Saving Money

Discussion in 'Taking a Break From Flooring' started by Mike Antonetti, Jul 10, 2016.

  1. Mike Antonetti

    Mike Antonetti I Support TFP Senior Member

    So others save money in Flooring, I'm reversing, saving money in everything else. Insurance, cell phone, (Walmart not an option)

    What tips for saving does anyone have, no matter what the product/service.
     
  2. Daris Mulkin

    Daris Mulkin The One and Only Charter Member I Support TFP Senior Member

    Don't buy it unless you absolutely need it and have CASH to pay for it.

    :old:

    Daris
     
  3. Jim McClain

    Jim McClain Owner/Founder Administrator

    Every night, I toss my loose change in a container in my dresser. At the end of the year, I sort and roll the coins. The pennies I spend on me. Everything else, usually about 200-250 dollars, I spend on presents.

    I also try (can't always do it though) to throw my 1-dollar bills in the drawer. These almost always get spent on an unexpected expense. Last time it was a new battery for my Jeep.

    I've been doing this for many years. When I was healthy and working, that was a lot of savings and I usually tried spending it on things I could get a tax deduction on (charities, a new tool, etc.). One of my employees decided to quit one day. He decided to take severance pay - he stole about $1,500.00, all in 1-dollar bills. That's when I decided to stop counting, sorting and bundling until the end of the year (or as needed). He prob'ly wouldn't have gotten away so quick if I had left it all loose. :( 'Course, these days there ain't so much to sort. :eh:
     
  4. Daris Mulkin

    Daris Mulkin The One and Only Charter Member I Support TFP Senior Member

    I also do not spend any of my change-never. like Jim 250-400 depending what I maybe doing that year. Paper gets spent. Once in a great while the wife chips in some to make it even for rolling. That is usually our gambling money when going to Vegas.
    I forgot to add I have one of those 5 gallon water jugs that I throw pennies in. About 60 pounds in it.

    :old:

    Daris
     
  5. kwfloors

    kwfloors Fuzz on the brain Charter Member I Support TFP Senior Member

    I have coins in a jug too. Haven't counted it in years. I pull the quarters out to another container for car washes. Wife has a savings acct at a credit union we dump into for emergencies.
     
  6. Z-Carpet

    Z-Carpet Pro Member

    i try to save money i live cheap, but i found its better to just make more money
     
  7. Dan Schultz

    Dan Schultz Certified Wood Floor Inspector Charter Member

    Walking out the door costs money, so I try not to unless I'm going to work.

    My daughter and her husband have not spent a $5 bill since they got together. Every one gets saved. It's not like they are flush with cash. It's just something they've done and sacrifice something else when they've needed them.
     
  8. kylenelson

    kylenelson You'll find me on the floor I Support TFP Senior Member

    Put money into savings automatically from your checking account...that way you don't have to think about it and just consider it a "bill". I put money into index fund.
     
  9. Mike Antonetti

    Mike Antonetti I Support TFP Senior Member

    Not sure about literally saving money, I guess I mean getting the best deal. Like car insurance was 350$ month 4 cars, sold one, now 250$ and looking for better deal, currently have State Farm which is great, but I read they base on credit. Conflicting info just like flooring, their website reviews are aweful, consumer reports rates best.

    Home cable, Internet, phone is 150$ month, cell phone unlimited? Is 75$ each. Add up yearly costs and times it by 5,10 years, nothing more or you can go Postal?(sorry carriers)

    So, still doing homework.

    As far as the change, my friend moved a lady in his house and he had 3 5 gallon water jugs, some quarters only, others silver, and other jars, well those disappeared. I have a cup, when it gets half full(my outlook on life) I cash it in at grocery store(coin star) for 11%? I had the containers for counting and rolling up, then the wrappers and it got old. I should spend the quarters and make them count the small change.

    Tiny house is not an option!
     
  10. Nate Hall

    Nate Hall Types With toes Senior Member Published

    Bundle the insurances. I have my work Truck auto and business liability together.
    I also try to drive the speed limit. I fill up every 5 days on average and I used to fill every 4 days. That's a 25% savings! (About $1200.00 anually)
     
  11. Incognito

    Incognito No more Mr. Nice Guy! I Support TFP Senior Member

    You're biggest concerns about saving money should be on the biggest expenses. Make a list of where the MAJORITY of your money goes each years. Focus on those areas.

    I have a sister-in-law who is obsessed with saving nickles and dimes on stuff like the water bill, electricity and natural gas heating. Yet money is blowing out the backside like water out of an open fire hydrant in half a dozen other areas of her life(style).

    It's her life so God Bless her but don't break my balls about shutting off lights, living in a freezing cold room and wasting water if you're going to piss away 10's of THOUSANDS of dollars on frivolous BS.

    Sorry...........hit a raw nerve there.
     
  12. I pay off the credit cards every month (the balance owing on that month). By paying them off completely, I save hundreds of dollars a year in interest.

    I put $20/pay cheque away into a little savings account (don't have a card attached to it). My only access to it is through the website. A few times a year a dip into it if a bill comes up that can't be paid with our monthly income.

    These two strategies work out to be my "saving grace". And from time to time I "find" $150-$250 or so to spend at Harrison Hot Springs resort...this is our out of town get-away...only 2 hours down the road. Amazing what 6 hours spent in a hot springs can do for your peace of mind. And home is only a short drive away.

    Love my Rocky Mountain hotsprings...can't do without them! It's to the point where my autistic son thinks ALL swimming pools should be "bath tub" temperature. He give's me dirty looks when I take him to the regular swimming pools. He's rather put out that the pool is COLD! Sigh. I've created a monster (who LOVES hotsprings...what a bad mummy I am;)
     
  13. Roland Thompson

    Roland Thompson Charter Member Senior Member

    Set yourself a budget and stick to it. When you go to buy something, set back have a cup of coffee and ask yourself, it this a need or a want?
    When I set my daughter up last year with her bank account for college. We set it up with a program called, Keep the change. When she uses her card, change up to the next dollar goes into her savings account. We also have 25.00 a month that transfers from checking to savings. She never see it so she never misses it.
     
  14. certu

    certu Member

    I just buy what i really need.
     
  15. Concreex

    Concreex Pro Member

    I pay myself minimum wage, when the urge to buy something comes I ask myself, "Is this worth 5.5 hours worth of work?" Really helps me cut my frivolous spending.
     
  16. SSGNick

    SSGNick Pro Member

    Are you trying to save on your personal spending or company spending? I try to have the Company pay for everything I can from the phone, internet, insurance ect so its a tax write off and not out of my "Income".
    Then figure out what you are paying in taxes because that is everyone's biggest "expense" then minimize what you pay in taxes.

    On your everyday expenses like cable, water bill ect, honestly if it takes you 30 minutes to save $5 was it worth it? My time is WAY more valuable then the small amount of savings you get by cutting coupons or timing how long your in the shower.

    The most important thing is not saving money but earning more. Focus on parallel businesses or services you can add with minimal effort.
    For example: your primary business is 1) you install flooring
    Extra sources of income that do not take away from the primary would be: 2) try to get awarded the removal of existing flooring
    3) offer a cleaning service contract
    4) offer a cleaning product you can mark up and have on hand

    Its all about more income and then Paying yourself first
     
  17. Mike Antonetti

    Mike Antonetti I Support TFP Senior Member

    It was more about personal savings. Cable, bank fees(monthly maintenance 17$) cell phone, Insurances etc. I got the credit card deals down to zero interest basically by applying for cards that have zero interest for 12-18 months.

    I think vehicle insurance is going to be next, been too complacent for too many years.
     
  18. Nate Hall

    Nate Hall Types With toes Senior Member Published

    My auto insurance is tied in with my business liability and is quite cheap. I spend more on fuel than insurance.
     
  19. Jon Scanlan

    Jon Scanlan That Kiwi Charter Member I Support TFP Senior Member

    Get rid of the mortage on your house as only a small proportion is able to be claimed as a tax deduction
    Become freehold then you start really getting ahead
     
  20. kylenelson

    kylenelson You'll find me on the floor I Support TFP Senior Member

    This is really the best advice. For most people it's not that they don't make enough it's that their largest debt eats up a huge chunk of income. Getting a home paid off is huge in the way of freeing up your finances. Having no mortgage will allow huge amounts of money to be saved for retirement instead, which we all know is closer than we'd like when it comes to saving.
     
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