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Comic, not your lawyer!
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Discussion Starter #1
Encouragement to save money!

Today I saw a meme that succinctly explained the importance of saving even a little bit of money.

The meme showed that saving $27.40 daily amounts to $10,000 saved in a year. If you can't save that much, saving $2.74 daily amounts to $1,000 in the year (that's a nice mini vacation!).

We often allow our budgets to be bled dry by vampire expenses, pennies here, dollars there... I've audited my budgets in the past and found I was overpaying by $10 or $20 for phone, I cut my cable (~$100/month) 7 years ago, and really scrutinized my budget in other ways to save a little here and there. And it's worth auditing your expenses from time to time.

Cut the fat from your budgets - the eating out, the nights at the bar, the designer coffees, etc. and you can save a lot of money.

Set a goal to save (or otherwise not waste/spend) $6 daily and see if you can do it. That would be an extra $2000 for the rest of 2020. Or extend it to $10 and try to save $3350 for the rest of the year.
 

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A marathon not a sprint
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A prudent point . While I am not a fastidious saver, I am amazed at the shift I perceive that rely on convenience and not doing things like making a morning coffee at home . A young millennial and I were out and I was surprised her triple espresso shot coffee at a starbucks drive through came to about $8 . In my opinion this person cannot actually afford what they spend on take out and has financial challenges affording rent but spends far more than I on convenience foods , when we were grocery shopping then heading home , so if one never had time for an a.m. coffee at home , in the least we were returning home within an hour . I don't have the same budget restraints yet frugally waited till I got home to brew a tea and have a bran muffin , probably $2 maximum cost to my indulgence . I agree, there is a balance between indulgence and frugality in life and while I have failed at this idea at times , I believe in living within ones means and am more balanced with this , the older I get .
 

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I set aside cash every payday for "cash on hand" savings. This goes into a physical envelope.

Beyond my retirement savings to get my company's 401k match, I divert another percentage to a ROTH IRA.

Making it mostly automatic, or planned into every paycheck, makes it much easier to actually save.

Another thing I might do here shortly is get a credit card that offers cash directly to an investment or brokerage account. I'm already a Fidelity customer, and they offer a card that gives you cash back on purchases that gets deposited into your ROTH IRA or other approved account at Fidelity. We are good about spending within our means, and this card would replace a different one I have. The older I get, the more I think something like this to increase my savings is better than other cash-back cards, or points to spend at some store.
 

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I find it interesting we don't see more "save" on this forum.

I finally got irked with Direct TV as I had it tied with my internet and it's been $230/month. Had it for two years now when I took a two year break. I did get the NBA package that increased the monthly/$ but still - I can find any show or sporting even free by various streaming services. Now, not always the best quality and it will freeze up here and there but it works - most is HD. I'm about to pack up my change and dump into my savings account (depressing when you think about breaking the bills to get that change).

My tied in solar is cranking out over 100% since installing so having no electric bill is nice. I have it paying for itself in less than 10 years.

The thing is every time you want to save you need new tires, property taxes, dogs to the vet (nice racket MFers), you need to go to the doctor, have to have more ammo, food and a new gun...NEVER ENDING. I live well below my means so I don't know how someone struggling can save much.
 

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reluctant sinner
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Learn to fix or make stuff. My sis paid $1500 to have the hatch lock on her car replaced. And for only an extra $1000 they would fix the electric lock on the drivers side passenger door, she declined. I watched a youtube vid ordered the part from rock auto. Took about half an hour and less than $100 ( I bought the door panel spoon kit too). Good wages for me.

Quit paying interest - your house is the one exception as most people can't just buy a house.

My semi smart trac phone is $50 per year and it was a referb for $50 - I don't all you can yack but it can do online stuff if needed.

I don't watch TV. I do listen to the radio - very handy in fire season - lighting appears as static long before there is thunder.

Internet is $50 per month - I get a lot use for that money. Tons of documentaries and how to vids.

I buy a lot of stuff online. Amazon and Ebay have free shipping and better prices than say home despot. Even then I google everything for the "best deal on ...."

Take better care of yourself. Cook your own food so you know what's in it (be even better if you could grow/raise your own food). Take some supplements. Drink better water that's chlorine and rat poison free (fluoride). Go for a walk or bike ride.
 

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I am not sure how most people would cut 27 dollars a day from their expenses but I understand the math/point it was trying to make.

Being finacially prepared is the foundation for preparedness in my opinion. Saving that 1000 dollars a year could easily set a person up with a basic 1 year supply of food and enough money left over for a cheaper self defense handgun such as a used glock or smith and wesson. So no excuses why a person can't prepare if they really wanted to.

A few years ago we trimmed a lot of unneeded monthly expenses from our budget. At this point anything to save us money will require a fairly large up front cost. If the upfront money can be recovered within 3 years I consider it foolish not to do it.
 

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As noted above, quite a few of my repairs now have been thanks to a couple relevant Youtube videos and Rock Auto orders. Some of the stuff was really common sense type stupid; door handle on the 99 Tacoma, replace the turn signal / light switch / whatever else is on that side assembly; all stuff that would have been easily $300-400. Fluids, rotate tires, drain and refills the transmissions.

As for savings; I max my 401K every year including the "catch up" allowance. Add company match and were good. We save another good chunk every month; won't say how much; but end of day we're saving well above 35% probably closer to 40%.
 

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Comic, not your lawyer!
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Discussion Starter #8
I am not sure how most people would cut 27 dollars a day from their expenses but I understand the math/point it was trying to make.

Being finacially prepared is the foundation for preparedness in my opinion. Saving that 1000 dollars a year could easily set a person up with a basic 1 year supply of food and enough money left over for a cheaper self defense handgun such as a used glock or smith and wesson. So no excuses why a person can't prepare if they really wanted to.

A few years ago we trimmed a lot of unneeded monthly expenses from our budget. At this point anything to save us money will require a fairly large up front cost. If the upfront money can be recovered within 3 years I consider it foolish not to do it.
Here's how a non-frugal average urban dweller can easily cut $27 per day.

* Replace daily 2x Starbucks ($10) with home brew ($1). Savings: $9
* Replace or eliminate that daily soda while dining out ($3): Savings: $3
* Replace 1 eating out meal per day with a home-made meal: Savings: $10
* Cut cable TV and cut cell phone bill data in half: Savings: $10 daily

That's $31 and most people who never considered saving money probably have these or similar wasteful habits.

One can also save hundreds of dollars monthly:
* Cut out retail spending almost entirely. Retail is generally for suckers.
* Replace retail with eliminating it or instead 2nd hand stores and garage sales. Save about 90% off retail.
* Less frivolous driving, saving even a gallon of gas daily would be 7 gallons per week, which is ~$21 weekly.
* Turn down heat or off AC and save several dollars per day.
* Cut back all utilities to only that necessary and nothing more (trash pickup, internet speeds, etc.).
 

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Gotta admit I am a saver. I buy good stuff at thrift stores. I buy food only on sale. I pressure can a lot of food and also freeze a lot. If I want something special I will search the internet for the best price. I buy sale items in bulk when it comes to groceries. My husband lets me take care of the budget and bill paying. We turn our heat down to 60 at night cause we are under a down comforter with blanket on top of it. Warm as toast. Our house is paid for. We live off pension and SS. When we have to take yearly distribution from 401 we put it into another account from which we can draw in case of emergency. I keep 1 credit car and use it about 4-5 X a year and pay it off about 2 weeks after purchase to keep it active. Have 2-3 yrs of food stored for SHTF. Grandkids will come and go to grandmas mini mart when they have unexpected issue come up. My husband used to think I was cheap but now appreciates it as we want for nothing. Never bought a Starbuck in my life lol.
 

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You sound like you have it all worked out...
My only suggestion: USE the credit card all month long and pay it off every month.
YOUR money sit's in the bank generating interest until you pay the card off (and my checking account is 4%!).
Pick a card with rewards or cash back that you like = generate more income.
of course you MUST pay off the balance every month!!!
 

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One of my resolutions for 2020 was to drastically reduce the spending of lunch money. With brown-bagging, eating a little less, the provision of snacks (and sometimes, food from corporate meetings), I saved a lot in 2020 thus far.

In January, I had 22 business days and spent $33.48 - that's $1.52 per day in January. Today, the second business day of February, is the second consecutive business day this month that I have spent no money at all on food on a business day.

For 2020 YTD, therefore, I have spent $1.40/day on lunch food.

This alone has made a dent in my household budget. Unfortunately, two unforeseen expenses offset the savings from this effort last month, but that's life and that's why savings are important, so that unexpected problems which do arise on occasion don't cripple one's financial management.

I cut cable a very long time ago, turn off any light at home when it's not being used, and we did a single take-out night in January (which set us back about $28). No restaurants in January. We have started to wash & iron my dress shirts and slacks for work; this has reduced our drycleaning spending.

Every dollar counts, and over time, these dollars add up.

If everyone spent less than they earned, few people would be in serious debt. $1,000 per year can be used on anything from precious metals to a short vacation to more ammunition to a new pistol to extra retirement savings to saving for a future vehicle or home.

Keep up the good work people... deferred gratification is pivotal.
 

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A number of people around me are deer hunters. I notice that they don't waste ammo, when deer season arrives they shoot just enough rounds to verify or correct sighting and they are ready to go. They save a considerable amount of money by not firing 200 rounds per week. Just, thinking . . .
 

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A number of people around me are deer hunters. I notice that they don't waste ammo, when deer season arrives they shoot just enough rounds to verify or correct sighting and they are ready to go. They save a considerable amount of money by not firing 200 rounds per week. Just, thinking . . .
The guy that lives behind me on the back 40 must be made of money, shoots several hundred rounds every weekend and some week days.
 

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I buy a lot of food in bulk, garden and have poultry. Although my wife and kids avoid fruits and veggies and wild game, hopefully I’m saving some money.
 

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I'm pretty thrifty, things I use all the time I buy in bulk, online or Costco or BJs. I make my own coffee from home most of the time, which may run me 33¢ a cup. Bottled water? Nah... I have a whole-house filter, one on a kitchen tap and a Brita pitcher in the 'fridge.

My cable and satellite radio for the car are indulgences. My wife got us on a newspaper delivery 7x a week years ago, that has soared to $124 a month, now I get in Sunday only 10% of that.
 

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I'm pretty thrifty, things I use all the time I buy in bulk, online or Costco or BJs. I make my own coffee from home most of the time, which may run me 33¢ a cup. Bottled water? Nah... I have a whole-house filter, one on a kitchen tap and a Brita pitcher in the 'fridge.

My cable and satellite radio for the car are indulgences. My wife got us on a newspaper delivery 7x a week years ago, that has soared to $124 a month, now I get in Sunday only 10% of that.
Save an additional 10% and read it online.
 

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When ever the wife and I eat out we always order water as the drink. I refuse $1.98 for a glass of ice tea or a can of pop.
I think I'll do the same, or maybe take my own bottle of tea to the Chinese buffet next time.
 

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Live Secret, Live Happy
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Here is some financial advise I got when I graduated with an Engineering degree in 1982.
Save some token amount automatically from my first paycheck (I was able to save $50/mo).

Each time I got a raise, take half the increase and add it to the auto savings amount.
When I could afford a house, take out a 30 yr fixed rate loan, then pre pay it at the 15 yr rate.

I graduated in Dec 82 in the worst economy since the great depression. My starting salary was not great, but the Reagan boom was just starting. Within two years my salary had gone up 50%, and I was able to choose from several great offers.

I bought a house in 1986 and paid it off in 1999. I never finnanced a new car. During this time I was also saving $12k/yr in no load mutual funds, plus a 401k, and I am covered by the US gov old retirement system called CSRS. I retired at age 55 with a generous annunity and no debt.

This all started from the early decision to save automatically, add to that amount when possible, and avoid debt when possible.
 
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