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What can you cut back on in life to save money?
16 years ago, we got serious about getting out of debt, and now we’re millionaires! How did we save that kind of money? By using a few strategies that are easy, sometimes weird and a little sexy. But, first, we paid off our debt. Pay off your debt easier with the free 7-Step Credit Card Debt Slasher here.
Hear our 10 strategies to saving money
Here’s how we save money every month
On this episode of Queer Money®, we’re sharing the top 10 crazy ways we save money. We discuss some of the fun things we do to avoid going out (hello, Naked Sunday) and explain the savings and other benefits of celebrating a dry month and being our own baristas at home.
We go on to describe how we save thousands of dollars a year by grocery shopping less frequently, keeping our phones a little longer and choosing a limited data plan. Listen in for insight on how to save BIG by driving an older (but still cute!) car and choosing a home or apartment that won’t leave you house poor.
“Our lifestyle is contributing to, not withdrawing from our financial future. How about you?”Click To TweetTopics covered on saving money
1. Naked Sunday
- Stay home vs. spend on expensive brunches and entertainment
- Stock up on food and drinks, plan fun things to do
2. Do a dry month
- Cut as much as $400 from spending (less likely to dine out)
- Opportunity to connect with sober friends
3. Keep our phones for 5+ years
- $25 to $35/month to rent = $1,500 to $2,100/year
- Put on rewards credit card to earn free travel
4. Choose a limited data plan
- Use Wi-Fi instead
- Saves $80/month
5. Stick to the same simple menu and grocery list
- Planning meals makes shopping easier
- Splurge from time to time (keeps it special)
6. Grocery shop every 7 to 10 days
- Less time in-store = less money spent
- Build a menu around foods already at home or on sale
7. Semi-annual spending analysis
- Opens eyes to unconscious spending/budget creep
- Reminds us of goals and keeps us on track
8. Make our own iced coffee
- Up to $12 for iced coffee x 4 visits/week = $3K/year
- Save by using a French press, storing in reused spaghetti jars
9. Bought/rented housing with 1 salary
- Doesn’t mean can’t have a beautiful home
- Allowed us to put away hundreds of thousands of $ in 401(k)s
10. Drive a 2006 MINI Cooper
- $100/month car maintenance vs. $500/month car payment
- Saved $50K (including the $8K spent on maintenance)
Resources to save money
- 37 Best Tips on How to Become Debt Free
- The Latte Factor: Why You Don’t Have to Be Rich to Live Rich by David Bach and John David Mann
- French Press Recommendations
- Debt Free Guys on Facebook
- Debt Free Guys on Twitter
- Queer Money Facebook Group
- Queer Money on Instagram
- Subscribe on iTunes
- Email [email protected]
Good list! Similar to you guys in #10, I’m also driving a 2006 vehicle: a Honda Element with over 200,000 miles on it! For #4, I’ve been able to get my phone bill down to $30/month with unlimited talk, text and data. We do an AT&T Family Plan split between three people, add in military discount, autopay and paperless billing discount, and I like you guys, I avoid upgrading my phone for as long as possible.