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It's hard to save money on groceries unless you eat badly (bad food is cheaper), or are able to cook in bulk all the time, which takes up time. And even then, you don't really save THAT much.
Last year was the cheapest year of my life. There was no going out, and no alcohol. Minimal commuting.
Like I lived in a calendar year for around 25K in a pretty expensive part of NYC metro. Doesn't count any kind of savings or contributions.
Since I had a thought to quit my job this year, the only additional ways I thought of were.
1) Cutting cable
2) Cutting coffee at Dunkin Donuts
3) Not using AC or heat unless we're absolutely dying.
The first two I would do if I quit my job. The latter can probably save you maybe $1000 a year, but really ... is it worth it?
I know for a fact that the most costly food thing I buy at the grocery store is fresh produce. I use one of those hand scanners so I can see the running total of what I am spending and usually I am up to $40 or so after leaving produce and that's the first place I stop. Dairy is #2 as I usually buy milk, cheese, and yogurt each week too. The other staples like dry beans, grains, and such are cheap and since my daughter is vegetarian, I don't bother buying meat. But I think maybe focusing on what veggies and fruits are on sale and working a menu around that might save a little. the other big ticket item on my grocery bill is cleaners/toiletries. A shopping trip where I just buy food is usually $30-$40 cheaper than one where I need cleaners, detergent, etc. I just can't get over how much my grocery bill shot up last year compared to the years before. It doubled. I know school lunch wasn't costing me $250 a month for my daughter and that's the big difference, her doing school from home and eating lunch at home.
Last year really wasn't that much cheaper for me. I am probably a boring person though since even pre-pandemic I wasn't one for going out much. You did great though! Congratulations! I couldn't live for $25K even if I wanted to. Housing alone costs me $30K (that's mortgage, taxes, insurance, and HOA fees). Like I said, when I move to a lower cost of living area, that's going to be a whole lot less.
Cutting cable is easier than you might think. I did it a few years ago and don't miss it. I do have Apple TV though so I watch things like Netflix and Hulu. It's still a lot less than cable. My cable bill was up to nearly $90 when I dropped it.
I know for a fact that the most costly food thing I buy at the grocery store is fresh produce. I use one of those hand scanners so I can see the running total of what I am spending and usually I am up to $40 or so after leaving produce and that's the first place I stop. Dairy is #2 as I usually buy milk, cheese, and yogurt each week too. The other staples like dry beans, grains, and such are cheap and since my daughter is vegetarian, I don't bother buying meat. But I think maybe focusing on what veggies and fruits are on sale and working a menu around that might save a little. the other big ticket item on my grocery bill is cleaners/toiletries. A shopping trip where I just buy food is usually $30-$40 cheaper than one where I need cleaners, detergent, etc. I just can't get over how much my grocery bill shot up last year compared to the years before. It doubled. I know school lunch wasn't costing me $250 a month for my daughter and that's the big difference, her doing school from home and eating lunch at home.
Last year really wasn't that much cheaper for me. I am probably a boring person though since even pre-pandemic I wasn't one for going out much. You did great though! Congratulations! I couldn't live for $25K even if I wanted to. Housing alone costs me $30K (that's mortgage, taxes, insurance, and HOA fees). Like I said, when I move to a lower cost of living area, that's going to be a whole lot less.
Cutting cable is easier than you might think. I did it a few years ago and don't miss it. I do have Apple TV though so I watch things like Netflix and Hulu. It's still a lot less than cable. My cable bill was up to nearly $90 when I dropped it.
Hee hee. You wouldn't believe how little I need monetarily to live; but I worked hard to get to this space.
One of the joys of retirement is being able to grow a kitchen garden. I have fresh basil, oregano, thymes, parsley, celery, as well as purslane, dandelion, lamb's ear, and a bunch of other plants and herbs you might not recognize - all within a few steps. Many of the herbs are super easy to grow and take up a minimum of space.
Fresh parsley from out back or a $3 package from the store where I have no idea how it was grown? Decisions, decisions...
Hee hee. You wouldn't believe how little I need monetarily to live; but I worked hard to get to this space.
One of the joys of retirement is being able to grow a kitchen garden. I have fresh basil, oregano, thymes, parsley, celery, as well as purslane, dandelion, lamb's ear, and a bunch of other plants and herbs you might not recognize - all within a few steps. Many of the herbs are super easy to grow and take up a minimum of space.
Fresh parsley from out back or a $3 package from the store where I have no idea how it was grown? Decisions, decisions...
Oh, I envy you. Where I live now, I don't have much space to grow a kitchen garden and what space I do have is on the north side of the house, is covered in pavers, and is in shadow. Growing in front of the house is an HOA no-go. Although I never tried it. I wonder if I would even get cited if I had herbs in pots on my porch. Hmm. One of the things I look forward to doing when I move is square-foot gardening. Not just herbs but tomatoes, green beans, peppers, squash, melons, etc. Maybe strawberries too. Just like I did when I was a kid and teen. I am moving from an urban/suburban area back home to a rural area.
What you grow sounds interesting. I probably wouldn't recognize a lot of what you grow. I need to google lamb's ear after I finish writing this because I am curious. haha
Tomorrow is shopping day and I will up early as my daughter has the SAT in the morning. I am going to make a list tonight of the most common things I buy regularly and take your advise to shop around again. I plan to check out Giant and Aldi (my two regular stores) but also Safeway and Wegman's as well. I don't plan to bother with Whole Paycheck or Trader Joes (which seems to be mostly processed stuff).
I don't buy too many things from a dollar store (no food) but you could get some decent cleaning supplies there and save money.
Grocery bills seem to eat up a lot of the budget. I buy family pack chicken and meat, and repackage and freeze. Use every sale you can to buy ahead and freeze items. I would definitely shop multiple stores IF they are close by each other. Read the sale flyers. Lots of people do meatless meals several times a week.
I don't buy too many things from a dollar store (no food) but you could get some decent cleaning supplies there and save money.
Grocery bills seem to eat up a lot of the budget. I buy family pack chicken and meat, and repackage and freeze. Use every sale you can to buy ahead and freeze items. I would definitely shop multiple stores IF they are close by each other. Read the sale flyers. Lots of people do meatless meals several times a week.
There isn't a dollar store in my area (we used to have one, but it closed). So I never really gave them a second though. But there is one near my mom and I visit her at least once a month. Maybe when I visit, I can stock up on cleaning supplies and the like. Thanks!
Quote:
Originally Posted by tickyul
Good for you..........making your own meals will really save you a lot of money.
Your list looks pretty good.
Thanks! Yeah, I was shocked at how much I was spending on my and my daughter eating out. Although a lot of that wasn't really meals (although we did eat out once or twice a week). A lot of it was little things that just added up. A cup of coffee or a foo-foo coffee drink here, frozen yogurt there, etc. I bucked down to just one meal a week, tops as a treat. No extras (she can still go to Starbucks with friends, but now she needs to use her own money) and no more than one takeout meal week tops, if even that. I would have gotten rid of all eating out, but the reality is that's not sustainable. There will be a time when she wants to go out with her friends, or there is a band trip and they are told to bring money, or there is a school fundraiser at the local pizza place, etc. But even though I say once a week, I am going to try to avoid that too.
You're adding $25,500 into retirement accounts + extra that would amount to another ~$10,000. So about $35,000 a year? You're struggling to keep saving $100 or $1200 in a year.
That's not insignificant, but it also might not be really important WHEN you consider the upcoming move that will DRASTICALLY alter/improve your financial situation.
This wasn't your fault. Sometimes life throws things at us and we have to dig in to the best of our ability and even then, sometimes it's just not quite enough. Or, if you're like me, I wasn't even operating at the best of my ability. I just got sloppy... so now I'm facing either one month of super painful cheapness or 3 months at just super cheapness.
I think you run a high risk of not meeting your goal... but it's okay. It's ALL ARBITRARY at your level of financial security. Really.
You're adding $25,500 into retirement accounts + extra that would amount to another ~$10,000. So about $35,000 a year? You're struggling to keep saving $100 or $1200 in a year.
That's not insignificant, but it also might not be really important WHEN you consider the upcoming move that will DRASTICALLY alter/improve your financial situation.
This wasn't your fault. Sometimes life throws things at us and we have to dig in to the best of our ability and even then, sometimes it's just not quite enough. Or, if you're like me, I wasn't even operating at the best of my ability. I just got sloppy... so now I'm facing either one month of super painful cheapness or 3 months at just super cheapness.
I think you run a high risk of not meeting your goal... but it's okay. It's ALL ARBITRARY at your level of financial security. Really.
I'm saying this for you as I am for myself.
I am actually putting $33K in retirement accounts (I am 50 so I am doing "catch-up" contributions). I also put $8,400 a year in "savings" (a split between monthly additions to money market account and monthly contributions to a total stock market fund) That's exactly how much is getting cut back on the trust money.
You are right, that since I am moving in a year and my financial situation will change a lot (in my favor) so it doesn't matter in the short run. And you are right that it's okay. I have a very healthy savings in both retirement and taxable accounts. I suppose I have a quirky personality though since I just get some kind of "kick" from saving money and I dread the idea of saving any less. Even for a short time. I know, I am a weird. And I don't know why I am this way. I think maybe I hung around my grandparents a lot as a kid, hearing stories of the Great Depression and such. haha
The weird thing is I will spend it, but only on certain things and then only a fraction of it, not all of it. Travel is one of the main things I let myself indulge in. I will save for years but then take a really memorable vacation someplace with my daughter.
Anyway, it's hard for me to calculate post tax because the 401k is pre-tax, but looking at my pre-tax income, including the trust fund, I am literally saving 44.5% of my total income and I am reluctant to change that. I rather, first, make budget cuts.
Is actually want an explanation from my mother as to what’s happening in my trust assuming she is trustee. A drop from 1200 in monthly draw to 500 suggest either something went wrong quickly or things were out of balance for all g time and never addressed.
Is actually want an explanation from my mother as to what’s happening in my trust assuming she is trustee. A drop from 1200 in monthly draw to 500 suggest either something went wrong quickly or things were out of balance for all g time and never addressed.
It was poorly invested and the distributions were poorly planned. My mom has a financial advisor that I don't like who she blindly trusts with everything. I can not convince her he's not acting in her best interest all the time. He's always trying to sell things with high fees and he doesn't seem to plan well. He's not even a CFP.
I've tried to find out from her in the past how the trust is invested and her answer is "it's invested in Schwab." She has no idea if it's equities, bonds, etc. She gets statements but she can't read them to tell me over the phone what's on them.
As best I can figure, it was all or mostly in a Schwab money market account instead of being better invested. And more money was coming out of it in payments to me and my brother than it was earning... so it's been slowly draining down the past 20 years. I mostly saved the money I got from it putting into my IRA and savings some of it in taxable accounts. So in essence, I still have the trust. Just invested elsewhere. And as someone else said, this was all a gift anyway. My parents didn't need to set this up. I am glad they did. It's been very helpful and, even though it's going to now just be $500 a month, that's still nice too.
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