Book Savings
I am a huge fan of buying books. In fact I you might say that I buy too many. Most of the books I read are financial and are basically the same with some twists or personal opinions in them. Some are used as reference material and some just sit on the book shelf without being touched after being read. Do I need these book collecting dust? No.
For 2010 I am going to stop purchasing books and rely on the public library. The last time I renewed my card is was around $16 which is much better than the $300 I spend every year on books. I will still purchase books that I feel I may to refer to quite often, but I am definitely going to cut back my spending in this area. I am also going to avoid buying books from a book store if I am able to purchase them online and have them delivered for less that the book store cost.
Estimated yearly savings: $200
Total yearly savings for implemented strategies: $2,240
Total savings missed for strategies not implemented: $322
Difference: $1,918
Mortgage Questions & Answers
Since I began my blog in June 09 I have spent some time in different forums reading, learning, and answering questions, specifically in relation to mortgages and the calculations involved in comparing different scenarios. I have learned that very few people, including some experts do mortgage calculations properly. While I am confident that errors are occurring due to minor oversights or assumptions they have the potential to cost you hundreds, if not thousands of dollars. In the past, I have provided accurate information to people to be helpful, because I enjoy working with numbers and saving people money. It has recently occurred to me that my responses can be time consuming and of value to people.
If you have a question about the $$$ savings you may experience by refinancing your mortgage for a lower rate, consolidating debt or are comparing different offers from lenders please feel free to email me at mortgagemath@debtfreeby43.com . You will receive a reply within 48 hours. Your email address will only be used to reply to your question and will not be added to any mailing lists now or in the future!
I have set up this email address to send an auto response that will include a link to make a donation to Debt Free by 43. Although a donation is required to have your question answered there is no minimum donation. Simply donate what you feel an answer to your question is worth. It is that easy!
I won’t get rich, but it is my hope that I can generate some cash every month to take my better half out for a nice dinner. That may decrease the number of times she refers to herself as an “Excel widow.” I do love working with the numbers. If you need some help please feel free to email me at the address above. I appreciate your continued support.
Bank Fee Savings
A quick look at our banking fees revealed that we paid $84 in 2009. This amount could easily be eliminated by getting another product from RBC (multi product discount) or switching to PC Financial’s no fee banking. It was a quick discussion and my better half did not want to give up this account because it was her original bank account. She is comfortable with it and the $84 is worth being able to go into an actual branch and speak to an actual person. Perhaps I will bring this up another time and attempt to catch her off guard, but I am fine with the $84 a year.
Estimated yearly savings: $84
Total yearly savings for implemented strategies: $2,040
Total savings missed for strategies not implemented: $322
Difference: $1,718
Drink Savings
Last weekend I spent close to $40 on alcohol. That is a little out of the norm for me, but it does happen once and while. I began thinking that I was dumping a great deal of money down my throat for no other purpose than to be social. I then thought of other drinks that I have on occasion such as, coffee, milk shakes, pop, milk etc. This stuff can really and up $$$ wise and some if it is not exactly healthy either. My plan is to only drink tap water (cheapest), milk and I don’t want to cut out my diet Dr. Pepper because I love it. It is difficult to estimate my savings if I only drink water, milk and diet DP for a year but based on some spending habits I have looked at it could be upwards of around $2,000. I am going to be conservative and use $1,500.
I am not going to push this on the rest of the family as it is a personal choice I am making and I don’t feel it would be fair for me to ask them to make the sacrifice. After a beer or two tonight I will begin fresh tomorrow morning.
Estimated yearly savings: $1,500
Total yearly savings for implemented strategies: $2,040
Total savings missed for strategies not implemented: $240
Difference: $1,800
Gym Savings
This weekend I looked at the pros and cons of switching fitness clubs to save some cash. The difference between my two choices is about $20/month. I chose not to save the money because of convenience. My current gym is a five minute indoor walk from my employer and that makes it very easy to workout before or after work. On days off, the difference in locations is about 8 blocks. My current club is also cleaner and not as busy as the alternative. This was a no-brainer for me although it is costing me an additional $240 a year. Now I just have to make more consistent use of my membership!
Estimated yearly savings: $240
Total yearly savings for implemented strategies: $540
Total savings missed for strategies not implemented: $240
Difference: $300