Hello all. We are a Dave Ramsey family in Baby Step 7. Paid off everything with modest jobs. I have been listening to Clark for a long while and now really looking to tighten up budgeting to hopefully invest even more.
Recently, we followed one of Clarks suggestions and shopped out cell phone plans. Made the switch on Saturday with a big amount of savings. We are currently doing the same with out homeowners and car insurance as well.
Question for you all: What tips do you have to look for more savings opportunities? What have you done to drive more savings out of your budget?
Citi Custom Cash CC= 5% cash back restaurants/bars. AAA Signature Visa CC = 5% cash back groceries. US Bank Cash+ CC = 5% cash back TV/Streaming/Utilities. Many other credit cards offer 5% back at gas stations, including Costco Visa.
1- Record all your daily spending, every dime, including periodic items. Review your Credit Union/Bank statements and credit card statements to make sure to capture all expenses. Then review all of your budget items for possible reductions.
2- Pay Yourself First- pay for retirement savings, emergency fund and goal savings automatically at the beginning of each month. An individual who allocates portion of their budget to the pay yourself items will tend to be more effective at reducing expenses for the remaining budget items.
3- Dave Ramsey advice is good on paying down debt. I would not follow his advice on other financial topics including investing.
You can use Quicken for this and it will give you a Dailey synopsis of your spending as well as analysis and summaries by product category, vendors etc.
Additionally I keep scanned copies of all my receipts.
Ike, if you still have a huge cable bill, become a “cord cutter” like me. I don’t mean a “fake” CC where you end up with a bunch of streaming subscriptions. I only pay for internet and use Roku, Firestick and a lot of YouTube (Not YouTube TV).
With your older car drop full coverage down to just liability on your insurance. I think you’ll get a lot of good suggestions here.
I am a world traveler(62 overseas trips) and I never, ever buy water in the US or countries in Western Europe, UK, Australia or New Zealand. I cannot believe people are so brainwashed that they buy CASES of water. It’s the most brilliant marketing I’ve ever seen!
The only time I ever buy water is in Latin American countries, Eastern Europe, India, the Caribbean. etc.
Wake up, people!
Lots of helpful advice in this thread. Tracking spending really does seem to be one of the biggest eye-openers because many small purchases add up quickly over time. I also like the pay yourself first idea since automatic savings probably makes it easier to stay consistent without thinking about it every month.
The suggestion about cutting unnecessary subscriptions and reducing bills is something I’ve been noticing too. Streaming services, food delivery, and impulse online shopping can quietly increase monthly expenses more than expected.
Even small habits like carrying a reusable water bottle, cooking at home more often, and planning purchases ahead of time can make a noticeable difference over the long run. Saving money feels easier when you focus on building better habits instead of making huge changes all at once.
It is stupid how much people spend on cable and streaming services. I installed an outdoor antenna and get tons of channels for free. I watch PlutoTV online and put up with the ads.
Amazing is how much people spend for cell phone coverage. I bought a phone for $163 and pay Helium Mobile $16 a month for service.
I drive a 2008 Corolla I bought for $7000 and I get 40 miles per gallon. But for short trips I often just ride my bike. Meanwhile my secretary drives a Cadillac that requires premium gas.
I buy appliances at a place that sells slightly used, demos, and scratch and dent specials. Why obsess about having a matching pair of washer and dryer? Do the clothes know the difference.
$200 a night for hotels? On my recent trip to Copenhagen I paid $55 a night for a shared room in hostel. In the 3rd world I target $25 per night.
I cut my own grass at home. I created an entire lawn at a rental house by offering to edge people’s yards for free, and planting the sod strips in my yard.