Ways to Save Money

[Blansky]

I remember when I was growing up, it was basically expected that kids would be out of the house by around 20 years old or before. So basically it was a 20 year financial commitment per kid.

Now I guess it's 30, or never, and they just wait for you to die so they can take over the house.

[INC]

Sounds a bit strange for me to read about such marginal savings while we talking about luxury things in the same time. You really give up all the small good things in your life just to let you be able buy one more Rolex when you will retire?

Is it just me who finds this a little bit strange? Please do not take my question as an offense, but I'm a little bit confused.

[Star Ferry]

Originally Posted by INC

Sounds a bit strange for me to read about such marginal savings while we talking about luxury things in the same time. You really give up all the small good things in your life just to let you be able buy one more Rolex when you will retire?

Is it just me who finds this a little bit strange? Please do not take my question as an offense, but I'm a little bit confused.

I think the same person could consider luxury watches a hobby they value and prioritize, while being indifferent between running the heat and wearing a sweater. It's not a tradeoff I would make -- I'm running electric heat at bonkers NYC prices at this moment -- and it's far removed from the preferences of the typical person, but I get it.

[cartesian Product]

Originally Posted by Star Ferry

Interested in hearing the ways people …save money…

In terms of my personal lifestyle, I don't tolerate unnecessary changes.

Originally Posted by dddrees

Buy items that come with lifetime warranty guarantees.

The premiums aren't worth it at my age.

[enjoythemusic]

For those with newer homes, did you spec energy efficiency during the build? Our power bill, even with all my electronic toys and gadgets, is below $200/mo (add $35 for gas bill) even during the hottest summer FL months (2700 sq/ft two-story home, two AC systems, 13k gallon pool). AC is at 76, heat to 73.

Fans, fans, and more fans, and AC ducting with each room having proper returns or whatever they are called. Excellent windows made to keep FL heat out (and 'better' hurricane rating). Water heater is the 'instant' type (no big tank).

[GB-man]

Only a Floridian can set the AC to 76 lol I keep that mofo at 68 in the summer and it’s only 80s.

[daveathall]

When it comes to heating, I don't skimp, if it is cold we won't be uncomfortable, we turn the heating up, we can afford to pay the bills, If we couldn't, we would wear more clothes and use blankets while watching the telly.

[330ci]

Originally Posted by GB-man

Only a Floridian can set the AC to 76 lol I keep that mofo at 68 in the summer and it’s only 80s.

68 year round here.

[EEpro]

Originally Posted by daveathall

When it comes to heating, I don't skimp, if it is cold we won't be uncomfortable, we turn the heating up, we can afford to pay the bills, If we couldn't, we would wear more clothes and use blankets while watching the telly.

I'm the same way.

Wait until the smarter people decide how much we can spend on heating for us. Programmable money would make that even easier.

[superdog]

Originally Posted by Blansky

Not for me. Couldn't do it.

But I'd be interested to know what the actual savings would be for someone to wear outdoor attire in the house during the winter vs someone who didn't and kept the house at a "normal" temp.

I grew up in Canada with brutal winters but our houses were always warm and cozy. When I lived in San Jose CA I had a friend who's house was freezing in the winter and I just shook my head.

Could not live that way.

As for homes with high ceilings, just put in a fan and draw the warm air down.

I’m not wearing outdoor attire. Just a hoodie instead of a tshirt and a pair of sweats instead of shorts. It’s not so dramatic as it sounds.

I did price out fans. Not sure how long I’ll be staying here. It’s fine for now. Not sure how much difference it would make anyway. It’s essentially a big ass loft space with 19’ ceilings. It’s always going to be cold in winter.

[Maleg]

Originally Posted by superdog

I’m not wearing outdoor attire. Just a hoodie instead of a tshirt and a pair of sweats instead of shorts. It’s not so dramatic as it sounds.

I did price out fans. Not sure how long I’ll be staying here. It’s fine for now. Not sure how much difference it would make anyway. It’s essentially a big ass loft space with 19’ ceilings. It’s always going to be cold in winter.

Agree. It’s not a big deal.

Setting my thermostat at 62 saves $150 a month. We wear sweaters and are comfortable.

The guys that think I’m crazy, go to the ATM, withdraw $150, then burn it in your fireplace.

[superdog]

Originally Posted by INC

Sounds a bit strange for me to read about such marginal savings while we talking about luxury things in the same time. You really give up all the small good things in your life just to let you be able buy one more Rolex when you will retire?

Is it just me who finds this a little bit strange? Please do not take my question as an offense, but I'm a little bit confused.

I totally get this comment. It’s not just you. It is strange. Tbh, it’s more of an exercise in discipline than anything else. I used to have very little when it came to spending.

I recall the days where I had to buy TP and paper towels in two seperate trips because I had to budget so closely.

I’ve been lucky (if you want to call it that) in my career. From my first few real jobs to the businesses I’ve built and sold.

I went a little bit hog wild along the way. Maybe even a lotta bit hog wild. And I always promised myself that when I got to a certain stage, or the economy got less certain, I’d reign it all in.

And I’ve done exactly that. I’ll be 50 in just over a year. I no longer have the energy I used to have. I’ve also sold majority of my main business with my final payout coming in two years, in what I feel is a very uncertain economy. Obviously that payout will be based on the performance we have over that time.

I’m set up so that I can retire at any time. I’m by no means going to do that. But given that my big earning days are potentially behind me, I had my fun, and I want to ensure I’ve got a comfortable future no matter what. I’m fulfilling my promise to myself.

I almost folded today. Nearly bought the Sedna gold speedy from my boutique and it would not have moved my needle. Three weeks ago I bought a Bentley (part of the plan tho, and it’s all planned out). Point is I’m much more comfortable with a big one time purchase than I am with required monthly fixed expenses.

This is all just me. I realize I’m very weird. But I can deny myself any wants. I cannot do that with fixed expenses. And I’ve seen too many wealthy folks lose it all because they had too many expenses and then hit the inevitable rough patch. This is why I’m also anti debt.

I simply like knowing that I can live on minimal amounts. Get me to 60, with less years in front of me, and a similar financial situation and I’m likely hog wild again. Likely earlier. I just want these next few years to set myself up permanently for the rest of my days. So it’s become a bit of a game for me to see how low I can go and maintain my lifestyle. I’m pretty low.

And at the same time, I might jump on a PJ next month instead of commercial as I’m heading to Miami for an exotic car rally. Then again, I might drive down too and save myself the car shipping and flight costs.

[thedak]

Originally Posted by Maleg

Setting my thermostat at 62 saves $150 a month. We wear sweaters and are comfortable.

The guys that think I’m crazy, go to the ATM, withdraw $150, then burn it in your fireplace.

Yep.

I'll let my house get down to 54 at night.

Sleep like a baby.

Set it at 62-64 during the day.

Pennsylvania sucks. I like to remind myself all Winter.

[330ci]

Originally Posted by INC

Sounds a bit strange for me to read about such marginal savings while we talking about luxury things in the same time. You really give up all the small good things in your life just to let you be able buy one more Rolex when you will retire?

Is it just me who finds this a little bit strange? Please do not take my question as an offense, but I'm a little bit confused.

For me, its gotten to the point where most of it doesn't make me happy and in some cases others get stuck paying higher prices or go without so I don't even bother.

By cutting out meat, alcohol, TV & streaming services, no longer eating out at fancy restaurants, driving used cars instead of a lease/payment, buying basic clothing (sweats, white tees, thermals, and bulk socks and underwear from TJ Maxx/Marshall's instead of name brand everything.) I'm saving ~$15k/ yr over my previous spending habits.


When I leave this earth I want my family to be blessed by my existence. Hopefully I have a child of my own, if not I have 2 awesome sisters and an amazing nephew with another on the way to leave everything too. As long as I have food to eat, clothes and a roof over my head. I'm happy. No need to spoil myself rotten anymore.

[Ny325]

Avoid luxury watches.

[enjoythemusic]

Originally Posted by GB-man

Only a Floridian can set the AC to 76 lol I keep that mofo at 68 in the summer and it’s only 80s.

Well, you know how it is. Someone has to be TRF's #FloridaMan......

Hi!

[Rock]

Probably my best savings comes from ignoring 'fashion' completely.
Many decades ago it hit me what a con fashion was and I stopped paying it any regard.
I don't buy in to clothing, motor vehicle or appliance fashions.
Before I purchase, I ask myself: Do I really need it? How well does it do it's job? Is it value for money? Does it have a reasonable lifespan? Does it have a lot of gimmicks that don't add to it's utility and will fail and cost me money?

[Krash]

Originally Posted by enjoythemusic

For those with newer homes, did you spec energy efficiency during the build? Our power bill, even with all my electronic toys and gadgets, is below $200/mo (add $35 for gas bill) even during the hottest summer FL months (2700 sq/ft two-story home, two AC systems, 13k gallon pool). AC is at 76, heat to 73.

Fans, fans, and more fans, and AC ducting with each room having proper returns or whatever they are called. Excellent windows made to keep FL heat out (and 'better' hurricane rating). Water heater is the 'instant' type (no big tank).

I'm in FL too. Brand new home. Very well insulated. 3,700 square feet, plus 12x24 rectangular pool. We're paying less than $200 per month too for electricity, and have continuos hot water too (no tank).

AC set at 76 too, heat at 68.

But we've only had the heat turned on about 6 times so far this year. Actually, it's turned on today, but it just isn't running that much.

[INC]

Originally Posted by superdog

I recall the days where I had to buy TP and paper towels in two seperate trips because I had to budget so closely.

Yes, I know this feeling

"Those were the days, my friend
We thought they'd never end"

There was a time when I had a left money to purchase a tuna box only and I spent on that. And that was a moment I will never forget as that was one of the times when in the same I felt myselft complety happy. From then I know, it's not about the money, but the achieve the possibility to let you feel yourself satisfied all the times. After that I had several times, when due to build up a business or a lifestyle made me a huge short on money, but I always treated that as it's a part of my life.

And I learned, that the small things are what never comes back. To live for the future leads to not live your life. But this is what is not the same in Hungary as in the US. You have a well working business economy, while we are not even an emerging market. Therefore even in some aspects we can think the same way, on the other hand I can't have such option like to sell my businesses, as here we haven't got real professional investors or real asset management systems.

And I’ve done exactly that. I’ll be 50 in just over a year. I no longer have the energy I used to have.

You know, exactly that's the weird point for me. When I look at you all, and I can recall your ages from your posts, then your behaviour seems quite opposite as we are living in Hungary.

In one hand you all looks so good with a proper mental health and with agility in the ages of 60-80, that we couldn't imagine in our population. You are all talking about luxury and all these kind of living style which sounds cool. But when you are all started to talk about the costs, then you exactly looks like our lowest living style pensioners, who have fears on the living costs. Here these arguments are coming from these people and not from the midclass or the high class peoples. It's very strange for me. I can't put together that living style which belongs to the luxury homes, watches and cars, while in the same time you make savings on the lifestyle.

This is the first time, when I feel, that maybe that's the reason why I don't have several PPs but "only" some Rolexes, and so on, and not a Bentley but "only" a Q7. Probably that's the reason why I have a smaller home then your average, but it exists in the center of the capital and have a warmer heating at winter and a colder on the summer, because I feel more confortable this way.

Please don't take the aboves as an offense for your lifestyles! In contrary, it was not a cryticism, it was simply a recognition for me, as even we are living in almost the same class, but we have a totally different thinking about to "how to live your life". For example, even we are in almost the same age now, I feel better then in my 30s, because I built a life in which I don't have to care for the costs you mentioned. Of course they are exists, and raising, but these have no huge impact on my incomes. I build a new business as a game for myself. I raise my incomes and not bother myself with the usual and for me the most hated "cost cutting" method of the large enterprises. However there was one aspect I learned from that logic: drop out from your life all unnecessary things and costs as these are the money and time vampires, which are the pure wasting of money and time for nothing.

And that's what the most interesting part for me: in this form is nothing else, than what you told: The discipline. The self-knowledge, the proper maintanance of the costs, and the stopping of wasting. But in my view it's not about savings but to cut your loss.

So, thank you for your opinion! It helped me a lot to better understand your logic in the US

And at the same time, I might jump on a PJ next month instead of commercial as I’m heading to Miami for an exotic car rally. Then again, I might drive down too and save myself the car shipping and flight costs.

Good luck and enjoy the driving

[RyanJ]

The biggest thing for me years and years ago was to know where every single dollar was going.

I sat down and looked over 3 months of where every single dollar coming in went and was astounded.

Once I knew where every single dollar was going down to the penny, I setup automatic deposits for expenses, stock purchases, etc. All swept in where they are automatically spent / invested. I get notifications for everything so I know everything is working.

Over the years my system has stayed the same. I just increase what is going where as my income goes up.

What is fun has been watching the % going into investments and the slush fund going up while expenses went down.

Once you start seeing your net worth go up, you start thinking twice about unnecessary purchases..

[INC]

Originally Posted by RyanJ

Once you start seeing your net worth go up, you start thinking twice about unnecessary purchases..

What a strange world we live in! I did exactly the same many years ago, but I came to the exact opposite result. I started spending more than before because I realized that even in this case my net worth is increase, while if I don't spend more, this savings would not help me to let me move up into a higher social class and live that life.

[Dyim]

Don't live in a huge home.

I am still living in the same house when I started my career. There were multiple times in the past we were itching to move/ build. Ended up spending money on the business and paying off debt.

It is definitely a bit tight for all of us. But we all have our own rooms. Garage space is definitely a challenge so I put in a lift.

I spent the money not having a big home into buying nice things, nice vacation for the family. Being mortgage free.

A few people around us are actually surprised we don't live in a 10,000sf mansion. We almost made the jump but the maintenance held me back.

I don't need to downsize when the kids leave. And yes, kids are $$$$$.

[Krash]

Originally Posted by RyanJ

Once you start seeing your net worth go up, you start thinking twice about unnecessary purchases..

I think in our case, we have always thought about where our money goes and have always lived a modest lifestyle relative to our income and net worth.

We live a luxurious lifestyle but only to a point. I can give some basic examples. I wear nice watches, but I’ve always put a spending cap on each watch of $10,000. I basically stick to SS Rolex and Omega. No solid gold and no holy trinity watches for me.

At one point, I really wanted to splurge on a TT Submariner (Bluesy). I was very close to buying one, but I eventually settled on a blue dial Seamaster instead. Some people see the Omega and might think I’m splurging on watches, but the truth is, I actually bought the much cheaper alternative instead.

I’d love to have a Porsche 911 Carrera 4s. It’s such a great car. I have a friend that has one. I’ve been so tempted over the last couple years to try get one myself (assuming I could actually get one with the supply chain issues).

But alas, I drive a BMW 540i. It’s loaded and certainly a great car, but let’s face it, it’s also half the price, and it’s not a 911 Carrera 4s. It’s not even an M5.

Same thing when we travel. We always have nice accommodations, but we don’t have the highest end, most expensive accommodations.


Sent from my iPhone using Tapatalk

[TheVTCGuy]

Originally Posted by Krash

I think in our case, we have always thought about where our money goes and have always lived a modest lifestyle relative to our income and net worth.

We live a luxurious lifestyle but only to a point. I can give some basic examples. I wear nice watches, but I’ve always put a spending cap on each watch of $10,000. I basically stick to SS Rolex and Omega. No solid gold and no holy trinity watches for me.

At one point, I really wanted to splurge on a TT Submariner (Bluesy). I was very close to buying one, but I eventually settled on a blue dial Seamaster instead. Some people see the Omega and might think I’m splurging on watches, but the truth is, I actually bought the much cheaper alternative instead.

I’d love to have a Porsche 911 Carrera 4s. It’s such a great car. I have a friend that has one. I’ve been so tempted over the last couple years to try get one myself (assuming I could actually get one with the supply chain issues).

But alas, I drive a BMW 540i. It’s loaded and certainly a great car, but let’s face it, it’s also half the price, and it’s not a 911 Carrera 4s. It’s not even an M5.

Same thing when we travel. We always have nice accommodations, but we don’t have the highest end, most expensive accommodations.


Sent from my iPhone using Tapatalk

Is my room ready Krash?


As I have gotten older, I have gotten smarter with impulse spending. There was a time in my life went I saw something and said: “I WANT that” It wasn’t a need or a goal, it was a want and all too often I would buy it, just because I could. I have not achieved the level of financial success most of you have, but I’m not living in the poor house either (yet). I am reading your posts about setting thermostats and realize how lucky I really am. I live a mile and a half from the beach, nice ocean breeze in the summer and in SOCAL it does not get (relatively) cold. I have central heating and air, rarerly use it. I should count my blessings.

[Maleg]

Originally Posted by TheVTCGuy

Is my room ready Krash?


As I have gotten older, I have gotten smarter with impulse spending. There was a time in my life went I saw something and said: “I WANT that” It wasn’t a need or a goal, it was a want and all too often I would buy it, just because I could. I have not achieved the level of financial success most of you have, but I’m not living in the poor house either (yet). I am reading your posts about setting thermostats and realize how lucky I really am. I live a mile and a half from the beach, nice ocean breeze in the summer and in SOCAL it does not get (relatively) cold. I have central heating and air, rarerly use it. I should count my blessings.

TUMI

[enjoythemusic]

Originally Posted by Rock

Probably my best savings comes from ignoring 'fashion' completely.

Agreed, go with 'classic' fashion that never goes out of style (akin to a Rolex Submariner or Cartier Tank).

This literally happened New Years' day, as my wife's sis and her kids were visiting. One of them is in his early 20s and has the same body structure as i did about 10 years ago. i got older, gained weight of course, no plans to diet. So the M2M Armani suits and vintage D&G (and Ferrari team wear, etc) stuff no longer will ever fit me. Keep in mind much of this is 20-year-old M2M clothes... is still very much in fashion today, still is very high quality... gave them all to him gratis.

It's great to hand down high-quality garments so they have a 'new life' helping my wife's sis' kid get jobs, plus be ready for everything from cooperate meetings to fun sports events, high-fashion clubbing, etc.

If you buy classics, they never go out of style. If high-quality enough, can be handed down to help others. jmho

Originally Posted by Krash

I'm in FL too. Brand new home. Very well insulated. 3,700 square feet, plus 12x24 rectangular pool. We're paying less than $200 per month too for electricity, and have continuos hot water too (no tank). AC set at 76 too, heat at 68.

Bravo, well played :)

i hear of folks in the UK living in vintage homes who are paying $600/mo for power/heat. My god, that's 3x what we're paying!

[brandrea]

Stop paying for expensive haircuts



Sent from my SM-G960W using Tapatalk

[superdog]

Originally Posted by INC

Yes, I know this feeling

"Those were the days, my friend
We thought they'd never end"

There was a time when I had a left money to purchase a tuna box only and I spent on that. And that was a moment I will never forget as that was one of the times when in the same I felt myselft complety happy. From then I know, it's not about the money, but the achieve the possibility to let you feel yourself satisfied all the times. After that I had several times, when due to build up a business or a lifestyle made me a huge short on money, but I always treated that as it's a part of my life.

And I learned, that the small things are what never comes back. To live for the future leads to not live your life. But this is what is not the same in Hungary as in the US. You have a well working business economy, while we are not even an emerging market. Therefore even in some aspects we can think the same way, on the other hand I can't have such option like to sell my businesses, as here we haven't got real professional investors or real asset management systems.



You know, exactly that's the weird point for me. When I look at you all, and I can recall your ages from your posts, then your behaviour seems quite opposite as we are living in Hungary.

In one hand you all looks so good with a proper mental health and with agility in the ages of 60-80, that we couldn't imagine in our population. You are all talking about luxury and all these kind of living style which sounds cool. But when you are all started to talk about the costs, then you exactly looks like our lowest living style pensioners, who have fears on the living costs. Here these arguments are coming from these people and not from the midclass or the high class peoples. It's very strange for me. I can't put together that living style which belongs to the luxury homes, watches and cars, while in the same time you make savings on the lifestyle.

This is the first time, when I feel, that maybe that's the reason why I don't have several PPs but "only" some Rolexes, and so on, and not a Bentley but "only" a Q7. Probably that's the reason why I have a smaller home then your average, but it exists in the center of the capital and have a warmer heating at winter and a colder on the summer, because I feel more confortable this way.

Please don't take the aboves as an offense for your lifestyles! In contrary, it was not a cryticism, it was simply a recognition for me, as even we are living in almost the same class, but we have a totally different thinking about to "how to live your life". For example, even we are in almost the same age now, I feel better then in my 30s, because I built a life in which I don't have to care for the costs you mentioned. Of course they are exists, and raising, but these have no huge impact on my incomes. I build a new business as a game for myself. I raise my incomes and not bother myself with the usual and for me the most hated "cost cutting" method of the large enterprises. However there was one aspect I learned from that logic: drop out from your life all unnecessary things and costs as these are the money and time vampires, which are the pure wasting of money and time for nothing.

And that's what the most interesting part for me: in this form is nothing else, than what you told: The discipline. The self-knowledge, the proper maintanance of the costs, and the stopping of wasting. But in my view it's not about savings but to cut your loss.

So, thank you for your opinion! It helped me a lot to better understand your logic in the US



Good luck and enjoy the driving

ha. trust me, my personal logic is likely the minority. I am typically the odd duck in most things. And, likely I need to be in therapy (oh wait, I am). the better I do financially, the more concerned I get. It is almost as if I am waiting for the hammer to drop.

I preferred the chasing of the stuff and the lifestyle and the money. now that I have it, I actually have a fear of losing it and therefore embrace it less and less.

In regard to my energy levels, I have worked so hard, and so many hours for so long, that I simply don't want to start it all over again. and I say that even as I debate my "Success Coaching" business and I started my car club a few short years ago. So, I am simply a host of contradictions.

and to be perfectly honest, when I look at many of my peers and how they act, I get somewhat disgusted.

some dude on instagram the other day posted "German cars or Italian". "Me, I choose both because I can". It is a big turn off for me. So I think I am taking it to another level.

but that is a complete left turn, that I won't go into and derail the thread.

that all said, I have also been working on finding contentment with what I have and not constantly chasing the dragon.

as I have thought about this quite a bit, and your responses, I think the following holds true for me:

in the US there is a huge emphasis on saving enough for old age as one never knows how long life will last. I am conserving, in my own way, today to ensure that I never have to worry about it again. I would prefer to scale back a little bit today so that I can live completely carefree tomorrow.

given the fact that tomorrow is not promised, I would actually like to find a better balance.

also keep in mind that we do not have socialized health care. so old age and sickness and really take a toll on US citizens if they are not properly prepared.

fwiw, thank you. this conversation, as conversations can sometimes do, has helped me to flesh out my own thoughts and concerns.

[tifosi]

Originally Posted by MrGoat

I used to drink Corona Light. Was $28 for an 18 pack. Now I drink Natural Light and it’s $18 for a 24 pack.

I buy quality used whenever possible, let someone else take the hit of initial purchase.


Sent from my Apple privacy invasion product

You buy used beer???

[Krash]

Originally Posted by enjoythemusic

Bravo, well played :)

i hear of folks in the UK living in vintage homes who are paying $600/mo for power/heat. My god, that's 3x what we're paying!

Yeah, I moved down here to FL several years back, and one thing for sure is that many people up north are just wrong about the weather down here.

Lots of my friends and family told me they can never live in FL because of how hot and steamy it is.

The reality is that between Oct 1 and April 30, the average high is about 75 degrees where I live(St John's County). That's 7 months of the year right there. In May, it starts to creep up into the 80s but even then, it's not that bad.

We have June, July and August when it starts to get hot and humid, but have you ever been in downtown Philly in the middle of July? It's not exactly the most comfortable place to be in the summer time. It can get hot and steamy there too.

With that said, I live in NE Florida, and I suppose it's much warmer the further south we go...