[N/A] Any Money Saving tips?

[Ravioli]

True story.

My eldest brother was in the US Navy for 20 years.

Every day he and is wife would log all the money they spent on on a tally in their kitchen. Every day... every cent.

When he was about 30 the Navy required him to meet with a financial adviser. He brought the tally from the kitchen (like 9 years worth) and his bank statements and said "This is what we've made, this is what we've spent, and this what we have." The adviser told him he had no advice to offer.

I admire my brothers fiscal discipline. I often admire attributes in others that I do not possess.

 

[RJM62]

Getting back to 6PC's original insurance thing...

Not sure if all insurance companies do this, but when I head out to work (out of the country), USAA allows me to "store" my cars. Basically, I'm telling them that I won't be driving them and they're in a safe place. And USAA knocks a huge chunk off of my insurance.

If you have a vehicle that you only drive seasonally, it might be something to look at.

Whenever any of my various insurance policies is due for renewal, I get all kinds of offers from companies that are just dying to save me money. None of them have ever even come close to matching USAA's premiums, much less beating them.

Rich

 

[Skyrys62]

None of them have ever even come close to matching USAA's premiums, much less beating them.

I thought that would be the case for me as well. I jumped through hoops to get USAA, and finally got approved. The were substantially higher than my current insurer, and even higher than Allstate and State Farm. I've never understood it.

 

[Anymouse]

Whenever any of my various insurance policies is due for renewal, I get all kinds of offers from companies that are just dying to save me money. None of them have ever even come close to matching USAA's premiums, much less beating them.

Rich

I thought that would be the case for me as well. I jumped through hoops to get USAA, and finally got approved. The were substantially higher than my current insurer, and even higher than Allstate and State Farm. I've never understood it.

USAA was tad higher than my previous company (Progressive) but they royally ticked me off and I dumped them. The storage thing saves me a hell of a lot though. It more than makes up the difference.

Years ago, when I first started doing the overseas thing, I called my current insurance company (think it was Geico) about suspending/reducing coverage while I was out of the country. They said I would have to turn in my registration (tags) otherwise the state would suspend my license due to a lack of required insurance.

 

[RJM62]

I thought that would be the case for me as well. I jumped through hoops to get USAA, and finally got approved. The were substantially higher than my current insurer, and even higher than Allstate and State Farm. I've never understood it.

I suppose it could be a regional thing. Where I live, no one can touch USAA. But car insurance in particular tends to be expensive in New York across the board.

Rich

 

[Salty]

That won't work very well. The grid is actually much more efficient at providing utilities than most people will be with current tech. Payback is 20 years or so.

Not if you don't use electricity at all. But in reality, you're right.

 

[Bill]

True story.

My eldest brother was in the US Navy for 20 years.

Every day he and is wife would log all the money they spent on on a tally in their kitchen. Every day... every cent.

No tally, but I have an excel spreadsheet that I created to enter in all bills and such. I do it once a week, receipts, bills, cash outlays, everything goes into the spreadsheet. At the end of the month, I have my number. Did we make money this month, or lose money? Are we good, or do we need to lay low next month?

It's like having your IR for your finances, I don't like flying blind in the clouds or scud running.

 

[Ted]

No hull insurance on the plane, either. Chances are that if I damage it, it's my fault and I'm more than happy to have self-accountability.

For a fixed gear plane I can agree with that (or a plane of low value). For a retract I don't want to pay for a double engine overhaul when the nose gear down rod breaks.

 

[TCABM]

Re: USAA. The association will never be the cheapest insurer out there, for a couple of reasons. One is policy coverage and service...no one can touch them. Yes, a very small percentage will have a bad experience, but overall its few and far between. Two is that USAA is a privately held association with limited membership eligibility. That means the pool of insureds is capped. The membership generally is a lower risk overall, though. Being a privately held association, USAA can't take a loss on policy premiums and offset it by selling stock the way many other insurers do.

Disclaimer: 21 year member, 1 year employee. I manage some of our internal Learning & Development efforts.

 

[mscard88]

I often admire attributes in others that I do not possess.

Yeah we've heard that about you from....never mind.

 

[Anymouse]

No tally, but I have an excel spreadsheet that I created to enter in all bills and such. I do it once a week, receipts, bills, cash outlays, everything goes into the spreadsheet. At the end of the month, I have my number. Did we make money this month, or lose money? Are we good, or do we need to lay low next month?

It's like having your IR for your finances, I don't like flying blind in the clouds or scud running.

Been using Quicken or Banktivity for decades to do this. Unless I get a receipt, I tend to be week on what I spend with cash. Otherwise it's pretty much down to the penny for me. Fortunately, I don't spend much with cash anymore.

 

[Anymouse]

For a fixed gear plane I can agree with that (or a plane of low value). For a retract I don't want to pay for a double engine overhaul when the nose gear down rod breaks.

I ditched hull coverage on my Tango after the first year. For what it would have cost me over the last 12 years, I can now pay for a totally new kit and a good portion of a brand new engine. But yeah, it's all in what you're willing to risk.

 

[Ted]

I ditched hull coverage on my Tango after the first year. For what it would have cost me over the last 12 years, I can now pay for a totally new kit and a good portion of a brand new engine. But yeah, it's all in what you're willing to risk.

If I build a Zenith one day I doubt I'll ever do hull coverage. On the 414 with props costing $40k on their own... no thanks.

In 8 years, no hull would've saved around $16k (actually probably less than that...), so pretty minimal savings in 2,000+ hours of flight time in twins.

 

[steingar]

Wanna save money? Don't eat out. Especially, don't drink out unless its at a friend's house. Learn to cook. The more stuff you make for yourself, the more you save.

I saw the price of commercially made bread the other day and was shocked. The stuff is just flour, salt, yeast and water.

 

[Mistake Not...]

Yes, and home made is WAY better. Eat home made for a loaf or two, then try store bread. It's bitter, and has a weird texture.

Homemade bread makes better toast, too.

 

[steingar]

Yes, and home made is WAY better. Eat home made for a loaf or two, then try store bread. It's bitter, and has a weird texture.

Homemade bread makes better toast, too.

Even the bread made in my bread machine tastes better than store bought.

 

[HouTxPilot82]

You can often buy discounted gift cards online for various retailers, restaurants etc. These websites buy gift cards from people who got them as gifts but have no interest in using them and sell them to people who do want them. The margin between what they offered seller and what they're charging the buyer is their profit. So if you are buying something that costs $100, check for a gift card near that value - you may find a $100 gift card for slightly less than $100 or a LOT less than $100. Discount really depends on the retailer. Lowe's/Home Depot,etc can get you a 3-5% savings, while some others may be 20-30% off face value. Depending on how much you are spending this can add up. When I was buying a new refrigerator, washer, dryer a few years ago for a new home, the total came out to about 3 grand. 5% of that was a nice $150 savings.

 

[Anymouse]

If I build a Zenith one day I doubt I'll ever do hull coverage. On the 414 with props costing $40k on their own... no thanks.

In 8 years, no hull would've saved around $16k (actually probably less than that...), so pretty minimal savings in 2,000+ hours of flight time in twins.

The only reason I did hull the first year was so that I had first flight insurance. After I had done all the structural stress tests, I didn't really see the need anymore. At least, not at those prices. If I had a comparable production aircraft, the hull cost would have been much less I'm sure.

 

[GlennAB1]

Sell the motorcycle (since ive only ridden it a few times this year).

 

[Ted]

The only reason I did hull the first year was so that I had first flight insurance. After I had done all the structural stress tests, I didn't really see the need anymore. At least, not at those prices. If I had a comparable production aircraft, the hull cost would have been much less I'm sure.

Yeah, hull insurance on experimentals seems to typically be a lot higher. On the twins it's typically been under 2% of insured value. I forget what I'm paying on the 414 exactly, I want to say it's under 1.5% right now.

 

[Ravioli]

I'm at 1.2% of the insured value on the RV6. It was double that the first year after a substantial claim. So, I'm way ahead on the Hull bet and I wouldn't go without it.

 

[Everskyward]

Wanna save money? Don't eat out. Especially, don't drink out unless its at a friend's house. Learn to cook. The more stuff you make for yourself, the more you save.

I saw the price of commercially made bread the other day and was shocked. The stuff is just flour, salt, yeast and water.

I could agree that eating out, and especially drinking out, are expensive. But bread? Admittedly, I don't look at the price of bread when I buy it, but a whole loaf lasts about two weeks (I freeze what I don't use immediately).

I've noticed that people have no problem spending money on what's important to them, but that often doesn't correspond to what is important to someone else.

 

[Ted]

Spend your money now and enjoy it! convalescent homes cost $500-600/day. That's 200 AMUs per year!

This. But I realize that it's much easier to say when you are older and don't have anyone depending on you or your money.

Really in my mind the key is balance. I see people (and am related to some) who just save save save and never do anything for themselves. You don't want to end up old and destitute but any of us could die tomorrow.

 

[GlennAB1]

US Savings Bonds.

 

[SkyDog58]

Not if you don't use electricity at all. But in reality, you're right.

We're trying not to use any more than we need to. We are doing better than others in our area according to Duke. Below is a graph they send us. We can still do better though as I know that we leave lights on far too often.

 

[SoCal RV Flyer]

Wanna save money? Don't eat out. Especially, don't drink out unless its at a friend's house. Learn to cook. The more stuff you make for yourself, the more you save.

I saw the price of commercially made bread the other day and was shocked. The stuff is just flour, salt, yeast and water.

Here's my typical lunch. These are usually 10/$10 at the supermarket, sometimes on sale for 88 cents apiece. Add an apple and a diet Pepsi and you've got a decent meal for under $2.

Oh, and a little sprinkle of Parmesan/Romano grated cheese tunes these up nicely.

 

[SkyDog58]

Here's my typical lunch. These are usually 10/$10 at the supermarket, sometimes on sale for 88 cents apiece. Add an apple and a diet Pepsi and you've got a decent meal for under $2.

Oh, and a little sprinkle of Parmesan/Romano grated cheese tunes these up nicely.

View attachment 56258

I'm surprised you can eat that high on the hog, living in SoCal.

 

[TCABM]

I'm surprised you can eat that high on the hog, living in SoCal.

That's how you live, if you live in SoCal. That's why I don't.

 

[denverpilot]

Here's my typical lunch. These are usually 10/$10 at the supermarket, sometimes on sale for 88 cents apiece. Add an apple and a diet Pepsi and you've got a decent meal for under $2.

Oh, and a little sprinkle of Parmesan/Romano grated cheese tunes these up nicely.

View attachment 56258

Spaghetti is a staple of my packed lunches that comes and goes as the desire hits. But for $10, I can make a monster batch of spaghetti with enough good quality Italian sausage in it you'd wonder if it was more meat than spaghetti.

Probably about once a month I make the monster spaghetti batch. It's easy to keep, packs well with some decent sealed containers for lunches, and usually the night of the batch-making it's the evening meal.

I'm lazy and don't make my own sauce or a monster batch that fills two Dutch ovens on the stove would be less than $10.

Spaghetti, plenty of sausage, salad... great lunches. It'll keep long enough even refrigerated only and not frozen, that you can mix it up with other stuff.

If you can make it in batches, highly recommended even over those cheap frozen dinner ones.

I used to know a guy who had spaghetti almost every other day in outdoor/ construction work. He used enough sauce it was fairly "wet" and brought it in a thermos. Poured it right out onto a plate he had that had tall edges on it and brought a fork. Brilliant.

 

[asicer]

I just make extra portions for dinner. The leftover is the next day's lunch. Easy peasy.

 

[SoCal RV Flyer]

I'm surprised you can eat that high on the hog, living in SoCal.

It's by choice, not because I'm impoverished (and any savings go toward a 2011-2014 Mustang to suitably modify for open track days. Combing those classifieds....).

They're really pretty good...try one!

 

[SixPapaCharlie]

We're trying not to use any more than we need to. We are doing better than others in our area according to Duke. Below is a graph they send us. We can still do better though as I know that we leave lights on far too often.

View attachment 56257

Ugh... I am far more wasteful

 

[steingar]

Here's my typical lunch. These are usually 10/$10 at the supermarket, sometimes on sale for 88 cents apiece. Add an apple and a diet Pepsi and you've got a decent meal for under $2.

Oh, and a little sprinkle of Parmesan/Romano grated cheese tunes these up nicely.

View attachment 56258

I just threw up in my mouth a little.

 

[Gerhardt]

I don't try to **** away money, but I also don't spend a lot of time trying to watch every dollar. Life is too short already and I don't really want to get old sitting on a huge pile of money after having pinched pennies my entire life. My truck is 11 years old, my cell phone probably 6-7 years old. My clothes aren't expensive. And I have a landcare business that has me working 50 hours/wk 4 months out of the year, in addition to my 40 hr office job.

It's the insurance advice given here that has my interest.

On homeowners insurance...don't buy on price alone, and make sure you have the coverage you think you have, because like someone else said, there are some unsavory agents and it's YOUR job to know what you have. Make sure you have a replacement cost policy, and a replacement cost for your contents as well. Don't change companies to save $100. If you have a non-weather claim and have been with a company just a few months they're not going to want to keep you - and then good luck finding another company that will take you at twice the price. If you've been with the same company for a few years they're not going to drop you for one claim where you let your dishwasher water line break.

Similar advice on your car insurance, only carry higher limits than you think you need. The vast majority of liability claims are small, so increasing your limits costs very little. I'd suggest a min. Of $500K single limit. And don't do the storage coverage thing someone else suggested. I see that all the time. People drop coverage on their motorcycle or collector car they restored because they won't be driving them during the winter...except a nice day comes along and they go for a short ride - and sure enough that's when they need that coverage they dropped. Don't be that guy.

You'd think I was an insurance agent, I'm not. As for life and health insurance... My in-laws retired early from state jobs. Almost no pension and I bought a nice new house for them to live in. My wife and I lived frugally and had saved up what now seems like an incredible amount of $, but really didn't at the time. So to save $ because they retired early my in laws dropped their life and health insurance. I had no idea. Then her dad was diagnosed with cancer...toward the end had to be in a care facility. Wiped us out, every dime. We'd saved a little over $1.3M - gone. Sold the plane, the helicopter partnership, their house, cleaned our savings, everything.

I'm not crying by any means. Life is good. My son is 16, earns straight As in mostly honors classes. My daughter is 19 and full of drama and my wife has promised me a date tonight. So I'm enjoying every day and we're rebuilding. I guess my point is not to spend too much time trying to save a few $.

Dang, here I went and put a damper on what could have been a fun thread.

I'm just disappointed Rich didn't have more to contribute, advice wise.

 

[Matthew]

An umbrella policy is not all that expensive, either. Something else to think about.

It still comes down to risk analysis and your own comfort level.

 

[Anymouse]

And don't do the storage coverage thing someone else suggested. I see that all the time. People drop coverage on their motorcycle or collector car they restored because they won't be driving them during the winter...except a nice day comes along and they go for a short ride - and sure enough that's when they need that coverage they dropped. Don't be that guy.

It really depends on your situation. For me, I'm out of the country for months at a time. No way I'll be driving either of my cars while I'm gone.

 

[Axtel4]

Here is how not to save money...

https://www.cnbc.com/2017/09/12/apple-iphone-x-announced.html

... 1 AMU for a phone