Hi I'm Jennifer

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JenniferW
Posts: 11
Joined: Tue Feb 28, 2023 8:09 pm

Hi I'm Jennifer

Post by JenniferW »

Saving about 1/2 my net income each month -- low income.

In the last month I've made the following changes, without any sacrifice to comfort, to save an extra $1100 or so per year.
1) switched from coffee to black tea: $662 annual savings.
2) got rid of escrow account on mortgage and instead investing in federal money market: $60 annual savings by investing that yearly $2k instead of it sitting in escrow earning zero interest.
3) was very persistent in negotiating auto insurance down from $33 to $23 for each of our vehicles: $200 annual savings.
4) switched from Finish pods to powdered dishwashing detergent: $48 annual savings.
5) freezing meat portions in 7 oz instead of 8 oz: around $100 savings per year I figure. I cook for two so 3.5 oz each instead of 4 oz.

662 + 60 + 200 + 48 + 100 = $1070 annual savings EDIT: actually more like $1085 when you consider the sales tax on detergent & meat -- I already took sales tax into consideration with the coffee to tea switch.

Again, for us, nothing was sacrificed. We actually like the great value 2 cent black tea bags better than the coffee w/ cream. Dishes come out just as clean with the cheap powder. 7 oz of meat will fill us up just as well as 8 oz.. 1/2 oz less per person per meal, not really noticeable. I need to lose a little weight anyways.

Just thought I'd share. I look forward to this forum getting more savings ideas.

Jennifer

P.S. Doing a 365 day max $500 discretionary spend, with a stretch goal of $0. My discretionary categories include: dining, fast food, convenience store food, coffeehouses, hobbies, outings, optional clothing, optional subscriptions, music, concerts, parks, recreation etc.. I am also working on reducing my monthly grocery bill down from an average of $588 to $400. So far so good with the $0 spend and $400 monthly on groceries.

Humanofearth
Posts: 188
Joined: Sun Mar 28, 2021 3:32 am

Re: Hi I'm Jennifer

Post by Humanofearth »

Amazing progress. 50% savings rate is a big step in the direction of buying your freedom.

I personally found that saving for long enough to reach ERE instilled a critical thinking about expenses so that I question whether habitual expenses are worth it or not to my happiness and realize that most, aren’t. You seem to already be doing this, I’m confident you’ll succeed in the end. Assets eventually return more than my work, I notice you’re making changes that don’t impact your quality of life at all but buy more freedom. Congratulations.

kawaivf1
Posts: 50
Joined: Sun Jan 01, 2023 11:26 am

Re: Hi I'm Jennifer

Post by kawaivf1 »

Hi Jennifer, awesome job getting to 50% savings rate on a low income. The impact of small changes on recurring purchases can be huge over time. I look forward to seeing future posts from you.

JenniferW
Posts: 11
Joined: Tue Feb 28, 2023 8:09 pm

Re: Hi I'm Jennifer

Post by JenniferW »

Thanks a bunch!

Btw, I just found another way to save. I wasn't packing the dishwashing machine with enough dishes and doing a load every day.. because we didn't have enough spare plates and flatware. So I just spent $25 (tax and shipping included) for an 18 piece set of Ikea OFTAST delivered to our home, about 1/2 to 1/3rd the cost of Corelle, but with similar attributes. I tried looking for some corelle on facebook marketplace but they wanted too much and it's hard to find at flea market (rare). But these dishes should last us the rest of our lives assuming we don't break them. I like how the Corelle tempered glass microwaves -- it allows the food to get hotter without drawing in excessive heat.

Anyways, so I had to spend some money to save money; it's an investment item. It will allow the dishwashing machine to get PACKED full and I can wash the dishes every other day instead of every day. I calculated it costs 24.5 cents per load with the least expensive powdered detergent -- taking into considering electricity and water as well. So instead of spending $90 per year to run the dishwashing machine, it's only $45 and it also results in 1/2 the wear on the machine.

It seems like there are endless little ways to keep saving even more :)
Last edited by JenniferW on Thu Mar 02, 2023 4:41 pm, edited 1 time in total.

loutfard
Posts: 326
Joined: Fri Jan 13, 2023 6:14 pm

Re: Hi I'm Jennifer

Post by loutfard »

Hello Jennifer,

You inspired me to change to powdered dishwasher detergent when we run out of our current supply. Thank you.

loutfard

JenniferW
Posts: 11
Joined: Tue Feb 28, 2023 8:09 pm

Re: Hi I'm Jennifer

Post by JenniferW »

loutfard wrote:
Thu Mar 02, 2023 4:21 pm
Hello Jennifer,

You inspired me to change to powdered dishwasher detergent when we run out of our current supply. Thank you.

loutfard
Lemme know what you find. I was looking for GV powder at 6.5 cents per oz or so but it wasn't in the store I went to. All they had was cascade. I bought the cascade, haven't tried it yet but it's as good or better than the GV, but it's 11 cents per oz. I ended up buying some dollar tree powder, 25 oz for $1.25 plus tax. It works but I am guessing the cheap GV powder would be better if I can ever find it.

loutfard
Posts: 326
Joined: Fri Jan 13, 2023 6:14 pm

Re: Hi I'm Jennifer

Post by loutfard »

I triple checked. Turns out forgetful me had already selected the most economical dishwasher detergent at 0.07€/dose.

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