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Message
What are some easy ways for added monthly savings?
Posted on 4/17/14 at 9:36 am
Posted on 4/17/14 at 9:36 am
Last summer hit me kinda hard financially and basically wiped out my emergency fund. I've been trying to get it back to where I like since, but it has been going slow. I'm about half way there, but it's just crawling along, and we have put all home improvements/vacations on hold until we get our emergency fund back to fully stocked. The wife is started to get antsy about vacation as summer approaches.
On top of the emergency finance stuff, we also had a baby last summer, so almost all of our old monthly savings go towards paying our nanny now.
So what are some things that can help without just completely shutting down our standard of living?
We cut back on dining out, but we still do weekly Sunday morning lunch/brunch because that is our family time and we enjoy it. I just cut satellite , which will save $130/month. I ride my bike to work most days which saves a bit in gas. Just seeing if there are some other ideas out there that I'm not thinking of?
On top of the emergency finance stuff, we also had a baby last summer, so almost all of our old monthly savings go towards paying our nanny now.
So what are some things that can help without just completely shutting down our standard of living?
We cut back on dining out, but we still do weekly Sunday morning lunch/brunch because that is our family time and we enjoy it. I just cut satellite , which will save $130/month. I ride my bike to work most days which saves a bit in gas. Just seeing if there are some other ideas out there that I'm not thinking of?
5
Posted on 4/17/14 at 9:40 am to Salmon
Although I would never do this myself, what do your 401k contributions look like? If you are maxing or close to it, you could always cut back until your emergency fund is back where you like it.
Damn, I cant even believe I just typed that. Just trying to spitball here I guess.
ETA: Also, just to get an idea, how much we talking here? How far away from where you like to have it, dollar wise?
And another edit, I believe you mentioned the nanny on the OT wanting to take in another kid? Well, if that was you I remember you said you paid her $600 month? To be honest, I have two kids, one school age and a 4 year old, and only pay $800 month to have them both in a very nice facility. You may be overpaying for child care, but I know she is a friend so that's probably a touchy subject.
Damn, I cant even believe I just typed that. Just trying to spitball here I guess.
ETA: Also, just to get an idea, how much we talking here? How far away from where you like to have it, dollar wise?
And another edit, I believe you mentioned the nanny on the OT wanting to take in another kid? Well, if that was you I remember you said you paid her $600 month? To be honest, I have two kids, one school age and a 4 year old, and only pay $800 month to have them both in a very nice facility. You may be overpaying for child care, but I know she is a friend so that's probably a touchy subject.
This post was edited on 4/17/14 at 9:46 am
Posted on 4/17/14 at 9:45 am to OnTheBrink
I would like to keep my 401k contribution as they are..
I like to keep about a $8k emergency fund. I've got it back to about $4k.
quote:
how much we talking here? How far away from where you like to have it, dollar wise?
I like to keep about a $8k emergency fund. I've got it back to about $4k.
Posted on 4/17/14 at 9:46 am to Salmon
quote:
I would like to keep my 401k contribution as they are..
Good call. Just trying to spitball. See my other edit above.
Posted on 4/17/14 at 9:49 am to OnTheBrink
quote:
And another edit, I believe you mentioned the nanny on the OT wanting to take in another kid? Well, if that was you I remember you said you paid her $600 month? To be honest, I have two kids, one school age and a 4 year old, and only pay $800 month to have them both in a very nice facility. You may be overpaying for child care, but I know she is a friend so that's probably a touchy subject.
Yeah, I'm aware I could probably get cheaper childcare, but I like having my daughter at home while she is under 1. Once she gets a bit older we will probably look to put her in a school type daycare, especially if our nanny keeps trying to bring extra kids into my house
Posted on 4/17/14 at 9:49 am to Salmon
Perhaps change your withholding on you and your wive's taxes if it is set for a big refund.
Tell her to stop shopping for clothes for one month. Women spend a ton on clothes.
Not serious advice: Get rid of the family dog. Those things are a menace to budgets
Tell her to stop shopping for clothes for one month. Women spend a ton on clothes.
Not serious advice: Get rid of the family dog. Those things are a menace to budgets
This post was edited on 4/17/14 at 9:52 am
Posted on 4/17/14 at 9:54 am to Salmon
What are you contributing to your 401k? Roth? If it were me, I would put that on hold temporarily and finish my emergency fund. We're only talking about a few months.
That's assuming you are contributing in the neighborhood of $1000 per month.
That's assuming you are contributing in the neighborhood of $1000 per month.
Posted on 4/17/14 at 9:55 am to Teddy Ruxpin
quote:
Perhaps change your withholding on you and your wive's taxes if it is set for a big refund.
We had to pay this year.
quote:
Tell her to stop shopping for clothes for one month. Women spend a ton on clothes.
It's not clothes for herself, but for our daughter now. And since she manages a baby boutique, she is surrounded by baby clothes all day
She gets a discount, but when the outfit cost $60 it doesn't feel like much of a discount. 
quote:
Get rid of the family dog. Those things are a menace to budgets
no dog, just a giant cat
Posted on 4/17/14 at 9:56 am to Salmon
quote:
Yeah, I'm aware I could probably get cheaper childcare, but I like having my daughter at home while she is under 1.
Yeah, I was more or less getting at approaching your friend about taking a little less until you get things back in order. I know, easier said than done, especially with friends, but could be worth a shot.
Posted on 4/17/14 at 9:58 am to Salmon
here are a few other ways...
- call and renogiate internet and telephone bills. You can usually save a lot. I did this recently and probably shaved $100 month off our combined bills
- shop around for car and home insurance. There are always better deals to be had. You can also raise your deductible and usually do really well, or drop parts of coverage. Let them know you bike to work.
- summer is coming up, raise your house temp by a degree or two. Start shutting down computers, tvs, etc when not plugged in. actually unplug them supposedly energy vampires are 30% of your electric bill
- Do you coupon? I know people who can shave 10-15% of their grocery bill doing basic couponing. I am too lazy, but that could work. its a time sink though.
Check out - LINK /
good advice there.
Good luck. $4k cushion is pretty decent, probably not enough but I wouldn't put your life on hold just so you can get to $8k.....just ease your way back there.
- call and renogiate internet and telephone bills. You can usually save a lot. I did this recently and probably shaved $100 month off our combined bills
- shop around for car and home insurance. There are always better deals to be had. You can also raise your deductible and usually do really well, or drop parts of coverage. Let them know you bike to work.
- summer is coming up, raise your house temp by a degree or two. Start shutting down computers, tvs, etc when not plugged in. actually unplug them supposedly energy vampires are 30% of your electric bill
- Do you coupon? I know people who can shave 10-15% of their grocery bill doing basic couponing. I am too lazy, but that could work. its a time sink though.
Check out - LINK /
good advice there.
Good luck. $4k cushion is pretty decent, probably not enough but I wouldn't put your life on hold just so you can get to $8k.....just ease your way back there.
Posted on 4/17/14 at 9:59 am to Salmon
What kind of meals are you cooking at home? What temperature do you keep the thermostat?
Posted on 4/17/14 at 9:59 am to OnTheBrink
Cut back on Coke and Whores... Thats my number one cost cutting measure
You're welcome
You're welcome
Posted on 4/17/14 at 10:03 am to TheIndulger
quote:
What kind of meals are you cooking at home?
Simple stuff, usually a protein with 2 different roasted veggies. Our grocery bill is about $80/week.
I won't have to buy the veggies once my spring garden starts producing.
quote:
What temperature do you keep the thermostat?
I would like to keep it at 78 during the day, but with our nanny at the house, I keep it at 74 during the summer. Our utility bill during the summer runs about $175/month, which isn't bad for a 80 year old house.
Posted on 4/17/14 at 10:52 am to Salmon
quote:
. Our grocery bill is about $80/week
This is pretty good.
What's your bill for that Sunday brunch? Probably $50-60?? That may be the easiest meal to recreate at home, and mimosas cost about $13 for 6 glasses.
Still feel the need to get out, only go once or twice a month.
Posted on 4/17/14 at 10:56 am to Oenophile Brah
quote:
What's your bill for that Sunday brunch? Probably $50-60?? That may be the easiest meal to recreate at home, and mimosas cost about $13 for 6 glasses.
It is, but with a baby, it's easier to go out for brunch/lunch than dinner. She is happier in the mornings
Posted on 4/17/14 at 10:56 am to Salmon
I can almost guarantee you have 4k worth of crap sitting around your house you don't use. You're a minimalist kind of guy anyway so you should consider selling some stuff.
Posted on 4/17/14 at 11:01 am to I Love Bama
quote:
I can almost guarantee you have 4k worth of crap sitting around your house you don't use. You're a minimalist kind of guy anyway so you should consider selling some stuff.
shite, that is what I am currently doing. I don't need the $$$ this min, but I looked at the house and realized I had too much junk that I don't use/enjoy.
Posted on 4/17/14 at 11:22 am to Lsut81
Nothing worse than a house full of junk.
Posted on 4/17/14 at 11:24 am to Lsut81
New guy alert. Been on the sideline watching 
but feel it's time for me to contribute.
The first thing that I would say is it possible to pick up a side-job for a few months? Something as easy as going back to your childhood and cutting lawns around the neighborhood? Talking to a pool company and maybe cleaning pools on saturday mornings? Should be able to pick up some extra cash that way.
If you don't mind me asking, where are you keeping your emergency fund? You have it in money market account or just hanging out under the mattress?
but feel it's time for me to contribute. The first thing that I would say is it possible to pick up a side-job for a few months? Something as easy as going back to your childhood and cutting lawns around the neighborhood? Talking to a pool company and maybe cleaning pools on saturday mornings? Should be able to pick up some extra cash that way.
If you don't mind me asking, where are you keeping your emergency fund? You have it in money market account or just hanging out under the mattress?
Posted on 4/17/14 at 11:26 am to CHiPs25
quote:
CHiPs25
Welcome!
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