Money Saving Habits

[ESMonitor]

I am reading a book by Brian Tracy titled Million Dollar Habits. It's been a good read so far and has made think about some new habits I could implement to save money.

What are some habits you are working on that are saving you money?

I can share three (3) money saving habits I began this year that have been profitable for me:

1. I know longer take my work clothes to cleaners; I iron them myself instead. I don't like doing that, but I like the money it saves me more. I estimate over $300 saved since Jan 1.

2. I cancelled my gym membership. I'm just doing cardio this year. I use multi-purpose trail in my community to run. I think my gym membership was around $50 so that's $300 saved this year.

3. I gave up drinking alcohol this year. This one has certainly been the most challenging, because I really miss drinking beer and red wine, especially at social settings, but this one has also been the most rewarding. I use a smart phone app to track my progress. I estimate I have saved over $630 since Jan 1, and we're not even a half year in yet. Can't even think about next year. I just have to make this happen for another half year.

[Nutria]

3. I gave up drinking alcohol this year. This one has certainly been the most challenging, because I really miss drinking beer and red wine, especially at social settings, but this one has also been the most rewarding. I use a smart phone app to track my progress. I estimate I have saved over $630 since Jan 1, and we're not even a half year in yet.

Presuming you're not an alcoholic, there's no reason to stop drinking in moderation. Just bin all such purchases in your Entertainment budget.

[QuarterMillionMan]

1) Cancelled my gym membership years ago, was paying $30 a month. I can and do go jogging around my neighborhood for free.


2) Downgraded my internet speed. I was paying $50 a month for 50 mbps. Now I pay $14.99 for 3 mbps. It's a noticeable decrease in speed but I can live with it.

3) I used to buy MLB.TV ($120 per season). and NBA league pass ($150 per season). Now I just watch whatever games are available on ESPN, FOX sports, prime ticket, Sportsnet LA, etc.


4) Wash my truck with a 5 gallon bucket of water every Monday.


5) Do my own mani/pedi.


6) Cut my own hair approx. every 3 weeks


7) When I used to wear dress shirts, washed and ironed myself. Now I wear polos, much easier to maintain.


8) One area that I could save a lot of money is alcohol. I drink Heinekens, Jack Daniels, and champagne. And I drink every night so I know it's costing me an arm and a leg. But I don't smoke so I'm happy about that (lol).

[sv2007]

1. We are happy to drive cars until they die
2. We bought a house in a decent school district so we don't have to pay for private school
3. We use airline miles to fly when tickets are expensive

Probably more, but can't think of any ATM. Our lifestyle overall is pretty non-stressed about consciously trying to save money these days.

[clatoden99]

All of these are great suggestions, but here are some of mine:

Stop watching television and paying for cable. You can get whatever you want online. Find the cheapest broadband available. Seriously, you don't need TV.
Live somewhere closer to work/school. This has been proven to increase happiness (by decreasing commute time and rush hour frustration), and, if you use public transportation or walk or bike (biking being my suggestion), you will cut down ENORMOUSLY on cost. Preferably, find somewhere to live where a car is almost unnecessary.
Have a cheap phone. You don't need a data plan. 3G is redundant in a city where WiFi is ubiquitous. Unlimited texting may be worth paying for (maybe), but data plans are a waste of money.
Do things yourself. You don't need a house cleaner, a gardener, a plumber, an electrician, etc. to fix every problem that comes along, or to keep up with weekly maintenance. If you do, you are living in too large a house, or you're too lazy.
You also probably don't need to eat out very often. Cook most of your meals — it doesn't have to be anything fancy, and more often than not, you'll find joy in cooking. It's not for everyone, but I love it. For those who abhor cooking, find microwaveable dinners, or Stouffer's lasagna. That stuff is easy AND delicious.

In general, try and realize that a lot of what you have, you really don't need. You've just been tricked into needing it. As soon as you can wean yourself off of these frivolous niceties, you'll be living a frugal lifestyle. With plenty more money to SAVE.

(p.s. sorry if this sounded at all like I was attacking anyone, but the easiest way to write something like this is in second person)

[bjl584]

I really had to stop and think about this, because at this point most of my habits are just a way of life.

I guess that paying myself first has big the biggest thing that has helped me to save and grow wealth. Other than that, resisting the urge to consume, being patient and waiting to buy things, and avoiding debt.

[rennigade]

I really had to stop and think about this, because at this point most of my habits are just a way of life.

I feel the same way. Off the top of my head I cant really think of any money saving tips other than whats simply a routine for me.

We like to travel so I try to find ways to save $$ when we take a vacation. Im vocal about credit card churning and how we never pay for flights anymore. Ill go over hotels and check on price/reviews. I also book everything through orbitz where you can use a 15% coupon most of the times and you get orbitz cash for your next booking. Ill book/rebook rental cars...easy way to save money.

Other than that we're dialed in to a spot where we spend money on what we want but we also save/invest a lot. At this time in our lives theres no reason to try to cut back anymore. That may change in the future but for now its steady eddy.

edit: One thing my wife does is she shops a lot at goodwill. If you're in a small area its much more difficult because the inventory doesnt get churned as much...in a metro area...Id say make some trips to goodwill. Most of her work clothes come from there. She regularly gets $60-$80 pairs of pants/skirts that look brand new...name brand stuff like anne taylor, calven klein and express for around $8 per item. Women seem to go through clothes and get rid of them after only a few uses. Men on the other hand...good luck finding clothes that arent completely worn out. Some of the sports coats looked fine although I do not have to wear that stuff.

[disneysteve]

I really had to stop and think about this, because at this point most of my habits are just a way of life.

Same here.

What are things we're currently working on?

I'd say trying not to waste as much food would be one. Making a point to use leftovers so they don't get tossed, for example. We're not always very good about that.

Something I've gotten much better about the past year concerns earning, not spending, but that's certainly important, too. I get invited to do a lot of medical surveys and for a while I was really slacking off on them. In recent months, I've been much more consistent with them. Seeing as I can routinely earn over $1,000/month from them, it really pays me to stay on top of them.

[Nika]

Do some research before buying. For example, never buy a car on the day we go to the dealership. Never buy a warranty at the dealership. Go home and research the deal you are offered, the warranty from another state, etc...

Same goes for any purchase where research/comparison shopping is applicable. Like a bike we bought our son this week. By not buying one on the spot we brought the price down from $324 to $108. And those are habits and add up. My mom will go to the dealership and and walk out with a car. Nothing good happens this way. We make it a rule to never do that. We are not buying on the spot no matter what. If that deal is "not available tomorrow" we will pass and wait for another deal somewhere else.

Also, for clothing, I mostly find something that I love, and if it is full price, will wait until it is on sale. I will not compromise on the item itself, I will get exactly what I want, in an expensive brand, but with a little patience at a much better price.

[disneysteve]

never buy a car on the day we go to the dealership.

My mom will go to the dealership and and walk out with a car. Nothing good happens this way. We make it a rule to never do that. We are not buying on the spot no matter what. If that deal is "not available tomorrow" we will pass and wait for another deal somewhere else.

Are you referring to brand new cars? Since we buy used, we definitely buy the day we go in if we find just what we're looking for and we're happy with the price. If we go home and think about it, that car may not be there when we go back. We're usually pretty picky about what we want so it isn't like there are a ton of cars to choose from. When we find one, we buy it.

[Nika]

Are you referring to brand new cars? Since we buy used, we definitely buy the day we go in if we find just what we're looking for and we're happy with the price. If we go home and think about it, that car may not be there when we go back. We're usually pretty picky about what we want so it isn't like there are a ton of cars to choose from. When we find one, we buy it.

Yes, I mean a new car, to be kept hopefully for 10 years.

[sv2007]

Yes, I mean a new car, to be kept hopefully for 10 years.

We've never been able to keep a car for longer than 5 years despite our intention to keep it long term. However, our luck is picking up as both our current cars have survived the 5-year curse.

[disneysteve]

Yes, I mean a new car, to be kept hopefully for 10 years.

Ok, that makes sense then. No reason to rush into a new car purchase. It's different when buying used.

As for keeping cars long, that's a good point for this thread.

I bought my last car used in 1998 and kept it for 14 years. In 2012 I bought my current car used and hopefully will have that one for at least 6-7 more years.
I'd much rather buy a couple of years old and keep it long term.

[dawnwes]

All of these are great suggestions, but here are some of mine:

Stop watching television and paying for cable. You can get whatever you want online.

Find the cheapest broadband available. Seriously, you don't need TV.

DH needs faster internet to work from home, but they pay for part of it, so I guess it is like having cheaper internet. TV is an additional $35/mo. Since we rarely go out to the movies ($75 for tickets for our family!) I find it is worth keeping.

Live somewhere closer to work/school. This has been proven to increase happiness (by decreasing commute time and rush hour frustration), and, if you use public transportation or walk or bike (biking being my suggestion), you will cut down ENORMOUSLY on cost.

Actually when we lived in the city, DH was not happy. We now live further out, have 2.5 acres, and he adjusts his commute by leaving at 6am from home and 4pm from work. It is also cheaper to live here than in the city. We just found that out again as we looked for comparably priced house in the city to move to and found they were literally half the size and 10 times smaller lots, for $100K more than we currently have. If we wanted to spend the same, we would go to about 1/3 the size we have now.


Preferably, find somewhere to live where a car is almost unnecessary.
Have a cheap phone. You don't need a data plan. 3G is redundant in a city where WiFi is ubiquitous. Unlimited texting may be worth paying for (maybe), but data plans are a waste of money.

Thankfully, DH's work pays for part of our phone plan, so we aren't paying full price, but I can't tell you the number of times I need that GPS or need to look up where the heck it is!

A need? Probably not, but it is a luxury I am willing to pay for.

There are cheaper plans out there. Republic Wireless is great and if you don't use that much data, they give you some money back!


Do things yourself. You don't need a house cleaner, a gardener, a plumber, an electrician, etc. to fix every problem that comes along, or to keep up with weekly maintenance. If you do, you are living in too large a house, or you're too lazy.
You also probably don't need to eat out very often. Cook most of your meals — it doesn't have to be anything fancy, and more often than not, you'll find joy in cooking. It's not for everyone, but I love it. For those who abhor cooking, find microwaveable dinners, or Stouffer's lasagna. That stuff is easy AND delicious.

In general, try and realize that a lot of what you have, you really don't need. You've just been tricked into needing it. As soon as you can wean yourself off of these frivolous niceties, you'll be living a frugal lifestyle. With plenty more money to SAVE.

No one has been tricked. We are well aware that some things we can live without, heck, I can live with 2 outfits and one pair of shoes and no running water, but there are things that we enjoy and are willing to spend money on.

(p.s. sorry if this sounded at all like I was attacking anyone, but the easiest way to write something like this is in second person)

My answers are in red.

[dawnwes]

Do some research before buying. For example, never buy a car on the day we go to the dealership. Never buy a warranty at the dealership. .

My first new car? I went back about 5 times.

I married my car dealer. He was selling cars in between jobs. He hated it. I kept going in to test drive yet again because I just wasn't sure about spending that much money.