STYLETHREAD -- LET'S TALK SHOP!

AllieGurl · Marc Jacobs

Saving Money?

bumblebee · Coach

I think saving money is the hardest thing. I'll start the ball rolling with the answers, but I know I've seen some answers that are much more creative than mine from some of the ladies here in the past, so hopefully they'll chime in.

1. Eating at home--I live in a foodie town (San Francisco) where even quick lunch places will set you back $12-$15 for a salad, and a lot of people's social lives revolve around restaurants. I find that if I cut back even a little bit, like packing my lunch 2 or 3 times a week instead of eating lunch at restaurants 5 times a week, I notice the difference right away. Also, having a glass of wine at home before going out to eat, or bringing your bottle with you and just paying the corkage also helps you avoid the serious upcharge on wines in restaurants (usually 60% or more).

2. Staying away from the mall. It's so hard to do, but when I really don't have the money to spend, I know I can avoid temptation a lot easier if I don't know what I'm missing!

3. Go through your books. I'm in saving mode right now and just cleaned off my bookshelf and sold a bunch of books on half.com. It's really easy and I made a little quick cash, plus got rid of some books I know I won't read again, and now someone else can enjoy them.

NCshopper · Hermes

Go over your bank statement (either online or on paper) for the past month and look at what you've spent and what you're spending it on. I think all of us probably have habits that we hardly even see. A lot of experts call it the "latte factor," meaning that they're little expenses here and there that you do consistently and add up over time. It could literally be lattes, or something else like cigarettes, lottery tickets, magazines, cosmetics, that kind of stuff. Take a look at your statements and see what you spend a little bit on every week or so--is it worth it? Do you get that much enjoyment out of it, especially when you multiply it out over the course of a year? For me, I used to buy a bunch of magazines here and there and coupled with a weekly trip to Target or Borders, I was easily spending an extra $100 a month and really not getting much enjoyment out of it.

Also, it helps if you have a goal to save for. Is it for a trip? For a nice purchase? Or for an emergency stash? Knowing your goal makes it easier to justify cutting back.

Other things you can easily cut back $ on are cable, cell phone plans, gym memberships, and long distance phone usage. Getting a better rate or going to a cheaper plan can easily save you a bunch each month.

Hope this helps somewhat!

Kitty · Hermes

I make next to nothing now, so I have to be SUPER tight with my money. I budget for everything.

I only give myself $30 a week for food/coffee/etc. Once that runs out, I won't let myself buy anything else and I'll have to just make do with whatever is sitting around my house.

I try not to look at online sites or go to stores where I'd be tempted to buy stuff. If I don't know about all the cute stuff out there, I won't be tempted to buy it.

I don't get my mani/pedis anymore. It's a luxury that adds up FAST.

I get my hair done at a cheap salon. I actually like what this stylist does better than the stylist I used to go to in the City that cost a small fortune. I also try to stretch out the time inbetween visits. Like, I'll wait an extra month before cutting/dying my hair.

I try to use the library as much as possible. If I do buy books, I buy them used on amazon and then sell them back after I've read them.

I have retirement and savings money auto-debated out of my account. That way it's like I never had the money.

travelgirl · Kate Spade

-Consign your clothes at an upscale consignment store.
-I second using the library for entertainment-at my library you can order almost any book, cd or dvd-even very late releases.
-Call your insurance company and up the deductibles on everything-this can save you a ton! I do this because you never want to "turn in" claims anyway because by doing so it just increases your premium. Most of my deductibles are high ($1500-$2000) but I have enough in savings to cover anything that could happen out of pocket.
-Shop around for insurance companies too-get quotes and shop and compare.
-Cancel cable or at least call them and tell them you are going to cancel and often they will give you the month free if you continue with them.
-If you eat out, try to eat during happy hour or find a coupon or special online before you go.
-Check to see if you have an Aveda school in your area. I go to one in mine and save tons of money on my hair. I get my hair cut, highlighted and styled for $38.00 (versus $150 at the regular Aveda salon).
-Listen to Clark Howard on the radio or go to his website (www.clarkhoward.com) you will be amazed at all of his money-saving advice!

littlebean · Kate Spade

Food is one of my main expenses. It's also a place where I've definitely been able to save a lot of money every week through better habits, such as:
-eating in -- for example, sometimes if a friend wants to go out to eat, I will suggest that I make dinner for us instead because it will end up being cheaper
-packing lunches and snacks -- this involved finding packable things that I liked, such as leftovers, tasty frozen meals, sandwiches, dried fruits, etc.
-not ordering sodas with meals out
-always keeping a stash of frozen meals, so if I don't feel like cooking dinner, I won't get takeout
-using a lot of lentils, beans, etc. instead of meats -- not only are they extremely healthy, they are super cheap!
-buying non-brand items where possible
-using opentable.com when I go out to eat to rack up points towards gift certificates
-going out to eat at lunch instead of dinner, or for early fixed price dinners
-buying groceries in bulk when they are on sale -- for example, a big thing of chicken breasts that I then freeze

Other things that I do:
-watch for free events (concerts, movies at the park, museums, etc.) in my community that might be fun to go to
-joined netflix -- this saves late fees and keeps me from going to movies as often
-read young womens' personal finance blogs (e.g. Young and Broke and Budgeting Babe) regularly to remind me of the good habits I should be keeping to -- and generally try to take an active role in my finances
-use rewards programs (e.g. MyPoints, credit cards) zealously
-when I can, walk instead of drive

I am on an extremely limited budget but decided to turn my finances around about a year and a half ago. Despite having some fun along the way, these simple lifestyle changes have allowed me to massively increase my savings. A little bit each week really adds up!

Teresa · Kate Spade

so much of my money right now is going towards gas. (grr) so I've been carpooling and biking when I can, I've gone from filling up twice a week, to once.

i switched grocery stores. I am now getting a lot more food for a lot less. the environment isnt as nice and the selection isnt as great, but hey, this is what college is all about, right?

this one is kind of obvious, but i keep a bowl by my dresser and instead of throwing my spare change anywhere, I put it in there and cash it in, it adds up quickly!

Kelly · Hermes

These are ideas I haven't implemented yet, but now that I have more storage space (I just moved into my new house today!) I am about to start this right away:

-check out thegrocerygame.com. It's magnificent. It involves a lot of storage, though, so if you don't have the space it won't work - I did it for a few weeks in my apartment but I didn't have any storage space so I had to give it up. But you can easily save 50% or more on groceries (I think the hardcore grocery gamers save like 70%, based on the forums I poked around in, but I don't think I'll ever get to that point). I saved at least that much the couple weeks I did it.

-use drugstore.com. I find their prices are comparable or cheaper than my drug store, but the real great thing is that they give you 5% back on every purchase. That's not that amazing, but if you sign up for ebates.com and use their link to click through, you get another 6% rebate and free shipping. It could really add up considering all the medications/toiletries/etc you buy.

cc · Marc Jacobs

-Go over all your bills and call the various companies to see if there is any way to lower your monthly fees. I discovered by accident that I was on an older, more expensive cell phone plan and there was a new plan which cost $20 less a month but had more minutes. If travelgirl's method doesn't work with the cable company see if there is a way to temporarily cancel or switch to a lower plan for a month or two. My company lets you temporarily turn the cable off for a minimum of 4 weeks so the next time I go away for 2-3 weeks I'll do that and just live for the rest of the time without cable.

-Sell off old clothes, books, etc. or donate it and hope that it will make a dent in next year's taxes. If you hoard old magazines, see if they go for anything on Ebay. I've made a good bit of money selling old issues of Lucky, not only recouping my subscription costs but making a profit!

-Borrow movies and books from the library. My parents' library even lets past issues of magazines circulate which saves me a ton since I'm less likely to buy new issues on impulse when I have a stack to read at home.

-If you have a good museum nearby see how much the lowest membership level costs. Going to museums regularly eats up a lot of my time which I might otherwise spend shopping or going to the movies, plus membership fees are usually tax deductible.

-Switch to store brands for as much as possible or alternate your favorite high-end products with whatever's on sale/cheap.

-Drink tap water at restaurants.

BargainQueen · Marc Jacobs

I put myself on a strict shopping ban in June and have managed to save almost 30% of my salary even with a 3 yr old, DH and bills. (DH was so impressed he joined in and is saving 18%, its a start, no?)

I divided all my spending into main categories: extras (going out food, movies..), groceries/household (I included my hair/makeup here for some reason), Car (fuel, maintainence), Bills (all monthly payments ie: car, cells, etc), Babysitter, & Savings. Once I found out approximately how much I spend on ea. I set a spending limit on all categories and challenged myself to stay below. So far I've exceeded one or two categories, but only by a few dollars, in my defense, I've stayed under in other sections so I've avoided going negative. If I feel I may be strapped short, I transfer some of my savings over but put it back once my next paycheck comes in.

ANYWAY...to answer your question, this is were I've saved big:

Shopping: I realized I'd shopped almost every single week this year and still had nothing to wear in the AM. I was impulse shopping and not making wise decisions. I was buying stuff just because it was on sale and was convincing myself that if I didnt get it now, I would never see a sale this big again. Soooo...I decided to ONLY shop if I had somewhere to go, even as simple as going to Disneyland w/our 3 yr old, I planned an outfit out and bought something I really loved and will be versatile for the summer. My closet is so full its starting to resemble a cramped F21 rack, so for the remainder of the year, I'm challenging myself to make most outfits with what I already have. If that means I'll have an extra $700 in my pocket, I'm up for the challenge. If I HAVE to buy something, I'll check for a coupon code or a printable, or shop around for a sale. I usually wait for the weekend when all the "extra % off" sales pop up.

Eating Out: $10 for lunch, $2 for starbux, $10 for dinner, $3 for a snack for the baby, it adds up..its sickening. I increased my grocery budget just a bit and started cooking a little bit extra that way I didnt have to cook everyday and we could eat leftovers for lunch, maybe dinner. Did I mention I cant cook? I bought a 3-4-5 ingredient cookbook and made some pretty good stuff so far. Oh! and no vending machines, we buy water bottles and keep them in our trunk and I run down and put one in the fridge at work to cool instead of using the machine for $1.25 per bottle. I also have a ton of hot cocoa packets at work now to refrain myself from the daily hot choc from starbux.

Gas/Car Maintainence: Since I'm not bored window shopping or driving out to dinner, I'm not driving around as much, I'm trying to make my fuel supply last a full 7 days. I also make DH wash my car free

or we take the car to car washes offering "early bird" special for 50% off the reg price. Usually car washes have oil change special with a bunch of little extras. I picked up a coupon from the junk mail for $15 oil change.

Movies: I'm a dork because I never looked into all the discounts AAA offers. Did you know you can get unrestricted movie tix from your local AAA office for almost half the theater's price?

Magazines/Books: Ebay. Most of my full year subscriptions cost me $3-$5! The price of one issue gave me a full year! PM me if you need seller recs. Borders also has really good coupons if you're on their email list.

Movies: Rent from library and borrow from friends and family. Blockbuster also used to send me a monthly $3 reusable movie card, I dont know if they still do that since I've moved.

Utilities: I agree w/travelgirl, call everyone up and reduce services or ask for a discount or price match a competitors offer. Do you really need 5 HBO channels?

Beauty: Instead of mani/pedi every 2 weeks, make it every 3 weeks, same with your hair. Ask for samples when you buy perfume so you can use the samples when traveling or at work.

Groceries: If you have time, coupons, but most dont, so I at least make sure to look at the grocery store ads in the mail and most of the time they have a one day sale and mark down popular stuff really cheap and buy then. They have different things every week you stock up on a lot of necessary items regularly.

I'm sure there's more that the girls will add.

kealoha · Kate Spade

don't buy magazines @ the stores. i've pretty much stopped buying magazines and try to subscribe or hit the library.
stop renting movies. like many of the ladies said, the library is a great option and are quite inexpensive.
buy house brands for food. generic raisin bran, corn flakes, and rice krispies taste just as good as the real thing.
shop the dollar store(s). for such as dishwashing liquid, foil, sponges, etc., i hit up the dollar store and stay away from name brands.
cut coupons. i've managed to save a ton of $$$ when i shop b/c i cut coupons; it really helps to buy when the item is on sale as well.
pack lunch. this has helped a TON. i figure i save @ least $25/week by not going out to lunch.
quit coffee. i used to buy one every single day. in a week, it added up to about $20, so i stopped that immediately.
curb the shopping. if i'm feeling the urge to shop, i walk into a store and browse. i'll put items on hold and think about it for 24 hours. if i absolutely can't stop thinking about it, i go back. however, majority of the time, i don't go back.
buy off-season. i'm still new to the winter life, since moving from hawaii to minneapolis. thus, i buy warm clothing (down jackets, snow shoes, scarves, mittens, socks, etc.) off-season--particularly from sierratradingpost.com. they have name brand items for a fraction of the cost.
hit the thrift stores. i love shopping @ thrift stores b/c i can sometimes find unique items for dirt cheap. there have been times i've found name brand items for only $2 which is a major plus.
ebay, half.com or amazon. i got my BN jcrew wedding dress for only $50 shipped compared to the $300 it was selling for online. i also found the hair clip i wore for only $2 and rec'd compliments from friends and thankfully, my mother and MIL.
rebate shop. sites like ebates and fatwallet pay me to shop w/out the spam. if i do have to buy something online, i'll log on through either one, and watch the rebates flow in.
work out @ home. our building has a fitness center and pool, so i use that instead of going to the gym. plus, i try to walk up the stairs (11 flights) to get a little more cardio in whenever i can.

DH and i will probably edit our cable package. we've got it bundled and rarely use our house phone and internet. plus, our apt. complex just added a business center which has internet, so we can always go online that way. that'll save $$$ as well.

the coolest find was the "frugal living" board on iVillage. i was browsing through there, and found them. those ladies are amazing w/their tips and suggestions. many are F/T moms w/multiple kids, so they've helped newlyweds like me and another single mom gather ideas about how to save and where to scrimp.

many of the ladies here have recommended things i hadn't even thought of. perfect for me to incorporate into my attempt to save $$$.

ETA: if i need to shop, i hit stores like marshalls and tjmaxx 1st. i also like to scour the sale racks, but only buy if i'm going to use it. last, i make a list and try to stick to it--it's easy to walk into target needing one item, leaving w/10 and forgetting the needed item. ashamed

-- Edited by kealoha at 08:17, 2007-07-18

greendiamond · Marc Jacobs

Transfer credit card balances to cards with lower percentage rates, then pay off.

Put yourself on your utilities budget plan

Don'y buy with cou[ons things you wouldn't buy with out.

-gd

Suasoria · Chanel

This is an evergreen topic - I think we all have our own issues with this. Sometimes it's curbing spending. Sometimes spending = debt and then debt becomes the problem. Or whatever you're spending is money that should go to something else instead. So I'm glad you brought it up since everyone needs a refresher course at times.

Regarding credit card balances, try calling your companies first and ask them to lower your rates because you've been a good customer; it's worked for us. I agree with Travelgirl that nsurance can be another unnoticed but large expense, so I definitely advise checking policies and consolidating car, homeowner, business, earthquake all with one company if possible. Make sure you're getting all the discounts you're eligible for, like if you have a burglar alarm you should get a break.

You could also see if a refi would save you any money every month. Two options: get an equity line and use it to pay off higher-interest debt, or do a cash-out refi that might raise your mortgage but provide you with cold hard cash to pay other bills.

Even if debt isn't important, setting a budget is. A "dining out" or clothing budget for one family might be $100 a month and for another person might be $1000, but it's still a budget, a limit that you can't exceed. I think you can operate on a budget and still not feel like you're taking poverty measures. I talked to a wedding coordinator once who was miffed because her clients had $70,000 to spend on the daughter's wedding and wouldn't spring for chair covers for $1000, but the point was, sure, their budget was huge, but it was their budget, and they had to stick with it, period.

Being married, I also think both people have to get on board with any new savings plan. It really sucks if you're the only one who feels like you're trying, especially when you see boxes from Amazon in the recycling bin or whatever.

Finally, not to get all "The Secret" on you, but there's a difference between spending less money and having more money. In one sense it's like NCshopper said, you want to have more money...for something. In another sense there could be ways to increase your income that you could find motivation to try. Like ask a friend in the biz to help you draw up a marketing plan, or make some time to network in the community, or experiment with different investments or different methods of doing business. Think about what you have, and monetize it - such as consulting for other businesses or increasing your online presence. I don't know, but it's worth a thought.

sydney · Kate Spade

For me, it's the little things that add up and you don't even realize - I stop going to Starbucks and make simple meals at home - saves a lot of money over the month. Also I stretch out the time between hair appointments and nail appointments so it doesn't add up so fast.

A lot of people think they have to cut out BIG things to save money, when really, it's the little stuff that adds up so fast.