of hand, both of my kids - one 24 and one 27 both have CC rates in the 20+% bracket!!My son (a college graduate) is in Afghanistan and he wanted me to handle his finances for him while he is gone. I told him that his one card alone has a $42.35 a month finance charge, and his minimum payment is $43.00. No brainer there, at that rate his balance will never diminish!!Worse part about it, he has the money to pay it off if he wanted to!! Kids!&%$#*?? Not to mention grandkids (if you have those also). I have a little bit of money in a mutual fund for my granddaughter and also opened up a savings account at the bank for her. I just pack up my change every 4 months or so and put it in her account, not much, $20 or so, but its up to about $150 dollars now. I even talked the bank loan officer to waive the monthly service charge!! Its not much 3% interest, but its a start for her. I have been thinking about the education plan 528 is it?? where the money is tax free if you use it for their education!! She gives me a dollar once in awhile to put in for her, so I'm trying to get her in the habit of saving (she's 6)!! I'm going to make a list of these ideas once there are compiled and take the difference that I would have spent and "buy another share", Thanks everyone!!

Two points.

First, re. banks..........it's amazing what they will agree to if you
have the guts to ask. Being a geezer, I get a bunch of perks already,
but now I also get free checks on my business account. Just took
a phone call.

DW has many many talents (I am about to sample her cooking skills).
However, finances is (are?) not her strong suit. I mostly stay out of it
as it is her money. Eventually I will have to get involved. Same with
my folks. I waited for years while they wasted $ until they were
comfortable with my being involved. It was hard to stay out of it
but it worked out in the long run.

JG

[SLC Tortfeasor]

Quote:

Originally Posted by LL When thinking about making a purchase on a nonessential item I ask myself if this will somehow enrich or enhance my life in some way.* 99% of the time I pass on the purchase because it really won't add any value to my life.* LL

Along the same lines, when considering a purchase, I translate the purchase price into its cost per use. Simply divide the purchase price by the total number of times you'll use it in a given time frame.

For example, a while back I was seriously tempted by those fancy plasma TVs, and found one I wanted for $2000.* I figured if I watched an average of 1.5 DVDs on it per week, that would translate into 78 DVDs per year, or $25.64 per DVD in that first year.

If you're eyeing a $30,000 car, and you know you'll probably replace it after you've put, say, 60,000 miles on it, you can figure that driving it is like tossing 50 cents out the window every mile. Or, assume that you'll drive the car an average of 2.5 times per day, for 5 years. That works out to $6.74 per drive.

With this kind of analysis, the more you use the product you buy, the lower its cost per use.* The idea is to ask yourself, what will this product cost me per use?* Is it really worth that cost?* Imagine that you had to pay someone $6.74 every single time you wanted to take your car for a drive. It makes it a lot easier to be frugal.