Ways to pinch pennies

[CorbLand]

IMO all budgets do is give you permission to spend money you don’t need to. If you budget $50 a week to eat out, then you’ll find a way to spend $50 a week.

If all your bills are paid and you have paid yourself, then what more do you need to do?

 

[Govinator3]

I will second what another person posted about using a program like Mint. At first I was a little nervous about giving intuit my login information for all my financial accounts but I've been using Mint for 10yrs now and am not aware of security issues due to it. I really like the bar charts and graphs, they make it easy to see that I spend way to much on buying lunch at work.

 

[ADower]

Make a budget. Best way to pinch pennies

 

[bozeman]

Some of you gonna look back when your dying and say, ‘man, I wished I’d had a little more fun and less penny pinching’. I’m all about a budget and living within your means, but man……..

 

[Ross]

Some of you gonna look back when your dying and say, ‘man, I wished I’d had a little more fun and less penny pinching’. I’m all about a budget and living within your means, but man……..

This right here been our motto for 3.5 decades..life is short manage appropriately but also have fun

 

[TxxAgg]

Best thing to do is marry the right person, don't buy too much house, and don't buy too much car. All the rest is small potatoes compared to making big mistakes there.

 

[Grumman]

Best thing to do is marry the right person, don't buy too much house, and don't buy too much car. All the rest is small potatoes compared to making big mistakes there.

Agreed. Read somewhere the key to early retirement is “same spouse, same house” or something like that. Lots of money lost in failed marriages and buying bigger houses. I have a good friend that bought his house & property in the 1970s when he was 18 years old for $35,000. Raised a family in it and it is now his retirement home. He doesn’t have many financial worries.


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[CorbLand]

Some of you gonna look back when your dying and say, ‘man, I wished I’d had a little more fun and less penny pinching’. I’m all about a budget and living within your means, but man……..

I know people that are in the 70s still building houses and pouring concrete because they didn’t put any money away for retirement as well. It’s all a balance.

 

[AZ_Hunter_2000]

The single best method to save money is to use birth control. For example, a single condom can save you enough money for a sheep slam.

 

[bozeman]

I know people that are in the 70s still building houses and pouring concrete because they didn’t put any money away for retirement as well. It’s all a balance.

I know people in their 70’s who were smart and enjoyed life with their families, made memories and retired at 55…….there are many posts on saving money, but we need more on financial balance……

 

[CorbLand]

I know people in their 70’s who were smart and enjoyed life with their families, made memories and retired at 55…….there are many posts on saving money, but we need more on financial balance……

OP asked how to pinch pennies. Generally when someone asks a question, you answer the question that was asked.

I haven’t seen anywhere in this thread that anyone has suggested not living life in order to save money.

 

[Crghss]

Pay yourself 1st
Put at least enough in 401k to get matching funds, more when you can
Contribute to 401k day one on the job
Put money into savings account every month, like a payment
Pay extra on mortgage, from day one
Invest your money

Work smarter not harder
Get experience/education to excel in your field, keep advancing
Don’t get comfortable at your company, if money is better elsewhere go get it

Learn skills to do chores around the house. Not saying you need to remodel a kitchen. But replacing a hot water heater is pretty easy. YouTube can be your friend.

Keep track of where your money goes. Budget if you can/need too.

Once you take care of your expenses and savings. Then you can determine what to spend on entertainment. What ever you choose to do.

When young buy the biggest/expensive house you can afford. Reason being the more you own the more gain in equity. If I have 200K home and housing prices increase 50% in 15 years I’ve gained 100k in equity. If I had bought a 400K home, then I’d have 200k in equity. Obviously its not that cut and dry but you get the idea.

 

[540-Virginian]

dont have kids. If you do, thrift stores and craiglist are a must.

 

[kid44]

Only buy things with cash and save the coins. At the end of year roll your change. You would be surprised at how much you will have at the end.

That is so true.

 

[Marbles]

Make a budget. I pay $70 a year for an app, but it lets my wife and I update the budget and se what the other spent immediately.

Cut out what you don't need, but give yourself a small amout of money you can spend on anything, it makes keeping the budget easier. Live in a house/apartment that is smaller than you can afford.

I also don't try to be cheap, I hate buying something only to wish I had spent more for a better product.

Lots of other good advice already given.

 

[kirk.ringey]

Pay with cash, it hurts handing over those bills

 

[fmyth]

When young buy the biggest/expensive house you can afford. Reason being the more you own the more gain in equity. If I have 200K home and housing prices increase 50% in 15 years I’ve gained 100k in equity. If I had bought a 400K home, then I’d have 200k in equity. Obviously its not that cut and dry but you get the idea.

This may make feel better about your decision to purchase the 200k house instead of the 400k house:

In my personal experience the cost of owning a house that costs twice as much to purchase will have ongoing expenses commensurate with the price/size. Expenses like mortgage interest, property taxes, utilities, insurance and ongoing maintenance. 8 years ago I purchased a home for 217k and a home for 114k that are 3 miles apart but in a different phase of the community. I live in the larger more expensive of the 2 but personally pay all of the expenses of ownership and handle all of the ongoing maintenance for both.

Over the last 8 years the value of the less expensive house has increased at a higher percentage and the expense of ownership has been roughly 50% less. If I were to sell both houses today my ROI on the less expensive home would be much higher than that of the more expensive house.

From my perspective you made a sound financial decision.

 

[kirk.ringey]

This may make feel better about your decision to purchase the 200k house instead of the 400k house:

In my personal experience the cost of owning a house that costs twice as much to purchase will have ongoing expenses commensurate with the price/size. Expenses like mortgage interest, property taxes, utilities, insurance and ongoing maintenance. 8 years ago I purchased a home for 217k and a home for 114k that are 3 miles apart but in a different phase of the community. I live in the larger more expensive of the 2 but personally pay all of the expenses of ownership and handle all of the ongoing maintenance for both.

Over the last 8 years the value of the less expensive house has increased at a higher percentage and the expense of ownership has been roughly 50% less. If I were to sell both houses today my ROI on the less expensive home would be much higher than that of the more expensive house.

From my perspective you made a sound financial decision.

Good points. Curious how much of the increase had to do with the location of the properties? Did 1 location get built up more than the other?

 

[fmyth]

Good points. Curious how much of the increase had to do with the location of the properties? Did 1 location get built up more than the other?

Adjoining master planned communities with similar amenities. Both built with 2 years of each other and 3 miles apart. No significant differences other than size. When I purchased both were right at $85 a sq. ft. Based upon my 21 years of experience as a residential real estate broker I'd have to say the reason for the appreciattion difference is because more buyers can afford the less expensive home therefore more demand/competition.

 

[xnader]

Meal prep, don't eat out often (do so as a treat). Learn to love cooking. I have been meal prepping consistently for a few years now and my average food spend per week is generally less than $45 especially because I usually have wild game I can cook along with my storebought stuff. Would also echo the don't go out for coffee and don't buy things you don't need statements. If you live in town it can be helpful to bike/walk places rather than always drive, which I do and enjoy.