Savings Tips

[kayelem]

Caroline: I'm the same story. Reached mid 20's in mid 80's and making $17 K a year was not going anywhere with the income side of it. So I got my MBA, not out of any "love" for the business world but decided if I could make money early and save I could relax later in life (hopefully).

I have friends are doing things they love, writing, art, etc. But they grouse about their income. But when they turn to me and say I am so "lucky" to be making a good salary and that it "isn't fair" that their professions pay less I do get irritated. I made my choices and live with them...I don't like my job very much and I don't have much social life becasue I am working all the time, but I am saving my money. They took another path..they love what they do, but need to accept there isn't a lot of dough in it. Everyone makes their choices.

 

[Cut-Throat]

They took another path..they love what they do, but need to accept there isn't a lot of dough in it. Everyone makes their choices.

Yup, you're right on here. Everytime I hear one of the lucky 1% say that 'Do what you love and the money will follow', it makes me want to gag. This has got to be one of the biggest lies on earth!

 

[Mr._johngalt]

I agree Cut-Throat. You may get other rewards, but it's
pretty rare when the big money follows.

JG

 

[Jarhead*]

Yup, you're right on here. Everytime I hear one of the lucky 1% say that 'Do what you love and the money will follow', it makes me want to gag. This has got to be one of the biggest lies on earth!

If you modify that statement to "Do what you love, and are very, very good at it, the money will follow, is probably realistic. (Of course the people that found that particular star won't be interested in early retirement).

 

[Nords]

'Do what you love and the money will follow'

I thought it was "Do what you love and save like crazy."

I loved it the first 14 years anyway.

 

[Caroline]

But when they turn to me and say I am so "lucky" to be making a good salary and that it "isn't fair" that their professions pay less I do get irritated.

LOL, I hear you on this one, Kayelem.  I've got a sister who likes to say, when I pass on the opportunity to co-sign a loan for her, that "the rich get richer and the poor get poorer."

This is from a woman who sprang from the same womb one year and one day behind me, lived in the same house with the same parents and got the same contribution for college as I did ($ 0.00). 

Don't get me wrong, I love her dearly.  But we do different things with our time and our net worth reflects it.

 

[TromboneAl]

Small steady bleeds need to be stemmed.

I agree with that one.  I hate recurring expenses.  For example, we skipped cable TV for many years; we were the only house on the block with an antenna.  But 1982 to 1999 with no $20/month cable bill = $4,080 in savings.  Now we pay $9.50 per month for basic cable.

 

[laurence]

Monthly bills EVIL. Easy payments sent more than one person to an early grave! I applaud your strength, TromboneAl, (you mind if I type T-Al for short?), I am hopelessy addicted to my HDTV cable and high speed internet.

 

[P.S.]

When people ask no cable? I say no cable, we have ADT instead (after husband's woodshop broken into).
No cell phone, basic phone service, dial up internet. Husband cuts grass (albeit with a riding lawn mower). Clean own house- people insist, why don't you get someone to clean your house, you can afford it?! Exactly, my point exactly. Besides, clean my own house, am reminded of all the stuff already have and need to use up, and less likely to buy more stuff. Have found minimizing use of putting food in freezer (or buying frozen food), to be a big money saver.

 

[LovesLife]

I am of the same mindset about house cleaning. I find when my house is clean I am more content with what I have and have no desire to clutter it up.

LovesLife

 

[Eagle43]

Would it reflect badly on me if I confessed I have steadfastly refused to get a cell phone? Might change my mind, since I saw the thread with the cheap cell phone deals, but so far, have not. We do have satellite tv; got it because cable costs kept increasing.

 

[VoyT]

Would it reflect badly on me if I confessed I have steadfastly refused to get a cell phone? 

 
    No, I don't think anyone will kick you off the board   If you don't need/don't want one, why spend the $$?

 

[sgeeeee]

We have no cell phone. People I used to work with find this incredible since I spent much of my career working on cell phone devices and technologies. I even spent 3 years traveling around the world as the IEEE MTT-S Distinguished Lecturer delivering a presentation about cell phone radio trends and advances. But I just don't see how the occasional convenience of a mobile phone is worth the cost to me.

I also don't have cable or satellite. We have a dial-up modem. We take care of our own lawn and house maintenance.

On the other hand, I spend lots of money traveling and on camping and archaeology gear. I spend a fair amount on air-fare and hotels (although we'll stay in Motel 6 or less if it's available.

 

[cute fuzzy bunny]

Weirdo.

 

[TromboneAl]

The book "The Complete Tightwad Gazette" is a fun read and has lots of good ideas. Wish I'd read this when I was 30.

 

[Dawg52]

I had a cell phone for a short period of time but never used it. I do have cable tv at a ridiculous price of $50/mo, but I do like some of the news channels and of course the golf channel. I spend $9.95/mo for dial up internet(Juno) which works just fine. Other than my country club dues($200), I think I do a pretty good job of cutting out unnecessary expenses.

 

[JB]

Dropped the land line last year. Since I travel, and make frequent calls to the east coast cell only works for me.

 

[BUM]

I am only 22, and am surviving on a meagre salary along with my live in gf. We try hard to LBOM, but it's been rough.

I thought I'd ask the wise sages of this board for some very simple advice, that has helped you in your own life, on tips how to save money each month.

One important key is teamwork. Few things can deep-six a savings plan faster than spender-spouse. I'm lucky that DW of 30+ years is a super-saver. I made the money, she made sure most of it was still there decades later.

ThanQhon

BUM

 

[unclemick]

POGO - like the cartoon character - we have meet the enemy and he is us.

The best frugal for me - looking back from 61 to 21 when I graduated from college - was to make sure a stranger got his cut first - then live on the rest. Maxed all availible tax deferred vehicles and then sometimes live paycheck to paycheck on the rest and sometimes when fat managing to to save some of that. 401k, IRA, and nowadays Roth - low cost diversified stock funds -plunka,plunka DCA.

If I had known then what I know now - would have not owned any fixed income until much closer to retirement - I went 50/50 Ben Graham during 1966 -1992 when stocks were flat.

The earliest $ are the best $ - time in the market. I gave my nephew, Bogle's 1994 book, out of the Naval Academy - he TSP'ed max the total stock market index fund equivalent from 1994 till now on military pay - his retirement is set provided he doesn't screw it up. Unfortunately he's read Bernstein's Four Pillars and probably won't do as well from here on out.

Reading a lot of investment books can be dangerous to your health - a big mistake(of many) I made when young.

Starting as early as possible in a low cost diversified stock fund trumps a lot of stupidity - at least in my case. Plunka,plunka DCA over my working career resulted in 80 -90% of my portfolio over and above all my 'brilliant moves' combined.

Heh, heh, heh - did I spend some of my winners and party a little in the stretch?? Yes - and I also turned some winners into losers.

De Gaul and the Norwegian widow ride on.

 

[lazyday]

I think a cell is worth a few $, if you get one of the cheap deals, and don't give out the number.

I keep in glove compartment in case of emergency. And once in a while, is very nice to be in contact. Can save lots of time&hassle.

I'm paying about $40 a year on a plan that's going away, but there may be other similar priced plans on the cell phone thread.

My outgoing message says something like "If I'm not expecting a call from you, please call me at home instead. I don't check messages from this phone, and it is almost always shut off."

Agree on the monthly bills. I've only paid for a total of maybe three months of cable in my life, and have sought cheap internet deals. No netflix for me either--library is free.
The biggest monthly of course is rent/mortgage.

 

[Mr._johngalt]

I think a cell is worth a few $, if you get one of the cheap deals, and don't give out the number.

I keep in glove compartment in case of emergency.  And once in a while, is very nice to be in contact. Can save lots of time&hassle.

I'm paying about $40 a year on a plan that's going away, but there may be other similar priced plans on the cell phone thread.

My outgoing message says something like "If I'm not expecting a call from you, please call me at home instead. I don't check messages from this phone, and it is almost always shut off."

Agree on the monthly bills. I've only paid for a total of maybe three months of cable in my life, and have sought cheap internet deals. No netflix for me either--library is free.
The biggest monthly of course is rent/mortgage.

Good tips. No cable at all since I ERed and currently no cellphone either.
When I had a cell
I handled mine the same way, i.e. mostly turned off and I didn't give the number out unless I was expecting a call, then I tuned it on just for that
otherwise it was pretty much outgoing only.

JG

 

[Mr._johngalt]

One important key is teamwork. Few things can deep-six a savings plan faster than spender-spouse. I'm lucky that DW of 30+ years is a super-saver. I made the money, she made sure most of it was still there decades later.

ThanQhon

BUM

It can deep-six marriages also.

JG

 

[lazyday]

Good tips.

Thanks.

I'm surprised with a $400 truck and time outdoors like fishing, you don't invest something like $50 a year or maybe less, just in case.

Mine mostly gets used to keep in touch with girlfriend when we're not at the same place, or not there yet.
Or, no kidding, a couple times when at super wal mart together and can't find each other. Like getting split apart at an airport or disneyland. Now I won't go in there together unless we both carry cell phone inside.

 

[cute fuzzy bunny]

Eh, if Johns truck dies he'll simply use superior brainpower and willpower to wait for his wife to notice he's late and go pick him up.

 

[Mr._johngalt]

Eh, if Johns truck dies he'll simply use superior brainpower and willpower to wait for his wife to notice he's late and go pick him up.

Actually that's not too far off. Anyway, the old "ranch truck" sold yesterday.
Made a few bucks for a lot of messin' around. Today I bought another
boat with trailer......cheap! However, DW has taken a shine to it and so I guess
I will have to keep it. It's okay. She's happy and very little invested.

Reminds me of what a friend of Mom's said her son did for a living..........
"Buys and sells, buys and sells"

JG