7 Things I DON'T Do To Save Money (2024)

by Diane

I’m pretty focused on being frugal and saving money wherever (and whenever) I can, then I read11 Outrageous Things People Did To Save Money and I decided I’m not THAT frugal after all!

While I can understand putting your pee on the compost (it’s high in nitrogen), and I can understand buying your meat on the hoof because it’s not only cheaper but you also know it’s provenance, I just don’t get washing and reusing paper towels or foraging in bins at the cinema so you can get free refills to save money. Seriously, if you don’t want to pay cinema prices for snacks, go to the grocery store beforehand or bring something from home.

This list of extreme ways to save money got me thinking about the things I don’tdo to save money. You can safely add basically everything that was on thatlist above. I haven’t seen the Extreme Cheapskates show but I’m guessing, you can probably add everything on the show, too.

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7 Things I don’t do to save money

Here’s my list of relatively reasonable things that Idon’t do to save money:

1. DIY Laundry Detergent – Making your own laundry detergentis possibly worth it if you have a large family and are putting a load of washing (or two) on every day. Maybe. I have made my own laundry detergentbefore and found the ingredients for making the washing powder weren’t that much cheaper (if at all) than buying my favorite laundry detergentwhen it’s on special and using a little less than is recommended so it lasts longer. My clothes are never thoroughly filthyand just need a freshen up so half the recommended scoop does the trick nicely.

2. Make My Own Tortillas – This is about valuing time more than saving money. I have made my own tortillas and they are fabulous. I love using them to dip into hummus but… they are time consuming to roll and fry. Given that fajitas and baked burritos are favorites in my house, if I made the tortillas from scratch every time we ate them, that’s all I’d be doing. Instead, I buy them from Aldi for $1.99 for a pack of 8. And, reserve cooking them from scratch for special occasions.

3. Wash Out and Reuse Ziploc Bags – I’m not sure too much needs to be said about this. If you’ve had wet food in the bag you can never guarantee that you’ve washed it all out successfully and returned the bagto pristine condition. Additionally, how do you make sure they are completely dry? Bacteria doesn’t walk, it swims… Damp plastic bags are a recipe for disaster.

Related Post: How to Slash Your Grocery Bill by 50%

4. Not Using Shampoo (No Poo Method) – I get the theory behind it and it’s definitely a good thing staying away from all the nasty chemicals in commercial shampoo not to mention the tonnes of packaging that wont end up in landfill but, I don’t think I could get through the adjustment period without going nuts. I have long, thick, curly hair… I’m guessing the adjustment phase would be long and arduous.

5. Reusable Toilet Wipes– Apart from this one being decidedly on the gross side, I’m not sure where the real benefit is. Any advantage to the budget and environment in not buying toilet paper (after the initial investment in suitable material for the ‘reusable toilet wipes’) would surely be negated bythe additional costs of washing and sanitising these cloths, wouldn’t it?

6. Save Onion and Orange Bags to Use as Pot Scourers – I read this one in The Complete Tightwad Gazette7 Things I DON'T Do To Save Money (2) and figured the person who sent in that suggestion must eat a LOT of onions…

7. Cut Coupons – This one is dead easy. We don’t have access to coupons as such and those that do exist, I’d never buy the product in the first place. So, there’s no chance of me ever having 1000 bottles of free mouth wash cluttering up my garage.

Related Post: The Secret to Paying Off Debt

There are people who regularly do all these things to save money. Yes, that includes the reusable toilet wipes. They just don’t add up for me. I think there lots of shades of grey when it comes to what is really a money saving idea as well as what it means to be frugal. I don’t think I’ll be too disappointed that Extreme Cheapskates wont be knocking on my door anytime soon.

How about you? Where do you draw the line when it comes to saving money?

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7 Things I DON'T Do To Save Money (2024)

FAQs

What should you not do to save money? ›

10 Things You Shouldn't Do When Trying To Save Money
  • Go on a Pricey Vacation. ...
  • Pay For Entertainment. ...
  • Ignore your Bills. ...
  • Pay Unnecessary Bills. ...
  • Buy Expensive Gifts & Clothes. ...
  • Continue Bad Habits. ...
  • Buy New Books. ...
  • Pay Others to do What you Can Do Yourself.
Feb 9, 2024

What is the 50 30 20 rule? ›

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings.

How to save $10,000 easily? ›

6 steps to save $10,000 in a year
  1. Evaluate income and expenses. To make room for saving, you'll need a meticulous budget that outlines all your sources of income and all your expenditures. ...
  2. Make an actionable savings plan. ...
  3. Cut unnecessary expenses. ...
  4. Increase your income. ...
  5. Avoid new debt. ...
  6. Invest wisely.
Apr 2, 2024

How to stop spending money for 30 days? ›

During the 30 days, you can think about whether you really need the item or, if it's a “want” rather than a “need,” whether you want to spend discretionary funds on it. After 30 days have passed, if you still wish to purchase the item, then you can potentially do so, knowing that it's no longer an impulse buy.

What is the 30 day rule? ›

The premise of the 30-day savings rule is straightforward: When faced with the temptation of an impulse purchase, wait 30 days before committing to the buy. During this time, take the opportunity to evaluate the necessity and impact of the purchase on your overall financial goals.

What is the 10 rule for saving money? ›

Key Takeaways:

The 60/30/10 budgeting method says you should put 60% of your monthly income toward your needs, 30% towards your wants and 10% towards your savings. It's trending as an alternative to the longer-standing 50/30/20 method. Experts warn that putting just 10% of your income into savings may not be enough.

How to budget $4000 a month? ›

How To Budget Using the 50/30/20 Rule
  1. 50% for mandatory expenses = $2,000 (0.50 X 4,000 = $2,000)
  2. 30% for wants and discretionary spending = $1,200 (0.30 X 4,000 = $1,200)
  3. 20% for savings and debt repayment = $800 (0.20 X 4,000 = $800)
Oct 26, 2023

How much savings should I have at 50? ›

By age 35, aim to save one to one-and-a-half times your current salary for retirement. By age 50, that goal is three-and-a-half to six times your salary. By age 60, your retirement savings goal may be six to 11-times your salary. Ranges increase with age to account for a wide variety of incomes and situations.

How much should I save each month? ›

This popular rule of thumb suggests you spend 50% of your after-tax income on needs (such as housing and utilities), 30% on wants and 20% on savings and debt repayment.

How to save 100k in 3 years? ›

Five tips to help you save $100,000 faster
  1. Live below your means and cut frivolous spending. ...
  2. Be hyper-aware of every monthly expense and ruthlessly cut back to save faster. ...
  3. Pay down high-interest debts like credit cards first. ...
  4. Find the financial institution that will get you the highest interest rate.
Mar 27, 2024

How to save $1,000 ASAP? ›

Financial expert Dave Ramsey has a lot of ideas on the subject, and here are some of the most practical ways to save your first $1,000 quickly.
  1. Cancel Subscriptions. ...
  2. Bring Your Own Lunch. ...
  3. Avoid Coffee Out. ...
  4. Re-Sell Old Items. ...
  5. Shop at Cheaper Grocery Stores With Rewards Programs. ...
  6. Buy Generic. ...
  7. Join a Carpool.
Dec 28, 2023

How to save $5000 in 3 months? ›

If you are looking to save $5,000 in just 3 months, here are some tips to help you achieve your goal.
  1. Track Your Expenses. The first step to saving money is understanding where your money is going. ...
  2. Create a Budget. ...
  3. Reduce Unnecessary Spending. ...
  4. Increase Your Income. ...
  5. Automate Your Savings. ...
  6. Save on Utilities and Subscriptions.
Jan 22, 2024

What is a no buy month? ›

For the no-spend challenge, you pay for essentials only for a set period of time. Thirty days is pretty common, so you might hear it called a no-spend month too. Basically you're covering your Four Walls (food, utilities, shelter and transportation) and other necessities, but you're saying no to all the extras.

What is unnecessary spending called? ›

A discretionary expense is a non-essential expense. Discretionary expenses are costs without which businesses or households can survive. As such, they are defined as being wants rather than expenses that are needed.

What is considered a no-spend day? ›

What is the no-spend challenge? This viral trend involves going as long as possible without spending money on non-essential. (Rent, groceries and other necessities are okay.) Participants track their progress on a calendar, trying to rack up as many consecutive no-spend days as possible.

How not to use your savings? ›

Here are some ideas to help you stop spending money and build healthier financial habits:
  1. Create a Budget. ...
  2. Visualize What You're Saving For.
  3. Always Shop with a List. ...
  4. Nix the Brand Names. ...
  5. Master Meal Prep.
  6. Consider Cash for In-store Shopping. ...
  7. Remove Temptation.
  8. Hit “Pause"
Jul 10, 2024

What is the least risky way to save money? ›

The 10 smartest place to keep your money are:
  • High-yield savings accounts.
  • Certificates of deposit (CDs)
  • High-yield checking accounts.
  • Money market accounts.
  • Treasury bills.
  • Treasury notes.
  • Treasury bonds.
  • Municipal bonds.

What is the 3 saving rule? ›

The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings. Learn more about the 50/30/20 budget rule and if it's right for you.

What prevents you from saving money? ›

Failing to Set Goals

Having a specific goal or target you're trying to reach helps you to stay focused on what it is you're trying to achieve. If you don't have a goal in mind of how much you want to save or what you want to use the money for it's easy to let other things take priority.

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