topic Re: POLL DISCUSSION: What are you doing to cut expenses during this recession? in Community Polls

What are you doing to cut expenses during this recession?

Barry — Fri, 17 Apr 2009 13:05:29 GMT

As we all try to survive this recession together, how about sharing some of your most successful (and unsuccessful!) attempts at improving your cash flow?

Message Edited by Barry on 04-17-2009 06:05 AM

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

llecs — Tue, 07 Apr 2009 17:23:44 GMT

Having a written budget is very important and there are two factors with that: expenses and income.

On the income side, things are looking very strong. My day job and a biz I run on the side tend to grow the strongest during a recession and we predict our income to increase by 50% this year for both gigs.

Last year we had a significant drop in income and hunkered down on our expenses. We are carrying some of those habits over to this year. We cut out the movies and entertainment. We travelled less that what we wanted to. We got into some debt last year (mostly due to a loss in $$) in the tune of $15k or so and accelerated to pay that off real soon. We are about to pay off a car and that'll improve cash flow. Thinking long-term, we invested more over the past year. There's some great investment bargains right now. Last year we cut out kids sports, activities, or anything else that would take our time and money, though we are starting to pick that up again. I stopped excess business expenditures to give us a chance to have more in our pockets (cut out the new cell phone purchases, new computers, printers, car, etc.). We actually changed our diets this past year to eat vegetarian one day a week and fish one day a week. To our surprise, we found that our food budget dropped and we are eating healthier too. We made changes to our insurance policies and lowered our premiums. And there's a few more that aren't coming to mind.

In the past, we participated in focus groups for money (local one here pays $100-$200/hr ever quarter or so). In my single days when long distance wasn't bundled to the phone bill, we used to play each service off each other. We'd tell AT&T that if you give us $50, then we'll switch to you. They'd agree and would pay us if we kept the service for 3 months. We kept our word and at 3 months we'd call a competitor and say that AT&T is paying $50, for $100 I'll switch to you, and so forth. That gave some extra cash. In our financially-hurting days, we used to sell our music books, CDs or movies for $$$. We pawned everything known to man. We still do this as part of our biz, but starting out we'd find a seller for a particular product or service from a buyer and link the two for a referral fee. We also signed up with a temp staffing company to work PT on the evenings and weekends for money.

Things that didn't work out for us: stuffing envelopes, medical transcription, and hiring an employment agency.

Message Edited by llecs on 04-03-2009 12:51 PM

Message Edited by Barry on 04-07-2009 10:23 AM

POLL DISCUSSION: What are you doing to cut expenses during this recession?

IowaBob — Tue, 07 Apr 2009 17:24:55 GMT

We evaluated our budget and have reduced in several areas. Many of these were things that we should have done anyway such as eliminate services we do not use for cable, phone (we all have cell phones now) etc. We also looked at our food budget and as another poster said decided it was a good time to look at getting in shape and eating healthier. We plan meals and have a list when we go to the grocery store. We saved 25% on our food bill alone. We have placed energy saving devices such a smart power strips to shut off unused devices to prevent phantom power losses. Our electrical bill is down ay 15%. We are going out to eat less often. I want to note we have ot completely eliminated eating out but it is more planned rather than reactive.

Message Edited by Barry on 04-07-2009 10:24 AM

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

tjinsocal — Tue, 07 Apr 2009 18:39:00 GMT

Although my income is secure (self employed in a recession-protected industry and VA surviving spouse pension), I have made some cuts because the current economic situation really made me think about how I was spending the money I do bring in. Recent changes I've made:

1. I stopped my housekeeping service. I really only had one out of laziness anyway (lol). Now I spend about 3 hours on Friday morning and clean the house myself.

2. I stopped buying potato chips (price went up to 3.50 to 4.00 per bag!) and junk like hostess bakery stuff - now I buy snacks like bananas and I bake my own healthier goodies now. I probably save about $20 off my grocery bill each week just cutting out the pre-packaged junk food. And I've lost 3 pounds.

3. I look for 2-for-1 and buy one meal get one free coupons in mailers and the Pennysaver when deciding which restaurants to visit. I've cut my eating out bill way down by actually using these offers, rather than just throwing the ads in a drawer and never using them.

4. I bought a little electric heater fan thing at Home Depot and use it to heat my bedroom at night. Using the central heating in my 2 story house all night long was costing me a fortune in my Gas Co. bill. February's bill was $105 and March's was $31 just because I turned the central heating off at night and used the little portable heater fan next to my bed instead. Of course, I'm sure in other parts of the country this isn't possible, but I live in So Calif so our nights don't get THAT cold.

5. I just stopped buying junk I don't really need - new purses at Target, new lipsticks just because....Now I make a list of what I need and I don't go to Target and the mall just to "browse."

6. I order all needed books (for my business and for my masters degree program) from Amazon.com and save on the sales tax. In California, our lovely Governator just raised our sales tax another 1% (now my county is 8.75% and Los Angeles county is almost 10%!), so anything I can purchase tax-free, I do. Amazon doesn't charge tax and delivers for free if I spend $50.

Hope this gives others some ideas. They don't make a huge difference - maybe a couple of hundred dollars per month, but hey, every little bit is more you can save.

: ) tj

Message Edited by tjinsocal on 04-07-2009 11:39 AM

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

IowaBob — Tue, 07 Apr 2009 18:46:12 GMT

The last post reminded me of a few other things we do.

I only buy clothes from the discount racks. Usually a 70% discount type of savingsand only buy what I need. I may need to stop in the stores a few extra times but I don't make special trips.I have walked out of the store with over $600.00 worth of cloths and spend less than $75.00.

Next item is a major investment but it has proven to be quite a savings already. We invested in a geo-thermal heating and cooling system last October. We live on an acreage and had LP heat. Two years ago the LP price in the area was about $1.50 per gallon. This last year it went up to $2.54 a gallon! Two years ago our LP bill alone was $2000. This last year we projected it would have been over $3000. WHen we did the payback comptations we used the $1.50 a gallon price and there was a 6 year payback. We now have less than a 4 year payback at the current prices. It will only get better as the price of LP continues to rise faster than the price of electricity.

There were some financial incentives from the utility company as well as discounts from the installer. Additionally, we received some tax breaks this year ($2000) ALl of that helped to take some of the sting out of the upfront costs.

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

tjinsocal — Tue, 07 Apr 2009 18:57:31 GMT

IowaBob, I need to learn to shop with you!! : ) $600 worth of clothes for $75 sounds terrific. I sorta do that, too, by going online at Chadwicks.com (for women) - they have a clearance tab you can click on and they have really cute stuff for great prices. I saw a suede skirt in the regular online catalog about 8 months ago for around $100 - now it's in the clearance catalog section for $39! Of course, the sizes are limited due to the phase out, but sometimes you can find steals.

Also, I know what you mean about the propane - Some of my friends just moved from the suburbs (tract house, regular electric and gas utilities) to a more rural area which is really beautiful, but their heating is propane. My friend complains at how much more they spend for the propane. They thought they would be saving all kinds of money by moving from the suburbs. The projects you've installed at your house sound green and very nice. I'm sure they will pay off in the long run.

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

Sassy — Tue, 07 Apr 2009 21:44:05 GMT

I have cut my grocery bill by at least 60% by clipping coupons & only buying items that are on sale. A great site for information is pinchingyourpennies.com

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

VelvetPaws — Tue, 07 Apr 2009 22:18:51 GMT

1. I now color my own hair. I use a semi-professional brand called Ion, and custom mix color with developer, saving about $100 per month. It looks better than it did when I had it done at the salon.

2. I switched my cell phone service to prepaid, saving about $50 a month.

3. I changed jobs almost a year ago for the sole purpose of increasing my salary ($10,000 increase).

4. I dropped the caller id package on the land-line phone (about $6 a month).

5. I started buying my pet food at Petsmart instead of the grocery store (With 4 cats, that saves $20-$30 a month)

6. I have been THINKING about reducing my cable services, but that is a last resort.

7. I am considering refinancing my house, which is fixed at 6.5 percent and on which I own about 50 percent equity.

8. I have been using my credit cards less, and will transfer balances as soon as there is an opportunity.

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

upinflagstaff — Fri, 10 Apr 2009 16:17:04 GMT

Last year we started "shopping" at the local food bank. They have surplus food that they sell with different package prices starting around $20.00. Of course you can't pick what you want with a few exceptions and every week is something different. We used to go every week, but now it's a bit less often. My wife started clipping coupons extensively and switched to store brands at the grocery store - that saves nearly 50% off the label price. Plus we started using the Fry's Mastercard for some additional savings at the grocery store.

We live in an apartment, but another couple along with my wife and I have started a co-op type garden on their property. We haven't harvested anything yet, but we've ended up spending plenty of time at their place which has changed our socializing to be more "homey".

I also ride my bicycle to work one to two days a week during the summer.

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

bucket851 — Sat, 11 Apr 2009 18:43:09 GMT

Cooking at home more often & bringing my lunch to work.

Waiting until movies show at the dollar theater ($1.00 or $1.50 as opposed to $8.00 - $10.00).

Using coupons, looking through the weekly grocery store circulars so I can buy things on sale, and buying generic / store brands.

Buying less expensive gifts for birthdays and Christmas (after all, it's the thought that counts anyway, right?)

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

Asset — Sun, 12 Apr 2009 17:25:51 GMT

I made excel file with my financial info and placed it in Google docs, so I have online access from any comp and my iphone. Last year don`t use credit cards, but carry and payng off balance mostly transferred from father's high APR cards. Start selling company (that I employed) products on ebay. Basicly I make money for company to pay me salary and extra for me. Here my excel file maybe it will be helpful.

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

talbertp7 — Tue, 14 Apr 2009 10:23:01 GMT

1- Fiancee and I moved back in with my parents, eliminating rent (saving roughly $800 monthly). Saving up to buy a house and start a family. Wish us luck!

2- Car accident (unfortunately) eliminated the car payment ($400 monthly). Only problem is that I injured my back and was let go from my contract position, which is where our savings was coming from.

3- Fiancee works at local theater, so we watch movies for free.

4- Coupon-clipping is helping in a major way.

5- Moving back in with parents has also eliminated the following:

--Utility bills

--Internet bill

6- Because I don't work right now, we've shaved half off of our gasoline bill. Having an hour commute one-way means major savings.

7- We have something called a 'Credit Plan' where we have mapped out how we are going to both accelerate our payments on our current credit cards as well as save up money for the down payment on a house. We've paid down roughly $10k in CC debt as well as saved up almost $2500 for the down payment.

To shore up my working situation during my recovery, I've begun studying to take the Actuary Exam P in May, hoping to secure a position with a local insurance company. I received my Bachelor's in Math about 5 years ago, and this seems to be a great career path.

On the other hand, due to my accident (and LACK of health insurance, in an attempt to save), we are incurring $15k - $20k in medical bills. My task for today is to make contact and talk about payment plans as well as possible financial aid. Again, wish me luck!

Sorry if I got off of topic. Just wanted to share my story and what we are doing in these tough times (that just got tougher on us). Thanks.

--PJT

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

Mank — Tue, 14 Apr 2009 22:22:35 GMT

We switched from seperate auto insurance plans that were ridiculously high to a joint plan through Progressive. Thinking about lowing our coverage to reduce the rate even more since I've done some more research and think we're grossly over covered (crosses fingers she doesn't crash into a Bentley antime soon).

Considering switching to a family plan w/T-Mobile, possibly to also share with sister-in-law who lives with us.

Eat out very infrequently, and tend to go to cheap Mexican places when we do. Also started packing lunches for my partner, saving a ton there. He loves chocolate chip cookies, so I bought a bucket of dough and bake him a couple cookies each night for his lunch so that we don't all go through a box of cookies in a few days when they're just sitting there tempting us. Also discovered Trader Joes bananas for 12 cents each! Other than that, mostly using up leftovers that were being made and going to waste anyway.

Buying out lease on my Lexus to reduce monthly payment by almost $300. I'll continue to pay what I was paying since I'm comfortable with it, but if our income decreases I can then pay less.

Also, reduced the size of our garbage can. We only needed put it out every two weeks as it was, and Waste Management increased the price of the 64 gallon this year, but DECREASED the price of the 32 gallon. It sure pays not to be wasteful!

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

Tasksgirl — Thu, 16 Apr 2009 03:00:26 GMT

I have a good job right now with pretty good job security. We want to take advantage of the real estate market while we still can (seen homes go from 600k to 200k and condos go from 300k to 150k) and am trying to save like crazy for a down payment, closing costs, etc. and get an FHA loan.

- I cancelled my BIL's Club Penguin account (he was barely using it), put my Netflix on pause, cancelled my XM Radio service (they took away all my stations anyway and plus my radio antenna broke!)

- I switched from AT&T Prepaid to Virgin Mobile prepaid. I now pay only $10 a month for my phone (primarily use it for the unlimited text messaging) and about $35 a month for my husband's since he uses it more. Before we were topping up $15 at a time and spending maybe $60 in a month but hardly being able to use it.

- I downgraded my phone to basic (took off the caller ID) and my internet speed from the fastest to the slowest. I honestly don't miss it that much and I use the internet ALOT even working from home. It does not seem too much slower. My husband uses it for gaming and notices some slight speed problems but nothing major. Our bill went from $75 a month to just $30 a month for both internet and home phone!

- We used to use the A/C nonstop and not care about the bill. Now we are being more conservative with it and leaving the balcony door open instead. Our bills would usually come to $250 for 2 months for a 600 square foot apartment. Haven't gotten the latest bill yet but we are hoping to bring it down to $150 for 2 months.

- I bring leftovers home from work (we get catered lunches and there are often leftovers) and do the rest of my shopping at Costco or very limited items from Vons. For my husband and I about the only groceries we buy in a month are: 2 packs of Costco Ham, Bread, Peanut Butter, Huge pack of Costco Cheese, Huge pack of Costco Chicken, Tortillas, 2 packs of Costco Bacon, Costco Liquid Eggs, Store Brand Cereal, 2 packs of Costco Milk, Juice, $1 Celeste Frozen Pizza, and snack bars. My husband is also on a diet plan so he has cereal for breakfast, snack bar, ham sandwich for lunch, snack bar, and something I bring from work for dinner. We spend on groceries $100 max in one month. Before we used to buy alot of extra stuff that would sit around in our cabinets. Now I am trying to finish all of that before I buy any more groceries for myself. I'm surprised how much food I have even though my "favorites" may be gone! I'll eat twice at work and then eat something when I get home.

- Costco is great for the aforementioned groceries, as well as toilet paper. Huge 36 packs for about $16.00 that last us around 2 months. They have great prices on chicken, ham, bacon, milk, cheese, etc. Their prices are good for everything else but those are the "staples" that we get there. If you aren't careful you can walk out spending way too much because everything is in bulk and the price adds up quickly. So have a plan and know how much you want to spend.

- There are many coupon websites like www.couponmom.com and others that teach you about doubling/tripling coupons combining them with sales and combining them with store + manufacturer coupons to get things dirt cheap, free, or even sometimes with the store owing YOU money. I don't have kids or alot of toiletry needs but I have done it once or twice and stocked up on essentials. I got huge Garnier shampoos for $2 each and 2 bottles lasted me 6 months. I got the gel deodorants (more expensive kind) for around $1. But I am a rook - there are many people who walk out with 10 toothpastes, 10 laundry detergents, 10 shampoos. etc. etc. for only $15 and they stock it up and never run out.

- My husband and I took a part-time inventory counter job (like RGIS but a smaller start-up company here in SoCal called Albany Inventory). They have work a few times a month and you pick when you want to go. Our company pays us for travel time as well as gas mileage (since we count as carpooling). Last month we worked a double shift from 5am - 4am the next day. About 24 hours on the clock ! The paychecks from there bring in an extra $300-600 a month depending on how often we go.

- I'm looking for a THIRD job something more steady such as 5pm-11pm every night at Wal-Mart, Target, etc.

- The only thing I'm still trying to figure out is gas! I work 20 miles away and it seems like we are getting gas every 4 or 5 days even though we have a very efficient car (Toyota Corolla 2003). I am a member of MyPoints which takes a while but I've gotten $75 in gift cards and the latest one I redeemed for a gas card. It can take awhile to accumulate points, but if you are a frequent online shopper or don't mind signing up for free trials and offers you will accumulate them VERY fast. It takes me several months but because I only do the 5 point emails where you can just click on them and "read" them and you get points. And the surveys that come occasionally to my e-mail.

- AMAZON TURK www.mturk.com This website is amazing. It is by no means a job or a second job, but if you are at home watching TV or lounging around, it is a great way to make some money while killing time. I do it a 5-10 hours a week and my husband does it maybe 2-3 hours a week and I've made around $90 and he has around $50 now. Check it out and you will see what I mean. Some "hits" are a complete waste of time but every so often you get great ones that take a few seconds and you can earn $10 in an hour while sitting around your house watching a movie.

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

Tasksgirl — Thu, 16 Apr 2009 03:07:04 GMT

Oh I forgot one!

Don't be afraid of the dollar store!

Good things to get there:

Sponges & similar cleaning supplies - air fresheners, cleaning rags, etc.

Toothbrushes

Soap
Body Wash (same ingrediants as the fancy kind!)
Baby Wipes
Pads & Liners

Kitchen Utensils & Household Gadgets

Gift Bags

Some random things we've found at the dollar store

Xbox 360 covers orginally worth $20

CD wallets for the car ($10-20 everywhere else!)

Oh and you have to "splurge" or "treat" yourself every once in a while. My husband and I have class on Monday nights that is really long and tedious. Conincidentally that is also the night our favorite show (24!) is on and also Two & A Half Men. Conincidentally it is the one night that our local Dominos has their DELICIOUS cheesy bread on sale from $5.00 to $1.99 and it is unlimited. We'll get 3 boxes for about $6.50 with tax and have a guilt-free treat night.

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

BungalowMo — Mon, 20 Apr 2009 23:26:34 GMT

Cutting my own lawn. Last year it cost me $35. each time the kid mowed. (roughly 18 times through the season) I had a mower in rough shape in the garage when I bought the place & I'm getting that cleaned up & running.

I'm taking my lunch in to work every day (except payday friday!) about$8.00 each day

I quit smoking, so that's good for me and my wallet! 1 carton every week (cartons are $50.00!!) :smileysurprised:

So...saying for April through August

Lawn: $630.00

Smokes: $1000.00

Lunch: $720.00

$2350.00

That's certainly going to help!! :smileyhappy: (put it on my high util card!)

Re: What are you doing to cut expenses during this recession?

Navigator — Tue, 21 Apr 2009 15:46:19 GMT

I have for the las 20 years cut my own hair, did my own lawn, conserved electric, and clipped coupons. I drive a good used car that is paid for, and since it is a civic, my fuel and maintainence are very low. I always have fixed everything myself that I could on the house, and shop at discount stores for food and clothing.

What I am doing is contributing MORE to 401, because now is the time to buy. I am also investing MORE in my business (not on credit) to boost profits. In other words, instead of taking this lying down, I am fighting hard to make it work for me and not against me. Take the bull by the horns, so to speak.

Message Edited by Navigator on 04-21-2009 08:46 AM

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

VelvetPaws — Tue, 21 Apr 2009 21:24:53 GMT

Yesterday I found out that the deductibles and rates of my insurance (which I get from work) are skyrocketing, and there is a new rule: all 'maintenance drugs' must be purchased via Anthem's mail-order company or they pay nothing.

So I am making the choice as many Americans do these days to stop taking the pills and going to the doctor. My high blood pressure and diabetes is borderline, and my doses are low. To compensate I plan to exercise more (which will be easier without the meds) and control my diet.

Ironically, there was a message on my machine today that my local Curves is closing.

Re: POLL DISCUSSION: What are you doing to cut expenses during this recession?

Electryc_monK — Wed, 22 Apr 2009 05:57:10 GMT

minor note to previous poster.... do som "google-homework" before your doctor visit to readup on gliseamic(sp) index go read the book at the library or in B&N for free. The stuff on diabetic issues is very common sensical.

nuff said? as for exercise. LOW IMPACT is safest and easiest to maintian yr round. sides that the endorphines kick in - you start to feel better...you may have an interest in eating one meal a week RAW and eventually finding ways of removing HFCS entirely from your diet.

now what have I done in this economy? not enough in my book but, according to the tone of voice of my better-half, too much for her(for now). Said I'm too able to adjust to this stuff - too frugal too. (rolls eyes)

I'm by far no Ed B. Jr. but, I'm doing what I can in what spare time I currently have. Which by my standards isn't enough by a long shot!

She has admitted to cutting down on eating out. HAving a son who's alergic to all things gluten has helped alot.

Seeing how I don't like watching food die in the fridge on on the counter top in the kitchen - all because she doesn't know what she wants to eat over the next few nights. I'm more then ready to go back to a 2 wk meal calander.

With our new freezer (energystar) coming on sunday; Along with new FL washer(also energystar), and dishwasher) (she had to have that dang heat element in the bottom so its not energy star) ....

electricity waste in this house (two nearly teen boys as well) and two brand new foster babies.... one needs alot of night lights left on - can't wait for that issue to get worked thru in the coming months. in the winter now that last summer we got a green heatpump 16seer(IIRC) multispeed fansetup too.... my beef? 73 degrees was as coold as she'd let it get....here in the DFW metro area.... I grew up in Michigan where 68 during the day and maybe 64 at night if it was a sealed house. every nowand then I try to drop it down to 72 or even leave it off over night and we'll wake up to a 65 or 68.....(sigh)

fuel economy the Jetta is a TDI unfortuneately she always seems to idel it too often and too long; the A/C is "always on." and now we need a minivan, she's wanting to get a 05 -08 model and I'm thinking NOPE - I don't want to go that high...letsget a 4-8K cost mini and drive it for up to 18 or so months then get a newer model when the economy is safer AND my debt is LOWER.

nuff ranting?

WIsh list:

time to finish these projects:

condensator kits for the truck and her jetta

install Alt. fuel kits in truck and Jetta

finish updating kitchen /patio incloser(DIY style)/ finish deck from last year too(DIY style too)

get house tent-tested and sealed for airflow /thermal efficiency

H2O solar heater setup

solar panels and battery farm

no longer need storage unit that I'm throwing $130 at each month.

buy a bigger home for us all

zero my college debt/CC debt is now negligable(sp) in all fairness

Fix her credit history(finally)

all in all I just need to have ALOT more patience as she works through those issues of her's as *she does painfully know they exist* and it doesn't help if I verbalise them it only makes her feel worse. So I'm between a rock and a vise.... so folks don't try spinning the vises' clamp down any for me okay? I can do that too well all by myself, okay?

thanks in advance.

Re: What are you doing to cut expenses during this recession?

Imhotrodcrazy — Wed, 22 Apr 2009 23:12:48 GMT

Sounds like the old,( ww11 ), days. It is time to start a "victory garden" for me.