Hey Pandas, What's The Best Way To Save Money? (Closed)

Don't have kids 😎💯💯💯

I always ask myself: Do I WANT it or do I NEED it? If it's the former, I don't buy. Sounds silly, but I save a lot that way.

Buy store branded grocery items. They are made by the same manufacturers as name brands,.

Don't buy it if you can't pay cash for it. (A house excluded, unless you're in the wealthiest 1%.)

When you do that math, your spending habits alter radically, and you also stop ending up in credit card debt. if you can't pay for it in cash (even if you are using a card for convenience)? Don't buy it.

Get rid of freeloaders! Also, don't loan money.

In a clothing store, head straight for the clearance rack at the back.

1: Don't have kids. 2: Quit smoking. 3: Buy a house in the cheap part of the country. I realise not all or even one of those will be achievable for most people, but it's allowed me to live a life of oppulent luxury on a single, fairly modest income.

Make a budget. Include an amount you can put in savings every paycheck. Do that first before you pay anything else. That way your savings is not an afterthought but a purposeful task. Pay yourself first.

I walk away from it. If I liked it enough to come back at the end of shopping (or internet scrolling), then I'll consider buying it. This stops my impulse spending.

Go to Aldi

I use a credit union credit card and buy everything on it to 1. purchases are protected. 2. I get redeemable points. 3. I have a record of all my purchases. I pay in full every billing cycle

It blows my mind how a lot of people never consider this when decision-making:

A report came out that with recent inflation factored in, it will now cost approximately $300,000 to raise a child from birth to the age of 18.

Please people, if you're going down that avenue or are considering it, then don't do it for the wrong reasons like "But who's going to take care of me when I'm old ?" or as a "bandage" for a bad-relationship/marriage (spoiler: IT NEVER F*****G WORKS, IDIOTS !!), as a source of benefits/income, to "trap" somebody into relationship, or the classic "wElL tHaT'S jUsT yOu dO/ gOd sAiD i'M sUpPoSeD tO / mUh lEgAcY !!!!"......" b******t.

It's going to cost you plenty, put some thought into it.

A mechanic quoted me $950 + labor. I bought the item for $134 online and took it elsewhere.

Buy your produce at the Asian market & your spices at the Indian store.

Share purchases with family and friends, when able to. That way, everyone benefits from a single large purchase. Example....I purchase a 20 lb bag of brown rice and share with 5 neighbors or family members that use the same rice. They reimburse me for their part of the cost and we all get what we need.

I usually, when I go to the store for 1 thing, I only bring enough money for that thing, it's weird but it works

1. Buy, if possible, from a Thrift Store. (I am required to wear a suit and tie at work. I once got an $800 Brooks Brothers men's suit for $18.00.)
2. Keep track for ALL of your spending and saving, perhaps on an Excel spreadsheet. Make a game of saving as much as possible.
3. Avoid all bank fees. See your banker (it's free!) to make sure you have the right kinds of accounts. (Many banks have several different types of checking and savings accounts; make sure you have the one that fits your needs.)
4. Get a credit credit card with a good rewards program. Charge EVERYTHING on it. You can easily rack up $20, $30, even $100 a month rewards - free money!
5. Never buy a new car. Buy a "lease return" (a can that someone leased on a 1 or 2 year contract.) You will get a virtually new car at half the cost new.
6. Pay extra on your mortgage. Equity racks up fast.
7. Put the maximum you can into your 401K. Your employer's match is free money.

Sam Vimes "Boots" theory of socioeconomic unfairness.

Quit smoking. Burnt the money for a small appartment over twelve years.

Spend like it's the end of the month and you're trying to make it to the next paycheck. Make yourself think that you barely have enough in your account to buy groceries for two days.

Also, I don't know whether this applies to other countries as well or not, but many stores - Clothing stores, groceries, etc - have apps now with coupons and sales and promotions. If you can, buy things when they're on sale.

Also, this might seem counterintuitive but sometimes you have to spend more to save money in the long run. There are things for which you absolutely shouldn't opt for the cheap alternative. The best example is shoes. You spend the majority of your day wearing them, they need to be both durable and comfortable. Spending more to buy good quality shoes will be worth every cent and they'll also last longer, saving you money. The same applies for other basic everyday items like your mattress, backpack, winter coat, etc.