View Full Version : Making Money by Saving Money
I intend this thread to run in parallel with the "Making Money When You Don't Have A Regular Job" thread. That thread got me to thinking and reviewing my lifestyle...
Ben Franklin said - A penny saved is a penny earned.
It seems to me that it is easy to forget that we can save pennies (and nickels, dimes,...) and in effect EARN money at a good clip. With the taxation system as it is, saving a buck is (for some of us) as good as earning 1.5 buck thru actual employment.
So, if you don't have a regular job, what can you do with your time, creativity and energy to save some money in your day-to-day living?
Here are 5 of my answers:
1. Rotate my tires, check my tire pressure, change the oil, ...
2. Hang out my clothes to dry. (Saves electric/gas, maybe the dryer will last longer, maybe the clothes will last longer,...)
3. Anticipate purchasing "needs" and watch for true deals on them.
4. Cook good and healthy food from scratch instead of buying the finished product at a restaurant or the grocery store.
5. Do a better job of keeping track of and using up what I've already acquired.
How about your ways of earning by saving??
Gardenarian
8-24-13, 4:49pm
Propagating plants, either by collecting seed or taking cuttings.
Use-it-up cooking - put off buying groceries till the cupboard is bare.
Checking the "free" section of our local craigslist.
Keeping a list of fun, free, local/home things to do, rather than hopping in the car.
Mending clothes and linens, polishing shoes, making sure things are well kept.
Being organized so I don't have duplicate purchases (esp. helpful with hardware items like nails and screws.)
flowerseverywhere
8-24-13, 5:16pm
we retired at age 55 and researched where to move now that we were no longer tied to the workplace. We looked into how much taxes were, utilities and need for cooling in the summer and heat in the winter, ability to ride our bikes as opposed to driving among other things. We sold our house and bought one of equal value. Our taxes: from $8,000 in NY to $2,000 in Florida. Utility bill has not been over $80 yet, but august has been really hot so will be higher. One car with little mileage put on due to being able to walk and ride bikes, plus proximity to grocery store, library, farmers market etc. I estimate our living expenses will be at least $10,000 per year less altogether based on tracking this year as opposed to two years ago. Property Taxes play a huge part, as well as only one car. It makes a huge difference in how much you need to leave the workforce.
Making money by saving money is how I spent my first year of retirement!
Some of the things I did:
- looked at the cable bill, electric/gas bill, cell-phone bill, etc., to see if we were getting what we wanted at the lowest price. Having the time to actually look at the cell-phone bill identified two "services" DW somehow had texted into which were costing us $20 a month (!). Nixing those saved us $240 a year. Marching into the carrier's store for a plan review identified ways to push our bill down even further once we're fully off-contract. And I've since had enough time to collect and run through our actual calling/texting/data history, I know what we need for when we're out of contract (stay with carrier, move elsewhere, try an MVNO, etc.). An MVNO could push our bill down to about $35/month for both of us -- though with significant limitations.
- sold no-longer-used items on craigslist and ebay.
- did preventive maintenance around the house. A little money on microbial drain cleaner is cheaper than hiring the 'rooter people. Replacing the hoses to the washing machine cost a few bucks for braided steel hoses, but there's no worry that old rubber hoses will leak and cause much more expensive damage.
- did the lawn mowing and snow blowing myself instead of hiring people. Time was more flexible and getting out of the house didn't hurt, either.
- quit spending money on lunches and breakfasts/coffee out during the workday. I still get together with friends for lunch or a drink after work, but it's still $40-50 a week saved.
Hanging on to my old car just a little longer. No car payments now for many years and hate to have one again. I could pay cash for a new car but can't justify the expense since this old Volvo gets me from A to B just fine.
catherine
8-25-13, 10:20am
Drinking filtered tap water instead of soda/bottled water/beer/wine
Joining a freecycle.org group
Before purchasing, putting a "hold" on the want for a week or so and not buying it until then
Cut out automatic internet subscriptions (like Consumer Reports)
Making my dog treats (old marrow bone, stuffed with cheap leftover meat and sealed with layer of peanut butter) rather than buying those horrendously expensive dog treats (often made overseas).
Love this thread!
Everything that comes into the house must be washable or is not bought.
Cold water washing with vinegar rinse.
Pour half of a new bottle of shampoo into old bottle and fill each bottle with water to extend life of the shampoo at no loss of cleaning.
Don't buy on impulse!!!!!!!!!
Sit down and really think about what is important to your life and its enjoyment. - I love theatre, opera and ballet so I get the cheapest subscription for theatre, see opera and ballet on HD for less than a quarter of just one ticket.
Join a horticultural society for really thrifty (I don't like the word cheap) information meetings, modest cost plant sales and great friends.
Look at your clothes closet and see how many outfits you can make out of a few items and renew or refresh just those items as needed.
Use local hiking trails for your exercise instead of a gym.
Enter your food intake on My Fitness Pal instead of joining a weight watching club.
Plan a modest starch, protein and vegetable/fruit intake at each of three meals with planned simple snacks in between and DO IT!
Avoid pop/soda and any artificial manufactured sweets - waste of calories and poor nutritional intake.
flowerseverywhere
8-25-13, 11:07am
everyone is posting all the things most of us have realized save a bundle. I'll add look at gifting, are you giving gifts to people they can't use because you don't want to rock the boat? Eating less meat is helpful in budgeting too. Also, wanted to add to my previous post that we also looked at state income taxes, gas taxes etc. When I was talking to DH about this thread he added that not having state income tax and our gas being 50 cents less a gallon here due to NY taxes adds thousands more to what we save by living here. Not buying things on time and avoiding interest on things like cars can add up to a bundle through the years. Buying a used car with cash saves on car insurance too. wanted to add that reading the money saving websites that are often mentioned here on a regular basis like Mister Money Mustache or Bankrate, often can give you good ideas you never thought of for free. I can't remember the dollar one, maybe someone can post it.
The thread title is in my opinion probably the best definition of "frugal" I've seen.
The thread title is in my opinion probably the best definition of "frugal" I've seen.
Yes, it always tickle me when I hear buy now and save.
flowerseveywhere, maybe you mean The Simple Dollar.
We have been able to support ourselves at in manhattan COL for under $40k/yr, and we hope that, when we move, we'll save even more.
we have decided to let go of a cell phone because we'll use our home phone to catch messages and we hardly use either phone anyway. It's bundled with the cable internet (and we won't use cable but they can't be divided).
housing is the hardest part -- and it's frustrating because my parents feel they need to be happy with it. and they only like suburbia. :P
Steve,
I get the idea of less eating out after retirement because of not buying work lunches, etc., but these last few years when I've taken week days off (aka, pretending to be retired!) I find that I enjoy going out to eat bkfast (get the 55+ discount) as a leisurely treat. Then I find myself wandering over to the bookstore and picking out a paperback or two. Next it's over to the thrift store to see if there's something calling my name.
Basically, the weekdays that I'm not working just seem to morph into out-and-about spend days. I know I have to curtail that when I actually retire (targeting 2015) but I can see now how easy it is to spend $50 by the end of the day without even trying!
I enjoy going out to eat bkfast (get the 55+ discount) as a leisurely treat. Then I find myself wandering over to the bookstore and picking out a paperback or two. Next it's over to the thrift store to see if there's something calling my name.
One of the surprises of retirement, for me, was how happy I am to be puttering around the house instead of being out and about. So going out is kind of a treat for me. It does take some discipline for me to drive past the thrift store or record store. But I figure while I'm trying to purge myself of possessions, bringing more of them into the house does not help me. :~)
I can see now how easy it is to spend $50 by the end of the day without even trying!
On the other hand, I can spend $50 or $100 without my fingers leaving the computer keyboard! True, most of it is bills. But it still can be a little shocking.
One of the surprises of retirement, for me, was how happy I am to be puttering around the house instead of being out and about.
Puttering is my favorite activity!!! I can keep myself SO entertained.
try2bfrugal
8-27-13, 6:00pm
Besides food and other necessities, I try to limit my purchases these days to items that save money in the long run. A big part of this has been reducing disposable items. Some of my purchases this past year have been reusable produce bags, rechargeable batteries, cloth napkins, stainless steel scouring pads that last much longer than steel than Brillo type pads, cloth towels to use instead of paper towels, solar Christmas lights, solar patio lights, LED light bulbs for inside, LED motion detector lights for outside, a solar charger and lots of 50 cent - $1 used books on sustainable living topics.
Scavenge for clothes and furnishings, instead of buying them!
It sounds strange, but in our apartment we have: a night stand (which we refinished and put new hardware on), a storage unit, a plant stand, two Persian carpets, a lovely piece of artwork, numerous items of functional Tupperware, over a dozen plant pots, a pristine bulletin board, a beautiful wooden box that holds our remote controls, a small vase that serves as my pen-holder, a board that serves as a table top for our home recording studio, my purse, a leather briefcase (which after a good was and polish looks like new), and some lovely glassware as well as numerous items of clothing. ALL were left out in the street...I just picked them up, took them home, washed or otherwise spruced them up, and incorporated them into our home.
The other day, someone left out a 50 gallon aquarium in great shape...but DH didn't want to shlep it upstairs and have that big a tank to look after! I've seen entire bedsteads, including gorgeous wooden headboards, as well as zillions of dismantled standing wardrobes that people just leave out for others to take away, before the garbage men do.
Speaking of pets, one good way to save money if you are thinking of adding a new non-human member to your family, is to buy or scavenge or make the equipment the animal will need, over time, before you actually get the animal. For example, look for second-hand aquariums or bird cages, or filter equipment or sales on bird seed, etc. Stock up on these things over time, and watch for bargains even on the pets themselves by scanning classifieds or Craig's list for people looking for good homes for their fish, birds, gerbils, etc. Yes, adding another dependent animal is not a way to save money, of course, but if you are going to do it anyway, you might as well do it mindfully and as frugally as possible.
Free entertainment and activities. I borrow books, DVDs and CDs from library rather then buy or rent them. I do free sports activities like hike, bike, play beach volleyball, etc... rather then ones that cost money to do like golf. I don't do any projects for enjoyment that cost more - in both time and materials - then they are worth to do. I find other projects - or none - that I enjoy that are free instead. I rarely buy anything at all unless needed - then try second hand or discounted. Mainly I keep things very simple, uncomplicated and hassle free. Also living in shared digs helps greatly with reducing housing expenses. As would be living in a less expensive area or part of the country.
Packratona!
1-29-14, 6:20pm
we retired at age 55 and researched where to move now that we were no longer tied to the workplace. We looked into how much taxes were, utilities and need for cooling in the summer and heat in the winter, ability to ride our bikes as opposed to driving among other things. We sold our house and bought one of equal value. Our taxes: from $8,000 in NY to $2,000 in Florida. Utility bill has not been over $80 yet, but august has been really hot so will be higher. One car with little mileage put on due to being able to walk and ride bikes, plus proximity to grocery store, library, farmers market etc. I estimate our living expenses will be at least $10,000 per year less altogether based on tracking this year as opposed to two years ago. Property Taxes play a huge part, as well as only one car. It makes a huge difference in how much you need to leave the workforce.
Love this, we did the same, moved to FL from NY, went down to one car. Everything we need can be gotten to by walking, biking, bus, train, or plane but can't convince the husband to give up the other car! I can cheaply and easily make multiple trips to a lot of stores to get the deals! Also utility bills are very low.
awakenedsoul
3-30-14, 1:51pm
Same here. I have a car, but I only use it once a week. I can catch the bus a block from my cottage. I usually put my bike on the bus, and bike to the rest of my errands. I used to spend over a hundred dollars a month on dance classes, now I do yoga and pilates at home. (The classes and mileage were a deduction at that time, though.) I make an effort to cook from my stockpile and to use up all of the leftovers. I buy things that are well made and last forever. My dogs are using leather leashes that my mom gave me for Christmas 25 years ago. I've used them on six dogs. Same with the dog beds. I recover them. Instead of buying gifts, I knit people socks, or crochet them potholders. Everyone comments on how much they use both, and how they prefer the hand made ones to store bought. Sometimes instead of taking the bus I'll just ride my bike. Each dollar counts. I also use the Internet instead of t.v. I can listen Suze Orman's podcasts for free, and I like seeing interviews on Youtube.
Excellent thread and posts, by the way!
I second (and third!) Selah's proposal above RE Scavenging. Most of my apartment is furnished with 'finds', the exception being upholstered un-sterilisable stuff. Why buy when someone's discards are perfectly adequate? It's even trendy: read The Scavenger's Manifesto (http://www.annelirufus.com/thescavengersmanifesto.html).
Also, sharing wireless internet with your (compatible) apartment neighbour, saves 35$mo.
Well, I have a new one that will last as long as DS/DDIL live here--DH and I are dumpster diving--in our own kitchen garbage! DS and DDIL are probably fairly typical thirty-somethings who haven't quite gotten the idea of "no-waste" yet. So they buy really expensive food and throw it out if it's uneaten--sometimes the next day! DDIL won't eat anything over a day old. Today DH saw a plastic bag in the garbage that they had brought in just last night. In the bag was a take-out container of Veal Marsala and pasta from one of the best Italian deli/restaurants in the area. It had barely been touched!
So DH snuck it out of the garbage and went to his office and ate it! I admit that this sounds like bizarre behavior, but we just don't see the point of wasting it--and we don't want to admit to our kids that we're eating their "garbage."
We have friends that dont like leftovers. My husband and I love them both because of saved time and money. We even plan for leftovers.
iris lilies
3-30-14, 4:21pm
Well, I have a new one that will last as long as DS/DDIL live here--DH and I are dumpster diving--in our own kitchen garbage! DS and DDIL are probably fairly typical thirty-somethings who haven't quite gotten the idea of "no-waste" yet. So they buy really expensive food and throw it out if it's uneaten--sometimes the next day! DDIL won't eat anything over a day old. Today DH saw a plastic bag in the garbage that they had brought in just last night. In the bag was a take-out container of Veal Marsala and pasta from one of the best Italian deli/restaurants in the area. It had barely been touched!
So DH snuck it out of the garbage and went to his office and ate it! I admit that this sounds like bizarre behavior, but we just don't see the point of wasting it--and we don't want to admit to our kids that we're eating their "garbage."
This is hilarious! I would totally do that! DH, not so much. But this is yet another reason why I missed the boat by not having children using grown children's leftover food.
Stella used to talk about how her small children liked to clean the floors and do housework.
Clearly, I made a mistake in not reproducing. :)
Teacher Terry
3-30-14, 4:48pm
Catherine, that is too funny! My adult kids & stepson who lived with us were the exact opposite. They would eat other people's leftovers from restaurants that I actually thought was disgusting. It got to be such a big problem-everyone getting mad for their leftovers being gone that I came up with a solution. If you wanted it for yourself you had to put your name on it so everyone knew not to touch it. I was raised that you eat leftovers for 3 days & then throw away. My hubby will eat them a week later and never gets sick. I guess he has stronger constitution then me. I love leftovers because then I do not have to cook. Also none of my 3 boys ever cleaned anything-not even when little so I don't think you missed out Iris Lily:~)
awakenedsoul
3-31-14, 12:21pm
I second (and third!) Selah's proposal above RE Scavenging. Most of my apartment is furnished with 'finds', the exception being upholstered un-sterilisable stuff. Why buy when someone's discards are perfectly adequate? It's even trendy: read The Scavenger's Manifesto (http://www.annelirufus.com/thescavengersmanifesto.html).
Also, sharing wireless internet with your (compatible) apartment neighbour, saves 35$mo.
I've thought about that. I used to share my garbage can with a couple down the street. I only have one small bag per week. But, I guess I'm too adicted to the Internet to do that right now. I've also thought of biking to the library to use their computers. But, I don't have a t.v., so I don't want to be too cut off.
I agree with you and Selah about curbside finds. I got my couch that way. It was new: they just didn't have the space for it. I bought most of my furniture at the Salvation Army. I found really nice antiques. They are so well made. I also love my hand me down bed and dresser/night stand from my parents. My dad used the same drawers in the 30's when he was a little boy.
Catherine, I cracked up at your story. Most of what I eat is leftovers. I make a casserole and eat it all week. It's less work, it's healthy, and inexpensive.
I wish I had friends/neighbours/relatives that refuse to eat gourmet left-overs. I would be dining the high-life every week. I am mystified as to why someone would not eat leftovers - unless they are not the ones cooking/cleaning/shopping.
Sharing internet requires managing times and activities. I cannot stream anything weekday afternoons because it resets the router as I am too far away. I cannot bit-stream anything except late at night. No problem - I adjust, schedule activities after midnight etc.
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