The “Water Cooler” is a feature on Claycord.com where we ask you a question or provide a topic, and you talk about it.
The “Water Cooler” will be up Monday-Friday in the noon hour.
QUESTION: What are some good tips you try to use to save money??
Talk about it….
Live below your means.
Eat at home.
go on YouTube and try to fix minor and common issues around the house, car.
no tithe for the church.
I don’t go out of my way to look for a bargain, I’m too lazy. I used to be a little bit of a cheapskate and look for the best prices, but one day it occurred to me that my time
is worth more than a few pennies or a few bucks I might save. However, there are some
things I do to save money, like I don’t and never have bought coffee at Starbucks, or any
of the other outrageously high-priced coffee shops. I never eat at a fast food joint, and I
also don’t shop at high-end stores. I don’t need the latest iPhone or other electronic
gadgets, and I don’t wear fancy designer clothes, I’m a Levi’s and t-shirt kinda guy.
Learn the difference between needs and wants.
Exactly. I’m to the point financially I can have what I want but the next question is how much do I REALLY want it, how much will I use/wear it and if need be,where will I store it
I work with students to plan out a budget that follows the 50%, 30%, 20% Rule.
50% to spend on needs
30% on wants
20% savings
5% of that to a Roth IRA, 401k, 403b or another retirement plan.
We talk about the perks and drawbacks of each retirement plan
Keep house cold in winter, hot in summer.
I cook my own food, make my own coffee, and do my own household repairs and car maintenance. That lets me afford other luxuries that are more important to me.
Move out of California
understand basic economics “not like our government that spends two plus trillion dollars more a year than they take in” (hope that’s changing) When buying buy the best you can afford and if you can’t afford what you need then try to save until you can, don’t buy crap (Chineseium) as it is a false economy.
If any of one’s job has a match % in a 401k
at least have that taken out.
I understand that not everyone can afford that but that is free money if they can.
Start saving as soon as possible.
My teenager asked me if he should start saving
as a teenager. I said yes, absolutely
# 1 tip for saving money.
Don’t spend it.
People don’t need most of what they have.
Just look at anyone’s garage.
Pre-pay your mortgage’s principal portion, especially at the beginning. The savings in interest payments is mind-boggling when you actually look at an amortization schedule. And never pay Starbucks.
Make sure that the rich get poorer and the poor get richer.
Now ya went and did it,
soap box magically appears – – –
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Gather all your monthly bills, anything you pay yearly divide by 12 and LIST them,
include gas and food.
Take home pay per month – – – – subtract bills from salary
With left over money consider some savings, next get credit card balances down to zero. Then every month pay off credit cards. Ever notice credit cards adding up you spending and let you know. Ya me neither. Credit card companies want you to carry a balance which they charge you interest on. They want you thinking, “I Have Plastic Therefor I have money.”
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With savings, if something unexpected comes up or you get laid off, savings will give you a cushion and time to sort things out.
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After savings is built up, think real hard what kind of retirement you want.
Could well be a golden retirement OR could be under golden arches saying “you want fries with that? Earlier you begin retirement savings the larger chunk at the end. Effect of compound interest.
Just found this online, play around with it,
https://www.calculator.net/retirement-calculator.html
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Carry a pad and pen with you, write down amount every time you buy something, do it to a week rounding up to the next dollar. At end of week go thru list and mark which expenditures you could have done without, add up dollar amount.
You may want to be sitting down when you do.
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Coworker used to show up at daily morning electrical maintenance Safety meetings with a mocha frappa whatever. Asked him how much one costs and how many times a week to you buy one?
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He came up with price,
multiply that by number purchased in one week,
multiply that number by 4,
multiply that number by 12 and that’s what buying coffee costs you per year.
Color drained from his face and he began speaking in expletives.
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‘Want to retire with $1 million? Expert reveals how simple tip can help turbocharge your savings’
https://tinyurl.com/3s3vp8k2
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First house, bare minimum, you don’t go nuts and buy more house than you absolutely need, House payment needs to be affordable, one person working and other on unemployment. Imperative there be savings put aside for emergencies. Wise man once told me, “you put six months salary in the bank and you don’t touch it.” At the time thought he was nuts, as I gained maturity realized needed one year’s salary. Also need to max out 401k contributions, start out of high school to maximize the effect of compounding. NEVER sign if house loan has a prepayment penalty.
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With first house payment, send them extra money to pay against principle if you have it. Doing that, paid first house off 14 years early.
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Consider changing oil and filter before what manufacturer suggests.
Think about those are the people, when vehicle goes belly up, will be more than happy to sell you another car. Change my own every 2,000 miles.
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Memory is starting to go, so may have left something out.
If you have any suggestions, Please post.
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Soapbox goes poof – – – –
There are 52 weeks in a year, your math makes it 48. Simpler and more accurate math just multiply weekly $ by 52.
Be prepared to explain to millennials what you mean by pad and pen.
Avoid ESG investing, it will always underperform.
I was taught when very young not to invest more than I could afford to loose when starting out. My dad equated it to playing blackjack in Tahoe. My first investment was $100 because I saved to do it and could afford to do it. I stayed “local” as I bought stock in Clorox.
First, put into your mind that you are preparing for your later years and you do not want to be dependent on big daddy government (which means taxpayers). That independent motivation should help putting money away for your future. Realize the money grows slowly, over years, not over hours or days. As mentioned by many, consider how much people spend on starbucks, bottled water, tattoos, etc., instead of putting that money away to grow (slowly).
No Starbucks
What type of “saving” are we talking?
This formula works for a lifetime
Look for sales whenever possible. I like Grocery Outlet and Trader Joe’s, because their prices are always the same. Dollar Tree is great for cleaning stuff, paper plates, storage container, greeting cards and gift bags etc.
Due to where I work I manage to have a nice wardrobe without it being expensive. It is not only my employee discount, but also when you are in the store on daily basis (sans days off) you know when things go on sale, so you get first pick so to speak.
Don’t vote for democrat politicians.
Buy a smaller car with better MPG. The difference in overall cost is immense.
For instance, over 200,000 miles, with gas at $4.20 a gallon, A 20mpg car will cost $42,000 in fuel, while the 30mpg car will cost $28,000. That’s a $14,000 difference!
If you’re a gardener grow from seed, don’t buy starts or potted plants. It’s the only way to really understand the plant, anyway.