Ways to Save Money

[1hoot]

Best I can gather, my electric bill is about $50/mo less than comparable homes. While I think favorably of the savings, there's no tradeoff, we like it on the cool side. Additionally, for me, theres a personal satisfaction to living efficiently/frugally.

[NYG1121]

Start early, save a percent of your income automatically to target an amount and age you feel comfortable retiring with. Spend the rest and enjoy life because tomorrow is never promised.

[Blansky]

Originally Posted by 1hoot

Best I can gather, my electric bill is about $50/mo less than comparable homes. While I think favorably of the savings, there's no tradeoff, we like it on the cool side. Additionally, for me, theres a personal satisfaction to living efficiently/frugally.

Thanks, Steve.

[airchitect]

If I can cut my $15/day coffee habit I’ll be flying. Looking for a new automatic espresso machine as I type.


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[cartesian Product]

Originally Posted by airchitect

If I can cut my $15/day coffee habit I’ll be flying. Looking for a new automatic espresso machine as I type.

I am very satisfied with the Elektra Semi Automatica and ECM Synchronika. Additionally, I have a high-end Miele that I dislike and don't use.

[Ferdelious]

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.

77 at my house

[airchitect]

Originally Posted by cartesian Product

I am very satisfied with the Elektra Semi Automatica and ECM Synchronika. Additionally, I have a high-end Miele that I dislike and don't use.

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[SMD]

I have honestly gone the other way on this. I am trying to not sweat the small stuff as much as I used to. Dinner, sbux, whatever, I have stopped thinking about it. House is always comfortable. Reality is if I want to save money I would stop buying expensive watches, cars, trips, house, etc. That is where the money is. Utilities, coffee, lunches, they just don’t move the needle anymore. As I have aged my materiality threshold for giving a sh@t has gone up quite a bit.

[DocHorton]

Originally Posted by SMD

I have honestly gone the other way on this. I am trying to not sweat the small stuff as much as I used to. Dinner, sbux, whatever, I have stopped thinking about it. House is always comfortable. Reality is if I want to save money I would stop buying expensive watches, cars, trips, house, etc. That is where the money is. Utilities, coffee, lunches, they just don’t move the needle anymore. As I have aged my materiality threshold for giving a sh@t has gone up quite a bit.

Same for me. Saving a few hundred dollars a month is not really noticeable, and I assume it's the same for many on here. If I really wanted to "save" an amount of money that would be somewhat significant, it would mean giving up many of the things that make me and our family happy like having a smaller home, driving cars I wouldn't like, selling my hunting properties, not traveling as often, or not having 4 kids in private school. We live very frugally for our means, and even then live a very nice lifestyle. I have tried to focus on spending to create memories for our family and improve experiences with our kids with travel, private school, activities, etc. We also enjoy eating out often.

My goal has been to save roughly as much as we spend, and as long as I do that I do not worry about the spending. For the last several years I have tried to live by percentages....roughly...spend 30%, save/invest/extra debt payments 30%, pay 30% in taxes, and tithe/give 10%.

[superdog]

Originally Posted by SMD

I have honestly gone the other way on this. I am trying to not sweat the small stuff as much as I used to. Dinner, sbux, whatever, I have stopped thinking about it. House is always comfortable. Reality is if I want to save money I would stop buying expensive watches, cars, trips, house, etc. That is where the money is. Utilities, coffee, lunches, they just don’t move the needle anymore. As I have aged my materiality threshold for giving a sh@t has gone up quite a bit.

Originally Posted by DocHorton

Same for me. Saving a few hundred dollars a month is not really noticeable, and I assume it's the same for many on here. If I really wanted to "save" an amount of money that would be somewhat significant, it would mean giving up many of the things that make me and our family happy like having a smaller home, driving cars I wouldn't like, selling my hunting properties, not traveling as often, or not having 4 kids in private school. We live very frugally for our means, and even then live a very nice lifestyle. I have tried to focus on spending to create memories for our family and improve experiences with our kids with travel, private school, activities, etc. We also enjoy eating out often.

My goal has been to save roughly as much as we spend, and as long as I do that I do not worry about the spending. For the last several years I have tried to live by percentages....roughly...spend 30%, save/invest/extra debt payments 30%, pay 30% in taxes, and tithe/give 10%.

This is why I love conversations like this. It makes me realize how different we all are, and how our goals, and therefore strategies, differ.

For me, I’m actually similar. I don’t sweat what I spend in discretionary money. I’m basically ready for retirement now. So while I still make an effort to save, it’s not a priority.

As stated above, my goal now is simply to watch my fixed expenses. I don’t mind bigger purchases either, as I have it all planned out. Or I sell something to pay for something else.

What I don’t want is to increase my monthly nut. So I pay cash instead of having large monthly expenses such as a car payment or a mortgage payment. I don’t want big RE taxes (too late, as I’m in jersey) and I simply don’t want to have big numbers hanging over my head.

My reasoning is that I know I can always simply cut back on discretionary spending or stop buying big ticket items. But if I have a big monthly nut, required payments, it puts me in a pickle if shit ever hits the fan.

[DocHorton]

At your age (closer to retirement) I think that is a very sound strategy. I am several years younger (43), so I am beginning the debt reduction phase of my financial plan. The last 15 years were strictly asset accumulation. Once those monthly payments are gone the idea of retirement is so much more tangible, and the closer you get, the less risk you want/need to take. Congrats on your success!

[AF_Rob]

Originally Posted by Lonehiker

Perhaps the obvious is more a frame of mind: buy what you need and not what you want. Examine whether you really need something, and if the answer is no, just move on.

I hear you. Needs are met and the wants are well curated. My wife and I simplified our life quite a bit. We simply do not have the money pits that many around us do.

[brandrea]

Originally Posted by superdog

This is why I love conversations like this. It makes me realize how different we all are, and how our goals, and therefore strategies, differ...

Ditto this, truly I’m enjoying the conversation here.

I’d hate to put words in @Star Ferry’s mouth, but perhaps I assumed the thread was more about small ways we save money, and less about the big ticket / long term financial planning.

I could be wrong, and nothing wrong with the thread veering off in that direction.

[mannyv11]

I'm still relatively young in the grand scheme of things, but over the last few months have really been trying to look at my costs and getting rid of the small stuff we didn't use to justify the cost.

My wife and I recently finished our house, we don't have a mortgage which is great so we are doing extremely well in that regard. No car payments just basic maintenance etc. We have 2 small children a 6 and a 4 year old and I am now trying to make sure that they are able to have all of the things that they need and live in a happy / healthy home.

I've cut back on all spending so that we can take more trips as a family and share those memories, I think there will be a few things when my time comes that they will cherish, but I really think they would enjoy the different adventures we can all take while we are all still young and healthy and can enjoy them together.

Recently I've been looking at my watch collection and thinking why in the hell do I have so many watches? I'm thinking of getting rid of my big hitter PM pieces so that we can just squirrel the money away for now try to build up a big enough nest egg where the house maintenance and taxes are paid for just from interest in the accounts, but I think that is a decision for another day lol.

This thread has really made me think about a lot of things and I really love the discussions that have come from it.

[AzPaul]

Originally Posted by brandrea

Stop paying for expensive haircuts



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Get a job, hippie!

[brandrea]

Originally Posted by AzPaul

Get a job, hippie!

Right?

I took off my hat, said imagine that, me workin for you.

[Star Ferry]

Originally Posted by brandrea

Ditto this, truly I’m enjoying the conversation here.

I’d hate to put words in @Star Ferry’s mouth, but perhaps I assumed the thread was more about small ways we save money, and less about the big ticket / long term financial planning.

I could be wrong, and nothing wrong with the thread veering off in that direction.

I was originally thinking of day-to-day types of habits, but I’ll humbly accept whatever financial wisdom the TRF winds blow my way

[brandrea]

Originally Posted by Star Ferry

I was originally thinking of day-to-day types of habits, but I’ll humbly accept whatever financial wisdom the TRF winds blow my way

The hair thing seems to be a wildly popular idea

[ButtButt]

Originally Posted by SMD

I have honestly gone the other way on this. I am trying to not sweat the small stuff as much as I used to. Dinner, sbux, whatever, I have stopped thinking about it. House is always comfortable. Reality is if I want to save money I would stop buying expensive watches, cars, trips, house, etc. That is where the money is. Utilities, coffee, lunches, they just don’t move the needle anymore. As I have aged my materiality threshold for giving a sh@t has gone up quite a bit.

I feel the same way, especially after my father who did everything right in terms of eating healthy, exercising, not drinking/smoking etc. still passed away from cancer in his 60s. Life is just too short and you never know when it's your time.

I got pretty lucky investing early on and felt I'd made enough that I decided to just retire in my 30s. I've never been very ambitious or motivated, and feel like I'd rather enjoy my life than do something that makes me miserable everyday (that's just me, some people are career oriented and love their job and that's perfectly fine). So now my wife and I have all the time in the world, we can go traveling anytime, sleep weird hours, play with our dogs, go out for dinner, none of it affects the big picture and we don't have to worry about the next day... it's honestly amazing.

So basically to sum up a long-winded rant that no one asked for, just do what makes you happy if you can afford it and don't worry about the small things. If you're not going into debt and it doesn't make a difference in the long run, have fun with your life and do all the things that put a smile on your face or takes away that little bit of stress. Those little things everyday can add up, and you never know when you won't have the chance to do them again.

[superdog]

Originally Posted by ButtButt

I feel the same way, especially after my father who did everything right in terms of eating healthy, exercising, not drinking/smoking etc. still passed away from cancer in his 60s. Life is just too short and you never know when it's your time.

I got pretty lucky investing early on and felt I'd made enough that I decided to just retire in my 30s. I've never been very ambitious or motivated, and feel like I'd rather enjoy my life than do something that makes me miserable everyday (that's just me, some people are career oriented and love their job and that's perfectly fine). So now my wife and I have all the time in the world, we can go traveling anytime, sleep weird hours, play with our dogs, go out for dinner, none of it affects the big picture and we don't have to worry about the next day... it's honestly amazing.

So basically to sum up a long-winded rant that no one asked for, just do what makes you happy if you can afford it and don't worry about the small things. If you're not going into debt and it doesn't make a difference in the long run, have fun with your life and do all the things that put a smile on your face or takes away that little bit of stress. Those little things everyday can add up, and you never know when you won't have the chance to do them again.

you sir, are living the dream. I love reading stuff like this.

[Star Ferry]

Originally Posted by brandrea

The hair thing seems to be a wildly popular idea

A few other TRF classics are missing, though.

— save thousands on gray prices by providing a tequila tasting for your AD
— kayak free for years and then return that kayak to Costco

[ButtButt]

Originally Posted by superdog

you sir, are living the dream. I love reading stuff like this.

Thanks, I still feel super lucky/grateful every single day. I don't think it would have been possible if I'd picked a few different companies to go all in on, or a few more shitcoins instead of BTC/ETH.

But now I'm much better diversified, and sadly not that young anymore.

[brandrea]

Originally Posted by Star Ferry

A few other TRF classics are missing, though.



— save thousands on gray prices by providing a tequila tasting for your AD

— kayak free for years and then return that kayak to Costco

LMAO, yes the Kayak ... that wasn't his finest moment

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[superdog]

Originally Posted by DocHorton

At your age (closer to retirement) I think that is a very sound strategy. I am several years younger (43), so I am beginning the debt reduction phase of my financial plan. The last 15 years were strictly asset accumulation. Once those monthly payments are gone the idea of retirement is so much more tangible, and the closer you get, the less risk you want/need to take. Congrats on your success!

I appreciate this note and comment. thank you.

but again, it all depends on our specific situation.

if I were a dentist (such as yourself), or an attorney, or a CPA or something similar, I would likely worry less (maybe not, I have my own special brand of crazy). no matter what, you will always have good earning potential.

as a business owner, and essentially a salesman, I don't have the same type of marketable concrete skillset that you have.

in all likelihood, I worry about nothing. especially with my resume at this point. however, given that a sales professional's income is all about "what have you done for me lately", I learned early on that I needed to plan ahead. as I have said too many times over the years here on TRF, I have seen soooooooo many people mush it all and lose it because they were not prepared.

and given that I have become accustomed to a certain lifestyle based on my relative success with a few businesses, my concern now is not getting more, but rather making sure that I keep it. so again, I make my life as simple as possible to ensure I can keep it the way I like it.

ultimately, it comes from insecurity I suppose. And I have no problem admitting that.

[superdog]

Originally Posted by ButtButt

Thanks, I still feel super lucky/grateful every single day. I don't think it would have been possible if I'd picked a few different companies to go all in on, or a few more shitcoins instead of BTC/ETH.

But now I'm much better diversified, and sadly not that young anymore.

would love know more about your story, if you are willing to share it.

[ButtButt]

Originally Posted by superdog

would love know more about your story, if you are willing to share it.

Sure I don't mind, most of it was really just being in the right place at the right time. I grew up and went to school in the US, and in the early 2000s during college there was a professor in one of my finance classes that kept reiterating to only buy into companies/sectors that you have an interest in or understand... and for me that just happened to be tech.

I'm sure everyone is familiar with Apple's story... at the time they were struggling and Jobs had just come back a few years ago to run the company. I knew absolutely nothing about Apple, but I did start to notice everyone on campus had these white things in their ears and I had no idea what they were. I asked some friends and eventually found out they were iPods, then I started noticing those colourful Macs popping up in dorm rooms and laptops in the classrooms. So that was pretty much my reasoning to start investing in Apple.

And as they say the rest is history. I just kept buying and never stopped and never sold until the late 2010s. Whatever extra spending money I had I'd just buy Apple stocks instead of spending it on going out partying or drinking with friends. I'd eat instant noodles to save some money so I could buy more stocks. Even through the financial crisis in the late 2000s I just kept buying. My job in finance covered the bills and day to day expenses, pretty much everything else went into Apple. I felt like I was young, had a good job, so I didn't really care if I lost it all.

I can still remember playing with the iPhone for the first time and thinking it was so amazing. Then the 3G came out and I thought that was amazing. Then the 4 came out and I thought there's just no way they can top this. Then I relocated to Asia and saw that Apple wasn't officially in China and many surrounding countries yet so I bought even more stock. I was probably considered a huge fanboy back then lol, I just really believed in everything they were doing. While all this was happening I also got into other tech companies like Microsoft, Nvidia, Google, etc.

But eventually after jumping back and forth a few times between Android and Apple I fell out of love with the company. I still use an iPhone/iPad today but I don't feel the same passion for them as I did when I was younger. I was getting into my late 30s now (I'm now in my 40s) and didn't feel so comfortable having so much invested just in one company, so I sold most of my shares and diversified into other things like real estate and ETFs.

The crypto stuff is really just the cherry on top, it felt way too risky to go all in on but I do think it will have its uses. Nowadays I mainly have a few homes I rent out for some passive income, ETFs/stocks that generate some dividends + capital appreciation, and maybe 4 investment company board meetings a year that basically pay me to do nothing.

Like I said at the beginning I feel so much is just being lucky and at the right place at the right time, I can't imagine starting out now fresh out of school and having to deal with home/rental/food/car prices the way they are now... I don't think I'd be able to make it honestly. And I feel super lucky/grateful also because I had parents that cared and put me through school with no debt, I definitely didn't do it all on my own.

[superdog]

Originally Posted by ButtButt

Sure I don't mind, most of it was really just being in the right place at the right time. I grew up and went to school in the US, and in the early 2000s during college there was a professor in one of my finance classes that kept reiterating to only buy into companies/sectors that you have an interest in or understand... and for me that just happened to be tech.

I'm sure everyone is familiar with Apple's story... at the time they were struggling and Jobs had just come back a few years ago to run the company. I knew absolutely nothing about Apple, but I did start to notice everyone on campus had these white things in their ears and I had no idea what they were. I asked some friends and eventually found out they were iPods, then I started noticing those colourful Macs popping up in dorm rooms and laptops in the classrooms. So that was pretty much my reasoning to start investing in Apple.

And as they say the rest is history. I just kept buying and never stopped and never sold until the late 2010s. Whatever extra spending money I had I'd just buy Apple stocks instead of spending it on going out partying or drinking with friends. I'd eat instant noodles to save some money so I could buy more stocks. Even through the financial crisis in the late 2000s I just kept buying. My job in finance covered the bills and day to day expenses, pretty much everything else went into Apple. I felt like I was young, had a good job, so I didn't really care if I lost it all.

I can still remember playing with the iPhone for the first time and thinking it was so amazing. Then the 3G came out and I thought that was amazing. Then the 4 came out and I thought there's just no way they can top this. Then I relocated to Asia and saw that Apple wasn't officially in China and many surrounding countries yet so I bought even more stock. I was probably considered a huge fanboy back then lol, I just really believed in everything they were doing. While all this was happening I also got into other tech companies like Microsoft, Nvidia, Google, etc.

But eventually after jumping back and forth a few times between Android and Apple I fell out of love with the company. I still use an iPhone/iPad today but I don't feel the same passion for them as I did when I was younger. I was getting into my late 30s now (I'm now in my 40s) and didn't feel so comfortable having so much invested just in one company, so I sold most of my shares and diversified into other things like real estate and ETFs.

The crypto stuff is really just the cherry on top, it felt way too risky to go all in on but I do think it will have its uses. Nowadays I mainly have a few homes I rent out for some passive income, ETFs/stocks that generate some dividends + capital appreciation, and maybe 4 investment company board meetings a year that basically pay me to do nothing.

Like I said at the beginning I feel so much is just being lucky and at the right place at the right time, I can't imagine starting out now fresh out of school and having to deal with home/rental/food/car prices the way they are now... I don't think I'd be able to make it honestly. And I feel super lucky/grateful also because I had parents that cared and put me through school with no debt, I definitely didn't do it all on my own.

wow. that a story. I love it.

and tbh, if I were in your shoes, I would likely not be working either.

I love what I do, and I love my team, but I tend to think that folks put too much emphasis on work and success. if I had the means to simply live a carefree life, I would have done it in a heart beat.

good for you brother. and thanks for sharing.

[ButtButt]

Originally Posted by superdog

wow. that a story. I love it.

good for you brother. and thanks for sharing.

Thanks for reading Sorry I sidetracked the thread a bit

Originally Posted by superdog

I love what I do, and I love my team, but I tend to think that folks put too much emphasis on work and success.

That's how society is set up these days, especially with social media being so popular and pervasive and how easy it is to show off that latest shiny thing to everyone. It's part of the reason why I refuse to sign up for any accounts on FB/Insta/social media.

[brandrea]

Eating leftovers, (or not consuming as much).

Seriously, the amount of food we throw out is silly.

[DonRickles]

Reduce egg purchases