[boomana]

Having been poor, the best tip I have is to make spending as little as possible a game. I used to try and see how little I could spend each day and then try and beat that the next day. I learned the difference between want and need, and even though I have money now, I also know I was just as happy or as unhappy then as I am now. You'd be surprised on how much money we waste on random little things without even noticing (a couple bucks here and there). I rarely blow money on just anything these days because I don't really feel the need to. I learned that lesson back then. I also don't feel guilty when I do spend money on something I really want. Oh, and another rule: if you really thnk you want something, wait at least 24 hours before buying it. Most of the time, that thought will pass.

Good luck saving. The JH13s are one purchase I'm glad I saved up for.

 

[TheAudioDude]

$1200 a month on food is ridiculous, but frozen food seems like a real contribution to that. I bought a bunch of frozen food a couple of weeks ago because I can't cook right now, and I ended up spending a ton of money. One of those little Stouffer's mac and cheese or chicken parmesean things are over $2, and they barely even put a dent in my hunger. A lasagna meal is over $8, and I could eat it in two sittings. Not to mention how unhealthy they are for you.

I spend maybe $240-$300 a month on food, and I only buy for the next week. I usually decide what I'll make each night and buy whatever I need without looking at prices. I always make extra since I'll have the same thing for lunch the next day. Not eating out for lunch can save a load of money.

I never go out, except on certain occasions, and that's a real saver. But it only works if you're good at keeping yourself occupied. I've never been into the whole club/bar scene (which can probably eat away at your money quicker than this site!), and I never go out just for the hell of it.

My ultimate goal is to put away as much money as possible into savings/401k so that I can retire earlier than I need to. Of course, Head-Fi has put a tiny dent in that, but you have to do what makes YOU happy. If you can't enjoy yourself now, how are you going to learn to enjoy yourself when you're older?

 

[ericj]

Quote:

Originally Posted by TheAudioDude /img/forum/go_quote.gif $1200 a month on food is ridiculous, but frozen food seems like a real contribution to that.

Who said they spend $1200/mo on food? I remember saying i lived on $1200/mo as my entire income. Fourteen thousand dollars a year to live on. By myself. In suburbia. Can't stand roommates.

And of that, $1000 went straight out the door for basic living expenses (rent, car, utilities) - and that doesn't include gas for the car, etc. And i kept my DSL, because dammit, bandwidth is a necessity.

Two years. Two and a few months, actually.

If i wanted new clothes, computer parts, etc, I basically had to sell something on ebay.

I scraped by. I survived. I paid off my car. Paid down my debts. Then got a decent job again and lived 100% debt free for a couple years, then bought a house. Then totaled my car and had to buy another. Stuff happens.

I sort of feel guilty that as the economy has gone to crap over the last couple years, my income increased a solid 30% or so. almost 200% of where i was before that two year slump.

Oh, one further comment wrt the advice given so far - you don't have to write down your every expense if you just stop spending money

As for food, calories are cheap. Eating well costs a bit more.

 

[choka]

Quote:

Originally Posted by appophylite /img/forum/go_quote.gif Wow, was that 1.2K/month on food alone?

No! I said my monthly spending was 1.2k TOTAL! That's after a 800 dollar rent next to the campus.

 

[appophylite]

Ah, I gotcha...Yeah, that would make more sense: my roommate and I were on a combined total of nearly $900 for food, rent, bills a month. $1200 for food alone would have been an absurd number!

 

[chesebert]

Quote:

Originally Posted by appophylite /img/forum/go_quote.gif Ah, I gotcha...Yeah, that would make more sense: my roommate and I were on a combined total of nearly $900 for food, rent, bills a month. $1200 for food alone would have been an absurd number!

If you are busy and you live in the city, $1200 month on food is not so absurd. You can reach $1200 mark if you spend just $40 on food every day (including tax and tips): $7 for morning coffee/bagel/fruit; $11 for lunch; and $22 for dinner. You are eating good food, but by no means fancy food.

 

[appophylite]

Quote:

Originally Posted by chesebert /img/forum/go_quote.gif If you are busy and you live in the city, $1200 month on food is not so absurd. You can reach $1200 mark if you spend just $40 on food every day (including tax and tips): $7 for morning coffee/bagel/fruit; $11 for lunch; and $22 for dinner. You are eating good food, but by no means fancy food.

I guess it's a function of the city too. Up here in Fairbanks, I could forgo buying food related groceries, eat out every meal and still come out to about $600 a month on food only. But then, we get charged an arm and a leg for other things up here (gas, electricity, etc)

 

[lmilhan]

It's actually very simple to save money, but very few people have the discipline to follow a few simple rules:

1) Do a written budget each month, and follow it as close as humanly possible. This will likely free up a couple of hundred dollars each month since you will see where all of your money is going, instead of it just going down some hole somewhere.

2) Live below your means - spend less than you earn. This will likely require you to follow step 3:

3) Lifestyle changes - Don't eat out as much, brown bag your lunch, do a Starbuck's coffee only once per week instead of 5 days per week, etc. These are the little expenses that add up a lot and will kill your budget if not kept in check.

4) Stop using credit cards. It has been proven that people spend significantly more when paying with credit cards instead of cash.

5) Go through all of your junk and sell on Ebay (or Craig's list if in the USA) until your eyes bleed.


There are several more tips I can offer, but follow those 5 simple rules and you will likely be able to save several hundred dollars in 3 or 4 months time.

 

[nealric]

Quote:

If you are busy and you live in the city, $1200 month on food is not so absurd. You can reach $1200 mark if you spend just $40 on food every day (including tax and tips): $7 for morning coffee/bagel/fruit; $11 for lunch; and $22 for dinner. You are eating good food, but by no means fancy food.

Perhaps not absurd, but no way to save money. When I was living in NYC, I ate out most meals, and didn't spend anywhere near that.

Breakfast: bagel w/cream cheese from food cart: $1.25, Office coffee
Lunch: Street meat: $5.50
Dinner: Chinese takeout noodles: $4

 

[acidbasement]

If you can possibly avoid car ownership, that is the single biggest step you can make toward owning all the other goodies you desire. Loan payments, insurance, and gas all add up to a whole lot of money out the tailpipe!

Plus, riding a bike instead gives you better looking legs, which makes dating a whole lot cheaper because you don't have to spend as much money to impress your chosen one.

 

[krmathis]

Since taking on a job is not possible you are set to re-prioritize how you spend the money.
Less nights out, think budget when you shopping food, eat at home not out. Or perhaps you have items you can sell off to free up some money?

 

[FlyingInABlueDream]

As most people have stated, food/drinking costs are usually the two things people don't fully factor in their finances. I'm a server in a restaurant, and it blows my mind how much people will spend in one meal (I had a table of 9 spend $982 the other day).

As a more reasonable example. A table of two comes in. They order a beer ($5) and a Cosmo ($10). They order a mid price appetizer ($10) to start. One person has a strip steak ($19), the other scallops ($21). They each decided to get another drink ($15). The finish their meal with two cups of coffee ($8 total) and dessert ($8). That's $96, then add 11% food tax (it's very high here in the city), brining you to $106.56. I personally would expect nothing less than a $20 tip on a tab like that, bringing your total to $126.56.

I could spend $126 in groceries and eat well for a week. Easy. I'll be the first to admit my meals tend to be a little makeshift, but I switch it up with lots of veggies, and fruits in the morning. And as for the guy who spent $8 on two beers, I could pick up a 12 pack of something cheap, or a 6-pack of something decent for the same. I love to hang out with friends at a bar, but it can be VERY easy to rack up a tab.

 

[d3adeyes]

I feed a family of 5 for $126/wk and none of us are starving!

 

[teishu]

I opened a 'HiFi' Account.. Just for saving money to get my new headphones.. put abit in every month after pay day.. and DON'T take any back out!! lol

 

[chesebert]

Quote:

Originally Posted by Nocturnal310 /img/forum/go_quote.gif i badly wanna get my hands on Custom in-ears.....trying to save..but everytime i hit the club or go on a date with a woman or go out with friends to eat...i realize i aint reaching my target soon so lets discuss how one can save more money...especially the students. me saving for JH13Pro

You should call Suze Orman and ask her this question - "can I afford it?"

I predict you will get denied, however