Short-term budgeting tips
January 26, 2018 7:21 AM   Subscribe

How have you succeeded in saving a lot of money for a shorter (3-4 month) period? I'm moving soon and trying to stay focused on this goal -- any help welcome!

I'm moving in three months and trying to focus on saving money until then. I have been doing well meeting my minimum threshold so far (that is, spending no more than my maximum on food+entertainment+transport), reduced some of my fixed costs (made that Verizon-T-Mobile switch and saved 30% of my bill, highly recommended!), selling my old video game system, etc.,but would like to save even more if possible.

I have a few ideas what this could look like (cooking in bulk, selling as many miscellaneous things as possible, working slightly more), but in addition to specifics, would like some ideas to really get in the spirit of "this saving will help me feel more secure and debt free in my next city". I don't want to burn myself out, and I still need to graduate, but otherwise I want to go all out! Especially because I have a very clear value argument in my head (doing this will allow me to build a modest little life in my new city and have control of medical debt and focus on other aspects of life).

Meanwhile I'm fighting my admittedly somewhat poor impulse control and doing okay, but I keep thinking "maybe this is a good time to get a new budget gaming laptop (it's not! I need to wait at least a few more months!)" or "I don't need to look TOO closely at my budget" (I do). I'm actually doing fairly well with this, and meditation is helping, but it's definitely a factor.

Any ideas to get in the spirit of maximum-saving would be wonderful, thank you!
posted by elephantsvanish to Work & Money (18 answers total) 18 users marked this as a favorite
 
Yeah I had one month where I had a tiny credit card bill (I buy everything on credit card). I did this by eliminating non essentials and buying food on sale. There are a few local grocery stores in my area and typically they discount some things very very highly. If you go and just get those things and other absolute essentials, you can get 80 dollars of food for 30 dollars. Also you can rent movies at your local library and use any museum memberships you already have.

I didn't buy drip coffee out (in fact I drank store brand folgers knock off). I did not buy clothing. I did not go to the movies. I did not drink any alcohol. Then at the end of the month, I had stayed within my budget but was very sad and angry at life. YMMV.
posted by Kalmya at 7:37 AM on January 26, 2018 [5 favorites]


When I did a spend-free period, I found that there were a bunch of things I could do that were productive and helpful and possibly things I was putting off that kept me from doing my normal spendy activities. For example:

- cleaning out and organizing closets (probably part of your moving process anyway)
- catching up on podcasts while I finally tackled chores around the house that I kept ignoring
- going to free art exhibits and free lectures in my city
- reading books that I bought ages ago but hadn't read because I am usually too busy being out/spending money
- attempted to have more low-key me time (writing e-mails or letters to friends while enjoying a cup of tea, watching a movie on TV, sleeping in on Saturday morning instead of going out for breakfast, etc.)

Good luck with the move!
posted by gursky at 7:44 AM on January 26, 2018 [6 favorites]


I agree with everything gursky wrote, especially exploring what's free in your world already. I just have two things to add:

1. If a lot of your spending is social, get your friends on your side by asking them to be your cheerleaders for buy-nothing-until-July initiative. Invite them over for movies and popcorn and have them byob, or host a chili and bread night (not fancy but yummy, is the idea) when the ingredients are on sale, etc. Friends can be powerful allies. If every friend came up with one fun thing to do that's free between now and when you move that's a good chunk of time.

2. Don't shop. Don't open promotional emails, don't click on online ads or reviews, don't go in any stores but the grocery store, don't go to your Amazon account, etc. When you get that itch go to a library or do anything else.
posted by warriorqueen at 7:58 AM on January 26, 2018 [7 favorites]


1) Anything you find yourself really wanting can go into one of 3 categories A - absolutely not, sorry me B - best wait til I've moved C - a little treat to help ease the pain (within budget)

2) You'll be going through your stuff anyway, maybe taking most of it to charity, but you could make a little money for a few extra "C" treats by selling eg your old ballgowns/those fancy shoes that hurt, just the things that are worthwhile

3) Make a game of "eating the kitchen", making as much of a meal as possible from things you already have - it's going to be boring to move house with them anyway. Then Kalmya's suggestion for reduced fresh food is great to go with your pantry staples.

I find that I can best stick to my strict spending goals when I'm not also using my willpower for other things, so although exercise and eating well are best for you, it's tricky to get them all going well at once. You may need to prioritise! Good luck and focus on that new city!
posted by london explorer girl at 8:02 AM on January 26, 2018 [1 favorite]


Rice and beans.

I know this sounds silly, but you can dramatically cut your food budget down by eating different combinations of rice and beans, even just a couple times a week. It's not nearly as boring as one would think. Every culture has a rice and beans dish. They're ubiquitous, and wildly different based on what is locally available. I mean, even if you just eat Dal, you could come up with a couple dozen different varieties that taste different. This is our go-to when we need to shave a bit off the grocery budget.

This is a great way to explore the fundamentals of new cuisines too; the basics usually get distilled down into each cuisine's rice and beans dish.
posted by furnace.heart at 8:06 AM on January 26, 2018 [3 favorites]


Don't spend any extra money, really deprive yourself. Don't buy coffee. No time to make it? then go without. You don't need it you just want it. Don't pay for entertainment. REnt stuff from the library. hang out with friends in your homes or parks instead of restaurants and bars. go hike or just take a long walk. Look up local birds, plants, architectural interests, whatever and try to find them.

If that feels too restricting then turn it into a project of also slowing down and getting more rest / sleep to fill any new downtime.

I also keep lists of things I want but don't need. Like yesterday I wanted a pair of clogs so i put them on my list. Then when I feel I really deserve a treat because i saved money by packing my lunch all month or whatever i will browse over the list and see if there's anything i still want and maybe treat myself, but only after i think about if it would really benefit me more than whatever goal i'm saving for.
posted by WeekendJen at 8:18 AM on January 26, 2018 [2 favorites]


don't go to your Amazon account

If you do go to it, don't put things in your shopping cart. Put them on a wishlist and close the browser. That may scratch your itch to acquire things, but without actually buying them. I have probably saved thousands of sollars by doing this; very often, I just forget about those things, and don't miss not having them.
posted by thelonius at 8:18 AM on January 26, 2018 [13 favorites]


One thing that has helped me is to wait a week for every $10 (or $20 if you think that's too restrictive!) an optional purchase costs. So let's say I see a cute sweater but it is $20. If I am still thinking of it in two weeks, and I still want it, I can consider buying it. For most of the things I'd think of splurging on, it will still "be there" in a few weeks but I often realize I don't "need"/"really want" whatever it was, it was just a flight of fancy and I'm quite happy with the nice things I do have.

Good luck with your savings and your move!
posted by threementholsandafuneral at 8:23 AM on January 26, 2018 [9 favorites]


In addition to max saving, setting up something like Digit can also help you squirrel away some extra money. It's like $3 a month now I think, but holy cow, there is no greater rush than setting and forgetting it, randomly checking one day, and realizing you can afford like a mini vacation. Surprise savings! Bonus: they send you a daily text, so it's an easy way to keep tabs on how much $$ you have left in your checking or savings account as well.

Otherwise, the thing that really works for me for saving is almost gamifying it. Instead of approaching it like "I need to cut out spending so I can afford to move", try it from more of a "I wonder how much money I can save in just three months!!" perspective. Then it becomes like a personal victory when you spend the absolute least at the grocery store or wherever--like "Yeah, I just fed myself for the week with $20 and pantry stuff I already had!"

Having a savings goal is also helpful. "I want to save $2000 by May so I need to save at least $400/month" is more tangible than "I need to save some money" and can help provide a little more guidance/structure to your efforts.

Re: buying stuff, what really helped me as far as not buying random things was actually Pinterest. A lot of times when I was feeling impulsive about spending, it was less from wanting to physically own the object and more from just thinking it was lovely/cool/amazing and wanting to "collect" it in some way, or at least not forget about it. Having a visual pinboard of the things that I "OMG WANT" that I knew I could go look at any time scratched that itch for me most of the time.
posted by helloimjennsco at 8:37 AM on January 26, 2018 [7 favorites]


The only thing that’s been really useful for me is getting a part time job. It meant that I had more money coming in and I didn’t have the time to spend the money I had.
posted by raccoon409 at 8:38 AM on January 26, 2018 [3 favorites]


One thing that might help to remember is that when you earn an extra dollar, you actually earn less than a dollar (because of taxes), but when you save a dollar, you save the whole dollar.

Challenges can be fun if you're just thinking in the short term. Eating out can really destroy your budget, so I'd suggest ruling that out for a short period (or severely limiting it if it seems impossible - like one burrito a week). I once went a year without buying clothing. Or, as others have suggested, make meals from food you already have. Soups can be good for that. And yes, beans are delicious, crazy cheap, and really good for you. (The author of the Blue Zones books says that the amount of beans in the diet is the number one predictor of the longevity of members of a culture.)
posted by FencingGal at 9:11 AM on January 26, 2018 [1 favorite]


(1) Really limit your aimless-websurfing time. You see way too many ads that way, and are way too likely to click over to an e-commerce site.

(2) Put friction between you and your spending wherever possible. Turn off 1-click on Amazon. Change your iTunes setting so that you have to log in every single time you want to buy music, etc. If it's even vaguely feasible where you live, go grocery-shopping without a car.

(3) In your situation, I wouldn't try to play any games with credit cards, but a lot of banks are offering some kind of bonus for opening up checking accounts right now--in the $100-$300 range. Review the additional requirements (usually you'll have to keep the account open for ~6 mos., and you want to make sure you can meet whatever requirement there is for waiving fees) and don't forget that the money will be reported as interest on a 1099-INT at the end of the year, but three figures for doing basically nothing sounds like it would be helpful in your context.

(4) If you control and pay for your heat, turn it down 3 degrees and put on a sweater.

(5) Look at your last credit card bill and see if you have any recurring charges that you have forgotten about or just can't justify.

I agree with those who say that specific goals are essential. When you are saving "what you can," that "can" becomes quite elastic. Stick a picture with a cool image of your upcoming new city on the fridge door so that you're regularly reminded of the awesomeness of your goal.
posted by praemunire at 9:44 AM on January 26, 2018 [1 favorite]


What I've found most psychologically effective for myself was to not buy anything that I can't "afford today". What that means is doing something like this 2015 comment by Old Man McKay describes. Take your monthly income, subtract your recurring expenses (rent, utilities, car payment, student loan) and the amount you want to save each month, and then "pay" yourself 1/28 (for February) that amount each day. If your budget is $400, and you want a $30 dress, you "make" about $14/day so you need to wait at least three days before a $30 purchase won't put you in the red.

I found that two separate line items where I had a daily budget for essentials and nonessentials was most effective at getting me to save without like, starving. It meant I never said "oh, friend wants to go to a movie tomorrow, that means I can't get vitamins". But I still did make my essentials budget a daily budget, so if I was at the grocery store I would say "ah, today I only have $18 for groceries so I shouldn't buy this really pricey cheese" or "oh, today I have $40 total for groceries so I can reward myself with a bottle of wine".

When I do this method, emergency expenses come out of my "savings" bucket, but depending on how likely you are to have an unexpected expense, you may want a separate budget line item for "emergency fund".
posted by capricorn at 10:19 AM on January 26, 2018 [1 favorite]


-Set up a savings account as your moving fund (easy to do through Ally, SmartyPig, etc.--you don't HAVE to use it for your move, but just think of it as a special, dedicated fund until then).
Add to it as much as you can. Every time you exercise self-restraint and skip a purchase, like that laptop, put the amount you "saved" into it. Don't look at it or take out money until your move.

Pros: You earn interest (more money!); it's a game-ified, concrete way to see the fruits of your frugal efforts but you'll still survive on your "normal" budget; it could give you a feeling of "surprise" money at the end...

-Start downsizing and packing. Yes, I know it's months away, but there's never enough time to do a complete sorting job. Packing for my move a few months ago left me with such an UGH STUFF feeling that I actually felt no desire to buy or accumulate more stuff for a few months. In fact, I'm still trying to downsize in my new home...

Less stuff = cheaper move! = more money to spend on life at your new place!
posted by Sockin'inthefreeworld at 10:27 AM on January 26, 2018 [1 favorite]


Seconding putting things on your Amazon wishlist rather than just mindlessly buying them, this is the biggest spending habit I've managed to change recently. I've also tried to avoid spending money during the week (especially money on my debit card, cash I already have is more flexible) unless we need an absolute essential like food or fuel. It's kind of like the wishlist - if I still want or need it by the weekend I will go ahead and buy it; if not, it stays on the wishlist. Feels like I'm interrogating how much I actually want the thing much more, and thus spending at least somewhat more wisely.
posted by terretu at 12:16 PM on January 26, 2018


Track your daily spending! I'm in a similar boat and I wasn't really successful until I started tracking every dumb little thing I bought. I think of it as the same as counting calories in a nutrition app, and it has REALLY cut down on my spending. I wasn't buying big things, but I was irresponsibly buying little convenience things pretty much every day that were adding up.

I use Daily Budget, which I found in an AskMe budget thread. You put in your known expenses, it gives you a daily spend, and you get it rolled over if you don't spend it at the end of the day. It also has an option to save up for a "big spend," where it will show you how much you need to save each day to reach a goal, like a deposit on an apartment or a few months' saved up rent.
posted by assenav at 1:19 PM on January 26, 2018


One of the things I've found helpful is declaring an "austerity month" where I declared that I could not buy anything that was not absolutely necessary. It was a psychological trick that meant I had made The One True Decision and all future decisions simply needed to be referred to The One True Decision. More often than not, the answer to "can I spend money on this" came back "no." I found this more helpful than any amount of gamifying or incremental improvements: the simplicity of having made that one decision meant that I didn't waste willpower in negotiating with myself each time I wanted to spend money.
posted by athenasbanquet at 3:13 PM on January 26, 2018


Put a few rubber bands around your wallet, to remind you of your goals as you approach the cash register.
posted by pseudostrabismus at 5:11 PM on January 26, 2018


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