Ways to pinch pennies

[elkyinzer]

I agree with making more. Easiest way to grow the bottom line is to grow the topline. Invest in yourself and have goals and plans.

Lots of good tips but you gotta live too. There's no way I'm going to deprive myself of eating out at a restaraunt a couple times a month or drink a beer or 10 now and again for what essentially boils down to virtue. But I'm sure in those examples other people spend their money on shit that I don't. So obviously everyone is going to value different things, so there is no boilerplate answer when it comes to what to cut.

Good starting point is download a year of transactions from your credit card, and subtotal by vendor. And yes most people should be putting most expenses on a CC or you're leaving 2.5 -3% of what you spend on the table. Just pay it off every month. You'll probably see some areas that are higher spend than you expected. Whittle away at things you can toss out that you don't get any value out of, simple as that.

 

[bradr3367]

-create a detailed monthly budget & allocate a place for every dollar.
-review your tv & cell phone, auto ins. plans once a year to find out if you qualify for better rates.

 

[Robster]

Girlfriend and I went out to dinner one night. I was SHOCKED at the bill. We ate in a Mexican Restaurant, filled up on the tortilla chips and salsa, Shared an entree, and drank water. Total for two plus tip was $18 and change.

Honey!! My treat tonight!!!

Makes up for other dinners with drinks and two entrees running around $65 plus tip.

 

[luke moffat]

Splurge money on things that are important and matter to you and skimp on everything else that isn't important to you.

Example: If ya like great optics such at $3K binos and spotters and such but don't care about what vehicle ya drive then but the binos without hesitation and keep driving the older model rig even if it isn't the newest or shiniest and its the least valuable one in the parking lot at work.

 

[BadDogPSD]

Don't buy things you can't afford. It's ok to use credit cards, but only if you don't carry a balance.

 

[cb122]

Sometimes using a free software platform such as mint, ynab, or personal capital can provide a good overview on budgeting, savings, investments etc. You can see where your money is being saved and then spent. A person can narrow down where to make spending cuts then. (Pay yourself first always). Get rid of any discretionary spending debt asap and don't carry any to open up more cash flow for savings.

- eating out is a huge money drain
- large grocery bills due to novelty foods or habits
- going out to bars, liquor stores, etc.. adds up
- cutting cable and getting the lowest internet package available.
- Fuel is expensive right now and a person might have to limit how many times they visit the hunting properties/go out of town etc.
- cut your own hair

IMO - pinching pennies will eventually make a person miserable and is unsustainable long term. A person has to identify what's important to them and what isn't to achieve their desired quality of life. Budgeting is critical and not just mental math. Saving an annual $120 due to going ad-free on one streaming platform isn't going to move the savings needle. As others stated, a person might have to increase their gross income to achieve goals instead of pinching pennies to get there. There are trade-offs to everything.

 

[30338]

Don't dine out, don't like buying $4 beers at bars, drive Toyotas long term, no cable, no Starbucks, hunt in state only most years. If you invest your surplus young in life, compound interest will take care of the rest.

Or spend your income plus 5% and be broke and dependent on an employer.

 

[*zap*]

Eat @ home/bring food. Buy quality gear and then be happy with what you have. Live simple. Embrace simple pleasures.

 

[HuntInWild88]

Only buy things with cash and save the coins. At the end of year roll your change. You would be surprised at how much you will have at the end.

 

[Mighty Mouse]

Use a credit card with cashback rewards for as many expenditures as possible and pay off the balance in full every month. Might as well be getting a couple percent back on things you're buying anyway.

Acquire tools and knowledge to do your own home and vehicle maintenance. DIY oil changes and tire rotations are good places to start.

Buy in bulk when things you know you'll use and have the ability to store go on sale. Case in point, I buy a year's worth of vacuum packed pork shoulders when they go on sale in the winter for $0.99/lb so I don't have to buy in the summer when everyone else is firing up their smokers and prices go up to $2-3/lb.

 

[Dos Perros]

You'll be better off if you put the same effort into making more money than you're considering putting into pinching pennies. Work extra shifts, start a side hustle, anything, and then invest.

 

[fmyth]

I switched from Cable TV to a Firestick and saved $150 a month. Then I switched from Verizon to Tmobile and saved $50 a month. Then added an extra line/sim card to my Tmobile account for $5. Bought a Mofi 4500 router for $400 and popped in the sim card and am using it for my home internet which allowed me to cancel Mediacom cable saving $80 a month. I get Netflix for free as a Tmobile customer and already have Amazon Prime so there is plenty to watch on TV and am saving $275 a month/3,300 a year. I am getting 16mps up and 16 down. I do live webinar trainings for a living and the speeds are sufficient.

 

[CorbLand]

The other thing to look at when trying to save money is buying value. Sometimes it may cost you more but what you get is significantly better. Car payments eat into a paycheck pretty quick but having a reliable vehicle does provide value.

 

[Nealm66]

First, buy a really nice boat and an rv that your current truck can’t pull, then buy a new truck that’s going to need a lift and tires and engine mods. Then buy a house that’s way over budget and needs a shop and a garage to park the fifth wheel and the boat that you can’t afford to use and/or you work so much to afford that you don’t have time to use. Not necessarily in that order

 

[GunsAreFun]

#1 tip would be to stay off Rokslide lol

 

[zacattack]

What are you guys doing to save that extra coin? I've been trying to find ways and keeping all my recipeits to track where money goes on the little things.i've noticed the more I change my lifestyle to save extra cash, the more annoyed I get with the quality of things. Ad free music for example, dropped phone plans down, ect.

I just budget for the extras. My hobbies have a bank account that I put a little bit of money into each month. Any purchases included licenses or tags comes from that account. If I need something that’s going to cost I just have to save longer. I think I put 0.1% of my paycheck into that account. Really makes me think hard about my purchases. I also buy used or on sale for almost everything.

We get a lot of subscriptions and memberships through Groupon deals. We get Hulu for $1 a month. I think we got sams club membership for $20 or something.

 

[Mt Al]

IMO - pinching pennies will eventually make a person miserable and is unsustainable long term. A person has to identify what's important to them and what isn't to achieve their desired quality of life. Budgeting is critical and not just mental math. Saving an annual $120 due to going ad-free on one streaming platform isn't going to move the savings needle. As others stated, a person might have to increase their gross income to achieve goals instead of pinching pennies to get there. There are trade-offs to everything.

Well said (written)!

Surprised not more mention of vehicles so far, so here goes: It's insane what interest, insurance, depreciation and licensing cost with new vehicles. Add them all up over five years, including the depreciation that you will "pay" (divide that by the 60 months) and take a look at the monthly costs above the principle payment. I don't have it totally dialed, but my wife and I research what we're going to buy, shop around the country, and do our best to get something that will last 10 years, is already about 5 years old and has several service options locally. If your commute isn't long, the cost of gas is minuscule compared to the rest of the costs, so we don't focus on miles per gallon.

Eating out: my wife and I go out to eat about once a week, but we really watch where we go and what we order. Few to zero drinks and depending on where you go, it can be $24 or $80 - and we're happy just going out vs, going out to the "right" place.

"gotta haves" - This should be a section on Rokslide, but then there would be no advertisers. The next new rifle barrel, chassis (they used to be called "stocks"), round/chambering. I swear, Rem-Fed-Horn-etc., all must be salivating over the next big round that will be developed that everyone's going to jump on. The amount I see people spend on a rifle/scope combo that will make 0.0001% difference in the outcome of a hunt blows me away - and no wonder they often drive or live in garbage. The next new pistol, pack, boots, pants, fabric, scope, etc. are great, but maybe wait a few cycles before jumping on board. Huge amount can be saved using what you have.

 

[roadrunner]

I recently taught a course in financial literacy to a group of young learners. 50/30/20. The 30 and 20 is spending and saving. If the remaining 50% left over after necessities are taken care of can't buy whatever else, then you shouldn't be spending it.

The 30 and 20 can be interchanged depending on your situation. The 30% is a toss up between "luxuries" and "decencies". A luxury is hunting out of state. A decency is hunting in state. A luxury is a Platinum package on a new truck, a decency is power locks, power windows, cruise control, and a multiple source radio and that's about it.

A luxury is being duped into thinking you need the new flagship bow every year, a decency is using the same flagship bow for 5 years.

Etc, etc, etc...

 

[Anglo-American]

I put every expenditure I can on a credit card (balance paid in full every month). That lets you see what you are spending money and how much, as well as providing the added benefit of building points for travel.

The advice above about making more money is a good one too. If you make enough money, no more need to budget…

False, usually.
As people's budget goes up so do their spending habits to match.

You still have to control your spending.

 

[GSPHUNTER]

When you go out shopping for what ever you are in the market for, make a list and stick to it. do not get sucked into impulse buying. The reason stores of every kind move their displays around is so you have to go looking for something and their hope is, you pick up something while searching store for what you went in for.