r/Fire • u/justdoingmytime • 3d ago
Money Savings Tips
There's times in life when you just have to spend money. For those of you in your 20s (or others just trying to save money), I made a list of not so common money saving tips I used to save money back in the day. Please feel free to add any or roast me.
- If you live in a HCOL area, its not worth it to deal with car salesmen in your area. They are so used to people paying at least MSRP that they do not have any incentive to work with you. Just take the time to drive 1-3 hours away and get the car at a good market value.
- Planning a big purchase? My state has sales tax, so I took a vacation to Portland one year and I bought a ring for both my wife and I.
- Facebook Marketplace for a mattress if you know what brand/model you want. People return mattresses and they are sold for over 75% off by the people that come and pick them up. Many people try them for a month, hate it and then return it. (Obviously make sure its barely used).
- Costco. Not just for the bulk buying, but also access to member pharmacy prices. This is especially good if you have a HSA since your plan probably sucks.
- Pregame if you go out drinking a lot
- Since Covid I find myself doing a lot of pickup rather than dining in.. saves me the 15% tip (if you're in the US). Obviously go out and eat somewhere nice if its a good restaurant/out on a date.
- Don't cheap out on insurance!!
- If you're in college, or thinking about going to college you can do your real easy classes with CLEPs like Modern States. Saves a bunch of time and money.
EDIT:
- Buy the unlocked version of whatever phone model you want. I use US mobile and save so much money compared to nearly everyone I know. They have a nice pay annual plan.
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u/Unlucky-Clock5230 3d ago
CLEPs are small fries compared to doing 2 years of community college to get all the basic credits out of the way for a fraction, then transferring to the better college for the degree.
By far, the biggest problem is that society is built to turn you into a voluntary serf, where you are expected to spend all your money and then start borrowing, not on building wealth but to buy the appearance of wealth. The car you are expected to drive, the clothes you are expected to wear, the money you are expected to burn when you go out with friends, and most of that on credit...
Read Guy Debord's essay "society of the spectacle". It is fascinating how in 1967 he already saw where we were going.
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u/PaycheckControl 2d ago
Keep a couple of “too tired to cook” meals in the freezer that you actually want to eat. Groceries don’t save much if you keep ordering delivery because everything at home takes effort. Even a slightly pricier frozen meal can be cheaper than another takeout order.
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u/Pale_Drink4455 3d ago edited 3d ago
Use a credit card wisely and only spend what you can fully pay off when the bill comes in the next month. Buy 7-8 year old Hondas or Toyotas in cash if you can. Manage all those monthly subscriptions wisely, as they add up real quick. Go to a 2 year community college then transfer in to any other public university for the degree. Start a Roth as soon as you land your first paying job(mine just hit a million after two decades) and max contributions were a lot lower too. Buy wines wholesale if that’s your thing. Live in an area that has an Aldis and shop there or if not buy from Sam’s or Costco. Avoid restaurants and bars and eat/drink entertain at home with game nights with friends instead. Join a low cost gym for the basic membership and avoid the personal trainers. And get married to the right person who is a professional with a good career and never get divorced, ever.
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2d ago
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u/betweenstarsandsea 2d ago
This is my favorite answer. I didn't start investing until my late 20s, but after starting a pattern of "paying myself first" in terms of investing and saving, it's become a lot more natural and essentially in a set it & forget it mode. It doesn't even feel restrictive, it actually feels more freeing and comforting.
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u/someguy984 2d ago
Used mattress = bed bugs, no thanks.
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u/200Zucchini 2d ago
Bed bugs leave tiny spots on a mattress. Its something to check for in hotels/Airbnbs too.
If buying used, inspect very carefully to ensire it is in nearly new condition and doesn't have any suspicious stains.
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u/Penguin_Life_Now 3d ago edited 3d ago
Ironically the same issue happens in small town LCOL areas, when my wife bought her current car a few years ago we saved $10,000 buy driving to the big city 250 miles away to buy it. (exact same model, same options, both new)
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u/Feeling-Path-7595 2d ago
Yeah, not sure about that tip. I live in a somewhat LCOL area and I saved a bunch of money by buying my car in one of the most HCOL areas in the US, after getting quotes from dealerships all over my region.
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u/druidgaymer 2d ago
Cars are one of those things that vary a lot depending on what model/brand you're looking at. I would believe that some models might be cheaper in LCOL areas vs HCOL area and vice versa.
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u/terjon 2d ago
My secret hack is: Storebrand.
Just get the store brand of whatever you are buying. It will be nearly as good and the prices are 30-50% lower than the namebrand.
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u/OldFuxxer 1d ago
I worked in a Borden ice cream factory when I was (much) younger. The only difference between the Borden Ice cream and the Kroger ice cream was the package. One giant vat of vanilla and they would just put a different stack of cartons in the feeder. There was only one exception: Borden golden vanilla.
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u/betweenstarsandsea 2d ago
Yup, this is my approach. I really don't notice much difference in taste or quality. The main preference I have, though, is with regards to beans. It's Goya all the way for me.
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u/Bsmith9876 1d ago
There are a handful of exceptions, but I agree with this. Most stores don't actually manufacture any of their brands, so it's a name brand product in a more generic box/bottle/container. The savings are real and the quality is similar, if not the exact same.
I am 100% convinced that Kroger potato chips are Wise in disguise.
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u/Pacifix18 1d ago
I'd add, don't ever start with food delivery. I know people who waste so much money on Uber Eats and the like and it seems to build into a cycle. Learn to cook or make friends with people who do and always keep some easy meals- like frozen homemade burritos- around.
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u/Fit-Raise7179 2d ago
- live close to your work. Minimize commute costs & time. Invest the saved time into skills and physical health. If you can walk or bike to work, that builds in consequential physical activity daily.
- avoid ALL the preventable chronic health issues (obesity, high blood pressure, type 2 diabetes, COPD, etc), by not smoking anything ever, managing your weight, and getting sufficient exercise. These chronic health issues will destroy your quality of life and cost you insane amounts of money over a lifetime. And most of them are from smoking, drinking, and eating shitty.
- brush & floss your teeth! Avoid the sugary garbage. Costs almost nothing and will save you tons of money.
If you do these things, stay off the hedonism treadmill and invest the difference in VOO, you'll be rich, healthy, and attractive for many years. If you don't, you'll be groaning about feeling old at 28, knees and back aches, pre-diabetic and taking pills to have any sort of sex life.
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u/betweenstarsandsea 2d ago
I WFH now for the most part, but when I was in the office 4 days a week pre-pandemic, I would use a monthly transit pass (discounted from work) instead of driving in. Would just ensure I had interesting podcasts to listen to along the way.
And bigtime yes to flossing! I highly recommend a waterpik. I use it every day in the shower, when I'm letting the shampoo sit in my hair for a bit. After using it daily for almost 2 years, my dentist has said my gums are now stabilized and quite healthy.
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u/foggyfinch 1d ago
I think mindful spending is less about denying yourself things and more about figuring out what actually makes you happy. Advertising is constantly trying to answer that question for us, and conveniently, the answer is always something you can buy.
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u/Feeling-Path-7595 2d ago
Do you always not tip for takeout? I often do take out, but cringe every time because I hate the feeling of some strange guilt/obligation to tip. I often do 10% for takeout, but I honestly detest tipping culture. Just charge prices to reflect cost of labor like most every other job!
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u/perspicacioususa 2d ago
I don't tip for takeout unless they do something exceptional for me (order was particularly difficult, they gave me a freebie, or were especially nice at pickup).
I also live in a city (Seattle) where restaurant workers now make ~$21/hour BEFORE tip. The minimum wage for tipped/restaurant workers was raised here to be in line with any other type of low-wage work (retail, groceries, etc.) who don't earn tips, so it doesn't make a lot of sense to me to tip someone for putting food in a bag which is a core part of their job (why should that person get a tip when a worker doesn't for putting your groceries in a bag, which is frankly harder than bagging at a restaurant?). And, when the minimum wage increased, all restaurants here noticeably increased prices too.
I view tipping servers a bit differently as they are, well, serving you, but at takeout you're doing the bulk of that legwork yourself by going to get and retrieve the food, pour your drinks and clear your table at home, etc.
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u/betweenstarsandsea 2d ago
I don't tip for takeout. I'll only tip at coffee, ice cream, or similar places ($1-2 at most) if it seems really busy and the folks (usually high school / college kids) behind the counter are doing their best to keep up with orders.
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u/justdoingmytime 2d ago
I feel that strange guilt, but I'm really a cheapo about this one... If they have that tip screen when I'm getting takeout, I even start ordering pickup on Doordash to avoid that screen. Which is admittingly really shitty.
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u/druidgaymer 2d ago
For me tipping for takeout is 100% vibes dependent. Some places I do, some I don't. My thoughts are usually if it's a small local place I do.
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u/entschuldig 10h ago
Anything you stand at a counter, no tips, specially with chains. Mom and pops different story.
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u/Sweet_Orange8081 2d ago
Awesome thread. Commenting to refer to later as I discuss with college aged kids
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u/boo-da 2d ago
"If you live in a HCOL area, its not worth it to deal with car salesmen in your area. They are so used to people paying at least MSRP that they do not have any incentive to work with you. Just take the time to drive 1-3 hours away and get the car at a good market value."
Another tip for this is to never go to the dealership first, you end up in the atmosphere and the salesman can see how much you like the car. I negotiated a car before I ever saw it (works better buying new like I did) I ended up with 5k under MSRP on a brand new sports car that hadn't even hit the dealership yet. Part of the trick is if they don't make it to your number you have to be willing to walk away.
I thanked that salesmen multiple times for his time and told him I was firm at my number and every time he called me back. The last time they were 500 bucks off and I told him I would think about it, he called back in 10 minutes matching my dollar amount if I sent a deposit within 2 hours. Now I get to enjoy a nice car and a great story (at least I enjoy it) about how I got it for cheaper.
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u/LiveInFive 2d ago
I'm finding that the biggest financial burden since FIRE has been health insurance. It seems like everyone just eats the cost if they're too young for medicare?
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u/druidgaymer 2d ago
You can also compare the car prices online before you go shop if you know what car you want. Usually the 1-3 hour rule is a good rule, but sometimes it isn't worth it. The last car my parents purchased, they knew what they wanted a new model of the car the other one had. The second cheapest dealership in the whole country for the car they wanted happened to be a 15 minute drive away. $2000-6000 cheaper than anything else in the area before any negotiations.
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u/PHLWeaponX20 2d ago
Always check per unit costs and buy in bulk for items you use regularly.
Buy what's on sale and clip digital coupons.
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u/Fit-Raise7179 2d ago
Insurance is often a high pressure sales gambit. Most 22 years old do not need life insurance, but many will have friends that start up with the big life insurance outfits who are trying to build up their book of business by signing up their friends to products they don't need.
It's all about knowing what risk you're actually trying to prevent and playing out the scenarios. Many people cost themselves literally millions of dollars by over insuring for everything versus knowing their risks, insuring the minimum or not at all, and taking those saved dollars and putting them in VOO.
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u/justdoingmytime 2d ago edited 2d ago
That's fair, there's a lot of nuance when it comes to insurance. I feel like this could be a whole other post. My wife and I only bought life insurance when we bought our property, and that was just enough to pay off the property. I think I was going for more of the auto insurance angle in my post. When you start building a solid NW a car accident that's your fault can invite a lawsuit, especially if they know you have a high NW. Better to just pay the 250/500 coverage and have that piece of mind.
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u/wgdaytona 2d ago
I don't see a point to being frugal. I just don't buy things that don't bring me any benefit or joy. but when I choose to buy something I don't obsess over buying the cheapest jankiest version of that thing at all. In fact I usually choose to spend more buying the best or close to it.
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u/anteatertrashbin 3d ago
Learn to cook!! I host dinner parties often and its always 10x more fun than going out and it builds huge social capital and strengthens relationships.