Plugging the Money Leaks

[Shamrock1121]

After making a list and taking a close look at "SELF", here are some places many of us have "money leaks". *I'm sure everyone can add to this list... *:D *

If you take advantage of these hints/ideas and have real money savings, be sure to apply your savings to your debt or to your savings account so that you don't end up frittering it away. *

As an example...
I cut my own hair. *In order to see the savings, I also PAY myself the budgeted amount of $20 per month and PUT the money in a savings account (we call it our Christmas/Emergency account). *It's not really SAVED if it's used for something else.....

* Cable TV - Best savings is to not use it. *Next best savings is to use the basic and apply the money you save from expanded service to your debt.

* Insurance - Up your deductable (if you have the cash in savings to cover that amount), check for better rates, bundle your cars and house together for more savings...

* Expensive Hobbies - *:o *

* Entertainment -
-look around the community and see what you can do for free (art and museum exhibits, music in the park)

-if you normally purchase books, magazines and videos, use the library as a free source of these items

-if you go to a movie, go to the early show and eat before you go so you don't waste money at the snack stand

* Using credit instead of cash. *It's been shown that you spend more if you use a credit card than if you use cash. *This is why McDonald's started taking credit cards.

* Buying food/drinks from a vending machine.

* Paying someone else to do a job/task when you can do yourself.

* Failed to learn simple tasks like how to sew on a button, darn a sock, cook from scratch, change the oil and filter in your car...

* Using a clothes dryer instead of an indoor and/or outdoor clothes line.

* Failing to Plan - Failing to Organize

-you need to run errands, but you ran all over town, back-tracked, didn't consider one destination opens at 10 a.m. and you get there at 9 a.m., instead of planning a route

-grocery shopping with your eyes and stomach, instead of a list based on planned menus, food in storage, and a budgeted amount of money.

-you clipped the coupons, but don't know what you did with them

-you purchase fresh produce, but forget to use it (wasted food is the most expensive food you buy)

-you buy more of something, or something you already have, because you aren't organized or don't keep track of what you have

-you forget to pay your bills on time, so you end up paying late fee$

* Suffer from the need for High-Style
(I've seen bell-bottoms go in and out of style at least 4 or 5 times in my lifetime..... *Straight-leg pants/slacks are timeless.)

-Suffering from high-style syndrome is also known as "nothing but the best", "namebranditis" or "keeping up with the Jones's". *Follows trends in fashion rather than choosing "classic" styling that last for years.... *Will purchase an expensive "tool" that will be rarely used, rather than borrow or rent it... *

-Purchase a new car with a loan or a lease instead of saving the money and buying a good, used car.

-Can't pay their bills, but "looks good" and impresses their broke friends, while going deeper in debt.

-Heads for the "MALL", instead of the thrift stores and garage sales, when they need something.

WHEW!

[Katrina-Sisu]

Thanks for posting!

For me and Hubby, it's the 'comfort food' that bleeds alot of our cash. It's great to indulge every now and then, but I've been going overboard lately.

Kat

[MNMOM]

I've been cutting DH hair ever since we got married, plus other head's. *I never thought to put the money away that he would have paid out to someone else.

Because of hubby's job, he uses the credit card during the month, but it is always paid off each month, you never want to get into the trap of paying interest on those cards.

My hobbies are anything to do with needlework. *I make quilts and also knit, so these are used for gifts. *

As far as entertainment, there isn't much, with hubby on the road all the time.

We don't have cable out here in the country, I have friends that have cable and they tell me that even then, some night's there isn't anything worth watching. I would rather curl up with a good book or magazine.

[leera]

I haven't had cable tv in about 10 years!

Although with that new all digital system,I think I'm pretty much stuck buying one of those coverter boxes......haven't done it yet though.

For us money leaks are the movies,we love to go! However we keep it to twice a month and go to a theater that cost us only $8.00 for two tickets,we never buy anything from the snack bar.

Books,I get most for free,very rarely to do I pay something for a book unless it's a bag sale or a garage sale.

Clothes and shoes,we each buy 2 pairs of shoes a year,one for work,one for play......have never paid more than $20.00 each for shoes.I never have any luck finding pants that fit good at resale shops or give aways,but have always been able to find shirts and jackets.I figure I spend about $50.00 a year on pants for work.

One of our biggest money leaks is heating this old trailer......but we have yet to find a house,we're still looking though.

[Cil]

You know, we thank you for your advice; however I think that most of the people on this forum are already implementing these ideas AND MORE.

Mike

And then there are us rookies who need all the help we can get. Karen, THANK YOU for all your hard work and willingness to share it with us.


<edited out my own snotty assed remark.>

[bee_pipes]

Thanks for the post Karen. I don't say it often enough, but appreciate all you contribute and enjoy reading your posts.

Before anyone else steps in here to take offense, click on the user name and check out their last 50 or so postings before deciding if something needs to be responded to. I don't think you'll have to look back to far before deciding if someone has something practical to add, and whether or not they merit a response. I think you'd be impressed with the amount of information Karen (Shamrock) has posted here.

Good show MNMom and Leera - fine example of ignore.

Regards,
Pat

[Shamrock1121]

I think many of us have read the Tightwad Gazette books, by Amy Dacyczyn. In one of the books I highlighted THREE WAYS TO SAVE:

1. Buy it cheaper
2. Make it last longer
3. Use it less

- A "money leak" we took care of this summer was to turn our natural gas hot water heater much cooler (125°F). May need to bump that up when the weather gets colder. Lowest gas use ever...

We also use a small plastic tub for washing dishes that don't go in the dishwasher and clean-up after meals. Instead of using 5-7 gallons of water filling one or two sinks with water, we use around 1-gallon of water.

We heat 5-cups of water in an electric kettle (proven to heat water faster and more efficiently than a microwave or a kettle over a heating element or gas flame - because the heating element is IN the water). To the 5-cups of hot water, we add about another 5-cups of cold water. Rinse with a small stream of cold water from the tap.

Because of the smaller amount of water used, it only takes 1/4 t. of dish soap.

------------

For entertainment this summer, we walked down the street to the baseball diamonds and enjoyed some good baseball. :)

Leera - Have you collected some bubble wrap to apply with water to your windows? I remember our first home - a 10x50-ft. trailer. No air conditioning and barely a furnace. I wish I would have known about using bubble wrap on the windows back then! I couldn't wait until we had a home where we could afford to heat/cool ALL the rooms.

-Karen

[GoodDaughter]

I love reading posts on trying to save money, regardless of where they are. I enjoy knowing I'm not alone in trying to perservere in saving money. Sometimes being surrounded by a family of big spenders, it can be hard. And yes, it's really good to go over things even if you already practice them or did so in the past, because sometimes I slip up and spend money on things I shouldn't. I believe in little rewards every now and then, but I also know myself well enough that, if I didn't have some fortitude, I'd be rewarding myself all the time and I just can't afford to do that. So yeah, I hope people keep posting money saving tips. Sometimes I learn something new or learn a different way to accomplish something.

Thank you Karen, and also to Katrina, Leera and all the others who share.

[mom]

As always Karen, your thoughts are appreciated. We all sometimes need to be reminded even if we are trying hard and doing the best we know how. Sometimes we go "Duh - why didn't I think of that". Thank you.

[Clair_Schwan]

I'm constantly updating my website about how to live well, and well within your means. In addition to a focus on saving money with respect to transportation and food, I have a long list of money saving tips at: http://www.frugal-living-freedom.com/frugal-living-tips.html

Dive in and enjoy. I'll even post new ones if you have ideas and send me a note. Otherwise, I think of a new idea just about every week and try to update the site at least once a week.

Most of our money leaks are self-created. Like I say on the website, you'll always be your own worst enemy when it comes to personal finance.

Clair

[Cil]

I HEARBY APOLOGISE FOR MY OWN UNCALLED FOR, IN SULTING REMARK TO MIKE.

Bee pipes pm'd me to show me the error of my remark. I've edited out of my original post.

I'M SORRY!

[MNMOM]

I also make my own laundry detergent, which is much cheaper than purchased, it also does a better job of cleaning.

All meals are made from scratch.

Large garden that I can, freeze and dehydrate. Keep that dehydrator on your counter and make sure if you have more veggies and fruit than you can use, dehydrate it, no more wasted food.

I also make a lot of my own clothing. I shop a Mills End Outlet and get my fabrics at a discount.

The thing I'm doing now is trying my hand at upholstering.

Learn to do some things around the house instead of hiring it done. If you are unable to do that, try bartering.

[leera]

Karen I have not been ale to get bubble wrap in big enough pieces yet.......most of our windows are slightly larger than 42x62......just enough too big to be able to use the regular shrink wrap kits.......

Maybe I'll try posting a want ad on freecycle and see if I get any responses.

[leera]

PS,we also have six windows that size,four smaller windows and one even larger window.......A lot of windows for such a small space( trailer is 14x70).

[Shamrock1121]

Karen I have not been ale to get bubble wrap in big enough pieces yet.......most of our windows are slightly larger than 42x62......just enough too big to be able to use the regular shrink wrap kits.......

Maybe I'll try posting a want ad on freecycle and see if I get any responses.

Leera -

Wow! You DO have a lot of windows. We only had 4 windows in a 2-bedroom townhouse we lived in a couple years ago, and I made window quilts to cover all of them, but the bubble wrap is even better. If one was so inclined, especially if they had a cold north room, do bubble wrap AND window quilts. The bubble wrap creates a vapor lock and the windows don't "sweat", which was wonderful. No mopping up the windowsills every morning.

Another place to look would be furniture and appliance stores. When I volunteered at the library, it seemed like they got a lot of bubble wrap. If you have a UPS Store, check there. They probably have the giant rolls. It doesn't have to be one large sheet per window, you can put a patchwork of pieces on a large window, since it sits ON the glass. The nice thing, it will last for years.

When you cut the bubble wrap, make sure it's just a tiny bit smaller than the window. Anywhere it goes over the edge of the window, it tends to dry out and peel back. Spritz on a fine-mist of water and slap the bubble wrap on it. Instructions said bubble side down.

Happy hunting.... ;)

-Karen

[WileyCoyote]

Yes, a UPS store has the BIG rolls, and they will cut you off some for very cheap. They donated a whole roll to our nonprofit one time! I love forming relationships with decent generous people. But that is an inspired idea about the bubble-wrap - we've only used VisQueen before.

As far as movies, they used to be an addiction for us too... they still are, but now we wait until they go on sale and BUY them after the rush. The $5 bin at the Wal Mart even provided us with anthologies! Of course our taste in movies is a little eclectic - I like the Godfather series, the 'old stuff' with Kate Hepburn, John Wayne, Maureen O'Hara, and Elizabeth Taylor, as well as the musicals. They hit the $5 bin pretty quickly. If you like the Christmas stuff, those DVDs go on sale right after Christmas - we have all the old ones. ;D ;) "A Wish for Wings that Work" by Burke Breathed is a hard-to-find classic, if you like Bill the Cat. We love "Movie night" at our house! We'll set aside a whole rainy afternoon for "Lord of the Rings" or the Indiana Jones or Star Wars or Star Trek series!

I don't cut my own hair; it is a travesty when I do. So - I have decided to grow it out. Since I left the big city llife and quit dyeing it, it is a stunning shade of silver. I am pinning it back now, and love to put it up in french twists. Am looking forward to braiding it!

If I have an old faded outfit or dress I like, I'll pick it apart and use it as a pattern for a new dress.

Paper is my downfall; getting DH to use rags instead of paper towels, or a washable plate instead of a paper one has been a struggle.

Now that we have moved to a drier area, we don't need an A/C and just use fans and wind flow through the house in the summer. Here we have a smaller water heater and we have to time things like showers and laundry, but we use less electricity. We have become more conscious of turning off lights (I like it dark, but DH turns on lights as he walks room to room). His Mom and Dad used to leave the TV on all day and night, whether anyone was home or not, I have at last broken him of that habit.

Bit by bit we are slowing down our useage. My new job is close enough to walk to in five minutes, so why drive? Of course hubby has a hard time walking so we still use the car for him, but on trips around town I love to walk.

[leera]

Thanks......I do put window quilts over the north facing windows.

I might need to do most of the windows this year,they've greatly increased the price of natural gas up here.My summer gas bill,with the furnace off,was still $40.00 a month.

I buy remnants of prequilted material at JoAnn Fabrics and sew those into a double thick layer,kind of like a heavy mover's blanket,it works pretty well.

As for bubble wrap,what we get at work is so small you'd need 50+ pieces to cover one of my windows.....there is a UPS store on the way to work,do you think they'd sell me just a bunch of bubble wrap?A more exspensive way to go,but if it works as well as you say,it might be worth the cost.

[leera]

WC,you posted the same time I did...... ;D

When my DH and I first moved in together,he had a TON of bad wasteful habits.......TV,lights,radio,more lights......paper towels and paper plates,and paper napkins....plastic forks,you name it....his worst thing was frozen tv dinners......

He would leave the radio on 24/7,I'd come home from work to EVERY light in the house on.He would often turn on the TV and leave the room to work on something and have to radio on in the room he was in.

He would use paper everything! Every time he washed his hands,he'd use three our four sheets of paper towel,UGH!

Took me several years of struggling to get him broke of most of his habits.All you can do is keep trying,eventually you can win him over.

To stop his paper towel habit,I put a towel bar next to the paper towel holder and purposely"forgot" to buy more paper towels.

I do still buy it,only because of the dog,he DROOLS LIKE CRAZY!! In the summer we have to wipe him down before he comes back in the house.It's just easier to keep a roll by the door and then thorw it away rather than messing with doggie drool/dirt covered towels all the time.

[tufhelp]

For your bubble wrap - Check your yellow pages or the pages for a larger town/city near you (library usually has phone books) for packing/ shipping supplies sales. You can ALWAYS beat UPS - they for the most part are priced into the stratosphere... U-Haul rental stores oddly enough, have some attractive pricing on packing materials at times... and Freecycle is the best for most stuff like packing materials, bubble wrap and boxes...

[tufhelp]

I just remembered one of our stop leaks – This may be useful only for those in areas where there is a daily newspaper. Lindawoman likes to read the paper and had been purchasing it for $.50 each weekday from a machine outside of work ($130.50 a year) we would also pick up the Saturday paper (for the want ads and TV schedule mostly) ($25.50 per year) and of course we would also pick up the Sunday paper for $1.00 every weekend ($52.00 per year). That comes in at $208.00 per year. Never thinking about it we never subscribed, one day I called and was pleased to find out that a one year subscription paid in advance was just under $100.00 ($98.80) and along with it came a discount card for 20% off of food purchases at about 200 participating restaurants that advertise in the paper. We don’t eat out much, but when we do celebrate with a Thai meal, there are easily 12 of them in the scheme.

Albuquerque is also big enough to have a couple of $1.00 movie houses (recently raised to $1.25). You have to wait a while for the movies you get there, but $2.50 for the both of us is WAY better than the alternatives – and contrary to local “rules” we always bring our own popcorn and Iced tea in recycled water bottles that Lindawoman gets from work. Linda woman has a special on the large side purse for the smuggling runs.

[AlchemyAcres]

"Plugging the Money Leaks."

That's easy......don't spend any money....LOL

Cash is expensive! ;D

I've been living well below the poverty level for several years and I love it!!!

I answer to noone...other than God....and Mom and Dad....sometimes....LOL

I take responsibility for myself and owe very little and I don't support the socialist marxist system in any major way...other than property taxes!!!
:-X

I'm as free as a bumblebee!!! LMAO!!!!!

~Martin