How to Save Money

[ILG]

Originally Posted by tamor

I started insurance shopping when my girls got close to driving age but decided to stick with what I had. I'm glad I did, as both of my girls would up totaling two cars each. Some things are worth paying the extra money for.

Thank God they are ok! (I assume!)

[Digging4Truth]

Originally Posted by ILG

I try to balance the two as well. I would not use styrofoam plates or plastic utensils. But paper plates, yes I do.

This thread is about saving money and this is probably not a move that would save anybody any money....

But they do have biodegradeable "plastic" forks, spoons etc these days.

[ILG]

Originally Posted by Blubayou

I don't remember if this has been shared, but this year I have gone to buying more store brands to save money. Most items, you do not sacrifice quality and it is a real savings.

That is true. Some things are not worth buying the store brand (spaghetti noodles come to mind) but most items are just as good.

[ILG]

Originally Posted by Digging4Truth

This thread is about saving money and this is probably not a move that would save anybody any money....

But they do have biodegradeable "plastic" forks, spoons etc these days.

Hmm, never heard of it, but that might work. Anyway, this thread is about saving money while balancing everything else, so I think your post is welcome!

[Blubayou]

Bidding war- I have done this with credit cards before. I have called them and asked them to reduce the percent on their payment and told them I had received an offer from another credit card. I works.

I did not really think of myself as a penny pincher- but I guess I am!!!!

[ILG]

Credit cards are awful if you can't manage them. Credit cards should be used only if they are paid off every month. (We haven't always done this, but it is the best thing to do!) There are credit cards that can earn you gas or airline miles etc. We charge everything every month and then pay them off just to earn the miles and gas etc. Using credit cards to buy groceries and things if you can't pay it off at the end of the month is a good way to dig a very large hole for yourself.

[ILG]

Originally Posted by Blubayou

Bidding war- I have done this with credit cards before. I have called them and asked them to reduce the percent on their payment and told them I had received an offer from another credit card. I works.

I did not really think of myself as a penny pincher- but I guess I am!!!!

I guess you are!

[MissBrattified]

Originally Posted by ILG

Credit cards are awful if you can't manage them. Credit cards should be used only if they are paid off every month. (We haven't always done this, but it is the best thing to do!) There are credit cards that can earn you gas or airline miles etc. We charge everything every month and then pay them off just to earn the miles and gas etc. Using credit cards to buy groceries and things if you can't pay it off at the end of the month is a good way to dig a very large hole for yourself.

We don't use credit cards, generally. I do have a Target card, but we keep it paid off, and I use it mainly to buy Jeff birthday gifts or Christmas gifts, so he can't watch it come out of the main account. It makes me feel like "I" am the one actually buying the gifts....LOL!!!!!

Other than that...and our mortgage & truck payment...cash for everything. It's a great way to live!!!!! You have to plan to spend, and planning greatly reduces the actual amount spent!

Another way to save LOADS of money in the long term is to have your mortgage set up to pull out payments twice a month instead of once a month. Setting our mortgage up that way immediately reduced our 30 year note to 23 years (as long as you stay enrolled in the program), and any extra money we pay toward principle reduces it even further.

The downside is you have to pay a small enrollment fee (ours was $75), and you have to get 1 payment ahead. However, that seems miniscule if you think of the interest it saves you. We plan to tack on an extra $75-$100 to our payment starting next year, (goes to principle only) which will knock it down even further. (And significantly)

[ILG]

Originally Posted by MissBrattified

Another way to save LOADS of money in the long term is to have your mortgage set up to pull out payments twice a month instead of once a month. Setting our mortgage up that way immediately reduced our 30 year note to 23 years (as long as you stay enrolled in the program), and any extra money we pay toward principle reduces it even further.

The downside is you have to pay a small enrollment fee (ours was $75), and you have to get 1 payment ahead. However, that seems miniscule if you think of the interest it saves you. We plan to tack on an extra $75-$100 to our payment starting next year, (goes to principle only) which will knock it down even further. (And significantly)

Very good points on that. Yes, $75.00 is a small fee to pay what you are going to pay anyway and then save that much money. And then, any extra paid per month is great too. Amazing that it knocked it down to 23 years instead of 30. We have never been enrolled in a program but have paid extra in the past. Another thing, for those who have PMI (Private mortgage insurance), it is best to get rid of that. You have to have at least 20% down on your house to get out of PMI. If you are in a position where you are required to have it, if you pay extra every month, keep track of where you are and as soon as you have that 20% down, call your mortgage holder and ask them to take you off of the PMI program.

[My Own Eyes]

Originally Posted by MissBrattified

We don't use credit cards, generally. I do have a Target card, but we keep it paid off, and I use it mainly to buy Jeff birthday gifts or Christmas gifts, so he can't watch it come out of the main account. It makes me feel like "I" am the one actually buying the gifts....LOL!!!!!

Other than that...and our mortgage & truck payment...cash for everything. It's a great way to live!!!!! You have to plan to spend, and planning greatly reduces the actual amount spent!

Another way to save LOADS of money in the long term is to have your mortgage set up to pull out payments twice a month instead of once a month. Setting our mortgage up that way immediately reduced our 30 year note to 23 years (as long as you stay enrolled in the program), and any extra money we pay toward principle reduces it even further.

The downside is you have to pay a small enrollment fee (ours was $75), and you have to get 1 payment ahead. However, that seems miniscule if you think of the interest it saves you. We plan to tack on an extra $75-$100 to our payment starting next year, (goes to principle only) which will knock it down even further. (And significantly)

Actually for the financially disciplined it's better to do that on your own rather than pay to enroll in the program. Just calculate what the extra amount the 2 week plan would allow you to pay, and then divide that by 12 and tack it on as a principal only payment to your monthly mortgage payment (and save yourself the 75 bucks). The added benefit is that in case of a financial hardship, you can momentarily go back to paying the regular payment.

The other thing I did to save myself money on my mortgage (and again this only works for the financially disciplined), when I recently refinanced my mortgage (due to the divorce), I chose not to escrow my taxes and homeowner's insurance. Instead, I "pay" my escrow payment every month into a high interest savings account (such as ingdirect). At the end of the year, I get to pocked the 3% interest I earned on that money, rather than my mortgage company.

I also do that with my taxes to the government. I chose to have the least amount of taxes possible taken out of my paycheck. Sure, I have to pay money in every year, but once again, I got to earn interest on it, and not the government.