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MNeagle | 11-29-2009 08:44 AM
Saving Is Something You Should Do Every Day http://online.wsj.com/article/SB1259...WhatsNewsThird Americans have forgotten how to save in recent years. First, we came to regard the stock market as our piggy bank; if we needed a little spending money, surely we could always sell a few shares of stock or a bit of a mutual fund at a profit. Then, we viewed our houses as money machines that would always provide a surplus of cash on a moment's notice, since real estate "never goes down in value." All that has changed, at least for now. People finally have again realized how important it is to save. After all, thrift was once one of the quintessential American virtues: Just think of Benjamin Franklin intoning, "A penny saved is a penny earned." Our ancestors knew what we had forgotten until recently: Unless you save, you cannot make your wealth grow. It's much easier to tell ourselves that our horse will come in at the racetrack, or that we will win the lottery if we just keep playing 4-7-10-14-36-51, or that some stock we heard about online is the next Google, or that we can simply use our credit cards to buy whatever we feel like today and pay it all back tomorrow...after our horse comes in at the racetrack. But Benjamin Franklin was right when he wrote: "Human felicity is produc'd not so much by great pieces of good fortune that seldom happen, as by little advantages that occur every day." And the biggest of all "little advantages that occur every day" is the simple act of saving money. That, in turn, requires you to become more mindful of where your money goes and why, and whether you are spending it wisely and saving enough. Here are a few simple ways you may be able to raise your own rate of saving. Each will save you something; together, they will save you a lot. Drive more efficiently. Driving at 55 miles per hour, instead of 70, will save you the equivalent of roughly 70 cents a gallon, which could easily put hundreds of dollars a year into your pocket. Before you start your car, get your kids seated and belted and do all your other preparations for driving. This will save you a few minutes' worth of gasoline usage every day. And don't idle your car; if you know you will have to wait more than a couple of minutes, turn it off. For more tips, see fueleconomy.gov. Conserve energy: Set your home's thermostat to 65 degrees in winter and wear a sweater. Before you go to bed, set it down to 60 degrees and use a second blanket if needed. In summer, set the air conditioning at 70 degrees. Adjusting your home thermostat wisely could save hundreds of dollars annually. Also make sure your home is properly insulated and that windows, doors, chimney and the basement are properly sealed. Here, too, the annual savings can be in the hundreds of dollars. For more advice on saving on fuel bills, see energysavers.gov. Walk or bike to work. If it's feasible, walking or biking, instead of driving or paying for a bus or train, could save you $5 a day, $25 a week, $1,250 a year. Don't buy lunch every day. Instead, make and take your lunch to work. Better yet, pull together a brown-bag club with a few friends, with each of you bringing your own food plus something to share. You could save another $1,250 a year. Cut back on dining out. Take a cooking class. You will acquire skills and recipes that you can use to make better food in your own home than most restaurants serve -- and you will be able to make it for a fraction of the price. According to the U.S. Bureau of Labor Statistics, the typical American household spends $6,133 a year on food, 44% of it on meals eaten outside the home. When you do go out, don't be afraid to skip an appetizer, share an entr�e or split a dessert. Always inquire how much the specials cost. (Specials are typically no better than regular menu items, but they tend to be more expensive.) Don't order the second cheapest wine on the list, as many people do to avoid embarrassment. Instead, unabashedly order the cheapest one. It's usually almost identical in quality. Quit smoking. With cigarette prices at roughly $5 a pack, someone who smokes two packs a day could burn through $70 a week, or more than $3,600 per year. Smoke like that for 20 years and, if you are still alive, you will have spent roughly $75,000. Rent DVDs free from the library. Depending on how often you rent, you could save $100 or more a year. Put your refrigerator on ice. Before you open the refrigerator, pause for a moment to see if you can move several things in or out at once. Every time you open the door of the fridge, you make it work harder. My guess is that a family that becomes more mindful about opening the fridge can save about 50 cents a week, or $25 a year. Don't shop on an empty stomach. Walking into the supermarket when you are hungry can make you more inclined to buy food you don't really need. Eating a light, nutritious snack before shopping could easily save you $ 100 a year, not to mention several hundred calories a week. Don't sign up for insurance, service contracts or extended warranties. Avoid the added cost of these extras for appliances and consumer electronics -- especially on things like cellphones, which you probably won't lose or damage and are likely to use for only a couple of years. Manage credit-card spending. Pay with cash or checks when possible. Credit cards are essential for a few things, such as online purchases, car rentals and airline tickets. But you can do fine without them most of the time. And ignore the minimum payment on your bill. You should be paying the maximum you can afford. If the minimum payment is $20, but you owe $774.84, see if you can pay $200 (a little more than 25% of the balance) or even $80 (about 10%). Also, if you can find a credit card with a better rate somewhere else, switch. You can compare rates at federalreserve.gov/Pubs/shop/survey.htm and at bankrate.com. These are only a few ideas for economizing. You will have others, many of which will be better than mine. Send your favorite suggestions on saving to intelligentinvestor@wsj.com. (Nice chart that I can't embed at top link too. Lists the typical household expenses for a year.)

TechGuy | 11-29-2009 09:05 AM
Re: Saving Is Something You Should Do Every Day In summer set thermostat to 70???? In Houston that would translate into a $400 light bill. 75 for me WHEN WE ARE HOME, 80 to 85 when we are not. thank you. Any time you try to AC more than 30 degrees below ambient, you are almost guranteeing your system will run nonstop. I have some friends that run their house in the summer at a nice 65, and their light bill runs 450+ ouch.

J in AZ | 11-29-2009 10:46 AM
Re: Saving Is Something You Should Do Every Day Quote:
Originally Posted by TechGuy (Post 2049137) In summer set thermostat to 70????
My first thought also as I keep ours at 77 degrees in the summer. Also, I have read where you shouldn't have more than a 2 degree variable between night and day during the heating season: you end up spending a lot to bring the structure and furnishings up to a comfortable temp. Otherwise a lot of wisdom in the OP. On a related note I installed a whole house fan a couple of years ago ( http://www.airscapefans.com/whole-ho...airscape17.php ): with my rural high desert climate (hot days / cool nights) I am saving a lot on my AC bill, probably 25%. It is nice at night having fresh, cool air constantly moving through the house at night. :beer:

Buzzhawks | 11-29-2009 10:51 AM
Re: Saving Is Something You Should Do Every Day the article says: as of 2007, the typical american household spent an annual average of: 10,023 on rental or mortgage and other housing costs 3,465 eating at home 2,668 eating out 3,477 on utilities 2853 on health care 2,698 on entertainment, including 987 on consumer electronics 2,384 on gasoline and motor oil 538 on public transportation 457 on alcoholic drinks 323 on tobacco 446 on furniture 1,881 on clothes 327 on shoes 140 on laundry supplies if this list is true, americans are dumber than i thought. and the article is typical MSM tripe. what about taxes? THAT'S MY BIGGEST EXPENSE!!!:favorites21:

TechGuy | 11-29-2009 10:55 AM
Re: Saving Is Something You Should Do Every Day Quote:
Originally Posted by J in AZ (Post 2049220) My first thought also as I keep ours at 77 degrees in the summer. Also, I have read where you shouldn't have more than a 2 degree variable between night and day during the heating season: you end up spending a lot to bring the structure and furnishings up to a comfortable temp. Otherwise a lot of wisdom in the OP. On a related note I installed a whole house fan a couple of years ago ( http://www.airscapefans.com/whole-ho...airscape17.php ): with my rural high desert climate (hot days / cool nights) I am saving a lot on my AC bill, probably 25%. It is nice at night having fresh, cool air constantly moving through the house at night. :beer:
We had one when I was a kid in TN. I loved the fresh air. Here so close to the coast the humidity is always so high, there are few days that one would be useful. As far as heat, we found that if we let the house get below 60, it takes a LONG time for it to get back to a comfortable temp. We have lots of hard surfaces, and a huge limestone fireplace front that has at least 3 tons of rock. Once it gets really cold, you can forget it. I am not sure about the 2 degrees though, seems really narrow, your thermostat operating range is usually 2-4 degrees. i.e. set for 70, it may cool to 68 and allow temp to 72 before it kicks on. We usually turn the furnace to 60 or so, then use an electric blanket on the bed. Toasty warm.. no issues. Our main problem is that all bathrooms are on the north side of the house. Oops. Next project is installing in wall heaters in the downstairs bathrooms.

TechGuy | 11-29-2009 11:00 AM
Re: Saving Is Something You Should Do Every Day Quote:
Originally Posted by Buzzhawks (Post 2049225) the article says: as of 2007, the typical american household spent an annual average of: if this list is true, americans are dumber than i thought. and the article is typical MSM tripe. what about taxes? THAT'S MY BIGGEST EXPENSE!!!:favorites21:
I notice the list doesn't include auto payments. I bet the average is at least 4k a year...

phideaux | 11-29-2009 11:07 AM
Re: Saving Is Something You Should Do Every Day Quote:
Originally Posted by Buzzhawks (Post 2049225) and the article is typical MSM tripe. what about taxes? THAT'S MY BIGGEST EXPENSE!!!:favorites21:
Ding Ding Ding!!!! Taxes are by far the biggest expense most families incur. Not just income tax but social security tax, state income taxes, state and local sales taxes, property taxes, gasoline taxes, utilty taxes, and on and on and on... Add it ail up and it's about 50% of income for the median family in the US. :10_1_19:

Corbin Dallas | 12-16-2009 04:58 PM
Re: Saving Is Something You Should Do Every Day www.hypermiling.com Great gas/money saving tips.

Twisted Avatar | 12-16-2009 05:34 PM
Re: Saving Is Something You Should Do Every Day Conserve energy: Set your home's thermostat to 65 degrees in winter and wear a sweater. Before you go to bed, set it down to 60 degrees and use a second blanket if needed. In summer, set the air conditioning at 70 degrees. Adjusting your home thermostat wisely could save hundreds of dollars annually. Also make sure your home is properly insulated and that windows, doors, chimney and the basement are properly sealed. Here, too, the annual savings can be in the hundreds of dollars. This one burns my bacon everytime I see this as it is so dam misleading You can never 'save' money on your heating/energy bill. Why is that?? Because the cost index is not NOR EVER WILL BE under your control. Think about it.. You follow the advice of these "energy gurus' and cut down on usage. You have a low bill for the next 2 or 3 quarters. The Director at the Energy company XTR sees profits have been falling on a steady basis. what does he do?? Thats rights, Comes up with some first class mumbo Jumbo about "maintience cost and upgrades" and only way they can remain competative is by increasing the cost associated with energy use. How many times can they do that?? AS MANY AS THEY LIKE I remember one year my energy costs went up a whopping 25% when I asked to explain how is that possible the Service Rep said . It just happens like that sir by the way how much can you apply to the bill? You can never win ..........EVER But they always make you think it is your fault why the planet/community/state /household is in trouble. Wise up...... its profit driven pure and simple. T

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