Cost cutting measures

[barkley]

My big point is, Don't let the tail wag the dog. Don't let your credit score become the be-all, end-all. It's much more important to save money and work towards not needing to borrow. That's just math.

i suspect that goofytinkerbell has a different mindset towards credit scores b/c credit scoring holds some different power and has (to an extent) different implications than in the u.s. saving money and not needing to borrow for routine purchases and even moderate unexpected expenses is a great goal but it has to be challenging to budget when the norm is having your mortgage terms renegotiated every handful of years. my understanding is that while u.s. employers in some industries will run a credit report on applicants it is far more common in canada and carries much more weight in employment decisions. insurance laws in the u.s. regarding the ability of a company in a given state to weigh a credit score in approving/costing out insurance is also different to an extent.

You're saying a credit score makes it possible to rent or get a better interest rate on a purchase. Here's an example about how cash beats credit: When my daughter needed to rent a college apartment, she needed me to co-sign. Because I had savings, I was able to pay a year's worth of rent up front. This allowed me to skip the credit check (saved about $60) and I negotiated a lower monthly cost. Plus no pesky monthly payments.

we had the opposite experience. when we sold our former home there was a period of time before our new home was located. in the interim we needed to find a rental. we had excellent credit, a significant chunk of change in the bank yet every landlord was fixated on us demonstrating the ability to/a history of regular routine payments. we pointed to our mortgage history but they viewed it as 'a different animal' than smaller monthly payments (secured vs. unsecured). we explained we did'nt use credit cards much if at all so they asked for references from a 'prior landlord' (had not rented in 8 years and that place had changed ownership). offered to pay cash up front for the duration of the lease-nope b/c they wanted a documented history. we finaly were able to use of all things-our utility bills.

we've seen allot of changes to rental terms post-pandemic. even a pre-payment of rent (which most won't take due to the tax implications and further obsticales it creates if an eviction for other issues is needed) won't waive the credit check requirement for both the tenant and the landlord and none of the college apartments will rent to a 'student' absent a co-signer. once a student graduates they have to demonstrate a full year of employment that nets 3-4x the rent before they can forego a co-signer (demand outpaces supply and the landlords got terribly burned during the pandemic so they call the shots).

 

[barkley]

i just tripped over this cost cutting method-might work for others (and/or their family members). if you or a family member have an otc (over the counter) benefit through health insurance (pretty common with medicare advantage plans but some non medicare plans provide as well)-EXPLORE what it covers. i have our cards loaded on the walmart site so it defaults to it for covered items. i know it covers my otc meds and some other items but i was shocked when i went to checkout and found that both disinfecting wipes (clorox and great value brand) as well as bounty paper towels and charmin are covered i don't know how much the average household spends on otc meds but ours of 3 does not come near to the dollar amount our plan covers so rather than lose the benefit i've always stocked up at the end of the year on vicks pads for the humidifiers, extra cold and allergy meds, offered to buy my oldest their vitamins and such, now i will save myself and them some change on an ongoing basis by shifting my household papergoods/cleaning supplies to this method of funding. so if you have this benefit-check it out, if your parents have it-encourage them to do so. it could save hundreds per year in routine household purchases.

 

[Tygerlilly]

Literally just got home from Aldi with 7 full grocery bags of food for $120. I go there first for my staples, then to Walmart or the other grocery store for the other stuff we need.

I'm a huge fan of the local "cheapo depot" here. They get the extras from the Walmart warehouse I used to work for. Literally because the cucumbers were "too big" or "too small" for the uniform size they wanted. Or they had too many tomatoes in the warehouse and didn't want more. Not a single thing wrong with those items. I've saved a ton of fresh fruit/veggies by shopping there ($1 for a pack of strawberries, $1 blueberries, $5 for a 50lb sack of potatoes, etc).

 

[tinkerbellandpeterpan]

Also jumping back in to say I LOVE Aldi! I go there regularly for just about anything, and I go to Costo twice a month for some fresh produce items I can only get there,but I dislike the giant store experience. I LOVE the small store size of Aldi,it really prevents excess buying of unneeded items (for me) I'm the exact opposite of a pp here..... They have high quality fruit and veg,and high quality gf items. (we're a whole food/plant based family,no meats or dairy)
I consider Walmart my "last ditch stop" if I need a couple of small things. I dislike the produce,and the aisles and aisles of junk food just annoy me. I also make my own DIY general housecleaning spray so I never buy stuff like that.When I do go to WM it's usually to buy some barkeepers friend powder,that's about it.
There are always ways to cut costs in a household, but you have to want to do it. BTW Pluto tv is a free streaming app for Roku,they have a hallmark channel on there....

I found it funny that the PP's "gold standard" is Walmart. Trust me, I have no problem shopping there, but I wouldn't look down my nose at Aldi in comparison. I find high quality items for much less expensive prices. I will say their produce tends to go bad more quickly so we keep an eye on that, but I'm sure that varies by location.

 

[goofytinkerbell]

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[goofytinkerbell]

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[gmi3804]

I do 80% of my grocery shopping at a local produce giant, locally famous for its enormous selection and fantastic prices. We're talking 10 limes for $1, $1 heads of romaine, .25 bunches of parsley, $1 packs of fresh herbs, .40 heads of broccoli, .79 pints of strawberries*, .30 bunches of scallions, etc. A good 2/3 of the place (it's as big as a supermarket) is all fresh produce. It's one of those "if they don't have it, you'll never need it" places. Indeed, the only thing I haven't found there in years is makrut lime leaves, for Thai cooking. They also have a huge, great meat department, with prices that aren't as low as the produce, but almost half of the big local chain markets. Their grocery prices are higher too, but they have weekly specials on certain things that make those purchases very cost-efficient, and also carry a huge selection of ethnic products, both in grocery and produce. I don't think I've ever had a trip there cost more than $30, and that's when there's meat in the cart.

*In strawberry season, like now, they're four pints for $1.

 

[jennilynn510]

I'm in the debt dumpers thread, which is great motivation to get my finances in order, However, I simply don't make enough money. I'm trying to work out a lot of things, but in the meantime I still have to pay the bills.

I've started looking at ways to save some cash, and I've been through all the typical lists: look for better deals on insurance and the like, don't eat out, don't get takeout coffee, switch to store brand things, and so on. But I'm looking for different ideas. I was researching, and apparently I'm using WAY too much laundry soap (I guess 1-2TBSP is plenty??). What else does everyone have for unusual tips like that?

Do all errands on one day to save gas on multiple trips

 

[DisneyHardin]

For groceries I just shop Kroger. I'm sure I could find some items cheaper elsewhere but to me, my time has a value. I don't want to run around to random stores. I try to limit Costco to once a month, get random stuff that I need for the month and check out their monthly flyer to see if any staples are running out in the next few months and stock up.

You sound exactly like me. I shop at Kroger weekly (I do really try to shop the sales, especially the "Weekly Digital Deals"). I go to Costco every month to 6 weeks for things there.

People don’t want to be bothered with change and are too lazy to cash it in at the bank, so they just throw it away.

My husband still uses a decent amount of cash. He tosses his change in a bowl. I just rolled it yesterday because we are leaving for vacation this weekend and there was $100 in the bowl.

 

[barkley]

Do all errands on one day to save gas on multiple trips

or plot out and bundle with other errands and appointments. today i had to sched a mammogram so i looked at the calendar to figure out out soon i wanted to hit trader joes and costco which are in the same general vacinity. one trip to town vs. three.

 

[firefly_ris]

To follow up one of the points in my original post, I did do my first front brake job yesterday with supervision from my BIL. I looked at a couple of YouTube videos beforehand so that I was already familiar with each step. I needed assistance lifting the wheels back on at the end, but I was able to get the caliper bolts off by myself with the breaker bar. It took a little over an hour and I saved about $350 over taking it to be done, plus I know exactly what was done instead of taking someone's word for it. It won't need them again for a while now, but I feel confident on doing it totally alone next time -- except I guess I'll need my husband to lift the wheels back on for me. Next week is a home synthetic oil change which will save me another $70-$80.

That cash saved pays for the fishing boat rental we booked for our kids in OBX.

 

[Mackenzie Click-Mickelson]

Sure, your points are absolutely valid, though mostly for people in later stages of life. And also for people who make enough money to have been able to save enough to "buy in bulk" as it were. If you're younger, you have to worry that you might need to borrow at some point.

I don't want to dismiss your anecdotal evidence, but it's quite obviously coming from someone in a place of privilege. People who are living pay to pay simply can't "not worry" about their credit score.

Disclaimer, this following refers to MOST people. I'm aware there are exceptions, but when we're talking overalls the exceptions don't matter.: Most of us simply don't make that kind of money, and the younger you are the more that tends to be true. The younger you are, the more expensive life is in general. Younger people can't afford a house, so they're forced into the rental market. Rentals are at an all time high, we've had a decade worth of inflation in a couple years. Incomes aren't keeping up. Credit is just plain important.

And no, you shouldn't concentrate on a credit score at the detriment of financial health, but credit is PART of financial health, and it takes work to maintain it.

I agree with you and would also say that there's a point of saying don't chase the score and then ignoring what the scores have an impact on and I think that might have been the disconnect in what the PP was reading.

My mom had a bankruptcy on her credit, it trickled down to me impacting my own ability to get loans because I had no choice in using her as a co-signer (I was 19 for a student loan) thus my rate was higher due to that (much higher than it would have been).

And yes multiple states in the U.S. use your credit score to determine your rate and acceptance for auto/home insurance In some states (I worked in insurance) we would have to send an FCRA notice which is the Fair Credit Reporting Act notice disclosing to you that one or more factors on your credit report was used in determining your rate. I saw a few people over my time at the insurance company who had a poor or non-existent credit score because they paid nearly everything in cash, well that was reflected in their rate unfortunately.

And yes rental places can run your credit and can deny you. My sister-in-law and her boyfriend are landlords and have a minimum credit score for approval, cash will not do you anything on that if you cannot meet that minimum. The apartment complexes I have lived in all ran my credit. Now the cash part would be having the X number of months of rent coming in as your income but it wouldn't matter unless your credit score was high enough (or you could get a co-signer). The two places I rented in in two separate cities (one a college town one not) having a large amount of cash in the bank only was seen as the alternative to the X number of months of rent coming in as your income basically to account for does someone have a trust fund or something, it had nothing to do with absolving a minimum credit score.

Our initial and subsequent refinancing of our mortgage was reliant on our credit scores. Our 2nd refinancing (occurred in spring 2020) was when the big banks in the U.S. were literally shutting down the ability to obtain refinancing unless your credit score was above a certain number.

Cell phone companies can use credit to determine your eligibility or requirement for extra fees.

And I think your last sentence is really the crux of it. Sure don't destroy your life trying to obtain a certain credit score but also understand that you can destroy your life by ignoring what a certain credit score means in our day to day lives.

 

[Mackenzie Click-Mickelson]

Do all errands on one day to save gas on multiple trips

or plot out and bundle with other errands and appointments. today i had to sched a mammogram so i looked at the calendar to figure out out soon i wanted to hit trader joes and costco which are in the same general vacinity. one trip to town vs. three.

I'll do both depending on what we've got going on because sometimes we have stuff going on that make sense to go to that errand that day but other times it isn't going to work out and the errands need to be done on a different day.

I almost always plan out my trips to make like a circle, square, etc basically going from place to place limiting the amount of crisscrossing or backtracking done.

Then I'll look at locations of something like which Walmart or Target location should I go to that makes sense. Sometimes it's working around which of those kinds of stores have the item I'm wanting in stock and making errands around that location or if it's more generic shopping it's working in that location even if it's further from my house because I'm in that area doing other errands.

I would also add in places that get weather looking for adjusting when you do the shopping. Like Monday and yesterday were heat advisory days in my area and would have cost more wear and tear on vehicles and gasoline to do a bunch of errands that day even if you had an appointment. But today would be a much better day for running errands

 

[gmi3804]

Who's buying all these water bottles? And why? Doesn't anyone who need one have one already? When did everyone need to have water with them everywhere they go? And we wonder why no one has money anymore?

 

[Dakota731]

Back in the old days before water bottles were invented, we only drank when we were thirsty. We didn’t need to have a water bottle attached to us 24/7. I know many people now who can’t even get through an hour of church without a bottle. Kids in school in the north in January still need a water bottle in their backpacks every day. We ran track in school and just got a drink from the water fountain after two hours of practice. It’s media hype gone amuck. I’m sure I’ll get a ton of replies how we were constantly dehydrated back in our day, but both my sets of grandparents lived into their nineties - one worked all day in a non air conditioned factory and just got a drink at mealtime. And another was a bricklayer out in the sun all day who just drank from his thermos at lunch when he had his break.

 

[georgina]

Is it OK if I use a water bottle that was given to me for free?

Using that logic, my grandparents (and 2 of my adult children) didn’t/don’t have cars, so no one needs a car. Save a lot of money that way, more than $20 a reusable water bottle costs!

 

[gmi3804]

Is it OK if I use a water bottle that was given to me for free?

Using that logic, my grandparents (and 2 of my adult children) didn’t/don’t have cars, so no one needs a car. Save a lot of money that way, more than $20 a reusable water bottle costs!

And you'd save $20 MORE dollars if you didn't have to buy a water bottle.

My point is, people keep buying the damned things and they already have one! I see displays everywhere like the one pictured above and wonder who's buying all of those, and why? No one needed all those 5-10 years ago.

 

[comicguy]

Who's buying all these water bottles? And why? Doesn't anyone who need one have one already? When did everyone need to have water with them everywhere they go? And we wonder why no one has money anymore?
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We just had locker cleanout at school last week (students had a two week notice to clean out lockers), you would not beleive how many water bottles, winter jackets, fairly new sneakers, unused school supplies, and other assorted nice stuff was left behind by the students and this happens every year! It just surprises me every year when I see all of it put out on tables in the lobby for the local shelters/charities to pick up (although we do keep the school supplies for those students that need/could use them next year) I am talking about high school grades 9-12

 

[barkley]

We just had locker cleanout at school last week (students had a two week notice to clean out lockers), you would not beleive how many water bottles, winter jackets, fairly new sneakers, unused school supplies, and other assorted nice stuff was left behind by the students and this happens every year! It just surprises me every year when I see all of it put out on tables in the lobby for the local shelters/charities to pick up (although we do keep the school supplies for those students that need/could use them next year) I am talking about high school grades 9-12

the private school my kids went to when they were little did this along with a well advance noticed clear out of the lost and found-but they did a 'rummage sale' with the stuff. could not freaking believe all the brand stinking new stuff (high end costly school uniform issue) that was there-jackets, coats, full on girls jumpers, brand new quality gym shoes/backpacks...i used to hit it each year to see what i could snag for my kids to use the next. i could not fathom sending my kid to school with expensive clothing and sports shoes, having them turn around and not have them without checking their locker or the lost and found

 

[nursejackie]

I am paid monthly so in the week leading up to pay day I only allow myself to eat what is already in the fridge, freezer and cupboards and do not buy any extra food (with exception of milk). If it's not found in one of those places I do without it. It's a good way of clearing out your kitchen ready for a fresh shop on pay day.