How Do You Cut Costs?

[peter12]

I think that I went through something similar when I left the professional world to go back to grad school. Definitely had to stop buying as many nice clothes. Most of my stuff now is either very old, bought on sale, or through eBay.

I think super saving is a great idea. My wife and I save around 25% of our income, and it is pretty nice to know that we will be able to retire sooner rather than later with no house debt. That said, Corsi is right. You have to enjoy life a little bit, if you can.

[GirlySports]

also buy a cheap house and pay if off ASAP. I see 20somethings buying 600K houses on 10% down. That's just an anchor.

Your first house isn't going to be your last house. Buy something 200K, ride it out for 5-8 years then get your dream home

[Teh_Bandwagoner]

Originally Posted by Huntingwhale

- Dropped cable and bought a Kodi device to watch tv shows. Will be getting GC when hockey season starts instead of playing for cable

If you have a computer connected to your TV already, you don't even need a Kodi device. You can just download the software yourself for free!

[taco.vidal]

Focus on big stuff.
Eliminate a car to save a car payment and insurance, and a transit pass instead of monthly parking. Could be a $1000 per month right there.

A smaller, less fancy home could easily mean $1000 less in mortgage payments. Buy in a neighbourhood that lets you transit commute into work quickly and it makes #1 above much easier to do.

[The Yen Man]

Originally Posted by Amethyst

I would rather cut back on all those other things and keep the travel - although not all inclusives. For me, the main point of living inexpensively day to day is to have the opportunity to do awesome things like travel.

See, I'm the opposite. Travelling to me isn't that big a deal, so I don't do a lot of it, and as a result, I get more disposable income to enjoy other little day to day things. Not saying I spend frivolously or anything, but I generally have no issues buying things I like.

[CliffFletcher]

Buying the cheaper alternative isn't always the most cost-effective in the long run. With things like shoes, socks, pillows, and outdoor clothing, if you spend more at the outset you'll save money in the long run. You can buy an $80 pair of shoes that will last you a year, or a $130 pair that will last your three. I've bought expensive, thick socks that cost $12 a pair, but they're still going strong 6 years later. Cheaper (and more comfortable) than buying 3 pairs for $10 and replacing them every year.

[The Yen Man]

Originally Posted by CliffFletcher

Buying the cheaper alternative isn't always the most cost-effective in the long run. With things like shoes, socks, pillows, and outdoor clothing, if you spend more at the outset you'll save money in the long run. You can buy an $80 pair of shoes that will last you a year, or a $130 pair that will last your three. I've bought expensive, thick socks that cost $12 a pair, but they're still going strong 6 years later. Cheaper (and more comfortable) than buying 3 pairs for $10 and replacing them every year.

Agreed. One thing I've realized is to not skimp out on quality winter wear. I know good quality coats, boots, and gloves can be costly, but mine have lasted me years, and keeps me warm. Don't cheap out on those items.

[Flash Walken]

Originally Posted by CliffFletcher

Buying the cheaper alternative isn't always the most cost-effective in the long run. With things like shoes, socks, pillows, and outdoor clothing, if you spend more at the outset you'll save money in the long run. You can buy an $80 pair of shoes that will last you a year, or a $130 pair that will last your three. I've bought expensive, thick socks that cost $12 a pair, but they're still going strong 6 years later. Cheaper (and more comfortable) than buying 3 pairs for $10 and replacing them every year.

I went through a rainjacket every couple of years after first moving out to Vancouver. Bit the bullet, bought an expensive one designed exactly for my lifestyle and haven't replaced it since.

I'm a big believer in buying things once even if it costs more.

When it comes to a mattress, pots and pans, even bathroom and sink fixtures, it's just not worth it to put up with inferiority quality if you consider how often you use those items. Clothing the same thing.

[peter12]

Denim is a big one too. Anything made out of wool.

[FlamesAddiction]

Originally Posted by CliffFletcher

Buying the cheaper alternative isn't always the most cost-effective in the long run. With things like shoes, socks, pillows, and outdoor clothing, if you spend more at the outset you'll save money in the long run. You can buy an $80 pair of shoes that will last you a year, or a $130 pair that will last your three. I've bought expensive, thick socks that cost $12 a pair, but they're still going strong 6 years later. Cheaper (and more comfortable) than buying 3 pairs for $10 and replacing them every year.

I had this issue with power tools. I started doing some DIY stuff around the house, so I bought a few cheap power tools from Princess Auto (yay Power Fist!). After having to replace a few tools, I figured it was way better to buy quality stuff from the start. Lesson learned on that one.

[Wormius]

Taking transit. Although it was somewhat forced upon me by my car crapping it, my monthly fuel bill alone was $200 on average to commute to the south. Now I just pay $100 for a transit pass and avoid car maintenance, insurance, fuel costs, season tire swaps, etc. I expect I am saving about $200 all in for a car.

Also bought a safety razor, blades are super cheap and the quality is great. I shave infrequently, so I don't know the savings exactly.

I also don't eat out unless it's something special to try. I try not to waste my money on ordinary or average restaurants.

Breakfast is mostly oatmeal on weekdays.

I did fall for the Nespresso so that's a bit of a costly habit on a daily basis for 2 people. Would like to find a good refill kit for the new models.

Wish I could slave household bills for utilities, but looks like not much one can do there.

[peter12]

The safety razor is a fantastic investment. The initial cost is high, but also dependent on what you want to spend for the razor and brush (I think my razor was $60 and my brush was $130), but that was about 9 years ago, and in the meantime, I have probably spent all told $160 on cream and blades.

[dino7c]

Just downsized my home...honestly its pretty much the same size just got an older home that was dated big time and put in a little elbow grease....now its an awesome home at a fraction of the cost. So much less stress without the massive mortgage

[PepsiFree]

An electric razor is a good alternative as well.

[peter12]

But if you let your hair get too long, the electric razor basically just pulls them out of your face.

[peter12]

On the side of expensive wool, I bought one of these sweaters (http://shopnorthamerican.com/collections/dehen-1920) a few years ago. It was on sale for about $300, but I will probably never need another grandpa cardigan. Thing is indestructible.

[CorsiHockeyLeague]

Hahaha I love how Peter's "cut costs" advice is "buy a $400 sweater".

[peter12]

Originally Posted by CorsiHockeyLeague

Hahaha I love how Peter's "cut costs" advice is "buy a $400 sweater".

Well, yes.

But I won't ever buy another sweater, and it doubles as a jacket.

[CliffFletcher]

Originally Posted by Wormius

I also don't eat out unless it's something special to try. I try not to waste my money on ordinary or average restaurants.

This is a good one. The worst culprit for wasted food money is pubs. I almost never eat when I go out for beer. I see all these people at the bar ordering food at 8 pm and I wonder if they're having a late dinner, or if they're eating a fourth meal of the day just because someone put a menu in front of them.

[peter12]

Originally Posted by CorsiHockeyLeague

Hahaha I love how Peter's "cut costs" advice is "buy a $400 sweater".

On this note, I am always delighted that so many posters take me so seriously.