What purchase saved you the most money?

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
MnD
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Re: What purchase saved you the most money?

Post by MnD »

1 spouse,1 house and 1 truck (every 15 years for the last item).
And attic insulation - amazing if what you have is inadequate!
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AlphaLess
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Re: What purchase saved you the most money?

Post by AlphaLess »

David1986 wrote: Thu Oct 04, 2018 4:00 pm I usually focus on not spending money to grow my net worth but there are some purchases that save you more than their cost.
My friend and I purchased hair clippers at Costco for $40 2 years ago and have buzzed each other's hair since.
My cost: $20. Has saved me $240 in haircuts so far.
What purchase(s) have you made that saved you the most money?
Most money would probably come down to larger purchases.
For us, that probably goes to the house. We think we got a house for $25-50K cheaper due to various issues:
- seasonal effects (about a month before Christmas),
- well-qualified buyers (could have purchased in cash),
- owners liked us.

Where do I take the number? Well, there was another bid that was higher than ours by AT LEAST $25K. Sellers mentioned to our realtor that they did not like the party at all - for very specific reasons (not emotional). Unfortunately, would rather not mention the facts here.

Another purchase that we did well: got a new car (1-model year old) that had over $1K miles on: new as per title, but due to condition, warranty clock had about 3 months on it. $8K discount. Perhaps another car in exact circumstances would have been the same price, and even if we purchased the new model year with 10 miles on it, perhaps there would have been a $4K discount. But still, I feel like we saved a lot.

Always buy clothes at a discount, from higher end stores. Hit 'red tag' events. Keep track of prices, and if there is further reduction in a reasonable period of time, ask for further discounts after purchase.

Stuff like that.

P.S. I re-read the thread, and another thing came to mind.

I got a full-ride scholarship to a top 20 US school. And then I went to grad school (top 3 in my field), without paying a penny.

So, essentially I got around 10 years of schooling, and not only did I not pay for it, but got a fantastic career at the end.

At the end of the day, when it is time to say good bye to this world, probably most of our money will go to schools.
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ClaycordJCA
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Re: What purchase saved you the most money?

Post by ClaycordJCA »

Sandtrap wrote: Thu Oct 04, 2018 11:00 pm 'The Little Book on Common Sense Investing" by J. Bogle.
Worth every penny.
Bought for $15
Saved me at least 10 million percent of that.
+1, but I don’t know about the 10 million percent number. In addition, A Random Walk Down Wall Street by Burton G. Malkiel.
Momus
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Re: What purchase saved you the most money?

Post by Momus »

TheOscarGuy wrote: Fri Oct 05, 2018 8:18 am
David1986 wrote: Thu Oct 04, 2018 4:00 pm I usually focus on not spending money to grow my net worth but there are some purchases that save you more than their cost.
My friend and I purchased hair clippers at Costco for $40 2 years ago and have buzzed each other's hair since.
My cost: $20. Has saved me $240 in haircuts so far.
What purchase(s) have you made that saved you the most money?
Its funny how many posts mention wife when the title is "purchases saved you the most money" :D
I thought woman is $$$; how can I save money with one :D
https://www.youtube.com/watch?v=fiuqIluTXxY&t=312s
Last edited by Momus on Sat Oct 06, 2018 1:07 am, edited 1 time in total.
grtwallchina75
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Re: What purchase saved you the most money?

Post by grtwallchina75 »

+1
$7 Apothic Red
UpperNwGuy wrote: Fri Oct 05, 2018 11:55 am Cheap wine.
CarpeDiem22
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Re: What purchase saved you the most money?

Post by CarpeDiem22 »

Kindle. Bought it for around $80 in 2014. Has saved me thousands in hard copy book costs and invaluable amount in knowledge and resulting savings.
michaeljc70
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Re: What purchase saved you the most money?

Post by michaeljc70 »

-Index funds
-Practical cars and keeping them a long time
-Tools that allowed me to do most of the remodeling of my home and keep me from not having to call in people for everything that goes wrong
-Homes. I bought my last 3 homes in "up and coming" neighborhoods and that paid off
02nz
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Re: What purchase saved you the most money?

Post by 02nz »

Replaced an Audi Q3 with a Chevy Volt (EV with 50+ miles of range, plus a gasoline range extender). Went from spending about $2000/yr for gasoline (12K miles) to about $500 for cost of charging at home (actually less because I get free charging at school and at some public chargers). Also reduced insurance and maintenance - e.g., EV uses regenerative braking so the friction brakes get used much less; I use the gas engine very little so I won't need to change the oil more than once about every two years. Got a decent deal on a one-pay lease - because of inflated residual values, leasing is a fantastic deal. And here in CA you still get all state and utility incentives.
tommy85
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Re: What purchase saved you the most money?

Post by tommy85 »

Buying late model used car saved me about 40k together on 2 cars.
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Dakotah
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Re: What purchase saved you the most money?

Post by Dakotah »

Back in 2011, I bought an Obihai VOIP adapter for $40...allowing me to ditch my $50/mo home phone service and use Google Voice. Additionally, I used Google Voice to ring both the Obihai and our cellphones simultaneously...so we pick up the home phone when we're at home, and only use the cellphones when we're away. This allowed us to save additional costs on our usage-tier mobile phone bill (Ting Mobile). That purchase has saved me several thousand dollars.
blueman457
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Re: What purchase saved you the most money?

Post by blueman457 »

wabbajack wrote: Fri Oct 05, 2018 12:43 pm I'm going to be contrarian here.

Things that saved you money but cost your labor seem to come up a lot - i.e. washing your own car, mowing your own lawn, etc. Why do people tend not to value their labor?
Things that saved you money but aren't really comparable - i.e. buying a Honda over a BMW. People who shop for one tend not to shop for the other. Buying a Honda gets you reliability. Buying a BMW gets you thrills. Thrills are much more subjective in value.
Things that saved you money but you haven't considered opportunity cost - i.e. buying a house vs renting. This has been debated many times and I don't want to derail the main topic. Suffice to say that you should be benchmarking your money vs house price inflation to get at an accurate savings number.

Finally, survivorship bias. All of the listed examples are successful examples of an action that resulted in people saving money. What is the success rate of any one particular action? We don't (and likely can't) know because imperfect data.

Things I consider true savings of money? Buying an OTA antenna and Netflix to replace cable. Something like this seems more like a perfect substitute and has zero compromises. Unless you want live sports.

Not meant to attack anyone, just wanted to offer a different look.
+1

Time + experiences have value. How much you value them is personal.
wander
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Re: What purchase saved you the most money?

Post by wander »

I bought a cable modem so I didn't have to pay monthly rental. Its cost $60 but was paid off in one year and so far has saved $300. I also bought an OTA HDTV antenna and save $50 a month on cable, it has saved about $600 a year.
michaeljc70
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Re: What purchase saved you the most money?

Post by michaeljc70 »

blueman457 wrote: Sat Oct 06, 2018 10:12 am
wabbajack wrote: Fri Oct 05, 2018 12:43 pm I'm going to be contrarian here.

Things that saved you money but cost your labor seem to come up a lot - i.e. washing your own car, mowing your own lawn, etc. Why do people tend not to value their labor?
Things that saved you money but aren't really comparable - i.e. buying a Honda over a BMW. People who shop for one tend not to shop for the other. Buying a Honda gets you reliability. Buying a BMW gets you thrills. Thrills are much more subjective in value.
Things that saved you money but you haven't considered opportunity cost - i.e. buying a house vs renting. This has been debated many times and I don't want to derail the main topic. Suffice to say that you should be benchmarking your money vs house price inflation to get at an accurate savings number.

Finally, survivorship bias. All of the listed examples are successful examples of an action that resulted in people saving money. What is the success rate of any one particular action? We don't (and likely can't) know because imperfect data.

Things I consider true savings of money? Buying an OTA antenna and Netflix to replace cable. Something like this seems more like a perfect substitute and has zero compromises. Unless you want live sports.

Not meant to attack anyone, just wanted to offer a different look.
+1

Time + experiences have value. How much you value them is personal.
The thread title says "saved you the most money". It isn't about value or time. I can't retire on my prior saved labor. I can using $$$ I saved doing things myself even if I sacrificed time.
ImUrHuckleberry
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Re: What purchase saved you the most money?

Post by ImUrHuckleberry »

David1986 wrote: Thu Oct 04, 2018 4:00 pm I usually focus on not spending money to grow my net worth but there are some purchases that save you more than their cost.
My friend and I purchased hair clippers at Costco for $40 2 years ago and have buzzed each other's hair since.
My cost: $20. Has saved me $240 in haircuts so far.
What purchase(s) have you made that saved you the most money?
Funny, I was going to say the same. I did this 5 years ago and spent the same $40. My wife buzzes my head 1/month rather than paying $25 like I used to.

5x12x$25-$40 = $1460 so far, and absolutely no difference in quality since my preferred buzz cut is so simple.
ImUrHuckleberry
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Re: What purchase saved you the most money?

Post by ImUrHuckleberry »

sergio wrote: Thu Oct 04, 2018 4:17 pm Buying a modem the day I signed up for comcast (vs leasing one) probably has saved me $1000+ over the years...
Here is one I wish I had done, and still haven't. Mostly due to laziness about doing the research and uncertainty about what other options for high speed internet may become available in my town. (So far Comcast is the only real option...)
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Blueskies123
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Re: What purchase saved you the most money?

Post by Blueskies123 »

I see a number of people have said their house saved them money. I guess that means they think owning a home is a huge saving over renting. I keep good records for the house I bought 25 years ago. I took the time to add up all the improvements, painting, repairs, taxes and insurance. I realized that if I look at what my house is worth after 25 years I have made 1% annualized on my money.
Setting aside the satisfaction of owning my own house, I probably would have been better off renting and investing in the stock market but I am not going to put my family in a rental community for 25 years. Your house is not a good investment unless you hit the lottery and bought in Silicon Valley.
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unclescrooge
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Re: What purchase saved you the most money?

Post by unclescrooge »

$100 Weed whacker for brush on the side of the hill. Saved me $600+ a season.

Netflix and Amazon prime instead of cable.
iskey
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Re: What purchase saved you the most money?

Post by iskey »

I'm shocked that so many Bogleheads have purchased their spouses. I can't see spending all that money when many, if not most are available for free.
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BogleFanGal
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Re: What purchase saved you the most money?

Post by BogleFanGal »

Fallible wrote: Fri Oct 05, 2018 12:38 pm Book buys and magazine and newspaper subscriptions that taught me how to invest and manage money, starting in the '80s. The authors I credit most include Jack Bogle, Jane Bryant Quinn, and Jonathan Clements.
+1 For me, it was the very modest investment in a local print newspaper subscription: there is where I discovered a columnist that influenced me so much - Humberto Cruz "The Savings Game". While I've made my share of mistakes, I am in a much better place overall thanks to his weekly column which I never missed. Also learned about Jonathan Clements later on - another important influence.
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BogleFanGal
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Re: What purchase saved you the most money?

Post by BogleFanGal »

confusedinvestor wrote: Sat Oct 06, 2018 1:07 am +1 $7 Apothic Red
haha...my husband LOVES that wine - pretty much the only wine he drinks at home. 7.98 at Sam's :D
jks1985
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Re: What purchase saved you the most money?

Post by jks1985 »

1) Rented a 1BR apartment for the past ten years instead of buying a house right out of college, which my mom almost pressured me into doing.
2) After driving flashy, gas guzzling cars throughout my 20s (BMW X5, Escalade), I decided to buy a two year old Toyota Camry for 15k for my most recent vehicle. 4 years in and still runs like new. Have yet to have any repairs or maintenance (other than oil changes).
3) I travel a lot, but I've always bought plane tickets 3-4 months in advance, and used places like skyscanner to find the cheapest tickets.
Nicolas
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Re: What purchase saved you the most money?

Post by Nicolas »

Parts to build a cheap home coffee-roaster and green coffee beans from a local co-op. I've saved $10 a week for the 15 1/2 years (so far) that I've been roasting, or $8000 after subtracting the roaster parts, plus I always drink great coffee!

Cutting the cord in May 2010 and substituting a Tivo w/lifetime subscription, OTA antenna, + Netflix (wife insisted). Savings so far about $5500 after subtracting the stuff mentioned.

Note: I had to replace a case fan on the Tivo a couple of years ago for a total cost of $5, I did the work myself of course.

Switched from landline to VOIP six years ago for $2400 savings. Would've switched sooner but felt I needed the reliability of a landline for work.

Buying used cars with cash and running them into the ground. Savings: unknown but likely considerable.
Last edited by Nicolas on Sat Oct 06, 2018 2:01 pm, edited 2 times in total.
spectec
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Re: What purchase saved you the most money?

Post by spectec »

Long term. Buying good used cars, taking good care of them mechanically, and driving them for many years & miles. We are both in our 70's and I think we have each owned about 5 or 6 cars over the past 48 years of marriage.

Recently, a $50 Costco membership. It enabled me to buy a set of top-quality hearing aids for $1,600+ which have many more features than a pair that set me back $6,000+ about 7 years ago.
Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it. - Will Rogers
malabargold
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Re: What purchase saved you the most money?

Post by malabargold »

Buying up stocks like crazy in 2008-10
Buying up houses in 20011-12
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Ged
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Re: What purchase saved you the most money?

Post by Ged »

Tools for car maintenance.

While I don't do that much of it any more, they still provide a big payback because I am an educated consumer when dealing with auto maintenance.
sport
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Re: What purchase saved you the most money?

Post by sport »

Costco membership.
obgraham
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Re: What purchase saved you the most money?

Post by obgraham »

Without a doubt: New England Journal of Medicine Lifetime Subscription.

When I was in training NEJM was very cheap (somewhere around $20 yearly). Then, sometime about 1976 they offered a "lifetime subscription" for a one time charge of $300. I thought it rather pricey at the time, and the offer was only there a short time.

Now, 40+ years later the annual rate is $189. I'd say that was a pretty good deal! They keep writing me to see if I'm still alive!
KJVanguard
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Re: What purchase saved you the most money?

Post by KJVanguard »

I am a bit surprised by those who said their home. I became a homeowner in 2016 and I find that homes are always needing something, which always costs money. That reminds me that another property tax bill is just 2 months away.

I will report back (with great shock) if my home ever starts saving me money.

I see one person said "cheap wine." As a consumer of Chardonnay in a box, it saves money, but not drinking would save even more. Water is free, though not as fun.
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wabbajack
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Re: What purchase saved you the most money?

Post by wabbajack »

KJVanguard wrote: Sat Oct 06, 2018 5:18 pm I am a bit surprised by those who said their home. I became a homeowner in 2016 and I find that homes are always needing something, which always costs money.
(...)
Water is free, though not as fun.
I bought my house this year. My spreadsheets say I will not break even until year 7. I even tried to account for stuff that's harder to value like garage space, yard, etc.

I quoted the point about water because it relates to all the posts about cars and haircuts.
If you were someone who went from driving BMWs to now Toyotas, I'd argue you didn't save money so much as accepted a lower standard of car. There's nothing wrong with that, but I feel like there's not enough acknowledgement that doing this is conscious downsizing.
triceratop wrote: Fri Oct 05, 2018 5:10 pm I am proud too of how much my clippers have saved me in haircut expenses, but the resulting haircuts have probably saved me from date expenses too. Double financial benefit!
See above about haircuts.
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aspirit
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Re: What purchase saved you the most money?

Post by aspirit »

obgraham wrote: Sat Oct 06, 2018 3:11 pm Without a doubt: New England Journal of Medicine Lifetime Subscription.

When I was in training NEJM was very cheap (somewhere around $20 yearly). Then, sometime about 1976 they offered a "lifetime subscription" for a one time charge of $300. I thought it rather pricey at the time, and the offer was only there a short time.

Now, 40+ years later the annual rate is $189. I'd say that was a pretty good deal! They keep writing me to see if I'm still alive!
I know a current MGH neuroscientist whom will read no other publication, "everything else is agenderized nonsense" she says. Harvard people. :oops:

Back OT, I'd suspect R.E's has made many people incomparable profits done correctly.
To make money.
Done correctly means purchased today at X to rehab/sell for XXX after tax recorded owner occupancy of 2yrs.

Good luck!
Last edited by aspirit on Sat Oct 06, 2018 5:34 pm, edited 1 time in total.
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Yukon
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Re: What purchase saved you the most money?

Post by Yukon »

Nicolas wrote: Sat Oct 06, 2018 1:47 pm Parts to build a cheap home coffee-roaster and green coffee beans from a local co-op. I've saved $10 a week for the 15 1/2 years (so far) that I've been roasting, or $8000 after subtracting the roaster parts, plus I always drink great coffee!
What sort of home built coffee-roaster? Must know more!
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chuckb84
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Re: What purchase saved you the most money?

Post by chuckb84 »

Every dime spent on education. Mine. My wife's. Our kids. The payback is enormous, in dollars and in other ways.

My DW stressed a great deal over the $25K-ish that we spent when the kids were very young so she could finish a Masters degree. In just 5 years, I think the payback at 1000%.

All the education investments have been like that.
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unclescrooge
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Re: What purchase saved you the most money?

Post by unclescrooge »

Umbrella insurance.

Instance company paid out 7 figures in the first 12 months of the policy.
sambb
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Re: What purchase saved you the most money?

Post by sambb »

ivy league education has had largest ROI for me
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billthecat
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Re: What purchase saved you the most money?

Post by billthecat »

An electric toothbrush.

(Reduces the likelihood of costly dental repairs.)
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Nicolas
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Re: What purchase saved you the most money?

Post by Nicolas »

Yukon wrote: Sat Oct 06, 2018 5:30 pm
Nicolas wrote: Sat Oct 06, 2018 1:47 pm Parts to build a cheap home coffee-roaster and green coffee beans from a local co-op. I've saved $10 a week for the 15 1/2 years (so far) that I've been roasting, or $8000 after subtracting the roaster parts, plus I always drink great coffee!
What sort of home built coffee-roaster? Must know more!
Here are the plans. My cost was about $70. After a few years the convection oven failed which required a $45 replacement.
http://turbocrazy.atspace.com/index.htm

http://turbocrazy.atspace.com/index_files/project.htm
Last edited by Nicolas on Sat Oct 06, 2018 8:52 pm, edited 1 time in total.
Hulu
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Re: What purchase saved you the most money?

Post by Hulu »

Buying a house right out of college. The money saved and the time for it to compound together and quite potent :)
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jabberwockOG
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Re: What purchase saved you the most money?

Post by jabberwockOG »

1. First and foremost for me personally - attending a very inexpensive 4 year public university where tuition cost (mid 1970s) was $314 per semester including $14 book rental fee. The degree earned provided an open door to a lucrative and challenging career working for and with Fortune 100 companies.

2. Costco membership - our family saved thousands over the years - contacts/glasses, tires, wine, books, clothes, luggage, the list goes on and on

3. Tivo OTA and OTA HD antenna. Cut cable permanently years ago and have never missed it.

4. Purchasing homes in neighborhoods with excellent public schools allowed the kids to gain admittance and attend universities with robust partial or full scholarships.

5. Driving extremely reliable Honda, Acura, Toyota, and Lexus vehicles for last 40 years likely saved us thousands in repair bills.

6. A garage full of tools and yard equipment - doing most of my own car maintenance, diy home remodeling projects, and my own yard work for 40 years. Very likely helped me retire early.
wootwoot
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Re: What purchase saved you the most money?

Post by wootwoot »

Condoms, they saved me from having a baby in college.
TheOscarGuy
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Re: What purchase saved you the most money?

Post by TheOscarGuy »

wabbajack wrote: Fri Oct 05, 2018 12:43 pm I'm going to be contrarian here.

Things that saved you money but aren't really comparable - i.e. buying a Honda over a BMW. People who shop for one tend not to shop for the other. Buying a Honda gets you reliability. Buying a BMW gets you thrills. Thrills are much more subjective in value.
I tried BMW for 6 years; had a lot of thrill but also lost a lot of money in maintaining it. By selling it and buying a Honda I saved money. In my case this isn't subjective, I know I would have spent more money and the "thrill" wouldn't have been worth the cost.
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quantAndHold
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Re: What purchase saved you the most money?

Post by quantAndHold »

House. Definitely the house. Even counting maintenance and such. Nothing else comes close. At this point, we come out ahead by about $20k per year over renting a similar place. We know this because we had it rented out for several years while we were living elsewhere, and know how much we made.

After the house, it would be the bikes. Bikes cost about 1/20 what a car costs, are nearly free to ride, we can park for free right next to the door of wherever we’re going, and we stay healthier than we would if we were driving everywhere.
Retired2013
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Re: What purchase saved you the most money?

Post by Retired2013 »

Back in 1978 when attending community college ($1k per yr) I had to take a finance class. The professor required us to go to the library and read a finance magazine every month. I don't remember the name then but I believe it's Kiplinger Magazine today. I subscribed to it and my personal finance learning started.
h82goslw
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Re: What purchase saved you the most money?

Post by h82goslw »

triceratop wrote: Fri Oct 05, 2018 5:10 pm I'm shocked that this has made it to 50 replies without the item which has saved me enormous amounts of money being mentioned. No, I won't be sharing what the purchase was.

Still waiting to see this response....posting to follow
panhead
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Re: What purchase saved you the most money?

Post by panhead »

Tools and the ability to use them. I can do pretty much anything on vehicles and houses, from motor/transmission replacement/rebuilding to home wiring/plumbing/roofing/furnace repair/replacement etc. I can't even imagine how much that ability and the tools purchased has saved me over the years. That being said, as I get older I'm not much for going up on high roofs anymore!
panhead
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Re: What purchase saved you the most money?

Post by panhead »

h82goslw wrote: Sun Oct 07, 2018 8:04 am
triceratop wrote: Fri Oct 05, 2018 5:10 pm I'm shocked that this has made it to 50 replies without the item which has saved me enormous amounts of money being mentioned. No, I won't be sharing what the purchase was.

Still waiting to see this response....posting to follow
I'm guessing, "condoms"
mouses
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Re: What purchase saved you the most money?

Post by mouses »

sergio wrote: Thu Oct 04, 2018 4:17 pm Buying a modem the day I signed up for comcast (vs leasing one) probably has saved me $1000+ over the years...
Yeah, I bought a modem when I signed up with Cox about fifteen years ago. They want me to upgrade now, but only rent. (I tried upgrading with a bought one last year from some electronics place and it turns out their system knows serial numbers and did not work with it. Now they have changed so that if I try a new model and it fails, I can't go back to the old one that works, so not trying this again.) My hair stands on end when I think about how much I would have spent if I'd rented originally. I think it is something like $1000.

Also, I cut my own hair. A woman's haircut here cost $40 or so the last time I looked.

I don't spend a lot on clothes, especially now that I'm retired. Sometimes I carry this too far; yesterday I looked at my gardening jacket and realized it looked like it belonged to a homeless person.
The Wizard
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Re: What purchase saved you the most money?

Post by The Wizard »

NotWhoYouThink wrote: Thu Oct 04, 2018 4:24 pm VTSAX
Same here.

I chuckled perversely when I read the title of this thread.
If such-and-such is on sale for 40% off, think of how much you can save.
Or better yet, save 100% by not doing impulse purchases of marginally useful items to begin with.

But anyhow, I suppose I've saved money on various things buying tools so I can do a job myself rather than hiring it done.
My Porter Cable pneumatic roofing nailer is one example...
Attempted new signature...
mouses
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Joined: Sat Oct 24, 2015 12:24 am

Re: What purchase saved you the most money?

Post by mouses »

sambb wrote: Sat Oct 06, 2018 8:04 pm ivy league education has had largest ROI for me
MIT. Instant credibility when job hunting, especially for a female in a technical field. Now ageism has wiped that out, but it worked well for several decades.
Xrayman69
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Joined: Fri Jun 01, 2018 8:52 pm

Re: What purchase saved you the most money?

Post by Xrayman69 »

Amazon Prime. May not be exactly “saving me money”. However huge contributor to quality of life at a very reasonable annual cost, high value proposition.
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retiredjg
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Re: What purchase saved you the most money?

Post by retiredjg »

wootwoot wrote: Sun Oct 07, 2018 2:35 am Condoms, they saved me from having a baby in college.
Considering the cost of raising and educating a child....I think we have a winner!
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