Work hours got cut - saving money tips.

[Bobyn]

So due the company I work at slowing down, my work week (Along with entire company) has been cut back from 40 to 32 hours.

Not the end of the world, but rather annoying none the less. In the end this means my hobby budget has been cut.

My question for everyone here is: Does anyone have tips to save monies?

Background: I own my car and my motorcycle outright, have very little CC debt, don't drink alot (Mostly play DD, I find that more fun usually). The catch is that by the time I was 19 I had two fairly major hip surgeries - I can't jog, run or do any competitive sports. I can weight lift, but that only takes so much time.

To fill my time (Well, what little time I have left after work, girlfriend, etc) I play with little projects - Flashlights, vehicle mechanics etc.

I hate sitting in front of the television, but it seems now that might be the most cost effective option.

Insight is much appreciated! lovecpf

-B

 

[UberLumens]

To fill the time:
-If you like reading, you can review books (and make a little bonus $)

-Art work(drawing, wood carving, macaroni pictures ...anything)

-Manual dexterity stuff(card tricks, coin stuff, knot tying)

-Even with hip trouble some tai chi or low stress exercise could work

-Volunteer some where (fire co, pet shelter answer phone or paper work)

-brew some beer or wine

or even fix stuff around the house....

save $ section will add later

 

[derangboy]

Become a Vegitarian- Every now and then I find myself out of work and I suddenly panic over my grocery bill. One of my biggest costs is meat. I like steak, roast, bacon etc. but when money is tight, I can pretty much elimate that. Same goes for any kind of prepared or convenience food.

Kill Your Television- We had satellite TV for a bit but winter really squeezes my budget. TV went with caller ID and high speed internet.

Review Insurance and Bank Costs- We do a lot of bank transactions and picking the right plan helped us save about $80 a month. Home and auto insurance also have many places to reduce your rate if you are willing to ask a lot of questions.

Get a Part Time Job- One winter I picked up a paper route to cover the astronomical gas and power bills we had due to the cold weather. There's nothing quite like going for a walk at four in the morning making money (and using your flashlights!). I'm also a decent photographer so I will do the occasional wedding or horse show.

 

[skyfire]

To fill the time:
-If you like reading, you can review books (and make a little bonus $)

-Art work(drawing, wood carving, macaroni pictures ...anything)

-Manual dexterity stuff(card tricks, coin stuff, knot tying)

-Even with hip trouble some tai chi or low stress exercise could work

-Volunteer some where (fire co, pet shelter answer phone or paper work)

-brew some beer or wine

or even fix stuff around the house....

save $ section will add later

if i had more time the top 2 recommendations i would do alot more of.

mostly painting, and reading. (books are FREE at the libraries)

you can also invest your time in learning about different careers, or making some extra change on the side.

 

[jtr1962]

I hope they cut your work week by requiring you to come in one less day, rather than just dropping your daily hours. At least if you're working one day less, you're paying less to commute. Anyway, some suggestions:

1) If you're still coming in five days, see if your company will let you do 4 8-hour days instead of 5 days adding up to 32 hours. Better yet, see if they'll let you work 3 days to get your 32 hours in. The fewer days you need to come in, the more you save on commuting. Unless of course, it's a very short commute. Still, from a personal perspective, when I had to work 40 hours a week, I would much rather have done it in 3 longer days than 5 normal ones. It's nice having those extra days off. Unfortunately, my company was close-minded as far as having a different schedule ( they were unwilling even to alter the hours I worked my 8-hour shift, despite the fact that I really had no interaction with customers, and could have done my job working any hours ).

2) You said you have a car and motorcycle. You obviously can only use one at a time, so get rid of one of them ( the car might be better to get rid of unless you need it to carry heavy loads ). Even though both are paid for, they are still costing you with insurance/registration/inspection.

3) See what you can do at the grocery store. As someone already said, cutting out meat as much as possible saves lots of money. In college and while working I ate Ramen soup a lot. At work I either bagged my lunch, or in many cases skipped eating lunch entirely. In fact, in general avoid eating out as it's much more expensive. In my case it wasn't because I had a lot of expenses ( I was living with my parents ). Rather, I was interested in banking as much of my salary as possible. I hated the job, but needed the money. By banking most of my salary, I wanted to make sure I was never, ever forced to work a job I hate just because I needed the money.

4) Look at your clothing purchases. Unless it's worn to the point where it can't be patched, don't buy new. Same with footware. I generally don't buy new footware until the sole wears through. I'll patch small holes in my pants ( from the inside so it doesn't show ). I estimate I can get twice the use out of clothing and footware this way.

5) Look for recurring monthly bills on things you maybe could do without. Recurring bills are one area where people often underestimate the financial impact. You'll hear things like it's only $5 a week, or $2 a day. Add these up over a year, and they are a big drain. Do you have a cell phone, for example? How much is it costing you, and more importantly do you really need it? I mean really need it for business or work. If not, get rid of it. Most cell phone conversations I hear might be nice to the person involved, but asking what to buy at the store hardly qualifies as essential. Do this with all your monthly expenses. If it qualifies as a convenience more than a necessity, get rid of it.

Finally, it was mentioned you can look for part time work. Bad idea in my opinion. First off, any extra hours you work ( at least until you hit 40 hours ) would be at straight time on the second job, not overtime. Second, all the money will be taxed at your marginal rate. Third, you'll likely need to spend extra money ( and unpaid time) commuting. I've analyzed second job situations for a few people considering them. In most cases, it turned out the net amount they would have been cleared after everything was considered was well under minimum wage. In one case, with the extra costs and taxes, the person would actually have lost money. From a lifestyle perspective, I'd rather have more free time than worry about working extra to pay for things I don't really need. Of course, if a second job pays very well, and/or your expenses are already cut to the bone, then it may make sense.

Good luck!

 

[PharmerMike]

Bobyn,

The first suggestion that I would have would be to spend one month tracking every dollar that goes in and out of your house. This means getting a receipt for everything, and making your own "receipt" for situations that don't produce one (e.g. putting money in a vending machine). When I did this, I was AMAZED at how much money I was wasting.

I am convinced that if you do this faithfully, it will be obvious where you can cut and save money. Based on how you described yourself, it sounds like you have been careful to avoid debt, but you may still find areas that you can make some cuts.

I'm hoping that the cut in hours is very temporary for you.

 

[gcbryan]

You don't say where you live but I would agree with get rid of cable TV. Here in the US, free TV got a little better when it went digital as every station now carries 2 channels and twice as much programming.

The second channel carries movies, sports, and older shows that you might currently be watching on cable anyway.

Spend more time in forums like this or reading up online on subjects that you are interested in and you'll find you hardly ever watch TV anymore as this is more interactive.

Simplify your diet and eat better (if you're not doing this now). The packaged or already prepared items cost more. Do what exercise you can do that you enjoy...get outside and walk/hike.

If interested, learn to draw, paint (watercolors are quick and easy).

Don't drive anymore than you need to. Walk to the grocery store if possible and just drive when you need heavy things.

You don't need soft drinks anyway but if you buy it don't buy it in restaurants or in the cold section of the grocery store. You can get 2 liter bottle in the "warm" section that are much cheaper than 1 liter bottles that are cold in the same grocery store.

Try going to Subway Sandwiches sometime and getting a sandwich without a soft drink and you'll see the drink can be 30% of the total price.

Most of these things are good for you and you'll probably continue after work picks up and you no longer have to.

 

[StarHalo]

+1 for killing the TV, find the cheapest internet provider in your area to get online (you didn't mention where you're from, but here in Cali, DSLExtreme is $15/mo.) Get a decent radio and listen to what's in your area on the AM band - at night you will be able to hear several hundred miles, you'd be amazed how much variety there is. Don't forget your local library's selection of books.

 

[Bobyn]

Thanks to all for the responses!

(I hope I don't sound defensive below, that isn't my intention)

Uberlumens:
I'm not exactly artistically inclined. But you did remind me of the stack of books I've been meaning to read. Brewing beer would be fun too - but space is lacking. I've been looking at grabbing a bunch of 550 paracord to have fun with, maybe now is the time.

A buddy and I also made a squat/multipurpose rack. He stole..er..borrowed a bar from his father and we sucked up the price for plates, but all in all it was much cheaper then buying. Keep me in shape too!

derangboy:
To be honest I have never once thought about being a vegetarian. Hehe. My girlfriend says I am going to die of what I eat, mostly a rotation of frozen chicken, soup, kraft dinner and instant noodles. :laughing: As for insurance, I've done what I can, I think, but its hard being a male in his twenties. That obviously means I'm going to speed and crash.

As for a P/T job - due to high school being out for the summer the market is almost nothing. Haven't yet decided if I want to get another job yet...

skyfire: The last time I had a library card was probably ten years ago. :laughing:Maybe its time to renew.

jtr1962:
Thanks for the huge response!

1) Fortunately I now have Fridays off. I doubt a 3 day week would fly, but I can dream.

2) Selling the bike would be a last ditch. I love the thing, and I can justify it by the 50Mpg I get...It works in my mind. For now I can afford it, but if the time comes...

3) My metabolism is too high for me to skip lunch - but I'll have to watch the meat and fruit. Time to go to Costco!

4) I just did my once a year shoe purchase, and I've worn the same three pairs of jeans for almost 4 years now. :laughing: I also mostly wear white shirts cause they come in bulk packs. People at work think I don't change clothes sometimes!

5) I think is where I need to work the most - lots of little projects mean lots of little purchase that add up. That stuff always bites me in the butt.

Your take on a P/T job is interesting - I'll have to look into that more.

Again, thanks to all! My mind is now twirling with all the things I'll get to do on Fridays now.

 

[Bobyn]

Wow! I take too long to reply!

Thanks for the receipt idea! Never thought of that, its great!

Again, thanks to everyone!

 

[bullfrog]

I have been in a similar position at one point in my life and can tell you that it will give you a great chance to appreciate the little things and will even build some character...

1. Like the others mentioned, cut the cable. The internet has enough TV shows to keep you busy and if you really want to, get the netflix base plan so you can get your movie fix on the cheap.

2. Get a library card. Free books, magazines, newspapers, and DVDs.

3. Don't eat out and learn to cook on the cheap: rice and beans + veggies is a well balanced diet and VERY cheap. Plus, cooking can be VERY relaxing and is a good outlet to lose yourself and chill.

4. Take advantage of your areas parks, museums and cultural exhibits - a lot of the time its all free and its a great way to spend extra time while enriching yourself.

Good luck and best wishes!

 

[DM51]

Sorry to hear of your situation, but you are taking a positive attitude, which is good.

You say you have "very little CC debt". The #1 thing you should aim to do is eliminate it altogether - pay it off somehow, and then keep it at zero. It may be hard to do on a reduced income, but others above have suggested good ways for you to save $$.

CC interest rates (APR) are crippling, and you should always aim to pay off the entire monthly balance due before you get hit with interest.

 

[Tuikku]

I found out last summer, that frisbeegolf is very cheap and entertaining hobby.

Starting level is very low, no need for good physical condition, discs are cheap, ranges are usually open free-of-charge.

...and it seems to take plenty of time too :thumbsup:

 

[Kestrel]

Do what exercise you can do that you enjoy...get outside and walk/hike. [...] Walk to the grocery store if possible and just drive when you need heavy things.

A HUGE +1 on walking. A great way to spend extra time - 1 obnoxious driving hour doing errands around town becomes 2 hrs of enjoyable walking - no rush, just a great way to spend some relaxing time outdoors. I used to run errands on a bicycle, but after many years transitioned to walking, it was more relaxing than being on the roads & competing with the automobiles.


Take a good backpack for library books or trips to the grocery store, 1-pint nalgene bottle of water & a few granola bars (the old-style 'Nature Valley' bars are wholesome, filling, and inexpensive - ~$0.35 for a two-bar pack when the six-pack boxes are on sale) to save on vittles while out on the town.

• great low-impact exercise - particularly for the lower back
• a relaxing way to take care of errands
• a great way to spend part of a day
• a very very inexpensive activity - I wear high quality leather boots & get them resoled every 2-3 years for ~$80. Much better than wearing out a pair of inexpensive 'hiking' shoes every year. :ironic:

I've been doing virtually all my grocery shopping on foot for the past ~8 years, and it's a great way to spend time & get some good exercise at the same time.

 

[jtr1962]

Agreed on everything Kestral said regarding walking. I cycle for exercise but generally run all of my errands walking. Generally, that means even on days I don't cycle, I'll still get a few miles of walking in. Besides, the walking is a great warmup in preparation for a ride!

 

[JohnR66]

A healthy life is a happy and inexpensive life. I cut out the pop and cut back on red meat from my diet. Exercise is a must. I treat myself to a pizza or a steak dinner once in awhile. After all, I don't want to shrivel up and blow away.

Being self employed, I have to pay for my own health insurance. Choosing to have the risk with higher deductables (and having the cash saved to cover that if needed) is a much less costly way to go if you are not a high risk. The cost of my health care, home owner's and auto insurance is only $1,700 per year.

Sounds like you're young and may not understand this, but material possessions don't excite me anymore. I don't run out and buy the latest gadgets. I don't need the latest i-whatever. My computer is 6 years old, truck is 5, TV is 20... I still treat myself to a new toy now and then when I can afford it (the toy is usually cheap anyway).

 

[Flashlight Aficionado]

2) Selling the bike would be a last ditch. I love the thing, and I can justify it by the 50Mpg I get...It works in my mind. For now I can afford it, but if the time comes...

What is the weather like and/or can you completely avoid riding the bike? I ask because you can just drop the insurance until finances become better. You just won't be able to ride it when you are not on your property.

 

[jfrist1]

I have a second bank account and have an automatic payment towards it every time I get a paycheck. Often times I forget about it, so when I go to check how much I have available, I'll see 20% less than what I really have. This helps me manage my money and makes it far more of a hassle to spend more.

I've also made shopping around for the best price a hobby. I very rarely pay within 20% of the average retail price of an item, but I'll spend most of my free time looking for that price. This, in turn, prevents me from spending money to kill free time since I'm keeping myself busy (instead of spending 2 hours at a movie, I'm saving myself $20 a week on food, for example, by shopping around online).

If you're looking for a cheap hobby, try cooking. It can be time consuming, fun, and cheap. I can spend an hour or two making the spiciest concoction I can imagine and in return I get a $2 meal that sometimes leaves enough left overs for tomorrow's lunch.

I'd also get rid of TV - you have the internet. It's like having On Demand at your fingertips without the additional charge.

 

[LED_Thrift]

I get many of my "new" things from Craigslist now. It's a searchable garage sale on-line. Most times I can get something for one-third the price or less. Yeah, it's been used a bit, but still has plenty of life left. Gas mower, weed wacker, North Face winter jacket, snowshoes and tires are things I've got in the last year.

 

[ElectronGuru]

Put all your expenses into categories and examine them one at a time, starting with the big ones. Could you lower rent by changing neighborhoods or getting a place with a roomate? Can you drive less? Combining cooking with costco, make larger meals, then enjoy the rest for lunches.

Most people have to much stuff. Go through yours, pick out things of value you're no longer using and put it up for sale.

Also go through your employment setup. Withhold less for taxes if you normally get a refund, reduce your healthcare savings amount, reduce your 401k withdrawl.

Just don't go cold turkey on eveything, you don't want to feel deprived. Hold something back every month to treat yourself.