Comments on: Nickel & Dime Tips For Young People

By: Festival of Frugality - 162nd Edition

Festival of Frugality - 162nd Edition — Tue, 27 Jan 2009 12:01:50 +0000

[...] Nickel & Dime Tips For Young People posted at Studenomics. [...]

By: Grant Baldwin

Grant Baldwin — Mon, 26 Jan 2009 17:54:16 +0000

I like that you stated in the beginning that you won’t become a millionaire by nickle and diming yourself all through life. You bank account will not be dramatically impacted by getting gas for $2.05 instead of across the street for $2.07.

It’s more of a mindset. Changing to the mindset of “do I really need this and if I do need this, what is the most cost-effective way to get it?”

Very practical post!

By: Studenomist

Studenomist — Tue, 20 Jan 2009 01:45:26 +0000

Thank you for the positive feedback guys. Now it’s time to practice what I preach by being strict about eating breakfast every single morning at home (this includes the coffee).

By: Pinny Cohen

Pinny Cohen — Tue, 20 Jan 2009 01:24:59 +0000

By eating breakfast at home, you’ll likely improve your health too, so that’s a great list to accomplish several positive goals.

By: Mr. Imperfect

Mr. Imperfect — Sun, 18 Jan 2009 17:34:15 +0000

Great advice. Eating meals at home is one way that most people can save a bundle. As you stated, be sure to do something with the savings, not just spend on something else.

For example, if you can save $4 a day (not difficult for anyone) and you invest in an account that averages 8% APY (the stock market consistently averages 12% over 20 years) for 20 years: you will have invested $28,800-your account will be worth $70682.45.

With the compounding interest factor NOW is the time to get started. Trust me, I am in my thirties and I am having to play “catch up.” Tell everyone one you see to start in their teens!

By: Maureen

Maureen — Fri, 16 Jan 2009 17:20:04 +0000

I think that people really underestimate the power of eating in. When you mentioned this first point I was compelled to work out the cost of my breakfast…then I got carried away and worked out my lunch too.

Here’s an example of how cheaply you can make your own food:

Breakfast:

Cereal – £0.12
Milk – £0.16
Tea – £0.02
Yoghurt – £0.26
Toast – £0.18
Raisins – £0.05
Apple juice – £0.04

Total = £0.83

Lunch:

Bread – £0.18
Margerine – £0.02
Egg/Cheese/Ham filling – £0.16
Mayonnaise – £0.03
Crackers/snacks – £0.30
Fruit – £0.10
Sweet snacks – £0.15
Bottle of water (tap) – £0.00
Tea – £0.02

Total = £0.94

I am now more convinced than ever to not eat out for breakfast or lunch! Dinners are a different matter because for birthdays it’s the common expectation…even here I stay away from the steak and stay out of the alcohol bill!

Great point! People really should get up 15 mins earlier to at least grab some toast. It’s surprising how much of a difference it makes to your mood and your wallet.

Also with breakfast you should really try and have something that releases energy slowly like oatmeal. It keeps you warm during the winter and can be mixed with wonderful foods like raisins and honey. Yum! It’s the most filling thing I’ve ever eaten for breakfast.