when was the last time you had to save up $ for something?

[scottmandue]

I'm saving for a 996... I'm 0% there...

[Z-man]

Z-man's methods for saving money.

While I have my expensive hobbies (tracking the car, primarily), I have never put that or other expenses before being prudent with my money.

The mortgage has been paid off since 2007, and that's when we really started to see our savings grow significantly.

99% of the time, the credit cards are paid in full. If we don't have the $$, we don't buy the stuff.

The only payments we have left are our cars -- They are both fairly new (Me: 2007 Sport Trac, Mrs. Z-man: 2009 VW Eos). The trick with car payments is this: Keep your cars around AFTER they have been paid off. (We've done this many times in the past). Once the car is paid off, then every day you drive your car is like putting money in the bank.

Whenever I get a check that is not a paycheck, that money automatically goes into savings. For example: if I pay a medical bill up front, and get a check from the insurance company, that check from insurance will go into savings. It is a very simple way to 'transfer' money from checking to savings.

As for big projects - We are preparing for a major kitchen / house project this summer -- will probably run over $40k when all is said and done. And right now, we are close to being able to pay for 75% of the project! How? By saving money for the past couple of years. The store where we will purchase all of the appliances has an interest-free-for-a-year credit card option. In using that, we can defer ~ $5000.00 of the kitchen costs over a year without incurring any interest. And if we have to taken out a loan, it will be a small one which we plan on paying off within a year or so.

Oh, and as for as long term savings -- we contribute to our 401k's to the maximum allowable dollar amount. It is money we 'never see' so it isn't like money we have to give up. But when we retire, it will be there for us. Too many people neglect to keep the long term savings in mind when it comes to saving money, IMHO.

-Z-man.

[JMPRO]

I haven't bought a thing in the last 30 years that I couldn't pay cash for. I have credit cards for gas and such but thats just easier and those cards are paid off every month. I bought a new Mercedes a , few years ago and the salesman wanted me to fill out a credit app. I asked what for i'm paying cash. He didn't have an answer , apparently he had never encountered a cash sale before and had to go ask the bosss if it was ok.

[JMPRO]

I haven't bought a thing in the last 30 years that I couldn't pay cash for. I have credit cards for gas and such but thats just easier and those cards are paid off every month. I bought a new Mercedes a , few years ago and the salesman wanted me to fill out a credit app. I asked what for i'm paying cash. He didn't have an answer , apparently he had never encountered a cash sale before and had to go ask the boss if it was ok.

[Tishabet]

Originally Posted by vash

if i had to point out a silver lining to this economy, and my wife being laid off..i would have to say: it was a huge wake up call, as far as my personal finances go.

Cannot agree more. I was laid off in January, and since then the wife and I have been living very comfortably solely on her income. Sure we aren't saving at the same rate as we did when I was employed, but we sure weren't putting all of my salary into savings when I was working. The past few months have been a real wake up call that, in fact, we could save/invest my entire salary and still go about our daily lives without feeling it too much.

What the hell was I doing with my cash!?!

[Tidybuoy]

I'm saving for a new roof. meanwhile, the tupperware is working ok. Anyone that wants to make a donation.....I'm not opposed to accepting charity

Vern

[targa911S]

All the time.

[Oh Haha]

Yep, being laid off is a real wake-up call. You are not alone, Vashman.

We were not overspending when mine was the sole income but when THAT was cut in half, we really cut back.

Now that we are both working we have more expenses with gas, daycare and incidentals but we are still ahead and using the extra to shore up the bank account.

We have things around the house that I would like to do but I'm having a hard time deciding to make the committment. Nothing is falling apart but we would like to make some upgrades.


BTW-We still have a 27" tv(non LCD, plasma, fancy shmancy stuff). I saw a brand name 36 inch flat screen at a store the other day. I ALMOST picked it up to surprise the family but stopped. I just couldn't do it even though I could have paid cash. I felt pretty good once I got backout to the car for not buying it, though.

[pwd72s]

Originally Posted by JMPRO

I haven't bought a thing in the last 30 years that I couldn't pay cash for. I have credit cards for gas and such but thats just easier and those cards are paid off every month. I bought a new Mercedes a , few years ago and the salesman wanted me to fill out a credit app. I asked what for i'm paying cash. He didn't have an answer , apparently he had never encountered a cash sale before and had to go ask the boss if it was ok.

LOL! Same thing when we bought a lowly Mustang...salesman handed Cindy credit forms. She looked at them, and asked: "Why do you need this information?" Then he got it...

[vash]

Originally Posted by Oh Haha

BTW-We still have a 27" tv(non LCD, plasma, fancy shmancy stuff). I saw a brand name 36 inch flat screen at a store the other day. I ALMOST picked it up to surprise the family but stopped. I just couldn't do it even though I could have paid cash. I felt pretty good once I got backout to the car for not buying it, though.

right! that 42" plasma sale at SEARS almost got me. $550ish...it almost got me! i had the wall in my bedroom all picked out too. damn busted sewer was in the back of my mind.

a 27" tube TV would make me shop tho. you are the better man.

[dd74]

What's also nice is the older I get, the less I am impressed with "new" things, particularly if they're not necessary.

It's funny: I see guys ask about cars in PPOT all the time, and with some I wonder how in the world they can pay for another new toy.

[Oh Haha]

Originally Posted by vash

right! that 42" plasma sale at SEARS almost got me. $550ish...it almost got me! i had the wall in my bedroom all picked out too. damn busted sewer was in the back of my mind.

a 27" tube TV would make me shop tho. you are the better man.

We don't have subscription tv, either. You ain't gettin' MY money, suckers!!!!!!!!

One thing I would like is a newer daily driver. Not NEW but better than the car I have.

Again, I just can't seem to get over that "hump" of seriously looking. I saw a MINI CooperS today and thought "that would be cool to have" but then the feeling went away. Same with M3's and even a 99/00 996.

[motion]

I squirrel away money for new motorcycles. Best thing is, I can sneak out, pick them up, then add them to the garage without her knowing. There are so may bikes in there now, its impossible for her to notice another new one. This plan will work well, until she sees this post. I give it 24 hours.

[jcommin]

Don't use credit cards any more. If I need to make a big purchase ie: car repair, tooth implant, I save for it. Payin' down the rest of my debt. Hopefully by May 2011, I will begin to put away for savings, until then it's day to day.

[Noah930]

Last year we bought our first house, so that's something we had been working on for several years. Not that we "own" it, but at least we do 20% of it. Before that purchase was probably the Ducati--moonlighted for about 2 years to save up for it. But with the house, now we're thinking of what it'll cost to re-do the roof, and then upgrade the back patio and front landscaping.

We've also got the kids' educations to worry about. How anyone affords private schools is beyond me; $30K per year for jr high and HS? And what about college? To have a 4-year private college paid off by the time your kid enrolls as a freshman, you need to start saving $1000 per month from the time of birth. And then there's retirement--or maybe that's what the house will have to be.

We never seem to think about saving in our day-to-day expenditures. But then again, neither my wife nor I seem to do much discretionary spending. We pay for just about everything possible with credit cards, so I have a fair handle on where our money goes (well, other than what our federal and state governments do with our taxes, but that's for a PARF thread). It's not to many non-essentials. Cable's probably our biggest regular non-essential item. Not clothes, eating out, trips, entertainment, vacations, stereo system, etc. Credit cards get paid off in full every month. No car payments. We're still paying off student loans.

I feel a little guilty about the TV we bought a few months back; but it was paid for by cash gifts for that purpose by both of our parents--they couldn't believe/stand the hallucinogenic-colored old thing we had been using before then (which we originally received as a hand-me-down).

[Tidybuoy]

I've been saving my pennies for years....

& here's the proof:

[Embraer]

packing my lunch each day has been the biggest saver for me. $10 a day for lunch (either airport food or regular sit down restaurants) adds up really quickly. also, all of my per diem goes straight into savings, as well.

all of my cars are paid off, so that's a non-issue.

plus, i have two buddies living with me in my new house, and their rent conveniently equals my mortgage/tax/insurance payment each month.

[targa911S]

Before we both retired we paid everything off. It's a great feeling. However, being on a fixed income, you have to plan for everything. or sell something. I have credit cards for emergency only. Anything else we buy we save for. Sometimes given the time it takes to save for something makes you realize you don't really need it or want it anymore. Having to save for things eliminates those impulse buys that get you in trouble.

[mattdavis11]

Saving since before the paper route gig I had near age 8. I spend more than I should though. In the last month, I put a vested interest in a new smoker and ran pounds through it just to sweat it in. Granted it cost several hundred, but the ROI works for me. I think. It should, I wore the old one out.

[TheMentat]

I'm another member of the "recently converted saver" group. Used to spend money like a fool while money wasn't a problem, but expenses have a habit of creeping up on you. I actually pride myself in my frugality now!