manitoubass2 Posted February 11, 2015 Report Share Posted February 11, 2015 A friend of mine was telling me about a young man he knows, He does not go out on the weekends, has no girlfriend, doesn't eat out or even buy coffee, has no hobbies, I think he says he is like 25 and his goal is to be mortgage free by the time he is 32. I admire that young man's displine, I wish I had 10% of that when I was at his age But what a shame, he should enjoy his young days a little, he will never feel or see that age again. No girlfriend??? Thatyll save millions??? Link to comment Share on other sites More sharing options...
LostAnotherOne Posted February 11, 2015 Author Report Share Posted February 11, 2015 No girlfriend won't save millions. It will save billions haha Link to comment Share on other sites More sharing options...
manitoubass2 Posted February 11, 2015 Report Share Posted February 11, 2015 Geez we should let the government know. Reduce the deficit pretty quick? Link to comment Share on other sites More sharing options...
craigdritchie Posted February 11, 2015 Report Share Posted February 11, 2015 Lots of really good ideas in this thread, and I agree with many of them. Except for one. Unlike most other people who have posted, I avoid using cash at all costs. Instead, wife and I pay for everything - and I mean absolutely everything - with one, single credit card. The goal is to accumulate reward points and for Mrs. and me, it really works. By the end of each year, we've usually collected enough points to offset the cost of a two-week vacation to Europe. We're talking about a $7,000 to $8,000 vacation every single year ... for free. This only works if you are truly disciplined ... only buy what you actually need, like groceries, gas etc., ... and be sure you pay the card off every month without fail. That means every cent. You have to have a zero balance at the end of the month. Because if you get in the habit of carrying a few bucks over, well then you're hooped. Before you know it, you'll be ears-deep in debt. But if you can be disciplined, these cards literally give you money for nothing. The other key thing is that you have to concentrate all your spending on that one card, since the reward is a percentage of what you spend on it. So use it for everything - gas, groceries, insurance, utility bills, the works. You have to pay for this stuff anyway, so why not get something back? If you can be disciplined, this approach will save you the cost of a juicy vacation every year. Or, just give you enough spare cash to buy a LOT of goodies. Happy to answer any Q's via PM ... Link to comment Share on other sites More sharing options...
manitoubass2 Posted February 11, 2015 Report Share Posted February 11, 2015 Another thing we do is have a percentage of our checks deducted into savings accounts for our kids. Its not much but it adds up quick. Also the adult change jar lol. All our change goes into a safe. Last year it had $3300 in it. And we didnt even notice that change was gone from our pockets Link to comment Share on other sites More sharing options...
justin elia Posted February 11, 2015 Report Share Posted February 11, 2015 Lots of really good ideas in this thread, and I agree with many of them. Except for one. Unlike most other people who have posted, I avoid using cash at all costs. Instead, wife and I pay for everything - and I mean absolutely everything - with one, single credit card. The goal is to accumulate reward points and for Mrs. and me, it really works. By the end of each year, we've usually collected enough points to offset the cost of a two-week vacation to Europe. We're talking about a $7,000 to $8,000 vacation every single year ... for free. This only works if you are truly disciplined ... only buy what you actually need, like groceries, gas etc., ... and be sure you pay the card off every month without fail. That means every cent. You have to have a zero balance at the end of the month. Because if you get in the habit of carrying a few bucks over, well then you're hooped. Before you know it, you'll be ears-deep in debt. But if you can be disciplined, these cards literally give you money for nothing. The other key thing is that you have to concentrate all your spending on that one card, since the reward is a percentage of what you spend on it. So use it for everything - gas, groceries, insurance, utility bills, the works. You have to pay for this stuff anyway, so why not get something back? If you can be disciplined, this approach will save you the cost of a juicy vacation every year. Or, just give you enough spare cash to buy a LOT of goodies. Happy to answer any Q's via PM ... How much would one have to spend in one year to achieve 7-8k in rewards? Link to comment Share on other sites More sharing options...
manitoubass2 Posted February 11, 2015 Report Share Posted February 11, 2015 How much would one have to spend in one year to achieve 7-8k in rewards? If he pays everything on one card im guessing about 35k or more. Link to comment Share on other sites More sharing options...
Dusky Posted February 11, 2015 Report Share Posted February 11, 2015 If he pays everything on one card im guessing about 35k or more. Best card in market pays 2% cash back max. I would really like to know which card is that, that pays that kind of dividend. Link to comment Share on other sites More sharing options...
craigdritchie Posted February 11, 2015 Report Share Posted February 11, 2015 (edited) How much would one have to spend in one year to achieve 7-8k in rewards? You're kind of asking how long is a piece of string. Depends on the card, and depends on how you use it. They're all different. I travel a lot for work, so of course I book all my flights and hotels on this card. But I also buy groceries and pay my utility bills with it. For this particular card, travel spend earns points at a different rate than groceries or utility bills do. So how much you need to spend to get xxx-amount of reward depends on what you charge to the card as much as how many dollars you spend. Bottom line is, whether you wind up getting back enough points for an $8,000 vacation or an $800 fishfinder ... it's still money for nothing provided you pay the card off every month, and simply use it to cover expenses you're going to incur anyway. Who doesn't like free stuff? Best card in market pays 2% cash back max. I would really like to know which card is that, that pays that kind of dividend. There are a lot of ways to earn reward points beyond basic spend. Tons. Do a little research on the web. Edited February 11, 2015 by Craig_Ritchie Link to comment Share on other sites More sharing options...
NANUK Posted February 11, 2015 Report Share Posted February 11, 2015 WOW !! That's some card for sure . Link to comment Share on other sites More sharing options...
wormdunker Posted February 11, 2015 Report Share Posted February 11, 2015 I like Ritchie's way of doing business. Read my post back a bit. I have a card that pays 1% redemption, plus a lot of free goodies. I use it a lot but not to the extent he does. I never thought of using it for insurance & utilities. Thanx for the tip Craig. I'm gonna get a higher redemption next year for sure. Recently my wife & I have been cleaning out the basement & garage. We found several jars & Tupperware containers full of pennies, a few dimes & nickels collected over many years. I went to Zehrs today, bought some groceries & put all our change into one of those coin machines. I received vouchers for almost 50 bux! Woo Hoo! Tip - you must cash those vouchers in before leaving the store! Right now I'm working on Freedom 85! Link to comment Share on other sites More sharing options...
misfish Posted February 12, 2015 Report Share Posted February 12, 2015 (edited) I bought a nice solid chunk of smoked pork shoulder on Saturday. $8.46. ( I prefer these over those shank hams they sell) Boiled it to render some of the fat. Once done,I trim off the fat thats on it then start to roast it in the oven Sunday for our dinner. (There is only two of us here) we had our nice ham and scallop taters and veggie dinner. I sliced some for the next days sandwiches for our lunches at work. Monday, I sliced more for our lunches for Tuesday .Tuesday night,I had fried ham and eggs and toast for my dinner. The mrs,s had a ham sandwich again today for her lunch. Tonight, I trimmed what I could from it. Chopped it up,along with a pepper and mushrooms and made a nice alfrado sauce for our noodle dinner. Still enough for my solo dinner Thursday night. The remaining bone and what meat is left,is currently boiling away in a pot with a few onions and celery stokes, for the next couple of days hot soup and fresh made bread. $8.46 goes along way when you make it. I love leftovers. Edited February 12, 2015 by Brian B Link to comment Share on other sites More sharing options...
Fisherman Posted February 12, 2015 Report Share Posted February 12, 2015 Left over scraps go into the pot and make a tasty green pea soup, or lentils or whatever other kind you like. Link to comment Share on other sites More sharing options...
manitoubass2 Posted February 12, 2015 Report Share Posted February 12, 2015 I dont doubt him, sounds like hes figured out a good rewards system on his own dollar. I still prefer to not deal with credit cards. The mere thought of charging everything scares the crap outta me, literally. But to each his own Link to comment Share on other sites More sharing options...
misfish Posted February 12, 2015 Report Share Posted February 12, 2015 Left over scraps go into the pot and make a tasty green pea soup, or lentils or whatever other kind you like. Yup Even a small bone from a roast beef can make a nice broth for the following weekends beef stew. Link to comment Share on other sites More sharing options...
Salmonidstalker Posted February 12, 2015 Report Share Posted February 12, 2015 You're kind of asking how long is a piece of string. Depends on the card, and depends on how you use it. They're all different. I travel a lot for work, so of course I book all my flights and hotels on this card. But I also buy groceries and pay my utility bills with it. For this particular card, travel spend earns points at a different rate than groceries or utility bills do. So how much you need to spend to get xxx-amount of reward depends on what you charge to the card as much as how many dollars you spend. Bottom line is, whether you wind up getting back enough points for an $8,000 vacation or an $800 fishfinder ... it's still money for nothing provided you pay the card off every month, and simply use it to cover expenses you're going to incur anyway. Who doesn't like free stuff? There are a lot of ways to earn reward points beyond basic spend. Tons. Do a little research on the web. If youre going to be that disciplined with money, you might as well use the Manulife One "line of credit" mortgage and pay of your home a lot faster and pay it back as you would with a traditinal mortgage payment. The idea of getting a reward of 7-8k is a bit of smoke and mirror. I assume your company or your line of work contributes to the majority of your reward? I dont like Credit cards personally, its too easy to spend more than whats really needed and gives the ability to add to many "want" purchases to the shopping list which in turn eliminates the illusion of reward. Link to comment Share on other sites More sharing options...
2 tone z71 Posted February 12, 2015 Report Share Posted February 12, 2015 I buy my Rottie a hundred bucks worth a soup bones a month ..we eat steak she eats steak..my princess thou Link to comment Share on other sites More sharing options...
2 tone z71 Posted February 12, 2015 Report Share Posted February 12, 2015 I buy my Rottie a hundred bucks worth a soup bones a month ..we eat steak she eats steak..my princess thou Link to comment Share on other sites More sharing options...
bigugli Posted February 12, 2015 Report Share Posted February 12, 2015 Today, a lot of people overlook the simple pot of soup or stew. Cheap to make, great to have on hand, and good for you ( depending what you add). Tonight a 1 gallon pot of leek and potato soup. Total cost $2. Link to comment Share on other sites More sharing options...
ch312 Posted February 12, 2015 Report Share Posted February 12, 2015 Buy your gas at CTC with cash.. after going in the store and getting a coupon for 12 to 15X CTC money. You need the gas regardless... the CTC money buys your tackle. And what Lew said... if it's not in your pocket to spend, you don't need it. Call us dinosaurs.. but don't call us stupid!... or old as someone decided to yesterday. I save my money by browsing all the store flyers, before heading out to fill my Pepsi addiction for the week! That can save 40 bucks a week right there... Or you could use the Canadian Tire Mastercard and collect points on everything you purchase from Pepsi to boat parts and not have to worry about storing Canadian Tire money or ticking people off when the cashier is counting the $79.24 in CT money you handed her. With the card you get 10x the points in store and at Mark's, Sport Chek and Part Source every day and 2x everywhere else. The card also doubles the warranty on purchases made. After 11 years since getting my first credit card I have yet to give any of them $0.01 in interest while Canadian Tire has given me over $1000 in rewards. Link to comment Share on other sites More sharing options...
Moosebunk Posted February 12, 2015 Report Share Posted February 12, 2015 Live fast and die young, and you'll save money in the long run. Link to comment Share on other sites More sharing options...
Acountdeleted Posted February 12, 2015 Report Share Posted February 12, 2015 My tip isn't how to spend less money but it's how to save money. If you take a $20 bill every week, and put it in a sock or into a bank account, that's $1080 a year. Even if you can only do half that, so a $20 every paycheque, that's $540 a year. For me, since I only work seasonally, this is how I get through Christmas. Having that extra $1080 gets me through the holidays and keeps my credit cards completely free. For those of you with expendable income, it's perfect to treat yourself to a trip or new fishing gear. Link to comment Share on other sites More sharing options...
MrSimon Posted February 12, 2015 Report Share Posted February 12, 2015 A lot of comments have mentioned this ...... but I think it's awesome how a lot of these money-saving tips actually help you to spend more time with family. Like cooking together, hunting/fishing/foraging for food together, retiring early, etc etc. Good stuff! Link to comment Share on other sites More sharing options...
crappieperchhunter Posted February 12, 2015 Report Share Posted February 12, 2015 Live fast and die young, and you'll save money in the long run. Good point Bunk. Never really looked at that way To late for the dying young part now...so I might as well skip the living fast. Link to comment Share on other sites More sharing options...
mosquito Posted February 12, 2015 Report Share Posted February 12, 2015 (edited) There are some good ideas on here, I will have to read it again and glean out some of the ideas that work for me. "Debt is a four letter word" - my Dad I pay down debt as fast as I can. (tax return goes to pay mortgage that is now paid off) The mortgage was setup as half line of credit and half mortgage, during the year paid down the LC anytime we could and took that at the first of the year to make a mortgage payment. I do a usually unrecommended thing, I use the credit card for everything I can and pay it in full, I made sure my credit card is no fee and has airmiles, saves $10 when you redeem 95 miles, Using an airmiles cards and coupons and it can add up points fairly fast. I'm still driving my car with 260,000+ km, I changed packages and dropped a bunch of channels on the Shaw, a few people I know just use the Internet and free to air for their TV the second car we bought used (aimed for one returned after lease ended (got lucky got early return)), house temperature is less than 21 (but that is where we like it actually ), a small garden in the yard (golden raspberries keep wanting to make it bigger but they are good!) and when some items are on sale I buy several. coupons are good... IF it is something I want to buy, not because it is a good savings OFAH Marks savings are good If it is an item like toilet paper or cat litter on 50% sale I buy multiples (heopfully enough to last to the next sale) Looking at alternatived for the BMO like the local Credit Union that doesn't charge fees and no minimum to get burned on. (BMO changed minimum and we didn't spot it for a couple months so when we went below $1500 we thought we were fine but were paying fees ($10+ each month)) Look at Kijiji, garage sales or the local auctions for that item you want but can wait for and can't justify new. Economically, I try to buy local (which does cost more) and locally made items (recently some Kiko lures). Edited February 12, 2015 by mosquito Link to comment Share on other sites More sharing options...
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