Biggest Killers of Money Saving

What do you think are the biggest money killers? I would have to go with electronics. People buy new cell phones and iCrackhead products like a bitch works for her pimp.

Cigarettes.

Taxes and insurance?

- Cigarettes (Lilith is totally on the ball here), especially since they're heavily taxed throughout most of the Western world.

- Brand loyalty (particularly to Mac). There are plenty of iPod/iPad/iPhone ripoffs out there that do the exact same job (if not better sometimes) and cost far less.

- Good booze and pre-mixed drinks (Paid almost $100 for my top-class Absinthe...)

- Cell phone bills.

- Not knowing what to buy per instance vs. what to buy in bulk. It's surprising how many people bulk buy perishables and have to throw out half their food later on.

Dinny wrote:- Not knowing what to buy per instance vs. what to buy in bulk. It's surprising how many people bulk buy perishables and have to throw out half their food later on.

Agreed. When I go food shopping, I tend to buy more than I need & stick the extras in the freezer for later. During my retail stint, I talked to MANY people who never thought of doing that. The only reason I found out is from off-hand remarks they made regarding the amount of, say, discounted meat they were purchasing at the time.

Vehicles are a big drain on finances, too; especially when something breaks.

Cigarettes for obvious reasons that others have already covered. Other reasons are the increase in many life insurance policies and the health problems that come later down the road.

Same goes for electronics. I like technology and all, but I don't feel the need to go out and get every little gadget under the sun.

Groceries was another good one that others mentioned. The only good reason to buy perishable in bulk is, as Starfire said, to freeze what you're not going to use now for later. My sister cooks all the time and has the freezer space to do just that. I don't have that luxury having a small fridge in a studio apartment. I've never bought anything but dry or canned goods in bulk.

Cellphone bills are amusing. That's why I'm probably one of the few people left on the planet that still uses a TracFone. It gives me a phone at a reasonable price so long as you don't talk on the phone a lot.

Cars are a major money sink, but sadly for many people, a necessity. Gotta get to work after all.

Alcohol is another one, especially if you're the type that likes to go to bars or nightclubs where everything is far more expensive.

Cable or Satellite bills. I don't watch enough TV to warrant it, especially when I can watch many TV shows online.

I'm sure people will think of others.

The food was a massive money sink for me when I first moved out to College, I'd spend a lot more than I thought and then realised I was eating Sushi most days. I ended up sticking to ready meals for a lot of the time and treated myself to something at the end of the week if it was a successful one, kind of hits the middle of the road there! I'd buy essentials in bulk but that was about a 50 mile trip from where I was living. I'd buy stuff like Shampoo, shower gel and other stuff that doesn't go out of date in bulk. Wouldn't dream of buying food in bulk though, something seems a bit off with that sort of thing.

Brand Loyalty is just one of those things that happens. Personally, I love a lot of the Mac stuff (iMac and iPhone user here) but there's no way in hell I'd call myself a Macfag. The iPad is a disgrace and it's a gimmick if that, wouldn't surprise me if there will be an iDildo or something out soon. I had an acquantance of mine pay the equivelent of $575 for one and he barely knows how to use it, pretty awful really.

Celphone bills aren't too bad providing you don't go beserk on the phone calls, especially the ones for long durations of time. Texting is just easier, lacks the personal touch though. I had a bad habit of calling people in situations where a text message would've been just about appropriate, certainly not the word I'd describe the bill when I got it.

I'm not sure if I can add much to this at all but here goes:

cigarettes - I agree 100% for all reasons stated.

alcohol - total waste. who needs it and look at how much one DUI arrest will cost you, not to mention the health aspects (I'm not talking one glass of wine per day stuff here)

food - I agree. Our biggest waste is eating out. A group of us (15) went out last night to the Chart House restaurant and the bill with drinks was over $1000. Luckily, I was a guest and didn't have to pay. But, we eat out as a family at least twice per week ($35 for pizza to $125 or so for dinner for 5-6 of us, more if the kids bring a friend) plus I eat out for lunch 4-6 days per week. Some days it may be $8 for a sub and drink, some days it will be $15 -20 for a meal or bbq. Even for food we prepare, we waste a lot. I just threw out a tub of tomatoes that were rotten and it seems like we throw out a lot of fresh fruit, especially if bought from the supermarket. We eat a lot of fruit but we toss a fair amount as well. We also throw out a lot of sandwich meat b/c my wife will go to the deli and buy x amount, we will eat it once and then not touch it again for whatever reason. We do plan out meals which helps but we also run a lot and end up eating out.

taxes - I pay an insane amount of taxes...on everything!! I do not mind paying taxes if the money is used for the intended purpose. I understand roads cost money, fire dept's cost money, teachers cost money, etc but I hate the amount of taxes I have to pay when I constantly hear about some politician lining his pockets with taxpayer money. I'm taxed when I make the money and taxed again when I spend it. Let's come up with a fair tax that works (not so sure FairTax.org is the answer)

insurance - the biggest scam of them all. We are told that we must have insurance on pretty much everything for pretty much every kind of disaster, by law! I have insurance on my house, the contents of my house, liabilty ins. in case someone gets hurt on my property, flood ins, fire ins, auto ins, life ins on myself, my wife and all kids, health ins, dental ins, vision ins, pay a surcharge b/c my wife prefers my employers ins over hers, etc...plus the vet tried to sell me pet ins!! I need to look in quicken and see how much I pay for ins...wait, I probably do not want to know. You want to get rich? Sell people peace of mind, comfort them by offering them protection from their fears.

pride - this will cost you a ton of money! Keeping up with the Jones' will keep you broke or in debt. Luckily, I got out of that trap years ago and am almost debt free as of today. I have everything I need and a few things I want. Pride will lead to excess everything which is a waste. I am guilty to a degree b/c we are taught from birth that it is the American way, a birthright to have more, more, more. I own two vehicles that get 16 mpg each. (Ford F150 crewcab and Ford Expedition Eddie Bauer) I could justify them when I bought them b/c we owned a business where we had to tow a trailer, plus I owned atvs at the time and hauled them on a trailer, plus my car trailer, etc. I don't know that we need both of them now. Nothing to do with pride, sorry...strayed a bit.

I agree with the electronics although I am not guilty of that one. I do not have a satellite dish or cable TV. I do not have surround sound. I do have a 42" plasma TV that I bought when they were very expensive though. I do not have blu-ray. My cell phone came free with the plan. It is not a smart phone although I am about to buy a couple of iphones I think? I have 4 phones on my plan with unlimited texting and more minutes than I usually use, but the next lower plan is not enough minutes. I pay $175/ month for cell phones now. I still have a house phone and my DSL bill is part of that. I am about to look at all these services within a month or so to see what I can do differently. I have friends that by the latest & "greatest" gadget constantly. Not me.

automobiles - I have friends that buy a brand new auto every 6 months to a year. One couple I know alternate each year; he buys a new one on even years, she buys a new one on odd years. I can't afford to do that. I own three vehicles (counting my 1967 VW camper). My newest is a 2005 F150. It is paid for. We are planning to buy a new van early 2011 to replace the Expedition. Vehicles depreciate as soon as you drive off the lot. Buy one that is a year old or so and save thousands. It will still have low miles and a factory warranty but someone else paid all the depreciation just so they could have it first. Good for them. I bought my 2005 F150 crewcab in Sept 2005 with 15k miles on it. I paid $18k for it (the same truck new at the dealer that same week was $29k). It has 108k on it now and I have done nothing to it other than normal service (tires, brakes, fluid changes). I do have it detailed about once a year (I used to own a detail business and have a friend that still does) but it doesn't cost me anything. Also, check your owner's manual for oil change frequency. The oil companies want you to do it every 3000 miles...most automobile manufacturers ranges are 2-3x that. My truck calls for every 7500 miles.

bottled water - I am guilty of this one. I buy bottled water by the case. I do recycle all the bottles but I am paying for the convenience of being able to grab one and go. Oh, buy a bottle of vitamins and drink regular water...much cheaper than buying vitamin water.

energy drinks - man, those are expensive, and not good for you. Eat right, get a fair amount of rest and you will not need energy drinks.

You will pay for any convenience. Anything you can do yourself will save you money. Prepare & cook your own food, change your own oil (it's very easy!!), wash your own car, do your own laundry, etc. It will save you a ton of money.

Do not finance anything if you can help it. Buy an older car for cash, save for new appliances, finance your house (never rent unless you're going to be there less than 2 yrs) for 15-20 yrs, never 30 or 40. Buy the best quality you can afford. Cry once over the price and be happy with the quality of it forever. Credit cards are the worst. Get a small one to help build credit but pay off the balance every month.

New one; Being polite. By that I mean, taking someone out for the evening. I ended up paying for pretty much everyting and realised I had spent $200 by the end of it.

Monty wrote:New one; Being polite. By that I mean, taking someone out for the evening. I ended up paying for pretty much everyting and realised I had spent $200 by the end of it.

Omg so true. I spent about $200 last time I went out as well, I bought semi-expensive wine and cheese platters for 30+ people, including some people who were only acquaintances to me.

New rule: I only spend money on close friends, period. I can be polite as long as it doesn't involve my money.

RENT!