How to save large amounts of $$$

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I love Dollar Shave club. Harry's looks cool, but seems to be $1.88 per cartridge while Dollar Shave club is between 20 cents and $2.25, depending on the blade you pick.
 
This thread inspired me to cut the cord, but Comcast's retention department sweet talked me into another deal and I'm fine paying ~$70/mo for it. (50 Mbps Internet, some sort of mid tier HD cable, HD DVR, and HBO).

So what should I do with that extra $30/mo?
 
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genesis09 said:
Secondly, this is important when building up your cash amount; don't over invest in retirement. You will have short/medium term financial needs which you cannot use any retirement monies for without penalty. I didn't even think much about stocks until I had at least $100k cash. Compared to some of the other people here, I come from a more conservative investment perspective. I have always been taught to be a little cash heavy. Of the money I have invested in mutual funds, most of it is in index funds. I don't care to beat the market, I just want to stay with it.
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I disagree with this point. Given what we make, there's no excuse not maxing out a 401k/403b every year. Even at the low end of the pay scale, shaving off $17.5k is more than doable. If not at year one, definitely by year 2-3 after building a cash cushion.

You can always be cash-heavy in a retirement account (worst case, you can go through your brokerage window and add CD's if you're that concerned).

I advocate paying your future self first vs. any other entity not for any tax benefits or otherwise, but because time machines aren't real and life is uncertain to the point where a forced early retirement could lead someone who delayed saving into a precarious situation.

Don't delay, pay yourself today!
 
confettiflyer said:
This thread inspired me to cut the cord, but Comcast's retention department sweet talked me into another deal and I'm fine paying ~$70/mo for it. (50 Mbps Internet, some sort of mid tier HD cable, HD DVR, and HBO).

So what should I do with that extra $30/mo?
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That's a tip I've heard before. Even if you're not willing to drop service, call them and tell them you are, and they will usually drop your rate. They will not lose your business without a fight (aka call the bluff).
 
Corytrade said:
Someone once said, "if you're in debt, the only time you should step inside a restaurant, is if you are going in to work there."
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Dave Ramsey?

Seriously, though... Dave Ramsey. Listen.
Budget. Save more than you spend, and basically don't spend anything. Don't go out and party. Seriously, you're [going to be or already are] a doctor. You're pro now. You're not a college kid. Act pro. Live pro.
I had a previous career, a wife, but also a baby right as I graduated, but paid out of pocket for about half of pharmacy school (~$25k), loans the other half. 3 years out, now, and no car payments (2 cars), no student loan debt, home mortgage is our only debt (~$250k).
 
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I think you just gotta make saving and investing into something that you really love and enjoy doing. Then all of your spending and saving habits will follow through towards that goal. Because really, at some point it will come down to cutting back on your spending and being frugal so that you can save and invest more.

Some frugal things I do:

- Drink tap water, or get a water filter of some sort

- Make your own coffee. I even make my own espressos or lattes and it only costs me about 60 cents in coffee and milk, as opposed to $4.50 at Starbucks.

- Raise A/C thermostat and use fans. In Florida, the A/C alone can add several hundred dollars to the electricity bill, but mine was only $80 last month.

- Use cold water in the washing machine, take short showers, and if you live in a warmer climate, don't use hot water in the sink, etc. The hot water heater is another big electricity user.

- Reduce cell phone/cable/internet plans. Already covered. I still have the grandfathered Sprint SERO plan with unlimited data for $40/mo.

- Groceries, already covered. Down here that means don't go to Publix, or only go there to buy their BOGOs and that's it.
 
Don't buy an expensive house, don't buy an expensive car, don't take many expensive vacations. I didn't go to school this long to be cutting coupons and wearing a sweater in my house.
 
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^^I agree. I don't think you need to be frugal. I just avoided expensive things like buying a new car, taking expensive vacations for the first 3 years. I used that money to pay off my student loans.
 
pezdispenser said:
- Raise A/C thermostat and use fans. In Florida, the A/C alone can add several hundred dollars to the electricity bill, but mine was only $80 last month.
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I can't do this. I like the A/C on at full blast!
 
BMBiology said:
I can't do this. I like the A/C on at full blast!
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Better solution = move somewhere you don't need a/c or heat!

I remember living in OC and my electricity bill for 4 college students in a condo was like $30/mo.
 
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What is the point of being frugal if you are going to live in a high cost, coastal city?
 
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pezdispenser said:
- Groceries, already covered. Down here that means don't go to Publix, or only go there to buy their BOGOs and that's it.
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Publix is considered expensive? This is news to me. Where can I go for cheaper groceries?
 
Another point I've realized: Don't sacrifice your food quality too much. Your health is worth everything. Low-priced processed foods at discount grocery stores are not a good way to build and protect your future health. Try to buy all fresh and unprocessed foods. It is more expensive, but highly worth it. I also have a high-powered blender to make super-food smoothies everyday. My weight is under-control, on no medications, my labs look great, and I have tons of energy. The processed and refined foods will eventually catch up to everyone.

Eat healthy, stay fit, and do some of the things you love to do even if they cost you a little extra money. Nothing is more expensive than having a prolonged illness or a hospitalization. Fitness clubs are extremely reasonable these days: there are several in my area for only $10/month. I personally like a gym with a sauna and a pool so I pay a little bit more. If you have stress, injuries, or other ailments it is often highly worth it to invest in things like massage, chiropractic, or acupuncture. The price may seem high, but if you learn to manage your health without drugs now it will pay off in spades later. Some of the cheap Asian massages (non-happy ending variety) around here can be extremely rejuvenating. It helps take the edge off of the stressful daily life of a pharmacist.

Just my two cents, but I've always believed in balance.
 
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you guys are all forgetting to mention possibly the biggest decision: marry someone who has similar or better money earning power and sensible spending habits. Don't marry that money sink of a liberal arts cuttie, no matter how crazy she's in bed.
 
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If you make good money (> 200 k a year), what is wrong with marrying a cute liberal art major? It is not like she needs to also work for you guys to live a comfortable lifestyle.
 
Since you guys are so frugal, I want to add that I just spent $103 on a nice shirt. That is like a month of food for some of you. I kid I kid!
 
Wow, I am impressed with that Ting service. I am going to give that a try. I also filled out an app for that student loan refi, seems almost to good to be true. I couldn't find cheaper TV (not ready to cut the cord just yet) or Internet though.

I know I can save on car insurance though, any advice out there?
 
FarmD711 said:
Is this student loan refinancing thing for professionals legit? Anyone with any experience? I am very interested after reading the website in refi-ing for a sub 4% interest rate when I currently have ~200k at 6.5-7%

http://www.drbank.com/student_loan_information.html
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What is the catch? How do they make money? Do they just pay your loans in full and then charge you <4%? Inflation is already 2.5-3%.
 
So I can't get a Ting account without incurring $765 in cancellation fees. Ting offers $75 to offset that. So it would be awhile before I came out ahead on that one. The good news is I got my ATT bill lowered by $30 a month just by asking about the cancellation fees (family plan with 3 lines). So that is cool.
 
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BMBiology said:
If you make good money (> 200 k a year), what is wrong with marrying a cute liberal art major? It is not like she needs to also work for you guys to live a comfortable lifestyle.
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How many pharmacists are making over 200k without working crazy hours?
 
^ I guess you have not been following this forum lately
 
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BMBiology said:
Since you guys are so frugal, I want to add that I just spent $103 on a nice shirt. That is like a month of food for some of you. I kid I kid!
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It probably cost $0.70 to make in Bangladesh!
 
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Nope! It is made in London. That is England (in case you don't know).

If you can spend $250 k on a PharmD, I can spend $100 on a shirt!
 
Wait a minute, did you just compare a PharmD degree to a shirt?
 
BMBiology said:
Nope! It is made in London. That is England (in case you don't know).

If you can spend $250 k on a PharmD, I can spend $100 on a shirt!
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I don't know whether to be insulted or amused.

This is where Sparda chimes in and tells us his uncle sends him $250 shirts from the factory direct.
 
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All4MyDaughter said:
A PharmD is a lot more useful than an expensive shirt, all things considered.
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That's debatable. A nice shirt will get someone's attention right away in a club...having a PharmD requires many more steps (get licensed, find job that doesn't exist, get hired, work, cash in first paycheck, withdraw $100 bills, tape them to your clothing, walk around like a peacock) before getting noticed.
 
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confettiflyer said:
That's debatable. A nice shirt will get someone's attention right away in a club...having a PharmD requires many more steps (get licensed, find job that doesn't exist, get hired, work, cash in first paycheck, withdraw $100 bills, tape them to your clothing, walk around like a peacock) before getting noticed.
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So you are saying a nice shirt will help you get laid with less time and effort?
 
BMBiology said:
So you are saying a nice shirt will help you get laid with less time and effort?
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Absolutely. We should start telling pre-pharms to avoid pharmacy AND invest in a really nice shirt.
 
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owlegrad said:
I know I can save on car insurance though, any advice out there?
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Shop around at every renewal. Geico, Progressive, esurance have online quotes. Gradually got mine down to $400/6 mo for 100/300/100, 500 deductible, by jumping from company to company. I also decided not to get uninsured motorist coverage because in Florida, it only covers your bodily injury, not damage to your car, and I already have health/life/disability insurance from work.
 
pezdispenser said:
Shop around at every renewal. Geico, Progressive, esurance have online quotes. Gradually got mine down to $400/6 mo for 100/300/100, 500 deductible, by jumping from company to company. I also decided not to get uninsured motorist coverage because in Florida, it only covers your bodily injury, not damage to your car, and I already have health/life/disability insurance from work.
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Great advice, thanks. I just saved over $100 every six months for the same coverage I already had. Woot!
 
owlegrad said:
Wow, I am impressed with that Ting service. I am going to give that a try. I also filled out an app for that student loan refi, seems almost to good to be true. I couldn't find cheaper TV (not ready to cut the cord just yet) or Internet though.

I know I can save on car insurance though, any advice out there?
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Let us know how that student loan refi goes. Definitely interested and thinking about trying it.
 
With that DRBank, that variable loan rate scares me though.... the maximum variable rate is 9% on a 5,10 or 15 yr loan. Jumps up to 18% on a 20 yr term. As long as you pay it off quickly its not too bad I guess....
 
You ask this question in a forum full of people who owe more than $150k in student loan, and people who live with doom and gloom. There is no lack of information on the internet how to save money. The biggest problem is how do you maintain the discipline of keeping you from spending.
 
pezdispenser said:
Shop around at every renewal. Geico, Progressive, esurance have online quotes. Gradually got mine down to $400/6 mo for 100/300/100, 500 deductible, by jumping from company to company. I also decided not to get uninsured motorist coverage because in Florida, it only covers your bodily injury, not damage to your car, and I already have health/life/disability insurance from work.
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Yup, don't forget discounts, especially multi-line to pair with your HO-1 or renter's policy. I have a group discount via Geico and I'd be hard pressed to find anyone who couldn't get qualified for one (mine is through alumni association and credit union).

I must warn you all though...don't skimp out on insurance. It's tempting, but given what can happen to your finances/assets in court, it's advisable you get adequate auto liability insurance (+ an umbrella policy if you have significant assets). Basically... carry enough insurance to make an insurance settlement attractive enough vs. litigation for someone you may have harmed/injured.
 
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Taking cold showers is absolutely ridiculous. Maybe after a workout or if I'm hot as balls, but in the winter time or whenever I'm cold I will take a shower as hot as my body likes it. Being frugal is great, but when your making stuff like laundry detergent when you can just buy it the dollar store, the opportunity cost just isn't worth it.
images
 
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confettiflyer said:
I must warn you all though...don't skimp out on insurance. It's tempting, but given what can happen to your finances/assets in court, it's advisable you get adequate auto liability insurance (+ an umbrella policy if you have significant assets). Basically... carry enough insurance to make an insurance settlement attractive enough vs. litigation for someone you may have harmed/injured.
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Just got my umbrella through Geico.
 
trailerpark said:
Taking cold showers is absolutely ridiculous. Maybe after a workout or if I'm hot as balls, but in the winter time or whenever I'm cold I will take a shower as hot as my body likes it. Being frugal is great, but when your making stuff like laundry detergent when you can just buy it the dollar store, the opportunity cost just isn't worth it.
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Pff...this thread is us dropping our pants and whipping it out to see who can be the cheapest.
 
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