What are your best money saving tips that people don't take advantage of?

[james.hendrickson]

Hi All,

What are your best money saving tips that people DON'T do?

I'll start:

1. Snack before you go food shopping.

2. Shop with a list to avoid impulse purchases

3. Cook at home (eating out adds up fast)

4. Set up automatic deductions from your checking account to your savings account, start with $10, then slowly ramp it up.

5. Aggressively use coupons. You can get them for food, clothing, sporting goods, and even pharmaceuticals.

6. Seasonal buying: buying food that's in season (apples in the fall) and other things when they are cheap (such as summer clothes in the winter).

[kork13]

- When shopping for groceries, compare unit prices. Food stores sell a variety of different sizes of the same product at a variety of price points. But the unit cost is rarely the same. And contrary to what might be expected, sometimes the big bulk bottle of mustard is more expensive than a small jar/bottle.

- Buy the store brand. Or at least try it, and decide if the two are basically no different (as is often the case).

[TexasHusker]

Go to Pizza Hut without your coupon.

[snafu]

A small amount of planning goes a long way in vehicle operations. In many cases, your vehicle is the 2nd most costly item you own. It's worth an hour of time to review what you've spent in maintenance in the past 12 months, divide by 12 and create 'auto fund' transfer to a linked saving account.

It's critical to get oil changes based on mileage as noted by the manufacturer. Typically dealerships are the most expensive route so unless warranty requires watch for Sale app, on-line coupons, Groupon or sale prices for any of the 'Jiffy Lube' type operations or local service in your area.

2nd, confirm tire pressure is correct for season and driving conditions. Use your phone's calendar to track when tire sales are prevalent October/April] and at least look at Consumer Reports for their recommendations for your make and model vehicle.

[disneysteve]

Don't spend more than 2.5-3 times income on your home.

This is really a huge one since it's your single largest purchase. So many people overextend themselves and that pretty much makes everything else difficult or impossible. When someone is spending 40 or 50% of income on housing, it's tough to accomplish any other financial goals. If you keep housing costs to 25% of income, everything else is far easier.

[msomnipotent]

A small amount of planning goes a long way in vehicle operations. In many cases, your vehicle is the 2nd most costly item you own. It's worth an hour of time to review what you've spent in maintenance in the past 12 months, divide by 12 and create 'auto fund' transfer to a linked saving account.

It's critical to get oil changes based on mileage as noted by the manufacturer. Typically dealerships are the most expensive route so unless warranty requires watch for Sale app, on-line coupons, Groupon or sale prices for any of the 'Jiffy Lube' type operations or local service in your area.

Or better yet, learn to do it yourself. Maintaining is easier than repairing, but fixing most things on a motor really isn't that hard. If my husband doesn't already know how to fix it, I look it up on youtube. So far, I have worked on the cars, a motorcycle, moped, generator, boat, and my go kart. Saved tons of money.

[disneysteve]

Or better yet, learn to do it yourself. Maintaining is easier than repairing, but fixing most things on a motor really isn't that hard.

This is true, though as cars have moved more and more to being rolling computers, it isn't quite as easy as it used to be.

On the positive side, Amazon is a great resource for parts. You can set up your account and enter the make and model of your car. Then when you search for parts, it will show you if you're looking at the right part for your vehicle. And, of course, their prices are far better than Pep Boys or Auto Zone.

[snafu]

It's helpful to create visuals for ourselves. Print out any one of the free charts and use it! Fill in the blanks with every baby step forward. It's a terrific motivator to see progress.

https://www.google.ca/search?q=emergency+savings+chart&tbm=isch&imgil=AOtYwj_ZeogceM%253A%253BN_y-5Att0KNT1M%253Bhttps%25253A%25

[msomnipotent]

This is true, though as cars have moved more and more to being rolling computers, it isn't quite as easy as it used to be.

On the positive side, Amazon is a great resource for parts. You can set up your account and enter the make and model of your car. Then when you search for parts, it will show you if you're looking at the right part for your vehicle. And, of course, their prices are far better than Pep Boys or Auto Zone.

Actually, that hasn't been my experience at all. Amazon has said that 3 things would work with my Subaru that didn't so far. Both Auto Zone and Pep Boys also have the same search feature but neither have been wrong for me so far. Amazon has a very limited selection, and things that are cheaper are usually brands that I haven't heard of. For instance, I looked up batteries for my car today. Amazon only had one offered, and it was $3.50 cheaper than Pep Boys but Pep Boys also offered 2 known brands that were $50 cheaper than that. Wiper blades were about double on Amazon for the Champion brand. Cabin filters were about the same or a little more on Pep Boys, but then you use a coupon code and shop through ebates, and it comes out a wash (plus you don't wait for shipping). Plus, I can't count how many times the employees from Pep Boys, Auto Zone, and Walmart helped us out. Amazon isn't going to walk out in a rain storm to make sure you install your new battery correctly like the guy at Walmart did for me.

The only automotive things I buy from Amazon are multipacks of filters and detailing things, and only when they are cheap.

[msomnipotent]

Darn it, I got sidetracked about Amazon. I meant to post that my sister doesn't do #4 and it drives me crazy. I ask her at least once a month if she started her automatic deposits for her kids' college funds and have even offered to set it up for her. Her kids are 8 and 5, and she laughs when she says they have $50 in their accounts. They have no dedicated EF and setting up an online savings account is too easy to not do.

[bjl584]

This is true, though as cars have moved more and more to being rolling computers, it isn't quite as easy as it used to be.

On the positive side, Amazon is a great resource for parts. You can set up your account and enter the make and model of your car. Then when you search for parts, it will show you if you're looking at the right part for your vehicle. And, of course, their prices are far better than Pep Boys or Auto Zone.

Just be careful.
I've searched for auto parts on Amazon, and some of what you find on there are cheap Chinese counterfeit knockoffs. Not saying that you can't get OEM parts, but I've had far better experiences dealing with Advance Auto and Napa.

[Smallsteps]

The biggest thing I see that many do not do is START no matter how small . It always astonishes me when people do not take advantage of TIME to let things grow. I am operating on a small yearly income but feel far ahead of many people I have encountered because they procrastinate.

I can't even count how many people I have encountered that put off saving or investing until... ( insert excuse here).
some I have heard is I can only add small amounts it is not worth it...
I am waiting until I have X amount to start but no plan to get to X amount.
I will do it after ,,,, ( insert life event).
my absolute favorite was a woman I worked with for many years who decided it was worthless to save for retirement because a friend of hers had scrimped and saved for a comfortable retirement then had a fatal heart attack 6 months into retirement and she decided all his work was a waste.... I really hope her kids know they will end up taking care of her.

[disneysteve]

The biggest thing I see that many do not do is START no matter how small .

That's a great point. The biggest savings mistake most people make is just not doing it. We constantly read that 60-70% of people are living paycheck to paycheck. That means that 60-70% of people are saving NOTHING.

[amarowsky]

I have a few I like to live by that have helped a lot.

1) Don't buy a new car ever (unless you are extremely wealthy and money is not a consideration **also you wouldn't be reading this post - or if it is your hobby, and already an irrational disposable income purchase).

2) Cut the cable, use Netflix, Sling, Amazon prime, Hulu, etc.... I can't tell you how many of my friends, who earn similar or less than me, still have $160 monthly cable +net bills. My internet is $40 a month, and netflix + Amazon prime is $18.25. I'll take the extra ~$100 a month, and use it to pay down debt or invest.

3) Everything I possibly can pay for, I use my 2% rewards fidelity visa. It's like getting 2% back on life (unless they offer a cash discount). I want to say this winds up paying me back ~$200 as a very rough estimate.

4) Sell your old items instead of throwing them out... I even sell old wine bottles, shoes, clothes, cameras, etc.... You can almost always find someone willing to by anything for a certain price. It involves some calories to list it, but it makes you feel a lot better when you get paid to recycle something, than just toss it in the garbage.

5) Don't buy things you don't need. Too many people have too much crap, my wife and I have been on a huge kick to not accumulate extra things. This is just an overall system we follow now.

6) Save on investing - use passive index funds instead of slowly siphoning your savings to an investment professional. If you need to use one, look for hourly rate professional, and use them sparingly and make sure to do your research.

Just a few items... Mostly I have generated these ideas from my history on this site, bogleheads, and frugal life discussions in general.

[Captain Save]

Hi All,

What are your best money saving tips that people DON'T do?

I'll start:

1. Snack before you go food shopping.

I would be a millionaire if I started doing this in my early 20's.