The "Ways To Save Money" Thread

[DownhillGoat]

Originally Posted by 3 Justin 3

I agree, but only if you have the funds to pay it off (you touch on this though).

Yeah, I could have been more clear on that. The key is to use it like a debit card and know what you can afford. If you're using it as a "hey, I've got another month to pay it off", it's probably not the best solution. Not to be used as a play now pay later deal.

[Hack&Lube]

Originally Posted by JohnnyB

I only eat out. Really.

There hasn't been cooking in my apartment since September or October, and that wasn't me doing the cooking. Eating out for every meal is kind of awesome, in a hilarious bachelor kind of way. Still, I save about 50-60% of my salary every month, so my savings are doing alright.

What is your average bill per week or month from eating out?

[flamesfever]

1. take the bus or LRT to work (saves on parking, vehicle expenses, etc.)
2. only have one credit card (preferably at a major bank) and pay off
the balance every month
3. forget the new vehicle, toys, etc.
4. watch the sales on groceries, household stuff, etc.
5. eat out sparingly
6. be the best at what you are good at and create a market for your
skills
7. start an RRSP and TFSA
8. learn to invest

[burn_this_city]

Go work in Fort Mac at some remote site for a couple years. You'll spend almost nothing every month and sock away some pretty decent cash.

[Locke]

Originally Posted by burn_this_city

Go work in Fort Mac at some remote site for a couple years. You'll spend almost nothing every month and sock away some pretty decent cash.

Caveat: Only if you stay away from the blow and the booze. Bring a book or something, it can get pretty boring.

[burn_this_city]

Originally Posted by Locke

Caveat: Only if you stay away from the blow and the booze. Bring a book or something, it can get pretty boring.

Most sites are dry, you can tell who's potentially a crackhead. I just bring my laptop and chill in my room with 400 channels on the satellite. Its a bit of a sacrifice being away, but a couple years up here can set you up nicely.

[Locke]

Originally Posted by burn_this_city

Most sites are dry, you can tell who's potentially a crackhead. I just bring my laptop and chill in my room with 400 channels on the satellite. Its a bit of a sacrifice being away, but a couple years up here can set you up nicely.

I've seen it. I've also seen the other side.

[Table 5]

What's the average salary up there anyway? I always here that you can make some pretty good money, but I'm curious about numbers.

[burn_this_city]

It depends on what you do. I dont think there are very many people making less than $75k a year.

[sergei_makarov]

Lots of good advice here! I'll probably be repeating some things but:

- Stop eating out all the time! Cook at home when possible - really saves a lot of money.
- Track your spending! Create a spreadsheet and start projecting your cash flow/savings far into the future. Lets you plan for things like putting money away for emergencies and allows you to treat yourself as well - as long as it's planned!
- Stop buying brand-name things! Life brand dish detergent will suffice and the $1-$2 savings add up over time.
- Stock up when things go on sale and store it!

[Locke]

Originally Posted by sergei_makarov

Lots of good advice here! I'll probably be repeating some things but:

- Stop eating out all the time! Cook at home when possible - really saves a lot of money.
- Track your spending! Create a spreadsheet and start projecting your cash flow/savings far into the future. Lets you plan for things like putting money away for emergencies and allows you to treat yourself as well - as long as it's planned!
- Stop buying brand-name things! Life brand dish detergent will suffice and the $1-$2 savings add up over time.
- Stock up when things go on sale and store it!

Become a Hoarder. Great advice.

Should we be stocking up in anticipation of the coming apocalypse too? Armageddon is just one biblical tragedy away....

[Locke]

Originally Posted by Table 5

What's the average salary up there anyway? I always here that you can make some pretty good money, but I'm curious about numbers.

I see about $65K as a part time contract worker to much, much higher.

[Sylvanfan]

Originally Posted by burn_this_city

Go work in Fort Mac at some remote site for a couple years. You'll spend almost nothing every month and sock away some pretty decent cash.

Doing what, welding, electrician?

I'm a draftsman, and to be frank...it's at a point where it's been a waste of 15 years of my life. I can't imagine a more difficult job that pays less, and has worse future prospects.

Simply put I feel like I should have been an electrician or welder because I'd be making at least $10 an hour more, and wouldn't be outsourced to the point where I have to slit my own throat to stay employed for 5 more months all the time.

I need to change careers now, but at my age...it's crucial I don't fata it up and pick a bad one....like I did for the past 15 years.

[Dion]

Pay cash for everything unless it's large purchases like a house or a automobile.

Only use your credit card for emergencies. Be sure to pay it all off at the end of the month. Get a banl loan if you have any outstanding payments left on your CC.

If you plan on saving so much each month take that off your pay check at the start of each month. If you wait until the end you'll most likey have little to nothing left.

Start an RRSP very early in life and make regular contributions. It's worked quite well for me.

Avoid impulse buying on large purchases.

Never try to keep up with the Joneses as it will quickly put you in debt.

Materialism and wanting to always have the best stuff is a sure fire way to keep you in debt.

[Locke]

Originally Posted by Sylvanfan

Doing what, welding, electrician?

I'm a draftsman, and to be frank...it's at a point where it's been a waste of 15 years of my life. I can't imagine a more difficult job that pays less, and has worse future prospects.

Simply put I feel like I should have been an electrician or welder because I'd be making at least $10 an hour more, and wouldn't be outsourced to the point where I have to slit my own throat to stay employed for 5 more months all the time.

I need to change careers now, but at my age...it's crucial I don't fata it up and pick a bad one....like I did for the past 15 years.

If I had to pick, and mind you I only see T4s, not all the work or detail, and you wanted to go and work your ass off in the Fort?

I'd pick Welding.

[Table 5]

Originally Posted by burn_this_city

It depends on what you do. I dont think there are very many people making less than $75k a year.

I'm starting to see why all you Albertans each have 3 houses and 4 Ferrari's.

[Maritime Q-Scout]

Originally Posted by sergei_makarov

- Stock up when things go on sale and store it!

if it doesn't go bad, stock up and buy in bulk. I purchased computer paper twice in the last two years, both time a box with several packages rather than pay $6-$10/package.

I also buy paper towel/toilet paper in the big bulk packages as well. It's kind of nice not having to pick up essentials every time you go shopping, helps keep the rest of the orders low.

Watching the sales is another big thing, I don't remember the last time I set out to purchase something I didn't need at that very moment, that wasn't on sale.

[Morozee]

Originally Posted by burn_this_city

Go work in Fort Mac at some remote site for a couple years. You'll spend almost nothing every month and sock away some pretty decent cash.

I have a friend working up there right now. His plan was to work there for 2 years, save a pile of money and move back to Winnipeg. Well that was 7 years ago! He makes stupid amounts of money, and his living expenses are also covered. Now he can't justify leaving and going back to earning half the money he is currently making.

[sergei_makarov]

Originally Posted by Locke

Become a Hoarder. Great advice.

I learned this at a young age from the parents and they've done very well for themselves since retiring and we enjoyed lots of the extras as a family growing up because they planned things so well.

I remember going to the basement as a child to get things for mom and it would look like a grocery store down there! Dad made a bunch of shelving units in aisles and we'd have 20-30 bottles of dish detergent lined up on the shelves, along with other items suitable for storage like canned tomatoes, canned beans, etc.

[burn_this_city]

Originally Posted by Sylvanfan

Doing what, welding, electrician?

I'm a draftsman, and to be frank...it's at a point where it's been a waste of 15 years of my life. I can't imagine a more difficult job that pays less, and has worse future prospects.

Simply put I feel like I should have been an electrician or welder because I'd be making at least $10 an hour more, and wouldn't be outsourced to the point where I have to slit my own throat to stay employed for 5 more months all the time.

I need to change careers now, but at my age...it's crucial I don't fata it up and pick a bad one....like I did for the past 15 years.

You should be able to parlay that into a construction position of some kind and not necessarily one working outside. What kind of drafting have you been doing??