#b90x - DAY 6 - Eliminate Financial Waste Experiment!

b90x

#161

I have to credit Bitcoin for helping me in this department. I didn’t really manage money well until I started making money in cryptocurrency. I used to pretty much live paycheck to paycheck like most people I know. When I started to get ahead and paid everything off I really started to take things seriously. I have surpassed my 5 years of 401K contributions with crypto in 3 years as well as pay off everything but my house. Now I look into everywhere I can save some money and buy more crypto. In the back of my head I’m always thinking, ‘Do I really need that shit?’ Only spend money on what’s important. The best quality food I can get for keeping healthy. The essentials for decent living. Otherwise, save and HODL. All of it will pay off in a few more years.


#162

At the beginning of 2018 I started packing lunches and stopped buying Dunkin and Starbucks. This has freed up my over $100 per week and has allowed me to DCA an additional investment.


#163

I have always lived in this manner. Always paid more on everything to get things paid off faster so I didn’t have to pay the interest. Don’t put anything on a credit card you know the old saying if you don’t have the cash you don’t need it. I double the mortgage payment so our 30 yr loan will only be like I think 7 or 9 years. I pay extra on the vehicles the land payments etc. I guess those habits are hard for me to break. I’m not even sure they are bad or what you wou would call a bad habit. So I have a question for you should I try and change that habit and pay the interest and put more into crypto? I put at least 3k into crypto a month. If I stopped all the other and the stock market I might be able to do around well lets say I can do more.


#164

I use Quicken to track my finances. Yes it takes away 10 minutes every now and then, but I feel comforting knowing my credit card bills will be paid off on-time, and I can track purchases made in the last 10+ years.

Because of quicken, I don’t think I can cut-off much of unnecessary bills… $1.5 every lunch for carbonated drink can be a good start. That’s $32 a month and not so healthy. Personal trainer & fitness club fees I am not willing to sacrifice until I get my six-packs, lol.

I may be able to work something out for Restaurant meal spending, but I just can’t cook well. Golf range fee is minimal so I am outta ideas…for now.


#165

I just had a breakthrough month so far eliminating waste and thought I’d share!

  • went back to weekly cash budget for groceries to cut spend. Saved lots already. Old fashioned envelope method
  • called my insurance companies and gained by switching
  • consolidated credit cards. Cancelled an account
  • checked every statement and questioned every subscription. Cancelling. Reducing. Changing packages (internet, mobile, apps)
    Finally did a big spring clean in house- and found goods I can use instead of buying new.

Total annual savings so far I estimate: 20% of my monthly expenses.

Still going to phone banks to reduce interest and dig around more.
It took time but Wow! I feel in charge of my money… and now I have a little bit more free for buying some more coins!


#166

This is most excellent! Great wins!


#167

Fine-tuned that waste elimination to the max, my friend. 2018 is going to be the year of crypto investment. To the moon.


#168

Places where I could reduce my expenses:

  • $600 p/mth in groceries (Single and try to keep at $10p/day)
  • Cancel Hulu and Netflix would save $30 p/month
  • Quit Gambling!
  • Pay off interest bearing debts ASAP!

If I can stick to these, every year will get better and better for investing and overall financial management!


#169

Man. 1000%. In the future you won’t care that you lived cheaper. No one ever does.


#170

Trimming the fat. Let’s become a lean mean crypto machine :grinning: I have already cut out on my golf game. That in it self could make me a millionaire :joy: Eating out, cutting the cord (cable) and no starbucks, just to begin.:call_me_hand:t3:


#171

This is something I have really been trying to do the last few months as I’ve gotten into Crypto. I have been able to cut a lot of fluff out of my budget, which is freeing me up to invest way more. It is easy when I consider that the things I am cutting out will return multiples back to me in coming months and years. I am going to look again tonight though, just to see what else I can find. :smiley::beers:


#172

Day 5 and Day 6 really open my eyes to the wasted or lost potential of improving my investments. Damn its barely day 6 video and im like shit i have so much work to do and there is still 84 days of videos and lessons. @peter this shit is insanely smart. Have you made these ideas into a book or thought about making a book to educate people?


#173

This day was actually pretty easy. The day I choose to start investing I had already done this exercise.

I used to buy a lot of craft beer, whiskey and lunch everyday at work. We also scaled back TV to antenna and amazon prime (because we already used the services anyway). Went prepaid on cell phones. Caught up on our credit cards.

We are about as lean on spending as we have ever been.

I was able to break away about 50 a week to spend crypto. which I plan on dca’ing into at least one coin or two(maybe even just bitcoin on dips). Wish there was more, but that will come with time. I am also going through our house and getting rid of unwanted items to flip for some fiat and invest with that. I figured it was sitting around the house and collecting dust. It won’t be missed if something happens to the investment.


#174

Unsubscribe from Jc Penneys, Kohls, Macys, etc for those “great bargains” nearly every day!! I don’t NEED them. They NEED me! Bye-Bye Shopping until I NEED you.


#175

In the future the demand will come from consumers… not companies projecting their will on us… maybe… maybe someday…


#176

Good point… i always was very good to waste money.
need a change !!


#177

I used to keep a really close track of my financials. It’s fascinating to see how some stuff seems so little on a daily basis, but when you check the weekly or monthly charts… damn… that can definitely be a waste haha

Thanks for the heads up and eye opening!


#178

For now I have changed my drinking water supplier and decided to get rid of buying coffee.

Counting my expenses to at least get to know how much I spend did not seem like a good idea to me mainly because it was “against freedom”. But I will write down my expenses from now on at least for a month


#179

Real freedom is discipline.


#180

Short and sweet…

Takeout- including work lunches & lazy dinners= $75/wk
Cable = $150/mnth

So, i already started making lunch to cut down on my glutton expense, and i will be cutting the cord to minimize the TV expense. Wow, if i put just half of this $450/mnth into crypto I would be on my way. Incredibly eye opening!