The "Ways To Save Money" Thread

[Josh]

This is one of my favorite topics, my wife and I do pretty well for ourselves, but are always looking for ways to be more efficient with our incomes.

We're probably more on the frugal side, but also make sure to have fun. We have our toys (in our case, motorcycles, bicycles) and hobbies (playing Ice Hockey) but we don't have to have the latest and greatest of everything. Below are some of the things we do to cut down our monthly bills (and put extra into savings).

-Set up an ING savings account that automatically withdraws from our main checking account monthy, we have 3 accounts setup for different purposes (Savings, home, auto). Also have an automatic withdrawal for our retirement accounts as well.
-Have older BMW's (both paid off) that I repair at home (they are surprisingly easy to work on as well (total, they require about $2000 in maintenance per year). Also we save every month towards replacement vehicles (these vehicles will get replaced in 3 years).
-Setup a monthly budget and stick to it (This is a must).
-Have credit cards that give us 5% back on gas/groceries. (A balance is NEVER left on the cards)
-No cable television (have a roku box & ps3, we subscribe to netflix, hulu and NHL gamecenter).
-Any bonus's at work go directly to our retirement accounts.
-Any sales off craigslist and e-bay go to a "fun" account that's used to fund hobbies (keeps me from overspending on motorcycle gear).
-We religiously use mint.com to track our spending.
-Clothing, electronics (including not buying a bunch of overprice garbage from apple) etc. is always purchased on sale or from an outlet.
-Lastly, I don't own the BEST of anything, hobbies can get REALLY expensive if you have to own the best, be it cars, boats, motorcycles, electronics, sporting goods etc. Find what will be quality and give you the best bang for your buck.

Oh, and we have no kids, just two dogs instead.....

[VladtheImpaler]

Originally Posted by Josh

-Have credit cards that give us 5% back on gas/groceries. (A balance is NEVER left on the cards)

What card offers that??? MBNA does for the first 6 mos, but it's 3% thereafter... Pray tell if there is something better out there...

[cSpooge]

Originally Posted by VladtheImpaler

What card offers that??? MBNA does for the first 6 mos, but it's 3% thereafter... Pray tell if there is something better out there...

I'm going to assume that it is an American CC by his location

[Table 5]

It might be Chase, as I have something like that. I get 1% Cash back on everything, and 5% cash back on a few categories (groceries, gas, etc) that change every quarter. It's kind of awesome.

[TylerSVT]

Best way to save money. When you make more... dont spend more.

Its funny, i know people who make 100 grand a year and still have money issues, there seems to be this progression with the more you make the more you spend...

If you were content with something before... stick with it as you start earning a higher income.

People as soon as they start making 60 grand assume they deserve a BMW and a nice big condo... so dumb.

[Morozee]

Originally Posted by TylerSVT

Best way to save money. When you make more... dont spend more.

Its funny, i know people who make 100 grand a year and still have money issues, there seems to be this progression with the more you make the more you spend...

If you were content with something before... stick with it as you start earning a higher income.

People as soon as they start making 60 grand assume they deserve a BMW and a nice big condo... so dumb.

I'm reading an interesting book right now about just that; people living above their means. It's called Stop Acting Rich by Thomas J. Stanley. This is the same author who co-wrote The Millionaire Next Door. BTW I didn't buy this book, I got it from the library. Another good way to save money! I read Dr. Stanley's blog fairly regularly as well at http://www.thomasjstanley.com/blog.php. It's mostly interesting statistics and case studies, but there are some good money saving tips as well.

[Josh]

Originally Posted by TylerSVT

People as soon as they start making 60 grand assume they deserve a BMW and a nice big condo... so dumb.

My BMW's only cost me 10k each

Originally Posted by VladtheImpaler

What card offers that??? MBNA does for the first 6 mos, but it's 3% thereafter... Pray tell if there is something better out there...

Sorry to get your hopes up, its offered through chase bank (though I think its discontinued for new customers). 5% on gas and groceries and 1% on everything else.

[jeffh]

Sylvan: I always thought being a draftperson would be a great career. You kinda opened my eyes to realizing the money just isn't there. Kinda disappointing really. Aside from that...Welding would be my last choice, all the crap they breathe in daily isn't worth the few extra dollars when compared to many other 'fort mac' trades.

I heard a while ago you can never have enough freezer space, so thats another plus to all you hoarders like me out there. Stock up when stuff is on sale, especially non-perishables like sundries and less thought about things like furnace filters, windshield wash, etc.

One question for the accountants out there. Is it generally, better to throw 10k a year towards your mortgage or into rrsps at say 25year of age? I always thought getting rid of debts is priority #1...but there always seems to be so much emphasis into investing into rrsps at a young adult age.

[Tyler]

Try the slowcarb diet and watch your grocery bills shrink massively

[schteve_d]

Not all that long ago I took a month and without changing anything I just wrote down in a little notebook every single penny I spent. I didn't look back through it until the end of the month and then I laid it all out and added things up.

I was absolutely amazed how much money I was just pissing away! It was a real eye-opening exercise for me.

[Morozee]

Originally Posted by jeffh

Sylvan: I always thought being a draftperson would be a great career. You kinda opened my eyes to realizing the money just isn't there. Kinda disappointing really. Aside from that...Welding would be my last choice, all the crap they breathe in daily isn't worth the few extra dollars when compared to many other 'fort mac' trades.

I was a draftsperson for about 3 years, from 2000 to 2002. I worked for 2 different companies in Saskatchewan and Alberta, and figured out after about the 2nd year this was not a job I wanted to make a career out of. The pay was one issue, the other was sitting in front of a computer for 8-12 hours a day. It got old with me fast. My new career pays better, but it is dysfunctional in other ways. I don't hate it, but I don't love it either. It's tolerable and pays the bills. I'm 7 years into my new career, I'm 30 years old and I still may yet change careers again. No one says you gotta pick one thing and do it forever.

I have no regrets, it was an experience. I paid down my student debt in those three years and saved some money that eventually went towards the down payment on my first home. Also soon after I quit my drafting job and moved back to Manitoba I met my wife! I never would have met her if I didn't leave Alberta to go back to school... no regrets!

[JohnnyB]

Originally Posted by Hack&Lube

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

I suppose I probably average around $450/month on food. This is living an expat life though. I can get great food for very cheap where I am, so that's what I do. Probably the largest part of my monthly expenses are on flying back and forth to Shanghai to see my wife and on having fun when I'm in Shanghai with her. I guess when she moves here I will probably stop eating out though, which will reduce both my food and my travel bills.

[bossy22]

I found the easiest way to save money is to stop going out to movies and dinner. I also quit going to starbucks. I used my aeroplan miles and got a jura automatic espresso machine and have awesome coffee every morning right at home.

[calgaryrocks]

having a budget in excel has worked great for me, i was able to see how much I was spending on food etc per month, and set myself a goal that i could track, everytime i put in the next expense, I would see how much over or under the pace I was.
I started my tfsa (tax free trading account actually) this year, but need to start an rrsp at some point soon too (mid 20s). what is the best way to go about setting up an rrsp for long term, with a very couch potato strategy about it, put money in every month and let it grow?

[edn88]

Buy used - when I bought my new car seven years ago, we picked up a car that was a year old with 10K on it. Essentially 25% off of the new sticker price of the same car.

Don't be a slave to fashion - if you can live with last year's model (or style) you save big. I used to sell skis and quite often the only change to a ski or boot was color and instantly the old stuff was on sale for 40-50% off. Same for golf gear. That driver that is a year or two old at Golf town is still almost as good as the new one.

[Starfishy]

Originally Posted by Table 5

One of things I like to do is buy everything on a credit card that gives me 2-3% cashback. It adds up to a few hundred dollars a year I wouldnt have otherwise, all my expenses are organized and recorded, and it builds my credit.

Also Ive started asking for "small", whenever the serving size option comes up with food/drinks. It's helped to save money and to lose a little weight. Most of the serving sizes these days are so massive, that the Small serving size is just right.

Does anyone have a suggestion for one of these 2-3% cash back cards. I did a search for a card like this a while ago and all I came up with was my 1% cash back MBNA card.

[Pinner]

Originally Posted by Locke

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.

Oil patch welding is pretty hard on a guy, knees and especially the neck. They eat a lot of smoke too. What the guys are doing in Fort Mac is probably relatively easy ??? but those guys probably spent a lot of years pipelining, putting in long hours, especially in the winter. Not exactly an inside job.

[Mass_nerder]

Originally Posted by Morozee

I was a draftsperson for about 3 years, from 2000 to 2002. I worked for 2 different companies in Saskatchewan and Alberta, and figured out after about the 2nd year this was not a job I wanted to make a career out of. The pay was one issue, the other was sitting in front of a computer for 8-12 hours a day. It got old with me fast. My new career pays better, but it is dysfunctional in other ways. I don't hate it, but I don't love it either. It's tolerable and pays the bills. I'm 7 years into my new career, I'm 30 years old and I still may yet change careers again. No one says you gotta pick one thing and do it forever.

I have no regrets, it was an experience. I paid down my student debt in those three years and saved some money that eventually went towards the down payment on my first home. Also soon after I quit my drafting job and moved back to Manitoba I met my wife! I never would have met her if I didn't leave Alberta to go back to school... no regrets!

I'm an architectural technologist right now, but basically it's a fancy title for draftsperson. I've been with my job/company for close to 3 years since I've graduated, and I could be making more as a assistant kitchen manager at Boston Pizza.
Aside from the poor pay, it sucks seeing the designers do all the interesting preliminary design, conceptual massing, travelling to meet with clients etc... when I'm stuck in front of a computer working from red line sets they've passed along, or working out details.

I'm currently waiting to hear back about being accepted into University again, to become an actual architect, because I know I don't want to do this for the rest of my life.

[Flashpoint]

Originally Posted by Igottago

Cut back on drinking. Easier said than done, but it's a massive expense.

Buy beer at the grocery store, and drink it at home, or a friends place. Don't drink at bars.

The unscrupulous have also been known to smuggle their own booze into sporting events...

The Beer Belly and Wine Rack

[VladtheImpaler]

Originally Posted by Starfishy

Does anyone have a suggestion for one of these 2-3% cash back cards. I did a search for a card like this a while ago and all I came up with was my 1% cash back MBNA card.

The MBNA Platinum Plus cash-back card is not advertised (supposedly only available to existing MBNA customers, but I phoned them up and got one), but it gives you 5% back on gas/groceries for the first 6 months and 3% thereafter. Of course, that return is limited to the first $600 per month, so you have to make sure you use it efficiently. I have this card plus the Capital One Aspire World M/C for the travel rewards. According to my research, those are the best 2 reward cards in Canada - if someone knows otherwise, please post the info here.