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Tuesday, March 28, 2017

Need to Go Super Frugal – Ideas?

Posted by Tim Stobbs on November 8, 2007

Ok, I’m in savings mode here in an attempt to save enough money to take some time off when kid#2 arrives in May.  My savings plans have been a little limited by the fact I don’t know what my new pay is going to look like after taxes from the new Megacorp that just bought my old company.  That finally gets resolved tomorrow, in the mean time I really need some ideas on how to further save some money around here.

You see I’ve done all the normal adjustments.  I’ve cut back on eating out, we are trying to watch the grocery bills and I don’t even own a regular light bulb any more.   Despite that I’m still looking like I could be short of getting to our goal of saving around $4000 in the next six months.

So what I looking for is ideas and resources to be very frugal for the next six months.  I’m willing to leave my comfort zone here and push the limit so please feel free to suggest anything.  Heck I started reading this blog for ideas.

Thanks for your help,

Tim

Comments

9 Responses to “Need to Go Super Frugal – Ideas?”
  1. Hi CD,

    I’ve been reading your blog for a while now and was already impressed with your savings habits. Not to be a downer but I think it’s going to be hard for you to save an additional $4000 in 6months (just because you’re so good at it already). But here are some suggestions (most of them painful) that you could try.

    -Cancel cable
    -Cancel Christmas for yourself and your wife (still buy for the kid of course)
    -If possible work some overtime or get a second job

    Cheers,
    MCM

  2. CD, as MCM stated, you are pretty darn good at cutting your expenses already. So instead of cutting more expenses, how about looking for ways to make more money?

  3. Traciatim says:

    I’m with MCM on the cable. It’s a huge waste of cash. Get some Rabbit Ears st the Source (they had the cheapest ones i could find).

    How about opening a promotional rate savings account at any bank that will take you on. I know Canadian Tire Financial is having a promotion of 5.5% until December 31st, when your walking a fine line, every dollar will count.

    Ever think of hitting up family for a little gifting to help out through the rough patch during the time off? I usually don’t advocate borrowing with close friends and family because of friction, but sometimes circumstances just point to this as the best option.

    You could also just apply for a big fat credit card ;) . . . if you can find a 0% for a period of time then don’t laugh too hard at this option.

  4. FourPillars says:

    Do you not have any money in a non-reg account? This would be perfect time to use it.

    Mike

  5. nobleea says:

    certainly cancel cable, newspaper, magazines. can you put home internet access on hiatus and do your blogging from work after work hours? if you have a cell phone, can you put the service on hold for a few months? don’t put up christmas lights. no long distance phone calls.

    stop using the clothes dryer and hang dry instead. shorter, cooler showers, clothes washing with cold water and full loads.

    consider applying for one of those 0% balance transfer cards and put the money in a high interest savings account – i was given 25K rather easily (I’m also an engineer in my late twenties).

    walk anywhere you can instead of driving. make really large batches of food and freeze them for future meals – it sucks to eat the same thing over and over again, but there are volume discounts for food!

    I think you’ll be hardpressed to add an additional $4k to your savings over 6 months. $2K should be doable though if you tighten down.

  6. I am going to ask a dumb question- is it even possible to save that much more money without actually providing the bare necessities of life?

    I echo the other commentators; your savings rate is astonishing already; you should concentrate on the revenue side since you have clearly mastered the expense side- have you had a garage sale? Be a local handyman?

  7. Canadian Dream says:

    I’m sorry folks. I read my post this morning and realized the wording could be a bit misleading. I want to save $4000 in six months total, I’m not running $4000 short right now. So some of my huge savings amount will be going towards this goal.

    So I was thinking about all your ideas and I think I can reduce a few bills here and there to help me just get the money together.

    The break down is roughly going to be:

    $1000 from my tax refund
    $1500 from regular savings
    $800 from extra saving from maxing out CPP and EI
    $200 from reduced spending at Christmas
    $200 from excess funds in my heating slush fund

    Then the rest I’ll have to make up by cutting back by around $50/month, which is doable. It will take a bit of creative planning, but it is a somewhat realistic goal.

    Thanks for the ideas!
    Tim

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