How to save large amounts of $$$

[CetiAlphaFive]

The biggest obstacle to your success is starring at you from your own mirror - Bernstein.

1. Be frugal. By that, I mean live like you are broke. More broke than your technicians if possible. Think as if your money is your life energy. You are trading your time for money. Your time is your life. Don't waste that life/money unnecessarily. Know your want vs. need. If you don't need it or use it more than 10 times, don't buy it. Never pay retail. Ever. Always be on the hunt for discount.
   • Expenses will kill you without you ever realizing where all your money goes. My expenses is about 1k/mo, that's how I am able to amass money. Most importantly, the fixed expenses, utility bill (electric, water, phone, cable, internet, satellite radio), gym membership, coffee money, gas money, lunch money, rent/mortgage payment, installment loans, insurance (car, house, life), food. If you cut this down to 1/2, you are golden. (For example: I have the cheapest phone/plan in my store for example~. My cell phone bill is $25/mo Virgin Mobile grandfathered plan. No TV cable). I never have a budget tracking penny here and there. Seriously, budgeting sucks. As long as you know your overall expenses are low, you will save a lot of money every month.
2. Remove your emotion. Automate everything. Auto pay your credit card, direct deposit to 401k, investment, and 6 months expenses saved up minimum. Max out retirement accounts. The rest of your money goes your loans.
3. Pick up extra shifts, part time job, moon light, 2 jobs.
4. Don't date/marry a spender/spendthrift/shopaholic.

It's not hard to live more frugally than most technicians.

Most of the ones I've worked with have always had nicer phones, newer cars (in worse condition), and more bills than I did.

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[PharmacistFl12]

It's not hard to live more frugally than most technicians.

Most of the ones I've worked with have always had nicer phones, newer cars (in worse condition), and more bills than I did.

That is very true. My techs own fancier cars and go on a lot more vacation than me.

 

[PromethazineDM]

Wow this is a very good thread. I have never been the type to be extremely frugal or penny pinching. If you guys want to save money to the max, watch the show "Extreme Cheapcake". Someone save money by making a breast pump, dumpster diving for foods etc.

I do things that give me significant savings without a huge compromise on my lifestyle and try to live below my means (finding deal on electronics (refurbished, used), used furnitures from nice area, buying cheap grocerries, buying used cars, AirBNB, travel for vacation when there is a good flight deal, etc). Working a second job, living with your parents, and investing also help.

The most important thing that allow me to save a lot of money is marrying my wife. She also taught me financial literacy - 401k, investing, etc. She knows how to extreme coupons but we are both have a comfortable lifestyle and generous to our family. She started to making so much more than me now, but our lifestyle haven't change much other than taking more vacation and me buying more toys (tax deductible through my business). The funny thing is once you have save up enough money, money just breeds money.

 

[JST416]

I have state retirement through my hospital and I also have a 401k. Those are my safety net. I like to have at least enough to invest in stocks that are likely to have good increases and I do that on my own.