Hi everyone. I've frequented this sub for sometime, but never really implemented any of the advice. I've been a poor grad student for close to 5 years now and kind of got into the mindset that saving up money during this period in life is nearly impossible. Now that I'm one year away from finishing up my phd, something in me has switched. I'll soon be free to finally make my life-long dream of backpacking across South America a reality. For this reason, I've begun obsessing over ways to save up money.
Over the past month I've tried a number of different ways to save money and have managed to save roughly ~$900. Some methods have worked better than others. I'd like to give a report on my experience so far.
Groceries and Meals
A bit about me and food:
- I hate cooking.
- I have a sweet tooth.
- I live across the street from a Vons.
This is a recipe (pun intended) for spending lots of money on meals.
Rather than cook, I'd stop in the grocery store for breakfast and dinner each day:
Breakfast
- Clif Bar
- Breakfast Burrito
- Coke
Dinner (I eat a large breakfast so usually skip lunch)
- Bag of chips
- Chicken tenders from Vons Deli
- Candy Bar
- Coke
This was not only wildly expensive, but was also extremely unhealthy. I'm super active though, so thankfully it didn't show. But it's still not good to have such horrible eating habits.
What I changed
-
Bought clif bars in bulk. I don't have a costco membership but I used an online analogue to it called Jet. Shipping was free since I spent $35 and you also get 15% off your first purchase using promocode SAVE15.
-
Made my own breakfast burritos in bulk. It takes about 2 hours and I made 15 in my first attempt. Save them in the freezer and microwave one each morning.
-
Actually used the crockpot I own to make dinner for the week in advance. Right now I just throw a bunch of boneless skinless chicken thighs and a can of salsa in the crockpot. I then distribute the food into 5 different containers to eat each night with rice and asparagus. I'm an extremely unpicky eater so I could probably eat this same recipe for the rest of my life. /r/slowcooking and /r/mealprepsunday have TONS of ideas though.
-
Stop drinking soda (I've now expanded this to ONLY drinking water).
Overview of Savings
| Item | Old Unit Price | Bulk/Homemade Unit Price | Saved per day |
|---|---|---|---|
| Clif Bar | $1.8 | $0.95 | $0.85 |
| Breakfast Burrito | $5 | $1.53 | $3.47 |
| Soda (soft drink) | $1.8 | $0.00 | $1.80 |
| Dinner | ~$10 | $6.6 | $3.40 |
Monthly Savings on Meals: $228.48 (Doesn't include weekends)
Summary for meal savings: Buy in bulk. Get a crockpot. Do meal planning for the week. Don't buy soft drinks. Do drink water.
Cheap/Free Food and Grocery Rebates
In my search to eat cheaply, I found out about HelloFresh. It's a subscription-based food delivery service that sends you ingredients and recipes. It's not cheap. BUT, you can game the system big-time. If you sign up using a referral code, you get $40 to start. A subscription of 3 meals for 2 people costs $60; which means you're getting 6 meals for $20. A nice deal but nothing too special. However, you also get $20 for each referral. I have gotten $120 of referrals already by posting my referral code to Retailmenot every few days. Once my referral credits run out, I'm going to stop the service. I'm really curious to see how long I can keep this up, though.
I don't understand how this app makes money. Basically, you go grocery shopping, then scan your receipt, and it gives you cash rebates. The key is to only buy things you were already going to buy anyways. My favorites include the $3 cash back for bud light and $1 cash back for EVERY Uber ride (and they give you a $5 coupon after every fifth ride). They also have cool little bonuses each week. You get a $10 bonus for signing up. After using it for 4 days I'm at $13.50 cash back. That's a night in a hostel!!
Vons Gas Rewards
I've had a Vons card for a year and finally just now started using it for gas rewards. I don't know why I didn't do this before. I'm an idiot.
Overview of Savings
| Method | Amount Awarded |
|---|---|
| Hello Fresh Referrals | $120 |
| Vons Gas Rewards | $2.40 |
| Ibotta | $1.50 (now at $13.50 but I don't feel like redoing the math) |
One Time Total: $123.90
Summary: Use sign-up bonuses and referral codes to get free/cheap food. Use Ibotta.
Contract/Services Renegotiations
This one is pretty straightforward. Look at your monthly services. Cancel subscriptions to things you don't absolutely love or need. Renegotiate the contracts on the services that remain. I found out I could get a much better deal on my wireless plan and cable plan just by contacting them and asking around. I got rid of Netflix because I have cable already. You don't need multiple TV subscriptions. (Some people argue that you don't need any but I have roommates that want it and we split the cost.)
Overview of Savings
| Service | Old Cost | New Cost | Monthly Savings |
|---|---|---|---|
| Wireless Bill | $128 | $100 | $28 |
| Headspace | $12.99 | $0.00 | $12.99 |
| Cable | $30 | $10 | $20 |
| Netflix | $12.99 | $0.00 | $12.99 |
Monthly Savings on Services: $73.98
Summary For Savings on Services: Renegotiate contracts. Stop having so many things. When deciding what to get rid of, don't look at the monthly cost. Instead think of how much it costs per year. $120/year feels much more motivating than $10/month.
Rewards and One Time Offers
This one boils down to just having a frugal mindset. Always be looking for ways to save money! I opened a checking account with Chase and got a $200 bonus. When I got a flat tire due to a pothole, I did some research and found out you can actually send a claim for reimbursement to the city! Finally, pay attention to your credit card rewards. I always thought CC rewards were worthless. Little did I know I had $150 of cashback rewards waiting to be redeemed on my oldest credit card. For more on this (and I recommend it, especially if you're saving up for travel) check out /r/churning.
| Item | Amount Awarded |
|---|---|
| Chase Checking Bonus | $200 |
| City Claims | $144 |
| Mastercard Reward | $150 |
One Time Total: $494
Summary: Look for promotions. When you HAVE to pay for something (like a flat tire) be looking for ways to do it cheaply. Use credit card rewards (/r/churning).
Monthly Grand Total: $920.36
Assuming I continue eating my meal planning and keep my service bills the same, this time next year I'll have saved a total of $4243. That doesn't include any new potential one time deals or further HelloFresh referral savings and other random variables.
Methods That Didn't Work for Me and Advice on Alternatives
I won't go too in depth on this. But basically I don't like any of those penny websites or survey sites like swagbucks. They take too much time and don't really payout very much. Instead, find something you are good at or enjoy doing, and do it for extra cash. I'm a chemist. I posted tutoring ads on craigslist. For an hour of tutoring, I'll make a shit ton more money than I would have made clicking surveys on Swagbucks.
I'm also going to sign up for UberEATS. I'll only do it for one or two hours a week. That's only $20 or so, but could add up to $1000 in a year!
That's all
Thanks for reading this! Sorry this was so long. If you guys have any other recommendations, let me know! I'd be happy to answer any questions.
June 03, 2017 at 11:25PM
