Ways to pinch pennies

[justpassingthru]

Don’t be penny wise and pound foolish. It’s one thing when to get nickel and dimed but quite another when it’s hundreds or thousands

 

[Scooter90254]

Just stop eating and drinking out.

 

[RockinRam96]

I don’t pinch pennies. I just work harder. I like knowing I have the funds to do what I want to and what I need to do. Instead of cutting one to fuel another.

Been working in the engineering industry for 10 years now. Got out of college abs was making a moderate salary. Been with the same company and moved up the ranks. I typically work 45-5o hours a week at this job.

My dad owns a one man trucking operation. Early 2020, before Covid, I convinced him to let me buy a trailer to “buy into the business.” I would work my 9-5, M-F and drive on the weekends. I work anywhere from 10-40 hours a week on the side. It has opened so many new avenues for the business. We are so busy we can’t keep up with it.

My 9-5 pays the bills. Side hustle is my play money.


Sent from my iPhone using Tapatalk

 

[Molon Labe]

Dont pinch pennies...earn dollars.

Reducing expenses will only get you so far.
You need to create more revenue so see net income increase.

Get a side hustle. Figure out something you are good at or would like to do and get after it.
Side hustles can turn into small businesses before you know it...

 

[.204smokechaser]

My biggest one has been taking my binos and spotting scope with me during work and accomplishing as much as I can except for getting cams out. I really don’t spend much outside of gas money in the year.

 

[DenverCountryBoy]

Figure out what your time is worth.

Depending on your hourly worth, you will probably be better off putting in more hours working and cutting back on luxuries.

Some of the suggestions like gardening, changing your oil, etc. are great skills to develop, but may not be worth the time it would take you to do them vs pay for it.

I have a huge vegetable garden. We get a good amount of produce from it. I know financially, we would be ahead if I took the time spent gardening and put it in working. But I enjoy growing food for my family and having the kids out there helping. I like the security of having that skill.

I can change my own oil, but it's not worth my time. After figuring in the costs of all the materials and the time for me to do the work, I'm better off paying a quick change place to do it while I make phone calls, work on estimates, or send emails. Once my kids are old enough to take an interest in cars, that might change the equation enough for me to do it with them.

We rarely eat out. We don't drink much. Ditched cable a long time ago. We plan our meals weekly.

We try to shop by unit cost. That's the small number on the shelf price tag that tells you $/amount. Bulk is usually cheaper, but not always (especially if using coupons).

Drive like a granny. Go easy on the gas, leave room in front of you, and coast up to stops. Fewer tickets, fewer accidents, fewer repairs.

 

[Reburn]

Im in the work harder and smarter camp to increase income.

Also I cut out all impulse buying decades ago. I usually wait a month and if I still want it that badly then I go ahead. Unless its 215m primers.......

 

[HuntHarder]

I do not live on any budget, but I do save money anywhere I can. It may be at lunch that I order something cheaper instead of what I really want. I research all purchases that are over 50ish $$ online and always try and save a few bucks. Cut back the data plans on the cell phones to the actual amount we need. Got rid of direct tv and started streaming hulu, netflix and a few others. I buy generic food in the grocery store if it doesnt taste too much different. I dont order light beer at a bar. Just small things that add up and in the end pay for things I really want.

 

[CJohnson]

I don't think it has been mentioned, but take care of your meat vehicle. I see a lot of guys killing themselves working 60-70 hours/week for years a time with the pipe dream of what they are going to do when they turn 65 and "retire". The only problem is by the time they get to 65, they have health problems that don't allow them to do what they want to do. It always good to consider the impacts to your health when evaluating a job, or a meal, or a spouse (lol).

 

[Antarctica]

The advice above about making more money is a good one too. If you make enough money, no more need to budget…

Wrong -

Its not how much you make, its how much you keep.

That said, I don't disagree with your point on making more money...

 

[Danny Hoey]

Lots of good advice in here.

One thing that has helped me save, direct deposit a portion of your paycheck in to a separate savings account. After a few months you won't recognize it coming out and you will have a good chunk of money sitting or you.

Another thing....if you want to really buy something great. Wait two weeks and then see if you still really "need it" or if it was a want.

Good luck!

 

[Idaho4x4Bronco]

Damn, tons of repliea and ideas. Appreciate all the feedback, haven't had a single free minute to look with work this week, going to catch up tonight.

 

[KBC]

What are you saving for? Personally for retirement I have a pension plan that matches what I put in up to 4% at work and take extra off pre-tax for RRSPs(Registered Retirement Savings Plan here in Canada). A lot of times when the annual raises were given out I just bumped up how much comes off by one percent and you never notice that money missing. Right now including what my work puts in I’m putting 18% of my wage pre-tax into retirement savings. Rumour is they are going to increase the pension matching up to 5% at the end of the year so I will be putting 20% away then. Find a job with something similar to save for retiremen

For all the fun stuff to save for like hunting, follow all the advice already given.

One other thing that can help put some money away and clean up/de-clutter is sell all your stuff you don’t really need. Most of us could easily do with less stuff. It’s pretty surprising how quickly you can make a couple grand of fun money just selling your junk you don’t use anymore.

 

[Blind Squirrel]

Also pay attention to where you shop for groceries. Around here, Aldi is at least 30% cheaper than Kroger for most things. And someone else already mentioned, but I want to echo to make a specific list before you go and only buy what’s on the list. Those impulse buys quickly turn into $20+ per trip.

 

[Nschobinger]

Only buy stuff I know will make me happy in the future!

 

[Glory]

No budget for me. I don’t drink, smoke, or eat sugar. Keeps a lot of money in your pocket. Get in the mindset of assets versus liabilities. Make big investments to keep that net worth going up, even if it makes you nervous. It’s all about growing that net worth in a diverse way. Getting it to compound is the tricky part.

 

[Cowbell]

Convenience stores. Do whatever you can not to go inside unless to use the bathroom. Pack your lunch and any needed snacks, especially water. This alone in my occupation can save $40-$50/week easily and much more on long trips.

 

[hodgeman]

First thing. Pay off your debts and quit paying interest. Obviously, a mortgage takes some time, but that's generally the lowest interest rate you have. Interest payments aren't value added to you and can equal hundreds of dollars a month just leaving the nest.

Budget, budget, budget. Amazingly, few people have any sort of budget at all. A budget tells your money where to go and what to do. From there you can analyze...paying big car payments, bought too much house, eat out too much? A budget will tell you those things.

I carry all my spending money for lunches, drinks, etc. in cash. It's amazing how less appealing a "deluxe" coffee or lunch with the office is if you have to break a hundred to purchase it. Once you break a Benji, he's gone.

I DIY a lot of home and car repairs. My truck normally has a $125 oil change...I can DIY for $30 and I know it's done right.

 

[tony]

Don't get married, have kids and live well below your means.

Has worked for me, well, I have a 29 y/o daughter.

 

[Glory]

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.