How do you save money? - Honda Motorcycles - FireBlades.org
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post #1 of 44 Old 10-08-2008, 7:25 PM Thread Starter
 
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How do you save money?

I am stupid. I've put too much money in the stock market and now I am getting into a survival mode. I am cutting non-essential expenses and starting to wonder what other (smart) members on this list is doing to save some money.

Here is what I've done.

1. No eating out. Eating at home can be boring but eventually becomes an art of mixing whatever's in the refrigerator. Save $500-800 monthly.

2. No more HD Cable, DVR, Netflix, Preimium Cable channels. Good bye weeds and dexter: Save $120 monthly.

3. Cut home phone service. Save $45 monthly.

4. No more new toys for the kids. They've got plenty. Save $50 month

5. Cheap lunch: 99 cent meals and microwave TV-dinner: Save $120 month

6. Regular gas instead of premium for CBR. (Not yet implemented)

:c rying:

What else do you suggest?
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post #2 of 44 Old 10-08-2008, 7:32 PM
 
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Re: How do you save money?

It's getting crazy out there. I'm doing the same as you, cutting corners everywhere. Starting to winterize the house, door and window seals, conserving electric and cutting back on beer consumption!
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post #3 of 44 Old 10-08-2008, 7:50 PM
 
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Re: How do you save money?

Find ways to bring in some extra income, a few bucks here and there can go long way. Get a bit creative, I have some ideas so I might start a thread on the subject.
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post #4 of 44 Old 10-08-2008, 8:46 PM Thread Starter
 
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Re: How do you save money?

I am scrubbing around the house to see if I can sell anything on eBay. I've already sold some left over body parts for the CBR... but unlike you are saying... it doesn't seem to add up... I haven't cut back on the drinking though. In fact, I've been drinking more to cope with the pressure...
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post #5 of 44 Old 10-08-2008, 8:56 PM
 
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Re: How do you save money?

Ride a bicycle.

Cooking at home isn't boring if you have the proper tools and spices.

Don't sacrifice nutrition for cash. Those microwave/99 cent meals do not have what a body needs.

Budget.

Drive less.

Don't forget, the market will rebound. Panic selling might make you worse off than if you just hold your cards.
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post #6 of 44 Old 10-08-2008, 11:04 PM
 
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Re: How do you save money?

I don't believe #6 should be a consideration...
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post #7 of 44 Old 10-08-2008, 11:28 PM
 
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Re: How do you save money?

People are going to hate me or think I'm laim for saying this, but I live at home rent free. I don't have to worry about food, utilities, etc etc. And I pretty much get to spend all my money on whatever I want.
I WAS going to get into investing at one point (my mom even works for Ameritrade so I could get discounts on trades), but after the Enron crap I came to the conclusion that I trust myself with my money more than anyone else.
I keep hearing everyone going on about how you need that so called "nest egg" for when you retire... and the earlier you start the better.
the thing is, while you're saving that up over you're life you take a chance that some corporate jackass is going to do something stupid and cause you to loose all of that virtually overnight... which just happened to a LOT of people.

My personal philosophy is to live my life now and worry about the future when it gets here. mind you I plan for small things, maybe a year or two down the road.... but I'm not going to rob myself of the opportunity to experience things now for the hope of a "worry free retirement"... that is assuming of course 1) whoever has my money hasn't squandered it all, and 2) I'm even still alive to collect.
Between where I live and how I live, I'm not entirely convinced I'll live to see retirement. And if I do I'm going to be old and worn out, exactly what am I supposed to do to enjoy myself then that I could have done and had 10x more fun doing at a younger age?

Don't think I'm rich or anything like that. I'm lower middle class at best, and if I had to pay a mortgage, and all the other things a lot for people need to it's fair to say I'd starve to death.
That being said, I'm lucky enough that none of this financial stuff is affecting me at all. Heck, I was just approved for a loan to get new bike (at a time when the news tells me no one is lending to anyone). So I can't complain.

From the sounds of things though, you seem to be on top of it. Eliminate luxury items first. This means garage the bike for a while, maybe drop insurance if it's high enough to justify the cut, the cable like you said... though I'd keep basic service simply based on the fact that there is a lot of GOOD stuff you can learn through cable that you won't through broadcast (CNN, history, discovery, science, etc).
Everyone instinctively knows HOW to save... most just don't want to. If I needed to, I could be saving 20k a year just in savings, but then I'd never go out, never do anything, and that's no way to live.
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post #8 of 44 Old 10-08-2008, 11:29 PM
 
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Re: How do you save money?

1. got new econo car (hyundai accent 3dr hatch, sport suspension B&M shift) it's a blast to drive and i get on average 33-35mpg. aprox. 8 mpg better than the car i had to replace

2. got wife a different car: traded off 02 Tahoe 4x4 5.7 liter V8 for a new (07) Ford Edge AWD V6. this vehicle kicks ass, we love it it gets nearly 8mpg better than the tahoe got

we went from spending around $1000 per month on fuel to just under $700 with those to different cars.

3. try and eat out less
4. use netflix instead of local renting (i hated our local place, didn't have uncut versions) save about $10 month not counting the gas to get/return
5. switched to walmart brand pop 12pk @ 2.50 instead of 4.99
6. off brand chips (taste nearly as good)
7. i eat lunch out everyday (i'm a mailman) i buy cheap as i can (you can make nearly anything a "combo" meal. usually saves a buck or $2.
8. 5,000 mile oil change intervals instead of 3K. and i use mobil full synth now @ $23 5qt jugs.
9. make friends with places to get discounts!!!!!!! i got a lady that hooks "me" up with bike stuff at her cost. Another lady sent me to her husband to buy my car.
10. I mow 3-4 yards for track money, tires, bike stuff. sucks mowing sunday's but usually worth it in the end.
11. LOVE my 3 kids, but WOW they are expensive.

just some stuff i do.

Last edited by bulldog12; 10-08-2008 at 11:34 PM.
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post #9 of 44 Old 10-09-2008, 4:01 AM
 
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Re: How do you save money?

Why does the share market dropping mean you need to save more?
Unless you were relying on serious income from it - whats changed?

I save money by spending less than I earn!

Seriously - you can scrimp and save a few dollars here and there but is it really worth a few dollars compared to other ways in which you can save big money (like skip some big discretionary spends like a new tv)
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post #10 of 44 Old 10-09-2008, 5:28 AM
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Re: How do you save money?

I've lost over $100,000 in the market this last month.

As far as saving money goes..

I'm NOT buying the Ohlins suspension I wanted to, at least not RIGHT NOW right now.

I'm NOT doing the VFR supercharger project.

I'm using the gas price thing as an excuse to ride almost everywhere, everyday. I CAN afford 4-wheeling everywhere, but it's so much more fun to save in this way.

I'm not eating out much anymore either...trying to take the time between garagetime and worktime to cook food.

Not "going out" to clubs and bars...not really a hard change to make since it's not my scene anyways, but not doing it with friends anymore either.

Starbuck's is totally out. I've got a coffeemaker, which is a hell of a lot cheaper.


I spend more time in the garage, which means that I stay busy longer, which means I have an easier time to stay away from smoking (see "quit smoking" thread) which saves me money.
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post #11 of 44 Old 10-09-2008, 6:25 AM
 
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Re: How do you save money?

Quote:
Originally Posted by bulldog12 View Post
1. got new econo car (hyundai accent 3dr hatch, sport suspension B&M shift) it's a blast to drive and i get on average 33-35mpg. aprox. 8 mpg better than the car i had to replace

2. got wife a different car: traded off 02 Tahoe 4x4 5.7 liter V8 for a new (07) Ford Edge AWD V6. this vehicle kicks ass, we love it it gets nearly 8mpg better than the tahoe got

we went from spending around $1000 per month on fuel to just under $700 with those to different cars.
Try looking into a Volkswagen Diesel for example a Passat... I have a 2001 Volkswagen Passat Estate (1.9TDI, 130BHP, 2001) and she will return about 60MPG on motorways and about 45ish in and around town.

Try and stay away from the newer Vw's, they are starting to make their engines hollow and it is causing problems (VW Senior Tech told me )

Not everything is a need, its mostly want in this day and age. Many things are becoming throw away and its not cost effective to repair most things these days.

House hold appliances e.g. Kettles... I can by Tesco's Value kettles for something like £6.00, or I can get a Russell Hobbs for £30+... They last the same age (The tescos one out lived the expensive ones), they do the same thing and if they break, you can just buy another one. Same with toasters etc.

Over here we have SKY (TV) which you can pay every month for extra channels/packages or what have you, and you can also buy something called a Freeview box (name says it all)... Ok you only get 40 some odd channels, but how many do you really need? I hardly watch any TV (and I have TV on my PC too)

Food. That is one essential thing. Don't skimp. Make sure you and your family are getting good proper food, and try and stick away from fast foods and the ready meals.

Fuel... Thats a tough one... I run regular in all of my bikes/cars, to be honest I don't notice a thing... (they don't ping either)

Little bits here and there can go along way, nothing is easy, just stay strong.

"Second is the first of the losers..."
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post #12 of 44 Old 10-09-2008, 9:04 AM
 
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Re: How do you save money?

Also, was thinking a little...

It might seem like a sad or stupid idea, but coupons go a long way... You can save money off here and there for anything e.g. days out, retail goods etc. Basically anything you can think of.

Also, don't be afraid to haggle with people... I saved about £40-50 ($80-100) just by telling them I got a quote cheaper else where (even though theirs was the cheapest)... The lady on the phone had to "ask her manager", then she came back and she accepted.

"Second is the first of the losers..."
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post #13 of 44 Old 10-09-2008, 9:13 AM
 
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Re: How do you save money?

If you smoke - quit, if you frequently visit bars - no more, get cases of beer at the store, turn the heat down and wear more sweaters, turn the shower off while you soap and wash your hair, wear clothe more than one time before washing (not underwear of course), and get a second job.

"Vi Veri Veniversum Vivus Vici"
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post #14 of 44 Old 10-09-2008, 9:35 AM
 
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Re: How do you save money?

Quote:
Originally Posted by FB1000inPA View Post
if you frequently visit bars - no more, get cases of beer at the store
Saying that I used to brew my own beer... It was that cheap I could afford to drink every night and the lowest percentage I managed to get was about 4.5 and it went up to 9.0...

Now saying that, its a very risky thing to do... Basically it nearly killed me but it was cheaper...

"Second is the first of the losers..."
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post #15 of 44 Old 10-09-2008, 9:42 AM
 
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Re: How do you save money?

Quote:
Originally Posted by DaedalEVE View Post
People are going to hate me or think I'm laim for saying this, but I live at home rent free. I don't have to worry about food, utilities, etc etc. And I pretty much get to spend all my money on whatever I want.
I WAS going to get into investing at one point (my mom even works for Ameritrade so I could get discounts on trades), but after the Enron crap I came to the conclusion that I trust myself with my money more than anyone else.
I keep hearing everyone going on about how you need that so called "nest egg" for when you retire... and the earlier you start the better.
the thing is, while you're saving that up over you're life you take a chance that some corporate jackass is going to do something stupid and cause you to loose all of that virtually overnight... which just happened to a LOT of people.

My personal philosophy is to live my life now and worry about the future when it gets here. mind you I plan for small things, maybe a year or two down the road.... but I'm not going to rob myself of the opportunity to experience things now for the hope of a "worry free retirement"... that is assuming of course 1) whoever has my money hasn't squandered it all, and 2) I'm even still alive to collect.
Between where I live and how I live, I'm not entirely convinced I'll live to see retirement. And if I do I'm going to be old and worn out, exactly what am I supposed to do to enjoy myself then that I could have done and had 10x more fun doing at a younger age?

Don't think I'm rich or anything like that. I'm lower middle class at best, and if I had to pay a mortgage, and all the other things a lot for people need to it's fair to say I'd starve to death.
That being said, I'm lucky enough that none of this financial stuff is affecting me at all. Heck, I was just approved for a loan to get new bike (at a time when the news tells me no one is lending to anyone). So I can't complain.

From the sounds of things though, you seem to be on top of it. Eliminate luxury items first. This means garage the bike for a while, maybe drop insurance if it's high enough to justify the cut, the cable like you said... though I'd keep basic service simply based on the fact that there is a lot of GOOD stuff you can learn through cable that you won't through broadcast (CNN, history, discovery, science, etc).
Everyone instinctively knows HOW to save... most just don't want to. If I needed to, I could be saving 20k a year just in savings, but then I'd never go out, never do anything, and that's no way to live.
I don't hate you, I pity you. You are in the position to be slightly responsible and improve your entire life by a LOT. Instead you are frittering it away and proud of it. As much as I am displeased with the current government ripoff and redistribution I will still be better off than the person that lives like you choose to. Grow up or suffer the consequences.



As to the main thread question:
This sounds simplistic and is, budget and live on less than you make. All of your items are fine but control and a plan will succeed better. Your post smells to me like panic rather than a plan. I recommend listening to Dave Ramsey for ideas and paying off things. You focus on reducing costs and that is good but what about your car? Is it paid for? Within your means? Not sure I am clear or this works but take a deep breath and use this as an opportunity to tune things but don't panic

Must obey the sheep dog
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