Renter how can u save money?

ChloeSS · Jun 15th, 2008, 09:07 AM

i am living by myself and recently started renting..

I found my out going is very high at the moment. i hardly save any fund for shopping eg. clothes, bags

all my money has been used to pay bill or household item

I paid rent, eletricity, gas, internet, phone line, insurance, cell phone... and a lot of random things like supermarket shopping ( I dont cook before but i am starting to cook), since i just moved to a new home, i do need to purchase quite a bit of household item too...

any way can suggest to help me to save more money?

bnjj · Jun 15th, 2008, 10:32 AM

When you say "household item" do you mean things like dish soap and cleaning products or do you mean like furniture and artwork?

If the latter, I don't know if you have something similar to www.craigslist.com or www.kijiji.com (online classifieds) where you are but if you do, I would recommend looking there for some of the household items you need. I haven't used either one that much but I know several people have been able to get some great items for their homes at good prices.

UK2ME · Jun 15th, 2008, 10:52 AM

1) Roommate
2) Cheaper place
3) Earn more money

Without one (or a combination) of these, you may have to put the designer shoes and bags on the back foot for a while.

When you first move out on your own, it's always more expensive than you think it's going to be. It's not like you can refi the mortgage when you're renting, but you can pick up and move much easier if it's more than you can afford. There are always tradeoffs - do I share a flat with someone else and live in a nicer part of town, or am I dead set on living alone?
Do I live away from my parents, or do I stay with them and buy more handbags?

What can you cut out of your expenses? Do you need a landline phone and a cell phone? Are you bad for leaving all the lights on, always? Could you eat out one less time a week, or take your own lunch?' Is there anything you could sell, or a part-time evening/weekend job that would help just a little...

Good luck!

socalgem · Jun 15th, 2008, 11:58 AM

Do you need both a landline and a cell phone?

audball67 · Jun 15th, 2008, 12:00 PM

ChloeSS, I just took a look at your blog (beautiful items, BTW) and noticed that you have some very lovely things...since this sounds like the first time you are renting, I would suggest putting *all* your purchasing of luxuries/electronics on hold for now and concentrate on figuring out exactly how much are your living expenses. "Living expenses" can mean anything outside of luxuries (so yes, furniture, dishwashing soap, towels, etc.).

Once you know how much your outgo is on these basic items, you can start budgeting your income and saving a portion for your clothes, bags, electronics. Don't forget you should also be saving a portion of your income for rainy days (loss of job, car or computer break-down, etc.).

You will probably see that you can't purchase as much as you would like as soon as you will like, but you will have a better financial cushion for the future. Unfortunately, there is no "trick" to getting fun items faster

- either you sell some things now and "trade off" for newer items or budget for them later.

There are many threads here on doing little things to save money, but one of the first things you need to do is see where your money is going in the first place. Good luck!

Quote:

Originally Posted by ChloeSS

i am living by myself and recently started renting..

I found my out going is very high at the moment. i hardly save any fund for shopping eg. clothes, bags

all my money has been used to pay bill or household item

I paid rent, eletricity, gas, internet, phone line, insurance, cell phone... and a lot of random things like supermarket shopping ( I dont cook before but i am starting to cook), since i just moved to a new home, i do need to purchase quite a bit of household item too...

any way can suggest to help me to save more money?

Purses · Jun 15th, 2008, 08:28 PM

Thanks for starting this thread Cloe, I just looked at your blog also. Stop buying magazines and DVD's. In fact, if you can sell your DVD's that would be good.

I don't think you should buy another handbag for at least a year. They are so beautiful and classy. Use them or otherwise it is a waste.

I would like to add that I just moved out of my parents house and I am trying to adjust to a different lifestyle. I was raised in a very nice, large property with five floors house and driving an Audi, which I have gave up, because I live in the city and using my money to survive. I am just having a hard time digging into my savings account.

lorihmatthews · Jun 15th, 2008, 08:56 PM

Most of us have been in this situation at one point or another. Here's what I've done when it has been necessary:

1. Stop buying stuff (luxury items that you don't need).
2. Sell luxury items (I saw you had quite a collection).
3. Pay off credit cards (if you have any) and start putting money away in a savings account.

Look at it this way -- all these luxury items will still be there -- they are not going away. If you sell them you will be able to locate them again. Get yourself financially stable first.

Purses · Jun 15th, 2008, 09:13 PM

Quote:

Originally Posted by lorihmatthews

Most of us have been in this situation at one point or another. Here's what I've done when it has been necessary:

1. Stop buying stuff (luxury items that you don't need).
2. Sell luxury items (I saw you had quite a collection).
3. Pay off credit cards (if you have any) and start putting money away in a savings account.

Look at it this way -- all these luxury items will still be there -- they are not going away. If you sell them you will be able to locate them again. Get yourself financially stable first.

Yes. I agree. You should use what you have. The funny thing for me is, I still have nice luxury things but not a lot of it. I use them and don't buy a lot of cheap stuff that you need. For example clothes. I do spend a lot of money, but I don't have a lot of clothes. I learned to mix and match and make my look new and interesting. I don't get bored and even my most comfortable clothes have style (I just don't own a lot of it).

Don't ever quit on maintaing a regular savings plan.

IntlSet · Jun 15th, 2008, 10:18 PM

Questions for you:

- Insurance: what kind of insurance is this? Renter's insurance? If so, I'd drop it. Keep paying long enough and you'll end up paying the cost of what you'd be reimbursed if you actually were robbed! Also, if you are robbed, good luck getting what you're owed. Insurance companies aren't in the business of handing out money: they're in the business of making it. Unless you have extremely valuable art, I wouldn't bother with renter's insurance. Even designer clothes and handbags simply don't seem to call for renter's insurance, in my opinion.

- Phone line: is this a land line? Can you make do with just your cell phone? I only have a cell and function just fine.

- Groceries: don't buy what you feel like. Buy what's on sale. If you want to eat pork, but it's chicken that's on sale, get the chicken.

- Downsizing on luxury: do you buy a lot of DVDs? Consider getting a Netflix subscription instead. If you buy magazines, subscribe or borrow a friend's copy, or read at the library/bookstore.

Good luck. Remember, independence is priceless. You're doing the right thing by striking it out on your own! Good luck!

bnjj · Jun 15th, 2008, 11:17 PM

I would not recommend canceling home renter's insurance. What if your building burned down?

IntlSet · Jun 15th, 2008, 11:22 PM

^^^
Sure, and what if you were robbed?

But what are the essentials that truly need to be replaced? A mattress? Etc.? I think if you have as many luxury items as ChloeSS does, you probably have enough in the bank (or at least, you should) to cover the essentials and then some, in case of a disaster. But paying each month on the basis of "what if" doesn't make sense for me.

That's just my opinion, I know someone was bound to disagree. I don't own anything priceless: if I lost my Chanel bags and my designer clothes, it would suck, but I'm not willing to insure them because I simply don't think they're worth it. Plus, I believe insurance reimburses you on the depreciated value... not the full value. So it wouldn't be worth it for me.

bnjj · Jun 15th, 2008, 11:29 PM

I doubt robbers would take every last thing I own the way a fire would.

Quote:

Originally Posted by IntlSet

That's just my opinion, I know someone was bound to disagree. I don't own anything priceless: if I lost my Chanel bags and my designer clothes, it would suck, but I'm not willing to insure them because I simply don't think they're worth it. Plus, I believe insurance reimburses you on the depreciated value... not the full value. So it wouldn't be worth it for me.

Not the kind of insurance I have. I have a set amount and if my place burned to the ground, they'd write me a cheque for the full amount I was insured for.

Someone was recently posting about their house burning down a few months ago. I'm sure they'd agree that insuring your household is a wise move.

Quote:

I think if you have as many luxury items as ChloeSS does, you probably have enough in the bank (or at least, you should) to cover the essentials and then some, in case of a disaster.

From her original post, I did not get the impression that she had oodles of cash sitting in the bank.

IntlSet · Jun 15th, 2008, 11:37 PM

^^^^
Her *house* burned down? That's terrible. I'm thinking of my apartment: I have no television, no telephone, I have two couches, one armchair and a bed from Ikea. And a closet-full of designer clothes and bags. This is all easily replacable -- and the bags and clothes are nonessential.

There are people who are "what if" people. I get that -- I'm not one of them. It depends on your comfort level with disaster and the unknown: mine is very high. I would be horrified if my apartment burned to cinders, but in the end, I've really lost nothing. That's just my apartment: maybe ChloeSS's has tons of irreplacable stuff, I don't know.

As for oodles sitting in her bank -- as I said, she probably should, considering the amount of luxury goods depicted in her blog. Maybe it's time to sell off some luxury goods to give herself a healthy safety net in case something does happen. And even if she does have insurance, it's not like the insurance company is running to give her a check after a disaster strikes. They will make her jump through hoops and bureaucrats -- and she'll need something to live off of for a while.

titania029 · Jun 15th, 2008, 11:54 PM

Lots of good suggestions! I want to add look for some package deals for your phone and internet if you're keeping the land line. Cooking is a really good way to save money. I used to buy my lunch almost everyday, and it wasn't much, like $5 to $6 a day. But that adds up to at least $100 at the end of the month. But if I make my lunch, cost is usually $2 a day.

I would suggest keeping the renter's insurance, but I don't know how much you pay (or if you even have it, maybe you're talking about car or health insurance). So I'm basing my opinion on what I used to pay. It was $114 a year, and that included $25 extra for identity-theft protection. That was a $25,000 coverage (minimum coverage). Seems worth it to me.

daluu · Jun 16th, 2008, 01:16 AM

you might want to find a roommate even though it might not be as nice as having your own place...but it will keep things affordable for you.

Jun 15th, 2008, 09:07 AM	#1
ChloeSS Member Location: Sydney	Renter how can u save money? i am living by myself and recently started renting.. I found my out going is very high at the moment. i hardly save any fund for shopping eg. clothes, bags all my money has been used to pay bill or household item I paid rent, eletricity, gas, internet, phone line, insurance, cell phone... and a lot of random things like supermarket shopping ( I dont cook before but i am starting to cook), since i just moved to a new home, i do need to purchase quite a bit of household item too... any way can suggest to help me to save more money? __________________ My blog: http://www.ms-stheshopaholic.blogspot.com/ My Photo Album: http://www.flickr.com/smyfung

Jun 15th, 2008, 10:32 AM	#2
bnjj ♪ Jovi Junkie ♪ Location: Bon Jovi Blvd.	When you say "household item" do you mean things like dish soap and cleaning products or do you mean like furniture and artwork? If the latter, I don't know if you have something similar to www.craigslist.com or www.kijiji.com (online classifieds) where you are but if you do, I would recommend looking there for some of the household items you need. I haven't used either one that much but I know several people have been able to get some great items for their homes at good prices. __________________

Jun 15th, 2008, 10:52 AM	#3
UK2ME Go on, I dare ya! Location: Maine	1) Roommate 2) Cheaper place 3) Earn more money Without one (or a combination) of these, you may have to put the designer shoes and bags on the back foot for a while. When you first move out on your own, it's always more expensive than you think it's going to be. It's not like you can refi the mortgage when you're renting, but you can pick up and move much easier if it's more than you can afford. There are always tradeoffs - do I share a flat with someone else and live in a nicer part of town, or am I dead set on living alone? Do I live away from my parents, or do I stay with them and buy more handbags? What can you cut out of your expenses? Do you need a landline phone and a cell phone? Are you bad for leaving all the lights on, always? Could you eat out one less time a week, or take your own lunch?' Is there anything you could sell, or a part-time evening/weekend job that would help just a little... Good luck! __________________ *Wear clean knickers!* (As my mother always told me, you just never know when you'll be run over by a bus.)

Jun 15th, 2008, 10:18 PM	#9
IntlSet Bonjour! Location: Chicago	Questions for you: - Insurance: what kind of insurance is this? Renter's insurance? If so, I'd drop it. Keep paying long enough and you'll end up paying the cost of what you'd be reimbursed if you actually were robbed! Also, if you are robbed, good luck getting what you're owed. Insurance companies aren't in the business of handing out money: they're in the business of making it. Unless you have extremely valuable art, I wouldn't bother with renter's insurance. Even designer clothes and handbags simply don't seem to call for renter's insurance, in my opinion. - Phone line: is this a land line? Can you make do with just your cell phone? I only have a cell and function just fine. - Groceries: don't buy what you feel like. Buy what's on sale. If you want to eat pork, but it's chicken that's on sale, get the chicken. - Downsizing on luxury: do you buy a lot of DVDs? Consider getting a Netflix subscription instead. If you buy magazines, subscribe or borrow a friend's copy, or read at the library/bookstore. Good luck. Remember, independence is priceless. You're doing the right thing by striking it out on your own! Good luck! __________________ http://drinkmorechampagne.wordpress.com/

Jun 15th, 2008, 11:17 PM	#10
bnjj ♪ Jovi Junkie ♪ Location: Bon Jovi Blvd.	I would not recommend canceling home renter's insurance. What if your building burned down? __________________

Jun 15th, 2008, 11:58 AM	#4
socalgem Because I can... Location: California	Do you need both a landline and a cell phone?

Jun 15th, 2008, 08:28 PM	#6
Purses Member	Thanks for starting this thread Cloe, I just looked at your blog also. Stop buying magazines and DVD's. In fact, if you can sell your DVD's that would be good. I don't think you should buy another handbag for at least a year. They are so beautiful and classy. Use them or otherwise it is a waste. I would like to add that I just moved out of my parents house and I am trying to adjust to a different lifestyle. I was raised in a very nice, large property with five floors house and driving an Audi, which I have gave up, because I live in the city and using my money to survive. I am just having a hard time digging into my savings account.

Jun 15th, 2008, 08:56 PM	#7
lorihmatthews Luv my Persian Location: San Francisco	Most of us have been in this situation at one point or another. Here's what I've done when it has been necessary: 1. Stop buying stuff (luxury items that you don't need). 2. Sell luxury items (I saw you had quite a collection). 3. Pay off credit cards (if you have any) and start putting money away in a savings account. Look at it this way -- all these luxury items will still be there -- they are not going away. If you sell them you will be able to locate them again. Get yourself financially stable first.

Jun 15th, 2008, 11:22 PM	#11
IntlSet Bonjour! Location: Chicago	^^^ Sure, and what if you were robbed? But what are the essentials that truly need to be replaced? A mattress? Etc.? I think if you have as many luxury items as ChloeSS does, you probably have enough in the bank (or at least, you should) to cover the essentials and then some, in case of a disaster. But paying each month on the basis of "what if" doesn't make sense for me. That's just my opinion, I know someone was bound to disagree. I don't own anything priceless: if I lost my Chanel bags and my designer clothes, it would suck, but I'm not willing to insure them because I simply don't think they're worth it. Plus, I believe insurance reimburses you on the depreciated value... not the full value. So it wouldn't be worth it for me. __________________ http://drinkmorechampagne.wordpress.com/

Jun 15th, 2008, 11:37 PM	#13
IntlSet Bonjour! Location: Chicago	^^^^ Her house burned down? That's terrible. I'm thinking of my apartment: I have no television, no telephone, I have two couches, one armchair and a bed from Ikea. And a closet-full of designer clothes and bags. This is all easily replacable -- and the bags and clothes are nonessential. There are people who are "what if" people. I get that -- I'm not one of them. It depends on your comfort level with disaster and the unknown: mine is very high. I would be horrified if my apartment burned to cinders, but in the end, I've really lost nothing. That's just my apartment: maybe ChloeSS's has tons of irreplacable stuff, I don't know. As for oodles sitting in her bank -- as I said, she probably should, considering the amount of luxury goods depicted in her blog. Maybe it's time to sell off some luxury goods to give herself a healthy safety net in case something does happen. And even if she does have insurance, it's not like the insurance company is running to give her a check after a disaster strikes. They will make her jump through hoops and bureaucrats -- and she'll need something to live off of for a while. __________________ http://drinkmorechampagne.wordpress.com/ Last edited by IntlSet; Jun 15th, 2008 at 11:42 PM.

Jun 15th, 2008, 11:54 PM	#14
titania029 Member Location: Dallas	Lots of good suggestions! I want to add look for some package deals for your phone and internet if you're keeping the land line. Cooking is a really good way to save money. I used to buy my lunch almost everyday, and it wasn't much, like $5 to $6 a day. But that adds up to at least $100 at the end of the month. But if I make my lunch, cost is usually $2 a day. I would suggest keeping the renter's insurance, but I don't know how much you pay (or if you even have it, maybe you're talking about car or health insurance). So I'm basing my opinion on what I used to pay. It was $114 a year, and that included $25 extra for identity-theft protection. That was a $25,000 coverage (minimum coverage). Seems worth it to me. __________________ I learned to think of shopping as the frosting on a cake. By itself, frosting is unfulfilling. It cannot be consumed on its own or turn a dry cake into a gourmet dessert. Frosting is meant to make what is already delicious and carefully prepared look finished and taste a little sweeter. In the same way, shopping is the polish. It's the final touch-up on your prudently taken-care-of mind, body and soul. - Retail Therapy: Life Lessons Learned While Shopping

Jun 16th, 2008, 01:16 AM	#15
daluu Member	you might want to find a roommate even though it might not be as nice as having your own place...but it will keep things affordable for you.