How to save money

[Dirk Hofman]

Originally Posted by rokdog49

Most don't care about interest payments, whether they understand them or not. If they can make the payment and get stuff they want when they want it, now that's the American Way!

P.S. Going into debt for an education is not "good debt" anymore unless you're going to have a career in something very specific.
A bachelor's degree in Liberal Arts is a joke along with a multitude of other useless degrees.

I am a studio art major. Telling you what I make would be crass, but my pay certainly refutes your argument.

It depends entirely on the person. A liberal arts degree will develop a broad education, making a person conversant in a wide range of areas of study and employment, and develops critical thinking and problem solving skills which serve people extremely well in white collar jobs.

Specialization is still key, as are goals; direction, and ambition. I see very few people with the education, drive, and vision to imagine what they want to do having any trouble even in the limited job market we’ve left the next generation.

We should be making it easier for people to get a liberal arts education, not decrying it.

[1neeto]

I think saving money is great for short term goals. A down payment for a dream house, or down payment for your dream car? Save up enough so your monthly payment is easy. I’m not going to beat the drum of “living within your means” or “if you can’t afford it without credit, then it’s beyond your means”. That’s just unrealistic, and to some extent condescending because most people can’t simply afford big purchases without credit. Understand credit, and learn how to responsibly leverage it.

Saving for retirement? That’s a fallacy. You can’t save your way into retirement. What you can do is PREPARE for retirement. Try and pay off big debts, don’t be refinancing your paid off home when you’re 65, and try and invest what you can. Otherwise you’ll be 75 years old and still be trying to save for retirement.

[Fogducker]

Quit smoking (Helps with the health thing now and big time later on) and religiously put/invest $50 (About the price of smoking) a week away. DON'T TOUCH THAT WEEKLY RAT HOLE MONEY, and proceed to live and enjoy doing what you want life with the remainder. When, not if, you hit old age, you'll have a sizable, really big, bundle and be comfortable on the way out!

Fog

[Mr. Paul]

Buy used guitars!

Originally Posted by 1neeto

Saving for retirement? That’s a fallacy. You can’t save your way into retirement. What you can do is PREPARE for retirement...

I saved my way into retirement and retired at 55. Starting and owning my own business had everything to do with it, but yes ... it can be done.

[tbeltrans]

Originally Posted by 1neeto

I think saving money is great for short term goals. A down payment for a dream house, or down payment for your dream car? Save up enough so your monthly payment is easy. I’m not going to beat the drum of “living within your means” or “if you can’t afford it without credit, then it’s beyond your means”. That’s just unrealistic, and to some extent condescending because most people can’t simply afford big purchases without credit. Understand credit, and learn how to responsibly leverage it.

Saving for retirement? That’s a fallacy. You can’t save your way into retirement. What you can do is PREPARE for retirement. Try and pay off big debts, don’t be refinancing your paid off home when you’re 65, and try and invest what you can. Otherwise you’ll be 75 years old and still be trying to save for retirement.

Though I think you have some wisdom here in your post, I do want to say that at least some of us who have posted about living beyond one's means did not intend to be condescending. Since I have posted along these lines I apologize if I came across in that manner.

Even when I did not make much money (which was a sizeable portion of my life), I lived within my means. I have never owned a new car regardless of how much I did or didn't make, buy my outer clothes (pants, shirts, coats) at Goodwill and Savers because I can get the clothes in like new condition for just a few dollars, and a variety of other money saving means. Where I have lived always reflected my earnings until I finally finished college and got into engineering. At that point, we chose to live well below our means so we could pay off the mortgage early and continue to live debt free.

We all have different priorities regarding our finances, so what I do is merely my experience added to the conversation. Also, different people have different comfort levels regarding carrying debt. I personally consider debt as giving up a part of my personal freedom. Others may feel differently. I can tell you that, with the frequent layoffs (typically every 3 or 4 years) I experienced in engineering even though I always quickly found a new job, not having a mortgage certainly made those situations far less stressful than they otherwise might have been.

Each person reading this thread should "take what you need and leave the rest". Unless somebody is being outright offensive, and I think most of us recognize such a stance by now, please assume the best in that the person is only expressing his or her own experiences within the course of the conversation. Money seems to be a very touchy subject in our culture, so I am sure there is the possibility of a fair amount of emotional "baggage" behind how some of us interpret what is being written in these posts.

Tony

[architype]

Prepare your own meals as much as possible. Dining out adds up very quickly.

[guitar george]

If you drink beer, consider making a drink that is half beer and half water. I do this, when I want a beer, and the taste is not affected much. After 2 sips it tastes like full strength beer. This will cut your beer drinking and cost in half!

If you are trying to cut down drinking, increase the mix to more water and less beer and you will quickly adapt to the taste of the watered-down mixture.

[Nyghthawk]

Originally Posted by guitar george

If you drink beer, consider making a drink that is half beer and half water. I do this, when I want a beer, and the taste is not affected much. After 2 sips it tastes like full strength beer. This will cut your beer drinking and cost in half!

If you are trying to cut down drinking, increase the mix to more water and less beer and you will quickly adapt to the taste of the watered-down mixture.

Or buy some form of "light" beer that is already watered down. I prefer my beer full strength. Actually I prefer Belhaven Ale but it is too dear in Texas.

[RedJoker]

Originally Posted by guitar george

If you drink beer, consider making a drink that is half beer and half water. I do this, when I want a beer, and the taste is not affected much. After 2 sips it tastes like full strength beer. This will cut your beer drinking and cost in half!

If you are trying to cut down drinking, increase the mix to more water and less beer and you will quickly adapt to the taste of the watered-down mixture.

I home brew and keg. MUCH cheaper and I can have half a beer, if I want. Having half a beer sounds funny until you think of the times when you want just a little more than 1 but not really 2.

Oh, and buy your brewing equipment used. There's a ton of folks who thought they'd like it but quit after just a few batches.

[J Patrick]

...as my dad always told me..don’t pay interest...as in don’t buy anything on credit...it’s basically the only time you’re paying money and getting absolutely nothing in return....yes only the fortunate few can own a home interest free...but beyond that there’s very little the average person needs and can’t acquire sans debt.....if you do have to incur debt...make every effort to pay it down before adding to it...

..of course it took me decades to finally get what dad was telling me...

[1neeto]

Originally Posted by Mr. Paul

Buy used guitars!







I saved my way into retirement and retired at 55. Starting and owning my own business had everything to do with it, but yes ... it can be done.

Taking that risk and starting a business is the way to early retirement when done right. Much congrats!

Originally Posted by tbeltrans

Though I think you have some wisdom here in your post, I do want to say that at least some of us who have posted about living beyond one's means did not intend to be condescending. Since I have posted along these lines I apologize if I came across in that manner.



Even when I did not make much money (which was a sizeable portion of my life), I lived within my means. I have never owned a new car regardless of how much I did or didn't make, buy my outer clothes (pants, shirts, coats) at Goodwill and Savers because I can get the clothes in like new condition for just a few dollars, and a variety of other money saving means. Where I have lived always reflected my earnings until I finally finished college and got into engineering. At that point, we chose to live well below our means so we could pay off the mortgage early and continue to live debt free.



We all have different priorities regarding our finances, so what I do is merely my experience added to the conversation. Also, different people have different comfort levels regarding carrying debt. I personally consider debt as giving up a part of my personal freedom. Others may feel differently. I can tell you that, with the frequent layoffs (typically every 3 or 4 years) I experienced in engineering even though I always quickly found a new job, not having a mortgage certainly made those situations far less stressful than they otherwise might have been.



Each person reading this thread should "take what you need and leave the rest". Unless somebody is being outright offensive, and I think most of us recognize such a stance by now, please assume the best in that the person is only expressing his or her own experiences within the course of the conversation. Money seems to be a very touchy subject in our culture, so I am sure there is the possibility of a fair amount of emotional "baggage" behind how some of us interpret what is being written in these posts.



Tony

Was not directed at you in any way. I skimmed through the replies already knowing what I was gonna say. I guess I’m just a bid jaded of this topic coming around on many sites and social media over the years, and there’s always that one person that preaches living within your means and if you don’t you’re an idiot. So yeah I’m not talking about anyone in particular.

And you’re right, money is a touchy subject in general, but that’s only because we live in a culture of appearances, and nothing exposes you more than your yearly income. People just need to care much less about what others think of them. I can talk about money just like I can talk about football.

Originally Posted by guitar george

If you drink beer, consider making a drink that is half beer and half water. I do this, when I want a beer, and the taste is not affected much. After 2 sips it tastes like full strength beer. This will cut your beer drinking and cost in half!

If you are trying to cut down drinking, increase the mix to more water and less beer and you will quickly adapt to the taste of the watered-down mixture.

This has to be the most blasphemous post I’ve ever read in the AGF. [emoji23]

[guitar george]

Originally Posted by J Patrick

...as my dad always told me..don’t pay interest...as in don’t buy anything on credit...it’s basically the only time you’re paying money and getting absolutely nothing in return....yes only the fortunate few can own a home interest free...but beyond that there’s very little the average person needs and can’t acquire sans debt.....if you do have to incur debt...make every effort to pay it down before adding to it...

Very good advice! Paying interest is a total waste of money. If you do have to use some credit, as most people do, be sure to pay off the high-interest accounts first. Some credit card companies charge as much as 28%! Try to get a line of credit from the bank and the rate might be around 5% or less.

[unimogbert]

..........

[Tony Burns]

Downsize your clothing assortment - by sorting and keeping what you actually need . I have gotten rid of about 75% of my clothing and feel
I have what i need -
But nothing will be bought that is not essential -NO MORE NICK NACKS or Shotsta ( alot of my trinkets will be garage sale or donated )
it actually feels good.

I think one of the reasons why many countries are not selling stuff ( and their economy is dwindling )is that their selling junk people dont really need to live or survive . ex.) you have stuff that works -why replace it.
and Yes to the question -do most of have to many guitars ?

[Mandobart]

Originally Posted by J Patrick

...as my dad always told me..don’t pay interest...as in don’t buy anything on credit...it’s basically the only time you’re paying money and getting absolutely nothing in return....yes only the fortunate few can own a home interest free...but beyond that there’s very little the average person needs and can’t acquire sans debt.....if you do have to incur debt...make every effort to pay it down before adding to it...

..of course it took me decades to finally get what dad was telling me...

Interest is the price you pay to enjoy something you can't really afford. In the US we're trained to believe debt is no problem as long as your cash flow exceeds all your monthly payments....but that's how we got to the point where millions live paycheck to paycheck and could not weather an unexpected $400 expense. We also have millions of aging boomers with no savings and no retirement beyond social security. Sure they're making the house, car, boat, RV, credit card payments, but what happens when you get ill or injured or laid off?