Where do you SAVE money?

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Where do you SAVE money?

Mike McKinzie
Investor · Westminster, CO · Member since 2009 · 1k+ posts · 1k+ votes

Most of BP is about MAKING money. But as Ben Franklin states, "A penny saved is a penny earned!" Therefore, I would like to hear your ideas on saving money.

Here are a couple from me.

I clip grocery coupons! :lol: I know you are all rolling your eyes with that. But let me give you the numbers. I went shopping Tuesday night. I purchased $310.73 of groceries for $133.83. My 'coupon savings' in February were a little over $800.00. That's like have a $1,600 a month rental, free and clear (using the 50% rule) I spend about 2 hours a week clipping coupons (watching TV while doing it). How many of you would 'work' for 2 hours a week for a $1,600 a month rental? And since we all have to buy groceries anyway, why not try to save while you're doing it!

We just bought 2 Flat Screen Televisions from Best Buy. Best Buy has a 'price matching' guarantee so we shopped around and found the same TV for $50.00 less at Sears. Best Buy matched it, and BB has a better and cheaper warranty plus outstanding service. How long did it take to find the lower price at Sears? Two minutes. The internet is a wonderful thing. So 2 minutes of work made us $100.00.

What money saving tips do you have?

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Rich Weese
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
16y

Ali- For cruises, I like vacationstogo.com, crucon.com, and travelzoo top 20 each week. We took a 7 day earlier this month. $319 per person. Bought 4 days before cruise, drove over to Ft Lauderdale and got on the ship! Doing a 12 day to Egypt whcih includes 5 day Nile cruise. Trip with air included was $1649 p/p !!
Doing a small one in July, 10 day in Norway in june and 12 day to Galopagos in Aug. I try to do one a month.

workerdrone- I have some very detailed previous posts and blogs on my food storage. I'm a member of the Mormon church. We're very oriented toward food storage. We own ranches, orchards, canneries etc. I buy most of my food through the cannery. Find a Mormon in your area and ask him if there is a cannery around. You can buy dry foods already prepared in # 10 cans. They'll last a long time. My wife and I have bought wheat in bags, transferred to large white buckets and added a packet that keeps the moisture out.

There are also food storage stores where you can buy all your staples packaged and ready to go.

I do have a rotation system for packaged items. Make sure the food you store is food your family will eat! We used to have one day a week where all three meals would be from the food storage. Eliminated some items that NO one liked!Rich

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  • Shanti S.
    Real Estate Investor · Longmont, CO · Member since 2009 · 208 posts · 109 votes
    16y

    I improved my diet starting March 1, now the major portion of my meal is bulk bought beans, grains, veggies, home cooked. Most of my meals aren't much over a buck! Before I was buying breakfast and lunch out often and spending $4-20 per meal for salty, high calorie food. Not to mention I lost 15lbs so far this month and feel better! Still eating meat and stuff I crave, just in smaller quantities....

    Have a veggie garden in the summer, amazing how little space you actually need.

    I've only driven used cars for the past 21 years - paying cash and doing almost all maintenance myself. No car payment, no stress about getting it scratched or stolen, and cheaper insurance.

    And I buy doodads used on craig's list or ebay at huge discounts. I can often enjoy them for a few months or years and resell at the same price.

    Impressive results with the coupons Mike!

    0Reply
  • Ali Samana
    Real Estate Investor · Frisco, TX, TX · Member since 2010 · 388 posts · 138 votes
    16y

    Great thread Mike...my wife and I stick to a strict budget (most of the time :). We take out a certain amount of money for the things we do and when that money is gone, we're done until next time!

    I am also research alot before shopping and that saves us money. We wanted to buy an LED tv. after a bit of research we found a 46in Samsung for 1249 out the door. Now that's a deal!

    0Reply
  • Rich Weese
    Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    16y

    I will ONLY purchase HIGHLY discounted cruises! Rich

    0Reply
  • Rich Weese
    Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    16y

    Ok.
    I'm pretty thrifty. I rent cheapest cars on trips. Only order water when out to eat. Buy food in bulk and rotate. My food is bought a year before it is eaten(unless refrigerated). I "income average" purchase on bullion regularly. I plan my income/expenses to not owe any income or state income tax.
    No goodies purchased at movies and always the matinee. Clothing is inexpensive where I shop. I trade and barter for many products and services. List could go on forever. Rich

    1Reply
  • Mark N.A
    Real Estate Investor · North Carolina · Member since 2008 · 1k+ posts · 483 votes
    16y

    I use two cash-back credit cards paying me 1% to 2% on my purchases. And don't I just LOVE rehabs and maintenance!..... (disclaimer: I pay the full balance off each month.)

    0Reply
  • Ali Samana
    Real Estate Investor · Frisco, TX, TX · Member since 2010 · 388 posts · 138 votes
    16y

    Rich, where do you find deals on cruises? my wife and I have been dying to go.

    0Reply
  • Shanti S.
    Real Estate Investor · Longmont, CO · Member since 2009 · 208 posts · 109 votes
    16y

    Rich, curious about the bulk food purchase too - are you talking BJ's and Costco, bulk 'health foods' like beans and such where you fill your own bags and pay by the pound? Any sources that are not so commercial or well known?

    How do you store it and do you have a system for eating the oldest stock first?

    I'm interested in the security and moneysaving aspects, although the biggest benefit recently has been the health benefit for me....

    Things I DON'T buy, in order to save money - extended warranties, bottled water, books I can get at the library, dvd's, and things "in season" - I try to buy winter clothes and firewood in spring or summer clearance for example

    0Reply
  • Ali Samana
    Real Estate Investor · Frisco, TX, TX · Member since 2010 · 388 posts · 138 votes
    16y

    Oh, one more thing my wife and I do is to have a blockbuster online membership. Since I have had it for over 6 years they have kept me at the same rate (19.99/month) and we love watching movies. We definately get our money's worth every month. We also don't go to the theatre much since we can rent whatever we like at no additional cost.

    0Reply
  • Mike McKinzie
    OP
    Investor · Westminster, CO · Member since 2009 · 1k+ posts · 1k+ votes
    16y

    Buying Vehicles is another great way to save money:

    I purchased a $40,000 Four Wheel Drive Suburban that was two years old for $16,000.00.

    When my son went to college, he needed a car. We purchased him a Chevrolet Malibu for $6,500 from a GSA Auction. That exact same used car was for sale from a local dealer for $14,999.

    Speaking of auctions, they are great places to pick up needed items for a lot less than retail. Estate Auctions, Government Auctions, Self Storage Auctions, etc...

    0Reply
  • Shanti S.
    Real Estate Investor · Longmont, CO · Member since 2009 · 208 posts · 109 votes
    16y

    Yep. Buying the RIGHT vehicle for you too. You'll have no probs finding reasonable parts and reasonable mechanics that can work on those Chevy's.

    I bought a 2000 VW diesel Jetta used in 2003. The dealer wanted $13,500, I talked him down to $10k by complaining about the 75k miles on it.

    I put another 225k on it, getting 50mpg, over the next 6 years and it broke last summer at 300k. Not recommending anyone buy a VW unless they know how to work on them because the dealers and parts and mechanics are generally $$$$, but getting 50mpg for 6 years was great.

    Another saving tip - if you still think you're being nice to your car by changing the oil every 3k, think again! You are probably just throwing money away, most mfr's recommend 7500-10k oil change intervals now.

    Same for super unleaded, unless you drive a turbo it's probably a waste of $ - again, check the specs on your car to see what's the lowest acceptable grade.

    0Reply
  • Mike McKinzie
    OP
    Investor · Westminster, CO · Member since 2009 · 1k+ posts · 1k+ votes
    16y

    Oh yes, I almost forgot, my son totaled that Malibu and we got MORE for it than we paid for it! So it was a 'free' vehicle.

    0Reply
  • Rich Weese
    Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
    16y

    Ali- For cruises, I like vacationstogo.com, crucon.com, and travelzoo top 20 each week. We took a 7 day earlier this month. $319 per person. Bought 4 days before cruise, drove over to Ft Lauderdale and got on the ship! Doing a 12 day to Egypt whcih includes 5 day Nile cruise. Trip with air included was $1649 p/p !!
    Doing a small one in July, 10 day in Norway in june and 12 day to Galopagos in Aug. I try to do one a month.

    workerdrone- I have some very detailed previous posts and blogs on my food storage. I'm a member of the Mormon church. We're very oriented toward food storage. We own ranches, orchards, canneries etc. I buy most of my food through the cannery. Find a Mormon in your area and ask him if there is a cannery around. You can buy dry foods already prepared in # 10 cans. They'll last a long time. My wife and I have bought wheat in bags, transferred to large white buckets and added a packet that keeps the moisture out.

    There are also food storage stores where you can buy all your staples packaged and ready to go.

    I do have a rotation system for packaged items. Make sure the food you store is food your family will eat! We used to have one day a week where all three meals would be from the food storage. Eliminated some items that NO one liked!Rich

    2Reply
  • Jon Klaus
    Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    16y

    I don't save money well in the small areas, but do like to concentrate on the big areas.

    1. Home purchase in 2003. We bought our 3100SF home on 9 acres in a probate sale and saved there. Also bought in a somewhat undesirable part of the county because of poor schools, We are home schooling so that didn't matter much. We are 25 minutes SE from downtown. If we went straight east we would have paid double. If we went north we would have paid 3-5x as much.

    2. Cars. I almost always buy high mileage vehicles that have mostly depreciated, but are still good. I.e. Loaded Suburban with 140K miles on it. I recall in"the "Millionaire Next Door" many drove vehicles that were cheaper by the pound.

    0Reply
  • Jon Klaus
    Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    16y

    "I purchased a $40,000 Four Wheel Drive Suburban that was two years old for $16,000.00."

    My 4x4 Suburban is great for my investing. I buy acreage properties and get stuck too often on bad roads and driveways, The 4x4 with brush guard is just what the Dr. ordered. Now if I added a winch....

    0Reply
  • Timothy W.
    Attorney · Raleigh, NC · Member since 2008 · 4k+ posts · 1k+ votes
    16y

    I date a girlfriend who lives in another state and got a cell phone plan with unlimited. I've been on a 1.5 year relationship that has only cost me about a dozen dates. It also frees up my time to get crap done.

    I also don't have a mortgage on the house I live in or a car payment on the truck I drive. That kinda helps.

    2Reply
  • Will Green
    Virtual Assistant · Charleston, SC · Member since 2010 · 8 posts · 2 votes
    16y

    I buy discount gift cards online for stores I shop at a lot and restaurants. There are some great sites where people sell unwanted gift cards at a discounts. The amounts aren't as small as you'd expect it's easy to find between $500-1000 giftcards. Good sites guarantee the giftcards so you don't have to worry about someone taking your money and running.

    I save between 5-20% on anything I buy at a lot of stores this way. The great things is you can combine it with coupons and sales to save a lot more.

    1Reply
  • Account Closed
    OR · Member since 2008 · 1k+ posts · 845 votes
    16y

    Bulk foods: some at Costco, mostly cheese, frozen foods, nuts, tea, plastic bags, coffee when they have a coupon.

    I buy from the bulk bins, but the store I like is 120 miles away. When I am going to be over there, I call a week in advance and order the stuff I want by the full bag, usually 25 pounds. Normally I get brown rice, rolled oats, oat bran, dry beans, quinoa. Then I also buy meat on sale for the freezer while I am there.

    I home make granola and oat bran muffins for breakfast. Much healthier, lower sugar, less fat, whole grain, include flax seed, walnuts, fruit, good healthy stuff.

    Today I cooked a couple of pounds of black beans ad a batch of boiled barley, and they got frozen in 1/2 C servings. I made salads with them. I also cooked dog food today and froze portions.

    I've got fruit trees and a vegie garden. I only raise stuff that is expensive and also tastes better when home grown.

    I am always on the lookout for 10% discount cards for Lowes. I buy a lot of stuff there, 10% adds up.

    Some bargains off of Craigslist, Restore, and a local junk yard (just found a toilet tank for a 30 year old toilet, l don't have to replace the whole toilet now.)

    Shop your car insurance every couple of years. Rates creep up and new policies are always cheaper to catch your business.

    I buy my blue jeans from the farm store. I like the cut of the $16 ones better than the ones at the fancy clothing stores that cost $200.

    Always ask if you can get the contractor's price, sometimes that gets a discount.

    My son and I share a Costco business account. Hey, the darn card is $50/year so we are saving $50 by not each having our own account. Same with the cell phone. My phone is on his account and I get unllimited calling nationwide and it only adds $10 to his fee.

    Eye glasses from Costco, by far the best price.

    If I find a really good price on something I know I will use, I load up. I just bought 800 feet of drip line from Lowes that was on close out for a screaming bargain price (minus my 10% discount card)

    Remember, no sale price, no matter how cheap, is a bargain if it is something that you don't use, or won't use all of.

    2Reply
  • Jon Klaus
    Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    16y

    Home Depot will honor the Lowes discount cards. Go to the Pro desk or contractors desk to ask for discounts. Always ask on larger purchases. Lowes has been good about discounting single appliances. Tell them what you do and that you would like a one stop shop.

    0Reply
  • Frank Adams
    Loveland, CO · Member since 2008 · 1k+ posts · 123 votes
    16y

    I've always (until the last two cars) been a used car guy.

    I haven't bought any "new" clothes (except my ski jacket) anywhere except Goodwill and ReHab for about 6 years.

    Can't tell you how many entryways and bathrooms I've retiled with yard sale and "leftover" ceramic tile. Done a bunch of painting with HDs "whoops" paint.

    Knowing I was getting ready to put a 1/2 bath in a LARGE laundry room I purchased the following:

    Toilet at community wide yard sale $1.00
    Towel racks, robe hooks etc at same $1.50
    Discontinued pedastal sink with base (HD) $10.00
    Exterior paint (HD whoops) $10.00
    A fair amount of CPVC, yard sales $ 5.00

    A year and a half ago I bought a wall oven and smooth top cook top for (IIRC) $250

    We clip coupons, including for hotels/motels for travelling. I also check gas prices before taking driving trips. Not necessarily to see the cheapest place in town, but to find the (often large) differences between towns 50-100 miles apart.

    Frank

    0Reply
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