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A 10-Week Plan to Cut $1,000 a Month from Your Budget: Ready for the Challenge?

21K views 130 replies 19 participants last post by  frugalwarrior2 
#1 ·
#2 ·
Think I will follow this one - like his style!
 
#3 ·
well after Ds left for the army and bought a new fridge and shut the stand up freezer down resulting a $100. a month drop in our DTE bill for a $1200. savings

DD has to pay rent this yr at $150-$200. a month so there's $1800 plus

We paid off the mortgage just a bit early and the 2nd too last yr. so $200. a month = $2400.

We are changing a $10,000 CC at 18% to a 0% 18 mo card so that should save $150x12=$1800.

We quit eating out at $200. a month so another $2400.
Because our youngest moved out we save at least $200. amonth on clothes,car ins.,extra food,gas etc. so $2400.
2 cats passed last yr and i figure they cost us $200. each a year in food,litter and shots so $400.

DD will now pay for her own stuff w/ her part time job so no clothes,haircuts,and treats so at least $100x12=$1200.

No more college so $5000. saved over last year and more from the past. plus savings on gas from driving te route 2-3x a week all year. and of course no books.

That more than covers the $12,000. I read his book I got at a G.sale. Great thread. And believe me I am not done trimming. Or talking myself out of things.
 
#6 ·
~Well, Imagine, I was just going to follow his suggested areas to cut every week. Many of these I'd planned to do anyway, but you know how plans can be.
For example, this week's challenge was to scour any automatic payments/memberships/subscriptions and cut the fat. So I did that immediately after reading the article and now those items are off my to-do list. I only only had three items to tackle but they add up to a $550 savings over this year now that they are cancelled.
I'm not aiming for $1000 a month, I'm aiming to save in every challenge category he lists, if I can that is. :)
 
#7 ·
I'd like to do it, I'm sure I can't find $1000, but any dollar amount I save is worth it.

I have no money saved on this weeks challenge, maybe I can cut something on next weeks. At least it has me looking at areas that I moght have overlooked.
 
#8 ·
Okay that makes sense. I hope next weeks is better I looked through our "junk" drawer came out with $0. What was some of the fat you cut to make $550 a year.
 
#9 ·
~One was a steady charitable donation. I had "pledged" only a year on them and ended up going almost three years because I kept forgetting to cancel. Good causes and all, but we had chosen other causes to support after the year was up even though I hadn't canceled the donation...you know how it goes. Another was my pay-as-you-go cell. I never use it. The last call or text I got was in September. Everyone I know sends me online messages. It used to only be $5 a month but last year they raised the cost to $7.50 a month. For something that is for emergencies only, I don't need it $7.50 a month worth.~
 
#10 ·
Glad to see the energy and ideas here - anything and everything saved is a bonus!
 
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#11 ·
dh manages the money but I'm sure there are still things I can do to cut back. I haven't read the article but I did cancel my online weight watchers @18.95 per month so a total savings of $227.40 for the year. I hadn't even logged in since Sept.
 
#12 ·
After reading this article, I cut my Netflix to streaming only and saved $19.99 a month. I've already cut my grocery bill on 2014 budget by $400 a month. This will be hard because I love buying and cooking food for others but I really can't afford it if I want to retire. I've decided to make cheaper things for them like whole wheat pumpkin bread and stew. I've made a challenge to not spend any money on clothes for ALL OF 2014. That won't be hard at all....the food is my weakness because I eat all organic and like food :)
 
#13 ·
I still need to cut more.
-cell phone I am cutting DD off and looking into a no service phone. I pay $91. right now.
-I need to dump $10,000. unsecured debt at 18%
and am looking at Feb. for a C.u. loan 6%
-I did not renew the magazines for a $150. savings
-I did not renew our club membership at the gun club-$225. saved plus another $30. for a keycard

Will still be searching for more ways but another $10-12,000 will be rough.
 
#14 ·
I read all your posts and just did a VERY quick skim of the article and plan on going back to it on my lunch. It looks to be right in line with what I need at the moment to help me actually "take care of it."

The big financial plan for us this year is to attempt to live on DHs take home pay (minus overtime).Thankfully this is not a "have to" it's a goal so we can invest as much as we can over the next couple of years . This is going to be a struggle and completely impossible just by tightening up a bit. We need a corset with someone's foot in our back so I'll definitely be following.
 
#16 ·
well we already cut the Electric last year
And now consumer is double from the -38 temps from the blizzard

-still waiting on DD's first check for her new cell phone turn on so I can dump mine. Hopefully,all straightened around by next week end

=we already bundle and Dh works from home w/ it (his co. doesnt pay anymore) (we also cant deduct from it because Dh works in the bsmt which is NOT considered living space)

=I did buy expanding foam and foam covered for the plug and switch plates.

=found hair dye for .60 for name brand so even w/ coupon $5. was my lowest. So $6.=$12. instead of $50.-$100.
 
#17 ·
~I don't think utilities are going to be an area I can save further on(after all, I just included my pay-as-go cell in the junk drawer challenge last week)but I'm going to carefully look into each category anyway.
I only have one choice for water and sewer and as far as I know only one choice for gas service. We have several choices for electric but I think our rates are pretty great now. For internet there is only one company for landline+dsl and only one type of service for dsl and one company for cable internet that is bundled unconditionally with tv service. Grr. Our trash service is the only company that serves our area that offers recycling. Most of our trash is recyclable and that's a philosophical more than frugal choice. Most of our neighbors go with a different company so it must be cheaper to dump everything in a landfill. :(
I will call the phone company and see what basic landline+ dsl would cost(we have a long distance bundle+dsl now). And I will research the other electric companies to see if any offer better rates or supply/customer charges.~
 
#18 ·
~Oh, FW, I wasn't even thinking about insulation type things for saving on utilities. Duh. I still have one door I bought weatherstrip for and haven't done yet. DH also hasn't finished putting up the foam panels in the basement. I also have a tube of caulk I bought to run around the window in the kitchen. And of course there's always more insulated curtains to sew. I wonder how much of these I can knock off my to-do list this week? And they're already paid for so no extra money out. :) ~
 
#19 ·
probably can't do much with utilities either. We have basic cell phone, could probably cut down the minutes and might save $15 a month. We don't do data or text msgs. Electric, no options as far as company but we can always be mindful of our usage I suppose. We have a water well and we take our trash to the transfer station, no charge but I'm sure it's added in to our taxes. We have dish, the middle pkg with 2 movie packages. We do not rent movies, go to the movies or do the on-demand stuff.
 
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#20 ·
When I put in all insulated windows a couple years ago, my electric bill dropped 25-35%, depending on the month plus a tax credit that year. I'm not sacrificing comfort and like my condo to be around 76 all year round but my bill is never over $100 and can go as low as $50 some months. I'm happy with that. Water and sewer are covered in condo fees so I have no direct control over that except to do my part in conservation of water (we have 196 units in quads, each about 1,300 sq. ft..) I got rid of my smart phone and have a $16 a month Jitterbug but I do have a landline, Turbo speed cable, and a nice TV package. I work from home and need the speed for what I do. I don't go to movies or rent DVDs but I enjoy premium channels as a source of entertainment. When I downsized to a condo, it helped a lot on overhead.
 
#21 ·
Bummer another month that I can not do to much about

Trash/water/electric/gas all have one choice. You pay what the say and you do not throw a fit.

We already changed internet to a better one at a better price. We even got the we are new in your area please spread the word price.

No landline

Very limited choice of cell phone providers that cover our area. Picked the plan that worked best for our needs.

No cable ( moved from live tv to Hulu Plus and Amazon)

We already keep the house at 60 in the winter ( means it colder then that in other parts of the house) wear a sweater when you come to Imagine's

What I need to work on is how to keep the house cool in summer. with out the big expense.
 
#22 ·
We have never had recurring charges taken from our accounts -- I refuse to give any one access to my accounts like that - we either pay in cash, check, etc. Many times we get a discount for paying an entire year's fees , upfront!

Electric/utility wise we have done lots already to cut our usage (no options to change suppliers, etc). We reuse as much water as possible (bath water for flushing toliets, laundry water to scrub floors or water gardens, etc. We bought solar lights for the front porch and ramp - we were leaving on the porch lights for when dd and I got home from work after dark. The solar lights saved us $20/month on our electric bill. We hang laundry on lines - outdoors in nice weather, on retractable indoor lines during winter/rain. We heat with propane, so we use solar heat grabbers and window quilts in the winter - reflective insulation board in the summer (to reflect heat out). . .

We have no cable TV/dish/netflix, etc. Only have basic cell phone service. . .

We do need to change some worn weather stripping, replace some old windows, add attic insulation, etc. We also need to re-evaluate our need for a 2nd refrigerator in the summer kitchen (runs constantly, but only used sporadically) and take a look at our energy use overall.
 
#23 ·
~So far this week:
*I've put all the electronics upstairs on a power strip and turned it off. These consoles are only used about 10 hours per week and by my calculations were draining about $3 a month in energy. I can save a little over $1 a month by turning off the power strips on the downstairs entertainment stand too, it's just a matter of making it a habit.
*Calculated that powering down our desktop computer during the day and overnight would only save about $4 per year. Not going to bother there.
*Checked the setting on the hot water heater. Had a confusing dial with "Very Hot", Settings A, B, C and the about three unmarked notches before "low". Luckily the previous owners taped the manual to the tank. It was apparently set at 140*. I lowered it to the 125* mark. Should save at least $3 a month. It's hard to tell how much of our bill is for water since we also heat with gas and have a gas fireplace. Our summer bill runs around $12 for gas when the heater and fireplace aren't running but we don't use much hot water in the summer either. I guessed at $20 a month. While I was down adjusting the WH, I noticed that it doesn't have a wrap. See why I need this challenge? I really feel like I'm getting to know my house now. :sun: Anyway, a $30 wrap is supposed to save 5-10% on WH costs. That would be another $1.50 a month savings or more if my calculations are wrong. I could be being very conservative here. I will look into getting a rebate from the utility company before I purchase one though.
*I estimated that the insulation we're adding to our basement and to the doors will save about $2 a month. It's just guessing really.
*I'm putting two water-filled glass bottles into our toilet tanks this weekend. This will drop the water used for flushing every year by a minimum of 900 gallons. This translates to only a savings of $.40 a month but it will cost us nothing to do and there will be nothing further to remember to do.
*I'd already set up my basement drying lines in October(?) of last year but only used them for two months before my parents came to visit and we all got sick for a solid month. When anyone is sick I use the dryer to kill germs. We're back to normal now though. I estimate that I will be able to line dry 350 loads this year saving about $15 a month.
*It occurred to me that I should try using my fan's timer setting for sleeping. I like the white noise and air circulation at night. But once I'm in a deep sleep do I even hear/feel it? So I'm going to try setting it on 4 hours before bed. If it works, I will save $1.35 a month on running that.
*Ran the math on our water usage, water heating costs, and energy usage on our 1992 dishwasher. It was much worse that I thought. Apparently, a new energy star dishwasher can save us $210 or more per year. Our old dishwasher actually works very well, although the racks are rusty and I have to keep re-vinyling the tines. Saving $17.60 per month or more in energy is a very alluring idea. I'll start tentatively shopping for a new one.

So in total so far, I've been able to lower our monthly bills by $26. I will look into a rebate for the wrap, further consider the dishwasher replacement and I still need to call the phone company about dropping long distance.~
 
#57 ·
*I've put all the electronics upstairs on a power strip and turned it off. $3 a month in energy.
*Checked the setting on the hot water heater. It was apparently set at 140*. I lowered it to the 125* mark. Should save at least $3 a month. ... While I was down adjusting the WH, I noticed that it doesn't have a wrap.
*I estimated that the insulation we're adding to our basement and to the doors and windows will save about $2 a month. It's just guessing really.
*I'm putting two water-filled glass bottles into our toilet tanks this weekend. This translates to a savings of $.40 a month.
*I'd already set up my basement drying lines. I estimate that I will be able to line dry 350 loads this year saving about $15 a month.
*It occurred to me that I should try using my fan's timer setting for sleeping.
*1992 dishwasher... $210 or more per year.

I still need to call the phone company about dropping long distance.
~I can't seem to remember the downstairs power strip. Maybe someday I will make that a habit.
Checked the outside temperature of the water heater. There is no heat loss that I can feel. it is a 2010 model and very well insulated and in an insulated and semi-heated basement so the wrap won't help at all really.
Hubby finished the insulation. Now I need some more sewing time to finish up the curtains.
All the toilets(3.5 gallon flush)now have two 12oz glass bottles of water in the tanks. I think I can fit another bottle in each tank to reduce further.
I've been line-drying like a champ! It's a habit now. :)
The fan timer did not work for me. I am such a light sleeper, I woke up every time the thing shut off and I tried 4 nights in a row with every setting the fan had. Oh well.
I recalculated the amount of times I run the dishwasher and the 12 gallons of water my model uses(looked it up)and I absolutely must get a new one. I found a few super efficient models that use 3.5 gallons of water per load and cost around $300 delivered. I will be ordering one in the next couple of weeks, but I will count the savings here and now(and not factoring in the cost of the dishwasher just the ongoing savings): $36 month if my calculations are correct. Our utility company also offers a $30 rebate on the purchase of an Energy Star dishwasher that we will take advantage of.
And today I ordered the faucet aerators. All of our faucets were 2.2gpm. I confirmed that they were standard sizes and would accept the screwed in aerators. Then I ordered a 6 pack on Amazon for $11 shipped. If my calculations are correct, these little things will save about $5 a month in water costs.
And I still need to call the phone company. I hate being on the phone.
So to sum up, in the utilities category, I found ways to shave $64.50 off the monthly utility bills. We shall see how my estimates line up with reality at the end of '14. ;)
Week 1: saved $46mo
Week 2: saved $65mo
Week 3: to be determined tonight hopefully after some time on the phone~
 
#24 ·
nuisance-good thoughts.

Oddly it looks like the flood we had because a pipe burst may save us tons in repairs IF it works out like they claim. They will pay for the 7 new tubs for my Christmas stuff (I was going to buy anyway).
and sanding and painting the hallway and vestibule and upstairs hallway.
And the floor repair which will incl the damage the Christmas tree made this year. And they will sand and stain.
Looks like new closet drywall over an old patch. And insulation in the ceiling we never had before.
This outta save us $5000? Amazing. Let ya know as it unfolds.

The vet waived the exam fee today and gave me 10% off the nail clip. Saving $30. which pays for the 3 dogs licenses and the burgers for the vet trip!
 
#25 ·
We went through all the steady bills before new year, and cut some big ones like after school care (600/mo), and cable (80/m). Also got some smaller ones, like a magazine subscription for 80/year. Thought we got everything, but when I checked DH's phone bill this month, there was an extra internet subscription on it that he had forgotten to cancel. So there was an extra 12/month.

For utilities we don't have much to cut, since water and renovation is covered by the taxes. If we kicked out the kid renting a room in the basement, we could get a slightly smaller bill, but not enough to cover the loss of rental income. Although when I look at how much electricity he uses, I think we should up his rent... DH got a digital meter for the kitchen, so now we can see how many kW are used instantly. I think it makes us more aware, I know I've gotten better at turning of lights and heat. We have a very well insulated house, but more importantly, we are used to keeping a lower temperature in the house. Cooling is rarely a problem. :)
 
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