#b90x - DAY 6 - Eliminate Financial Waste Experiment!

b90x

#41

Like others who have commented, I’m already moving on this one too. Once I started to buy more alt coins, all my “extra” money things started to disappear.

We’re in an unusual situation. Helping a friend start a farm in a new state for us. First cold weather state for us too. So we’ve been hitting the weekly auctions and buying all sorts of stuff for ridiculous low prices. Still, those things were costing over $100 to $300 for each auction.

And the funny thing is, that now that I’m buying all these alt coins and trying to pump more into BTC, I find myself not bringing as many little “deals” home. And in fact, have skipped a lot of auctions recently. This is happening automatically.

Plus, I’m taking it one step further. I’m not just going to save money by not spending, I’m going to start selling stuff I don’t need. I have a 48 Dodge flatbed truck that needs to be converted to Bitcoin. Gotta finish redoing the stake bed sides and maybe paint it then sell it. Probably get $6000 as it sits, but when I finish making it pretty, it could go as high as $13000 or even more.

Of course, I have to think how much will Bitcoin go up before I get it done? Hmmm. I think I can raise the selling price faster than Bitcoin will go up, but I have to move with determination and not drag it out, or Bitcoin is likely to outpace my efforts.


#42

As I mentioned in a previous post I’m really into frugality (any other Mustachians on here?) and have been saving 60-70% every year and reinvesting it since 20. I use https://www.youneedabudget.com/ for my budgeting needs.

Most of my hobbies are pretty inexpensive (hiking, biking, reading, side hustles, etc) Every few years I’ll upgrade some PC parts to stay on the low end of high settings. I also love my Mongolian grill and Mcdoubles and I’ll never stop eating Mongolian, but dropping those mcdubs is a good idea!

I’ve done two lump sum investments into crypto this year from my traditional stuff. I’d like to allocate a larger portion but I can’t risk the investments being severely underwater when i go to withdraw them next year for my biz. If my tokens moon I’ll convert that to BTC. I’ve already done the max amount for this year, but next Jan I’m doing a BTC lump sum and cost averaging in afterwards, hopefully increasing that over time if my business takes off.

So, the plan may change but that’s where it’s at right now. :grinning:


#43

Hey Lance, if you make your own juice you can cut the cost on the juice to at least 25% of what it currently is. :grinning:


#44

Hey Thanx for the advice, i have been awake for about 45min , i have ensured that my box of fags was flushed lastnight so i could start the day clean. Lets so how deep into the day i can go without a PUFF.


#45

I track my finances accurately for the last 15 years. Before I just didn’t care. Cut back potential at the moment would be mainly not eating out so much. In the past I’ve cleared out debt from not so successful property investments. In my time as a IT consultant freelancer I never took the time to look at my finances because the income was good and it seemed so easy just letting the financial advisor I’ve hired do his thing. …and his thing he did alright… He managed my stock portfolio to the ground dropped a lot of my money into property investments that tanked and I had to pay for the debts that accumulated out of this for years. I can only blame myself for being so inconsiderate with my earnings and my injudicious behavior regarding my general finances in the past. So the main thing I have changed in the past was a more respectful conduct in handling my finances by myself. On a regular basis at least once a week I look through everything and adjust if needed. I know the balances of my accounts to the Dollar or Euro.


#46

Fortunately my bank offers an overview of my spending and fairly accurately categorizes my expenses. Out of my discretionary spending, my 2nd biggest expense is eating out. This includes heading out to the bar for a few drinks, my work lunches, and going out to dinner/breakfast with friends. For the next week I am going to cut all spending on eating out, with the exception of my work lunches which is just a $6 sandwich every other day.

I am proud of myself though, because my number one expense in my discretionary spending last month was my investments into crypto. Hoping to secure my bitcoin before the end of this year!


#47

This is a great exercise and an important first step in freeing up money for investments.
Because of the lifestyle my wife and I have chosen this has happened automatically.

I used to spend a lot of money on expensive coats and other clothes. Now we live in the middle of the French forest I couldn’t give two fucks about it. Only the deer and wild boars are here to judge me :slight_smile:
We used to spend a lot of money on going out to eat and our food waste was too high. Now we grow our own food and wastage is practically 0 as the dogs, pigs or chickens get any waste. We still go out to eat but only occasionally.
I used to smoke copious amounts of weed in the studio. Now I am high on nature and physical work.
Not a food delivery, or even neighbour, within miles so that’s another convenience and cost that has fallen away.
I don’t buy things that depreciate greatly - I buy my cars 2nd hand and things like furniture, tools and decor have to be of top quality so it has a long life span but also a sell on value should we need to sell.

However one can always make changes and so I will endeavour to put any money I would have spent on wine into crypto.


#48

I have to live with a very tight budget at the moment (290€ per month). Luckily for me, my parents help me with first necessity goods (food, etc.). Right now I’m saving money to invest in crypto currencies, improving my home-gym equipment (that for now consist only of a pair of adjustable dumbbells and a bench) and investing in my education without having to rely on my parents that much. I have no room for vices, even if I’d like to… but I’m sure that sooner or later I shall have the chance to live a more relaxed lifestyle.

I manually track all of my expenses. Mint seems to be a useful app, but unfortunately, it isn’t available in EU.


#49

I spend a lot of money eating out and on gas. I figure it costs about $7-8 round trip every time I drive into town for something, so becoming more efficient with my town trips will help. I could also save some money by packing lunches with me to work. Plus, after September, I will not be a member of 2 gyms since my contract finally expires with Planet Fitness. I am also remodeling my house and there are all kinds of expenses associated with that, so I’m sure I could save some money by being more vigilant.


#50

My pleasure ZuluCryptoSurfer,

There are many ways to quit. Mine is just one possible way, thought up when there were not a lot of options out there. At least, none I knew of. It was 1983 and I’d been smoking for 25 years, from 13 to 38.

And once you actually decide to do it, and accept the idea in your brain, it really does get easier. Flushing the last of them could be a good mental statement to yourself. Might help your resolve. Have to buy a whole new pack to have just one more. Myself, I kept them around so I knew I could always have one if I felt I needed to.

All mental exercises. Find what works for you and do it. Good luck friend.


#51

I can second that, been of the smokes 2 years thanks to that book


#52

I’ve cut a lot of stuff out of my life,but I’m currently traveling at the minute so I’m eating out a lot, but I always buy a juice or a smoothie every day, these juices are becoming quite expensive I paid over 4 GBP for one in London last week… so instead I’m going to start buying fruit rather than pay extortion prices for juices


#53

I think I can cut on the following:
gas, coffee, beer, eating out
Sheet will show if there is something else I can cut


#54

I so understand the neglecting finances when overly stressed I too have done that more than I care to admit.


#55

I need to stop eating out, and I need to track my finances. Gotta buy that doge.


#56

i started cutting my financial waste 2 years ago which enable me to save more than 10k in 2 years, having a minimum salary of 1140 € per month,

  • buy what you need, not what you want
  • scout cheap ingredient and don’t eat out ( my food cost is only 100 € per month)
  • remove junk food (chips) and softdrinks
  • don’t smoke, no alcoholic drink in house
  • rarely go for nightlife ( a small bottle of beer cost 5 € ? you must be nut to buy it ) once a year or every few months

#57

I take my hat off to you. I’m in a similar position - so I know it’s tight. I refuse to buy anything non essential:).
Love your attitude!


#58

I 2nd Nekko’s thoughts on Dave Ramsey’s advice, but he does have a saying that I like that goes something like - “If you will live like no one else (today), later you can live and give like no one else (tomorrow).”

His financial peace university course is something that I highly recommend for college students and medical students that I teach and interact with - he also covers real estate, REITs, index funds, and a plethora of insurance products. I disagree with his view on credit cards, but the course series caters towards Americans who have used credit cards as a crutch for bad financial planning, and have further doomed themselves with them. I like the benefits provided such as doubling the mfr warranty, primary rental coverage, etc.

Some of our fellow Pubers may have the discipline to completely cut out entertainment things like Netflix, etc, but I have decided to hang on to the overall low monthly cost subscriptions like amazon prime, netflix, etc for the sake of my own as well as family’s sanity lol. I also pay for a climbing gym membership as this is one of my very few hobbies.

Cutting out cable, sports, phone line, etc has been huge for us. At the same time, it allowed us to place more into securing what you currently have by insuring properly. It is astounding to me that most people in Houston affected by the flooding did not have the very meager coverage of an optional flood insurance rider just because it was not in a mandated flood zone.

I have had a long road in my education and training, and am finally entering the re-numeration phase of my career - my family has lived quite lean for the past 5 years. It is a blessing to have been exposed to the realm of cryptocurrencies while still very much in its nascency and I thank Peter and the whole BitcoinPub community.


#59

I think I already have a pretty decent saving plan going on. I used to track each and every expense with a phone app for almost a year. It helped to make sure I didn’t go beyond the limits i set. It even allows you to do a retrospective on where your money goes.

My upcoming savings will probably go into cryptocurrency. Right now, I feel they are a better bet for savings than other fiat currencies (risky, but more rewarding). And when I feel comfortable enough, who knows, maybe I’ll move them all to crypto.


#60

It is like a train hitting me in the face when I have reflected, but if we are aware today, we can inform tomorrow