Trimming the fat on home expenses

[SagaLore]

I need to cut back on how much we're spending to live in our house.

So far, I've saved on heating by keeping our wood stove going non-stop. We bought a lot of wood when we first moved in but never used it up, last year we didn't even take advantage of our stove. So far this weekend the furnace kicked on once for a few minutes but other than that we've been staying warm (hot) from the wood stove. I'm going to get some plastic for my windows to help keep in the heat.

I have decided to keep my fish tank light off during the day and I'm going to be keeping the computer shutdown unless I really need to use it. I already have most lights in the house switched to flourescent bulbs - most are 13 to 15 watts. I just made a quick sweep and pulled out the remaining halogens, and have my bathroom mirror reduced to just 2 flourescent bulbs.

We have reduced how much groceries we buy, staying simple. But also pack our lunches. We only buy food if it is on sale. We stopped eating out. Even the dog is on the diet but she was getting chubby anyway. I have asked my wife to not stock the second freezer any longer so we can soon move everything into the first fridge and unplug the standalone freezer.

What else can we do? I could start taking showers only every other day. :Q

 

[vi edit]

You know, all those things together would add up to the cost of a few drinks at the bar and a night out for dinner and a movie.

A deep freeze may cost a couple bucks A MONTH to run. Same with lights and the other stuff. Is all that hastle and annoyance really worth the $15-$25 a month it might save?

I'm not trying to be an ass, but if you have to worry about $15 a month being a major financial decision, then you need to seriously evaluate other - more costly - monthly expenditures.

Just my $.02

 

[Shockwave]

Originally posted by: vi_edit
You know, all those things together would add up to the cost of a few drinks at the bar and a night out for dinner and a movie.

A deep freeze may cost a couple bucks A MONTH to run. Same with lights and the other stuff. Is all that hastle and annoyance really worth the $15-$25 a month it might save?

I'm not trying to be an ass, but if you have to worry about $15 a month being a major financial decision, then you need to seriously evaluate other - more costly - monthly expenditures.

Just my $.02

Agreed. The cost savings, while there, arent (Or shouldnt!) be a big factor. You really wanna save some bucks?
Drop cable, drop ISP, drop home phone. That could be upwards of 200 bucks right there alone.

 

[badet77]

I dropped my cable when they cut off my free cable tv.. he he

 

[Rapidskies]

Have you refinanced or looked into it lately?

 

[conjur]

Perhaps you just need to budget properly?

Make a budget in Excel (or something) and be sure to be very detailed in your categories:

Mortgage
Homeowner's Insurance
Property Taxes (if not part of escrow, budget it monthly)
Utilities
Water
Garbage Pickup
Phone
Car Payment
Gas/Car Taxes/Maintenance
Car Insurance
Groceries (Food, Vitamins, Cleaning Supplies)
Clothes
Children's Clothes
Personal Care Items (haircuts, makeup, manicures, tanning bed, etc.)
Pet Care
School Fees
Medical
Cell Phone
Internet
Entertainment (video rental, dining out, going to a bar/pub, movie theater, etc.)
Birthdays/Christmas (allocate money monthly)
Charity
Cable TV
Credit Cards
Revolving Credit
Other Loans

 

[Shockwave]

If you need I have a decent Excel spreadsheet financial tracker I could send you. A few others here use it as well, they seem to like it.

 

[badet77]

Originally posted by: Shockwave
If you need I have a decent Excel spreadsheet financial tracker I could send you. A few others here use it as well, they seem to like it.

can I have it too?

 

[SagaLore]

Originally posted by: conjur
Perhaps you just need to budget properly?

Make a budget in Excel (or something) and be sure to be very detailed in your categories:

Mortgage
Homeowner's Insurance
Property Taxes (if not part of escrow, budget it monthly)
Utilities
Water
Garbage Pickup
Phone
Car Payment
Gas/Car Taxes/Maintenance
Car Insurance
Groceries (Food, Vitamins, Cleaning Supplies)
Clothes
Children's Clothes
Personal Care Items (haircuts, makeup, manicures, tanning bed, etc.)
Pet Care
School Fees
Medical
Cell Phone
Internet
Entertainment (video rental, dining out, going to a bar/pub, movie theater, etc.)
Birthdays/Christmas (allocate money monthly)
Charity
Cable TV
Credit Cards
Revolving Credit
Other Loans

Yep we have a budget. We have always been generous per item as to allow flexibility, but now I would like to be frugal as to accelerate paying off our debts. It's either that or sell the house and get the trailer but I'm thinking that might a long term financial mistake for a short term spike in cash flow.

vi_edit: Can I have that $.02? :Q

Shockwave: We only have basic cable, which is $15, but the only reason we even have that is for my cable modem which is $30. I do a lot of web work ... however ... maybe I can get by with going back to dialup.

Whade: Yes we're looking into it.

 

[conjur]

Can you get a home equity loan to pay off higher-interest debt and lower monthly payments plus get the tax benefit of deducting that home equity loan interest?

 

[SagaLore]

Originally posted by: conjur
Can you get a home equity loan to pay off higher-interest debt and lower monthly payments plus get the tax benefit of deducting that home equity loan interest?

Can I?

Our mortgage is 57,000 at 7.25%, we're 2 years into it. Can someone calculate for me how much we'd be saving when we refinance for 6%?

Could we refinance at 6% and then still take out a home equity loan for the debt? I didn't know we could deduct home equity interest... If we only plan on staying this house no more than a maximum of 5 years, should we go with one of those ARM mortgages?

 

[PowerMac4Ever]

Originally posted by: Shockwave
If you need I have a decent Excel spreadsheet financial tracker I could send you. A few others here use it as well, they seem to like it.

I wouldn't need yours because I have my own.

 

[conjur]

Originally posted by: SagaLore

Originally posted by: conjur
Can you get a home equity loan to pay off higher-interest debt and lower monthly payments plus get the tax benefit of deducting that home equity loan interest?

Can I?

Our mortgage is 57,000 at 7.25%, we're 2 years into it. Can someone calculate for me how much we'd be saving when we refinance for 6%?

Could we refinance at 6% and then still take out a home equity loan for the debt? I didn't know we could deduct home equity interest... If we only plan on staying this house no more than a maximum of 5 years, should we go with one of those ARM mortgages?

I'm no tax expert but my 2nd mortgage's interest was deductible. I had about 20% equity in my home and went and used up 80% of that to consolidate some bills a few years ago.

I used to have a nice DOS-based amortization app but I'm sure if you Google for mortgage amortization table utilities you can find one and run scenarios for each rate.

 

[Shockwave]

Can someone just host the Excel sheet for me? That would make it easier I think
Yes, I've checked my PM's too. Give me an hour or so too see if I can find a host...

 

[Shockwave]

Working on host.....

 

[Shockwave]

Found a host, minendo is the man!
Working on a REAL quick help file for it, gimme 15 to half an hour....

 

[kt]

Originally posted by: Shockwave
Found a host, minendo is the man!
Working on a REAL quick help file for it, gimme 15 to half an hour....

hurry up, man!

 

[flot]

SagaLore, no offense, but I think you and your wife need to spend some serious time learning about basic finances.

So far I've seen you propose selling your house and moving into a trailer, and now you appear to think that you can dramtically influence your finances by reducing your electric bill?

If you're really that strapped for cash, you need to make some sweeping lifestyle changes, or start earning to match your lifestyle. Not wasting money is a good thing, but sounds like you are taking it overboard in the hopes that it will somehow turn your life around.

Rather than trying so hard to trim watts off your electric bill, hell, why not just sit down and think about what odd job you could do for $35 a month instead?

 

[AgaBoogaBoo]

Get a second job or something to help pay off other loans.

 

[Shockwave]

Originally posted by: kt

Originally posted by: Shockwave
Found a host, minendo is the man!
Working on a REAL quick help file for it, gimme 15 to half an hour....

hurry up, man!

File is done, working with host...Almost there guys sit tight!

 

[minendo]

Originally posted by: Shockwave

Originally posted by: kt

Originally posted by: Shockwave
Found a host, minendo is the man!
Working on a REAL quick help file for it, gimme 15 to half an hour....

hurry up, man!

File is done, working with host...Almost there guys sit tight!

http://www.apartment808.com/hosting/Financial%20Spreadsheet.zip

 

[Shockwave]

Zip file

Its a Zip with a REAL quick Help doc and the Excel spreadsheet. The Help file is just a quick rundown since theres alot of hyper links / page links and calculations fields.

Enjoy!! Feedback would be appreciated!

 

[SagaLore]

Originally posted by: flot
SagaLore, no offense, but I think you and your wife need to spend some serious time learning about basic finances.

We understand basic finances.

So far I've seen you propose selling your house and moving into a trailer, and now you appear to think that you can dramtically influence your finances by reducing your electric bill?

If you're really that strapped for cash,

We're not though. We have about a 15% cash flow, and that's after dishing out a 10% offering to our church.

you need to make some sweeping lifestyle changes, or start earning to match your lifestyle. Not wasting money is a good thing, but sounds like you are taking it overboard in the hopes that it will somehow turn your life around.

Rather than trying so hard to trim watts off your electric bill, hell, why not just sit down and think about what odd job you could do for $35 a month instead?

Already have odd jobs. Getting commissions off online sales for a website I maintain and am doing desktop publishing for two local print shops. We just want to accelerate our debt payments.

Plus, the whole trailer thing came up only because my wife wanted to desperately move, because of our neighbors. So I entertained the thought.

 

[amdskip]

I would keep the freezer running and buy food when it is on sale. Most of the time you can save buying in bulk or even just stocking up with something is on sale at the local store.

 

[SagaLore]

Originally posted by: amdskip
I would keep the freezer running and buy food when it is on sale. Most of the time you can save buying in bulk or even just stocking up with something is on sale at the local store.

Right. vi_edit reminded me how efficient our freezer is. So I guess the point of having it is to stock up on bulk foods to reduce our overall grocery expenditures...

I wonder why our electric bill is staying so high. It's about 80 per month.