A contest for tightwads

[OrdinaryAvgGuy]

I'm somewhere between tightwad and I get what I want. If I want something I get it for as cheaply as possible.

For example there are 2 things that I'm pretty much 100% gonna buy, Guldens mustard and Heinz ketchup. Won't get knockoffs of either of them. I may consider a different name brand mustard but usually don't. The other things I've found that I hate the knockoffs of are

Shampoo (been using head and shoulders for years, started using for dandruff kept using cause of how awesome it makes my hair feel)

Dish soap, don't know why this is the case but I bought a bottle of some cheap store stuff from pathmark and it lasted about a month, for about triple the price I'm on month 6 of the Palmolive oxy dish soap. That's just a no brainer to me. I'm sure there's a way I could cut that a little with a better store brand but I'm convinced enough.

Hot Dogs - In no shape way or fashion can anyone convince me that low quality hot dogs are remotely worth their cost. At a dollar an 8 pack or so, I'd rather just not eat them. I typically stock up on hotdogs when I need them. Either on sale (for example last week picked up 5 Hebrew Nationals for under 10 bucks) or buying in bulk at a lower cost per pound (usually Sabrett is the best at that point)

Bacon - Thankfully I have a free source of bacon, because otherwise I'd spend a fortune on them. Again don't need super high quality, but I hate the cheap bacon. I typically go for the kind that's at least 4 bucks a pound but usually go for the kind that's 6+

But to get back to the topic. This is basically how my costs shake down per month

Rent - 600 (can't go much cheaper than that in NJ)
Carpayment - 0
Car insurance - 130 (not willing to take my car to the minimum yet, still holds too much value)
Grocery - 200 (rounding big time on this, sometimes it's much higher sometimes it's much lower also depends on if SWMBO is on a health kick or not, as she'll spend way more on greens than I would cause she's a very picky eater)
Cell - 75 (Smartphone 700 shared mins, unl text, unl data, and insurance, won't be getting the insurance next time though, found a cheaper option for that)
Internet - 55 (Screw optimum)
TV - 7.99 (My half of the Hulu and Netflix bundle we have in the house)

Overall my costs are super low, I just need a better paying job and I can be raking in the benefits of my money saving.

Nothing wrong with a little brand loyalty. In my house we are loyal to only one product and that Heinz ketchup only because my wife is from Pittsburgh and she prefers the taste.

Looks like you got the right idea with your car insurance. Drop it ASAP when the value of your vehicle tanks.

I tried to explain the concept of self insurance to people for years and they never seem to grasp the concept.

My brother, for example, drives a $2500 car that he insist on carrying the best insurance policy available. He has an excellent driving record, no accidents or tickets in over a decade.

He is paying something like $120 per month for super-deluxe insurance vs $30 per month basic. Over the course of the year he pays an additional $1080 for the collision coverage. At this rate, he is paying the full value of his car every 2 or so years.

Looking at his track record of over 10 years without an accident, I would say the insurance company is winning.

I tell him to buy basic coverage and put the extra $90 into a bank account each month. Take on the 2 year risk and its all icing on the cake from there.

He don't get it..

 

[OrdinaryAvgGuy]

Good Thread!

I thought I was alone............................................ I'm not!

Lot's of good tips here. Let me add my problem.

Utilities are HUGE in my area. I live in a part of California that is very cold in the Winter and very Hot in the summer. It was 96* yesterday. Sure, turning off everything................ all the time has the biggest impact on my bill. But 1 big benefit has been the whole house fan. Turn it on at night & in the morning when it's cool, then shut the windows. The house will remain much cooler than outside for much of the day.

Fans do nothing in the southeast as the humidity makes you miserable at any temperature. Ac or a dehumidifier are necessary if you want to remain comfortable.

 

[hoppyhoppyhippo]

My brother, for example, drives a $2500 car that he insist on carrying the best insurance policy available. He has an excellent driving record, no accidents or tickets in over a decade.

He is paying something like $120 per month for super-deluxe insurance vs $30 per month basic. Over the course of the year he pays an additional $1080 for the collision coverage. At this rate, he is paying the full value of his car every 2 or so years.

For me the difference isn't as extreme my car is worth about 6K right now (and should be some time before it's worth under 3K if you give the normal 10% devaluation annually) and my savings when it comes to dropping the extras (already on the lowest IIRC the state allows for allowances) I save 50 bucks a month. A very large amount. but it would take me several years (probably longer than the life of my car) to save up the cost of the car.

 

[passedpawn]

I hear this from a lot of people.

I subscribe to the the theory that paying for ones own educational expense has several benefits over having them paid for - during and after their study. I can elaborate if anyone is interested.

I agree - I did it (well, my wife and I did it). But it was damned hard, and I ended up with some loans that took years to pay off. In the case of my spoiled kids, I saved in advance, and they will not need any loans at all. That is a big benefit for them at least.

 

[OrdinaryAvgGuy]

I agree - I did it (well, my wife and I did it). But it was damned hard, and I ended up with some loans that took years to pay off. In the case of my spoiled kids, I saved in advance, and they will not need any loans at all. That is a big benefit for them at least.

My wife and took out over $130k in loans of which very little remains. We keep a little bit of ultra low interest debt just because I like using OP money for basically free. This frees up cash that can be invested for a much higher return.

In a previous post, my theory on parental assistance was not very well received so I decided not to rekindle that fire. I will say that the harder one has it, the stronger one become IMO.

 

[Varmintman]

I wonder how much of what we do is because of our parents. My parents were both raised during the great depression and were very frugal. Consequently I do not toss anything that I can reuse and when I do toss it I recycle. I grow food and can much of it for wintertime. I have no debt and refuse to buy anything I cannot pay cash for.

Most important I appreciate the things I have and do not look over the fence wishing I had a newer truck or bigger house. I am content with my life and what I got. For me that is the true meaning of life

 

[BBL_Brewer]

Honestly, I think the best way to save money is to stay debt free. I know it was already brought up, but it can't be stressed enough. Establising credit, on the other hand, is a good thing. I have a credit card. I only use it for purchasees that i have the money for. It actually saves me money with the cash back rewards. Anything I would normally pay cash for, I use my credit card. I pay it off every week (online banking) and I never get charged interest. I worked for 2 years on a remote Air Force installation in the middle of nowhere strait out of college as a civilian contractor. This did two really big things for me. One, it taught me how many modern conveniences that you can absolutely live without. Two, it enabled me to save enough money to purchase a home outright. The funny thing is, I shopped long and hard and got a killer deal on my house. So good of a deal that it wasn't enough money to entise the bank into giving me a first mortgage. They would gladly give me a second mortgage after I purchased the house (at a much higher interest rate). As it worked out, the greedy mongrels didn't get a flat dime out of me. It kind of worried me blowing most of my wad on a house, but it's the smartest thing I ever did. With a 15 year loan, I could have almost bought another house with the interest.

Like others in this thread, I don't spend money on fancy clothes. I drive used vehicles until the bodies fall off. I do all my own maitenence and repairs. If I have the option the build something rather than buy it I do. I just recently got a cell phone, but only beacause it finally got to where it was the same price as my home phone. So I cancelled my home phone and went cell. I don't have cable or satellite anymore. Got Netfix, and I love it. I don't go out to the bars or sit down restaurants, I have better food and beer than they do anyway. My friends tease me a lot, but I know it's because they're jealous. While they're stuck home working to pay off debt, I'm off traveling, or fishing, or camping or whatever the heart desires. Simple is definitely better.

 

[OrdinaryAvgGuy]

I wonder how much of what we do is because of our parents. My parents were both raised during the great depression and were very frugal. Consequently I do not toss anything that I can reuse and when I do toss it I recycle. I grow food and can much of it for wintertime. I have no debt and refuse to buy anything I cannot pay cash for.

Most important I appreciate the things I have and do not look over the fence wishing I had a newer truck or bigger house. I am content with my life and what I got. For me that is the true meaning of life

I have thought about the same thing. My grandparents grew up in the depression era and I'm sure some of this leaked over into my life. To what extent, I'm not sure.

Sounds like you got it figured out. Congrats!

 

[BigPicture]

When things are used and abused and I still use it, I feel like it's a badge of honor.

I have a water cooler that is 30+ years old. Wasted! We used it one summer when we sealed asphalt. I will never buy another one!

I use a workbench I made in high school. I'm 50 years old now.

I drove my Toyota till it had 235,000 miles on it and the seats rusted thru the floor. I drove it for 2 more days with a folding lawn chair before I donated it. I couldn't sell it, I wouldn't feel right!

 

[OrdinaryAvgGuy]

Honestly, I think the best way to save money is to stay debt free. I know it was already brought up, but it can't be stressed enough. Establising credit, on the other hand, is a good thing. I have a credit card. I only use it for purchasees that i have the money for. It actually saves me money with the cash back rewards. Anything I would normally pay cash for, I use my credit card. I pay it off every week (online banking) and I never get charged interest. I worked for 2 years on a remote Air Force installation in the middle of nowhere strait out of college as a civilian contractor. This did two really big things for me. One, it taught me how many modern conveniences that you can absolutely live without. Two, it enabled me to save enough money to purchase a home outright. The funny thing is, I shopped long and hard and got a killer deal on my house. So good of a deal that it wasn't enough money to entise the bank into giving me a first mortgage. They would gladly give me a second mortgage after I purchased the house (at a much higher interest rate). As it worked out, the greedy mongrels didn't get a flat dime out of me. It kind of worried me blowing most of my wad on a house, but it's the smartest thing I ever did. With a 15 year loan, I could have almost bought another house with the interest.

Like others in this thread, I don't spend money on fancy clothes. I drive used vehicles until the bodies fall off. I do all my own maitenence and repairs. If I have the option the build something rather than buy it I do. I just recently got a cell phone, but only beacause it finally got to where it was the same price as my home phone. So I cancelled my home phone and went cell. I don't have cable or satellite anymore. Got Netfix, and I love it. I don't go out to the bars or sit down restaurants, I have better food and beer than they do anyway. My friends tease me a lot, but I know it's because they're jealous. While they're stuck home working to pay off debt, I'm off traveling, or fishing, or camping or whatever the heart desires. Simple is definitely better.

I agree with most of what you said but I'm not big on the Dave Ramsey debt free living thinking.

It's all about good debt vs. bad debt. Having good low interest debt is a beautiful thing.

As some may know, one of my favorite investment vehicles is rental properties. Yes, I may have several hundreds of thousands in low interest mortgage debt but it has allowed me to leverage the $hit out of my cash, yielding a steady cash on cash return of 20+% while allowing others to pay down my debt and build equity.

Debt is not always a bad word.

 

[Subsailor]

We hunt, fish and forage for a lot of what we eat. Not to save money, just like the flavors better and truth told, traveling to some of the locations definitely offsets the savings potential. The other reason for this, is that was the way I was raised and I cannot abide the flavorless stuff shipped up from outside and I don't want to rely on a limited food supply from the city. We raise chickens for eggs and some meat and rabbits for meat. We garden and have a lot of vegetables and berries.
We prefer to stay far away from Anchorage for most of our efforts.
Land line for phone because cell service is very very sketchy up here away from the city. Internet and cable TV are bundled into this. Since spring is finally here we are spending much more time outside and probably will not see much TV until the first snows.
The Durango is paid for and the VW was just purchased last year, payments are $350 so we pay $400.
We mostly buy what we want when we can afford it. I work for the State and my wife works in the Native Hospital and we have pretty good incomes.
Medically, I am a 70% disabled Vet and so my woife and I are very well covered by the VA and the Native Hospital.
We use the fireplace to offset the costs of running the furnace in the winter, wood is cheap and plentiful for us. No need for an air conditioner, just open the windows in the summer.
We just try to keep our bills paid down each month, not always sucessful but we are not swimming in debt either.

 

[DrunkleJon]

Agreed on your parents influencing you, but then again friends and society and everything else does as well. My parents made us save up for things we wanted as kids, and were "cheap" and didn't go in for all the stupid piddily crap that my brother, sister and I wanted. My brother and sister have trouble budgeting where it is almost second nature to me. Personality definitely factors in as well.

 

[BBL_Brewer]

I agree with most of what you said but I'm not big on the Dave Ramsey debt free living thinking.

It's all about good debt vs. bad debt. Having good low interest debt is a beautiful thing.

As some may know, one of my favorite investment vehicles is rental properties. Yes, I may have several hundreds of thousands in low interest mortgage debt but it has allowed me to leverage the $hit out of my cash, yielding a steady cash on cash return of 20+% while allowing others to pay down my debt and build equity.

Debt is not always a bad word.

I totally agree with you in that respect.

 

[ChrisVZ]

I wouldn't consider myself a tight-wad, just smart with my money.
I haven't had cable/tv for over 3 years.
I haven't had a balance on my credit card for nearly 2 years.
I pay an extra $75 on my mortgage every month which will knock 3-4 years off it and save me nearly $40K in payments.
My boat is a row boat with a trolling motor and a little 5hp outboard.
Went 50/50 with my fishing buddy to buy our pickup and pay only liability insurance on it. I do have comprehensive coverage on my car though, only because it is a limited edition and is expensive to repair and it's still worth 1/3 of its original value after 9 years.
I installed a pellet stove and cut my heating costs from $3500 a year to around $1000.
I have a garden for fresh veggies in the summer and get lots of meat for free from family members who hunt.
Installed CFL bulbs in every fixture in my house.
Buy all my furniture except my bed used.
I run my high drain electric devices like my dryer at night when rates are lower.

 

[OrdinaryAvgGuy]

Agreed on your parents influencing you, but then again friends and society and everything else does as well. My parents made us save up for things we wanted as kids, and were "cheap" and didn't go in for all the stupid piddily crap that my brother, sister and I wanted. My brother and sister have trouble budgeting where it is almost second nature to me. Personality definitely factors in as well.

Friends and society surely play a role. Both of my parents were horrible with money, living from one paycheck to another and frugality was more of a necessity than a choice.

I leaned some of my spending habits from them (more of a what not to do) but likely picked up most from a close friend and tons from reading personal finance literature.

 

[OrdinaryAvgGuy]

I totally agree with you in that respect.

I suppose debt can be broken into personal debt and debt for investing.

 

[BBL_Brewer]

I think peer pressure has more to do with it than anything. Some people just don't feel like they get the respect they deserve unless they wear fancy clothes, drive a brand new car and have a half a million dollar house. Personally, I could care less what people think. They're not the ones stuck with the payments. Status means nothing, if you own nothing. There was a big layoff at a place I worked a few years back. A lot of those folks made snyde comments about my beater truck and the fact that I only had a weeks wardrobe worth of work clothes. When the hammer fell, there was a pretty large group of us sitting in a conference room waiting to get canned. Most of them were white as a ghost trying to figure out how to make their payments. I, on the other hand, was thinking about where I wanted to go on vacation.

 

[OrdinaryAvgGuy]

I think peer pressure has more to do with it than anything. Some people just don't feel like they get the respect they deserve unless they wear fancy clothes, drive a brand new car and have a half a million dollar house. Personally, I could care less what people think. They're not the ones stuck with the payments. Status means nothing, if you own nothing. There was a big layoff at a place I worked a few years back. A lot of those folks made snyde comments about my beater truck and the fact that I only had a weeks wardrobe worth of work clothes. When the hammer fell, there was a pretty large group of us sitting in a conference room waiting to get canned. Most of them were white as a ghost trying to figure out how to make their payments. I, on the other hand, was thinking about where I wanted to go on vacation.

Peer pressure has an effect on many folks spending habits.

Society tells us that you should go to college, get a "secure" job, save 10% for retirement, get married, buy an biggie sized house and biggie sized SUV every 4 years, spit out a couple entitled children, buy a bunch of stuff and a bigger house to put your stuff in, play your part as a corporate drone for 30 years and if you don't drop dead of a heart attack at the age of 60, enjoy 10-15 years of your "golden years" popping life extending pills and enjoying your grandchildren.

Acknowledge this trap at a young age and you are golden. Most people figure out its a trap by the time they reach their mid 30's. By then its too late because they have "responsibilities" and debt to pay off.

You gotta be strong and let the others do what they are going to do.

Edit: I don't discount the importance of having children in ones life - Simply a personal belief of delayed parenthood.

 

[Ostomo517]

Peer pressure has an effect on many folks spending habits.

Society tells us that you should go to college, get a "secure" job, save 10% for retirement, get married, buy an biggie sized house and biggie sized SUV every 4 years, spit out a couple entitled children, buy a bunch of stuff and a bigger house to put your stuff in, play your part as a corporate drone for 30 years and if you don't drop dead of a heart attack at the age of 60, enjoy 10-15 years of your "golden years" popping life extending pills and enjoying your grandchildren.

Acknowledge this trap at a young age and you are golden. Most people figure out its a trap by the time they reach their mid 30's. By then its too late because you have "responsibilities" and debt to pay off.

You gotta be strong and let the others do what they are going to do.

I get what your saying but its almost like your vilifying people that afford to live better. I agree some people are influenced and feel thats what they have to do because society says so. But some like my fiancee and I have money put away and dont make ourselves feel guilty for getting or doing things we want. We are also the type of people that could care less about impressing anyone with what we have, all that matters is we are happy and things are taken care of.

 

[OrdinaryAvgGuy]

I get what your saying but its almost like your vilifying people that afford to live better. I agree some people are influenced and feel thats what they have to do because society says so. But some like my fiancee and I have money put away and dont make ourselves feel guilty for getting or doing things we want. We are also the type of people that could care less about impressing anyone with what we have, all that matters is we are happy and things are taken care of.

If that makes you happy then that all that counts. Many are content with this lifestyle and honestly, its great that things are this way. Otherwise our economy wouldn't exist in its current form.

The reason why I choose not to live a lavished lifestyle is because I know that for every dollar that I spend wisely today I will be able to retire that much sooner. My goal is to reach retirement status before the age of 38 and enjoy raising a child or two without spending all my time away from home working.

If you work, save and spend your extra money there is nothing wrong with this. It is just not my cup of tea.

 

[BBL_Brewer]

I get what your saying but its almost like your vilifying people that afford to live better. I agree some people are influenced and feel thats what they have to do because society says so. But some like my fiancee and I have money put away and dont make ourselves feel guilty for getting or doing things we want. We are also the type of people that could care less about impressing anyone with what we have, all that matters is we are happy and things are taken care of.

But you can afford it. That's the difference. If you've got it, you've got it. If you don't got it, don't spend it. The moral of the story here is to live within your means. Do that and you'll never have any worries.

 

[DrunkleJon]

Very true that debt is not necesarily a bad word. The only problem is most people do not understand the difference. I wish it were different, but people do not seem to have well developed BS detectors and are born consumers.

Maybe this is a reason I can not stand popular culture much, absolutely refuse to acknowledge the existance of reality TV and find myself agreeing with Louis Black's stand-up comedy.

Also, I sympathize with the nest egg/retirement. I lost my job several years ago and was unemployed for an entire year. I felt no pressure to find a job quickly or settle for something I did not want to do since I had over a years worth of salary saved up. It is nice to be able to not have to worry.

 

[OrdinaryAvgGuy]

But you can afford it. That's the difference. If you've got it, you've got it. If you don't got it, don't spend it. The moral of the story here is to live within your means. Do that and you'll never have any worries.

Exactly my thoughts. Live within your means and either spend or wisely invest your extra money.

If you sacrifice more of your spending money and use it to invest, you can buy financial freedom sooner and to me this is something that you can not put a price tag on.

 

[OrdinaryAvgGuy]

Very true that debt is not necesarily a bad word. The only problem is most people do not understand the difference. I wish it were different, but people do not seem to have well developed BS detectors and are born consumers.

Maybe this is a reason I can not stand popular culture much, absolutely refuse to acknowledge the existance of reality TV and find myself agreeing with Louis Black's stand-up comedy.

Luckily, those who figure this out reap the benefits by selling BS to others. If it wasn't for the uninformed consumer many of us would not have jobs.

 

[OrdinaryAvgGuy]

Sounds like lots thrifty folks.. Now wheres the real tight wads? You know the ones that reuse teabags 3-4 times?

 

[Ostomo517]

Sounds like lots thrifty folks.. Now wheres the real tight wads? You know the ones that reuse teabags 3-4 times?

Brew beer, use the spent grains to make bread then sell the bread???

 

[BigPicture]

The best is when I'm at the gas station. Filling up my little 4 banger Tacoma that gets 35 mpg when a fella with a HUGE V8 4x4 that sits there empty is crying next to me.

Just a little common sense goes a long way.

 

[Subsailor]

Sounds like lots thrifty folks.. Now wheres the real tight wads? You know the ones that reuse teabags 3-4 times?

I don't know how on topic this is, maybe more of do you reuse or save items, idk.
My wife laughs, but I am one of those who rinses/wipes off tinfoil for reuse, saves rubber bands and string and it's amazing the number of things you can do with a brown paper shiopping bag. Plastic drink bottles have become small long term grain and bean storage bottles, 2 liter to 20oz size bottles anyway.
She is constantly on me with the question; Why are we saving this (insert item name here)? For example the tall red Folgers coffee containers. I drill drain holes in them and grow carrots, parsnips and individual tomato plants in them.
It's not that we can't afford things, it's that it just makes sense to use what we've got.

 

[BBL_Brewer]

Sounds like lots thrifty folks.. Now wheres the real tight wads? You know the ones that reuse teabags 3-4 times?

I only drink water and beer. I save plastic water bottles and refill them. I reuse paper towels for hand drying. I haven't bought a fishing bobber in I don't know how long (usually pick a few up on the shore every time I go out). Same goes for stringers. I sein for minnows. I'm not above trash digging if it's something useful. I've been known to get creative with cardboard. I've been using an old tv tray and a junk chair for an end table since I bought my house. News papers.......so many uses.

 

[OrdinaryAvgGuy]

I don't know how on topic this is, maybe more of do you reuse or save items, idk.
My wife laughs, but I am one of those who rinses/wipes off tinfoil for reuse, saves rubber bands and string and it's amazing the number of things you can do with a brown paper shiopping bag. Plastic drink bottles have become small long term grain and bean storage bottles, 2 liter to 20oz size bottles anyway.
She is constantly on me with the question; Why are we saving this (insert item name here)? For example the tall red Folgers coffee containers. I drill drain holes in them and grow carrots, parsnips and individual tomato plants in them.
It's not that we can't afford things, it's that it just makes sense to use what we've got.

There is a fine line you have to walk between hording and holding on to items that may be useful in the future.

I yet to master this skill. I'll save 50 Folgers cans for a few years then one day say to myself "WFT am I keeping 50 coffee cans for and commence to throwing them away.

A week later I could really use 50 coffee cans for a project. $hit.... now I gotta go buy something!

My FIL Hoards everything. Now whenever I need something random I hit him up and he gladly gives up the goods. He gets all excited and I think it is because me coming to him for whatnot allows him to justify to his wife packing the garage, barns and house full of all this good stuff.

I do like your long term grain storage idea. Will have to start hording some gallon jugs to store my bulk grain.