STYLETHREAD -- LET'S TALK SHOP!

itsapinkthing · Coach

Starting and Growing Savings

AllieGurl · Marc Jacobs

We actually have part of our paychecks directly deposited into our savings account. Its like we dont even have the money to begin with.

Also when we eat out , we never order soda or drinks, we always get water. (saves $$)

Also I always do laundry at night during the week, because electricity cost are less and so is the water.

Other than that - those are the only tips i have :)

NCshopper · Hermes

AllieGurl wrote:

We actually have part of our paychecks directly deposited into our savings account. Its like we dont even have the money to begin with.

Ditto. DH has money withdrawn from his paychecks to go into his 401(k); I have money withdrawn automatically to go into my IRA and my ING savings account each paycheck.

Having it withdrawn automatically is the best way to do it because there is no choice involved. If you have to choose every paycheck whether or not you're going to save or spend it, you will always find a way and a reason to spend it. Always.

I'd highly recommend buying the book the Automatic Millionaire. He makes it really easy by breaking it down and he really shows you how much all of your spending can add up to.

As far as day-to-day tips go, I always try and use a coupon code online when I shop. I always buy generic when I can. I shop at Costco to save money, especially on non-perishible things and food that can be frozen. I use coupons and member cards at grocery stores to save money on groceries. You can subtract what you spent from what you would have spent without the discounts and put that amount away every time you shop and that would probably add up to some significant change at the end of a year.

Also, DH and I got a digital thermostat last year and the initial cost I think was about $90, but it has saved us so. much. money the past year, it's unbelievable. It basically cut out gas bill in half and our electric bill has been about 80% of what it was before.

Other things that you can do are more lifestyle things--not go out to eat as much, go to matinee movies instead of night movies, stop smoking, make your coffee at home instead of buying a latte at Starbucks, that kind of thing. We've cut back our cable to getting only the very basic which is 26 channels for like $13 a month. We don't watch a whole lot of tv, and most of what we watch is network channels anyway, so that's an easy way to save some money every month. But it depends on your needs and wants and what you're willing to give up.

Really though, the best thing to do is to make it automatic, so you never see it in the first place. Good luck. Saving money isn't the easiest thing to do with all the temptations out there, but it's so satisfying to see that little chunk of change continue to grow.

itsapinkthing · Coach

Thanks guys, we are also starting a new savings account, besides 401k's, that we will automatically put into from DHs paychecks bi-weekly.
The digital thermostat really intrigues me. I wonder if it would make that much of a differance for us. I almost always turn the thermostat down during the day, unless it's really cold then it's hard with the baby here at home.

valenciana · Dooney & Bourke

AllieGurl wrote:

Also I always do laundry at night during the week, because electricity cost are less and so is the water.

Electricity and water cost less on weeknights??? I've never heard that before...?

blink · Coach

Auto invest directly from bank account once a month. Clip coupons from Sunday paper and look for sales on produce, etc. Shop at discount grocery store. Run dishwasher and washer at night only if possible. Consolidate driving errands to save on fuel, and drive carefully to avoid wasting fuel too. Cut unneccesary monthly bills, like gym memberships, subscriptions.

It's hard and I certainly haven't been successful in sticking to a very strict budget and money is already tight in my world right now. The most common items that currently suck money are my gourmet groceries. I can't help it, I like good food and I like the best products. I almost never buy generics unless it was recommended by Consumer Reports or something. (Except generic sudafed and claritin!)

AllieGurl · Marc Jacobs

valenciana wrote:

AllieGurl wrote:

Also I always do laundry at night during the week, because electricity cost are less and so is the water.

Electricity and water cost less on weeknights??? I've never heard that before...?

Yes my brother in law works for the engery commison.. Rates go up with usage. Usage is Highest during the day and on weekends. So your rates are actually lower weeknights after 7 pm ...

HTH!

itsapinkthing · Coach

Yep I just looked it up, my city publishes it's rates, but not what hours are peak and off peak.

AllieGurl wrote:

valenciana wrote:

AllieGurl wrote:

Also I always do laundry at night during the week, because electricity cost are less and so is the water.

Electricity and water cost less on weeknights??? I've never heard that before...?

Yes my brother in law works for the engery commison.. Rates go up with usage. Usage is Highest during the day and on weekends. So your rates are actually lower weeknights after 7 pm ...

HTH!

jacks435 · Kenneth Cole

Another idea:

I take out a certain amount of cash per week for treats -- clothes shopping, movies, drinks, dinner out -- in other words, unnecessary stuff that I can live without, but I still want to do occasionally. It forces me to budget because I'm not automatically reaching for a credit card; I have to think, "hmm... will having dessert and three glasses of wine be worth it if I can't buy that new sweater this week?" That kind of thing. And if I don't use it all in one week, I can carry it over to the next. So far, it's working well! I don't know if I could do it all the time, but it definitely helps me become more aware of how much I spend on fun stuff.

I agree with everyone else about having money automatically deposited into a savings account. Then no matter what you do with the rest, you've saved some and didn't even realize it.

kittenheels · Coach

I've pretty much cut out Starbucks unless I am having a dark night of the soul. It's amazing how much you save when you go from five lattes a week to none. I've also stopped buying magazines at the grocery store. It sounds like you have a really good plan in place. Thanks for posting this...I need to get back on the less-reckless spending wagon now!

BargainQueen · Marc Jacobs

itsapinkthing wrote:

Thanks guys, we are also starting a new savings account, besides 401k's, that we will automatically put into from DHs paychecks bi-weekly.
The digital thermostat really intrigues me. I wonder if it would make that much of a differance for us. I almost always turn the thermostat down during the day, unless it's really cold then it's hard with the baby here at home.

itsapinkthing, we have an energy saver digi thermostat at our new apt, its the same floorplan as our previous apt (same builder) and our bill is 50% lower than our old place! I think you should invest in one. That and when we moved, we replaced every.single.bulb w/energy savers too.

Another tip, do you cut coupons? When I was on maternity leave it saved us 40% on groceries and household stuff per week. Unfortunately, I stopped since I work and go to school full time. A good idea would be to put the money you saved w/coupons into savings.