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October 13, 2008

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I have adjusted my withholding and unfortunately my 401k due to a seven percent paycut. The grocery store is limited to twice a week because I always forget something the first time.
The place where I could save some major money is to cut out cable and whittle down my phone package. Right now we pay about 250.00 for cable, internet, landline and 4 cell phones. ( phones are for me, spouse, mom and grandson). The budget can definitely use some readjustments.

"balance a night at Papa John's with a nicer place out the next week, though our "high end" is usually something like Applebee's"

This makes it sound like you go out every week unless it's a typo. There are 9 weeks between now and the middle of December. If you average $20, that's almost $200.

I agree that I already do most of these cost saving measures. I guess you could go to extremes for a month or 2 to come up with money if you needed. Stop using your phone for awhile if it's prepaid. Eat vegetarian for a month, or eat soup once a week. Donate plasma or don't buy any itunes or coffee between now and then, for example. Also, tricks like saving every $5 bill you get can work.

LC, "This makes it sound like you go out every week unless it's a typo. There are 9 weeks between now and the middle of December. If you average $20, that's almost $200."

THe suggested savings was to cut back by eating out 1 less night a month. They weren't suggesting that people not eat out at all. FMF's avearge expense for eating out is $20 so 1 night a month x 2 months = $40 for FMF.

Jim

I might be able to save around $140 with the last 3 items..

1. I don't think adjusting your whitholding is really 'savings'. Its just hanging onto the money now rather than having it taken out as withholding then returned in your refund later. If you don't adjust witholding then you get the money back in your tax return. Its not a net savings, its just moving money.

2, 3. I can't cut anything really on these.

4. I could cut some in this area for sure. Average mean is $40 so 1 meal a month = $80

5. We could cut some in heat costs too, but we simply don't want to. Our heat bills aren't all that much though, so 5% savings for us would be only around $10 a month. = $20

6. We could save money here but we don't want to. We have 2 cell phones and a land line. But we use them enough to justify them and our cell phone reception at home isn't good enough to drop the land line. I can cut costs on cable and already plan to do so. Cutting cable bills should save me $20 or more a month. = $40

Jim

I instituted No. 2 when food prices started sky rocketing earlier this year. We shopped once a week and would often buy too much food, we'd only need a few items but would come out of the store with a full cart. Since we obviously couldn't stick to a list or a budget, we cut back on shopping. It forces us to eat the leftovers or the stuff hidden in the freezer. I've gone to only shopping once every two weeks, we buy more than if we were shopping for one week but not twice as much. We're saving at least $100 a month this way plus saving the gas and time spent shopping.

Number 1 won't work for me, I already have my withholding adjusted almost perfectly and I refuse to give uncle sam an interest free loan with my money. We don't have cable, I already looked at reducing the cell minutes and figured out it wouldn't work and we spend about $20 a month eating out so not much to save there either. The frugal tips never work that well for already frugal people.

I wouldn't be able to save anything by following these suggestions. I've already adjusted my witholding. I don't even spend $160 a month for food and gas combined, so I couldn't possibly save that much. I don't eat out. I already keep my house at 64 F. And I only spend $12.45/mo for my cell phone.

But good thoughts anyway...

Preaching to the choir here!

1. We are self-employed, so this doesn't apply to us.
2. I grocery shop twice a month. I don't think I could reasonably make fewer trips.
3. We don't have any habits that cost us anywhere near that amount (if anything).
4. We rarely eat out.
5. We already do that. Plus we have just made modifications to our method of heating our house that should save us a lot. So maybe this one will work for us, though we hadn't thought of it as a way to pay for Christmas.
6. We've never had cable, and we just reduced our cell phone costs.

I'll add #7~~Make at least some of your gifts. People very much appreciate receiving things that they know you've invested time and talent in. (I realize this isn't a way to actually come up with cash, but it will help you save some.)

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