Where to cut down on your spending to maximize savings
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We have heard these money saving tips countless times. Stop eating out, make your coffee at home, eliminate as much of the wasted expenditures as possible. However, for many of us, not getting that Starbucks coffee is just enough to drive us nuts. What could these people do?
You can try to cut down on the number of times you go have a coffee. Instead of 5 days a week, try 3 days a week. That $7 per week you end up saving, although not as good as $17.50 per week, is still great down the road. Even if this is too hard to do, how about having a smaller sized version of the drink? Most of us crave for the drink before we buy it, but usually do not really need that big of a cup anyway. The size difference might be $0.75 per day which is still $3.75 per week.
This brings up a good point, which is small sizing your expenditures. Instead of trying to completely eliminate coffee, eating out etc, how about just spending less money per item? Isn?? that better than not having it at all?
For example, I for one try not to go out too often to eat, but when I actually do go out, I don?? really look at the price tag on every item I order. Let?? say I go to a restaurant and have the following:
Rib-eye steak: $19.00
Fries: $0 (included in the steak price)
Cream of Spinach $2.00 (extra for this premium side order)
Coke: $2.00
Total: $23
Now say that I can order a porterhouse for $21
Fries: $0 (incl. in the steak price)
House salad (incl. in the steak price)
Water $0 (It?? actually better for you)
Total: $21
You save $2 with this meal even though the steak price is actually higher!
Obviously, this is just one example but I bet everyone can find thousands of ways to do this. Is this something you do already? Help teach others by giving out your example!
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I do this all the time. Just be careful that you need to achieve a balance. If you do this on every meal, it will be very hard on yourself.
A dollar saved is the same wherever it comes from. I use coupons a lot to basically achieve the same thing. It’s a little hard work but I feel happier that I’m eating the same thing as the person next door at a cheaper price.
I tried something different. Everytime i had the urge to splurge, and if i managed to resist, i went home and kept aside that money that i would have otherwise splurged.
E.g if i wanted to take a cab, i took a bus and then put aside $10 that i would have otherwise paid extra had i taken a cab.
At the end of 2 months, i was astonised to see $340 in the box. That was how much i was wasting earlier. I made some changes to my lifestyle.
Now, its 3 months since i took a cab. Thats a huge savings for someone who was too impatient to wait for a bus and took a cab almost 2-3 times a week.
Great story! I think I will share your success story with everyone in a few days so more people can use your method to encourage them to spend less!
Yes, the “Latte Factor” is one to definately practice.
I have personally made these changes -
- Gym membership - at $36/a month/$432/annually - I can get a better workout outside and I do! Fresh air is better. I purchased some inexpensive gym equipment for home.
- Thrift shopping - Major retailers like Target are donating their overstock items to stores like GoodWill…I have supplied my home with finds from thrift stores and get compliments all the time!
- Mobile Phone - I was tired of the fees and overage charges, 2-yr contracts - so I went m-to-m, pay for minutes I know I will need. Do without the fancy features like video & picture mail, TM. I have saved over $200 annually.
to take your example even further, cook for yourself.
Rather than an expensive cut, get what my Uncle (who worked as a butcher for 20 years) would buy, eye of the round. For about three to five dollars you can have a steak, potato, veg, salad and that coke plus desert. Saving $16+ dollars.
Also, cooking for yourself saves the time of going out to a restaurant and the gas to get there.
Generally a one time savings is no big deal, but say you do this everyday. For example, I work with people who drive to a sandwich shop that boasts the fat wallet their customers have from eating there. Yeah, right. Lunch there is five, six bucks plus time and gas. I bring my own lunch everyday for about $1.50/day. That’s saving over 20$ per week.
I suspect their customers have fat wallets so they can have cash on hand for expensive sandwiches made by artists.