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Author Topic: What do you REALLY do to save money?  (Read 287940 times)
undisciplined
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Okay then.


« Reply #510 on: March 04, 2013, 6:53:57 PM »

Closed on refi at 2.625% for 15 years, fixed. Plan to pay it off in 10-12. Will save us appx. $25,000 over the life of the loan. YAY!
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I recommend bourbon and bonbons for that.
clean
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« Reply #511 on: March 04, 2013, 7:26:49 PM »

That is a Great Rate!   Good for you! 
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"The Emperor is not as forgiving as I am"  Darth Vader
undisciplined
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Okay then.


« Reply #512 on: March 04, 2013, 7:46:53 PM »

Thanks, clean. It feels great!
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I recommend bourbon and bonbons for that.
spork
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« Reply #513 on: June 10, 2013, 12:49:32 PM »

I got a flyer in the mail from my mutual insurance company, touting the benefits of converting to a dividend paying policy. I'm assuming that the deal is you take the risk that the company doesn't have an unusually high payout over the year, so the dividend you receive is larger than the higher cost of the policy (compared to one that does not pay dividends).

Am I correct on this?
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a.k.a. gum-chewing monkey in a Tufts University jacket

"There are no bad ideas, only great ideas that go horribly wrong."

"Please do not force people who are exhausted to take medication for hallucinations." -- Memo from the Chair, Department of White Privilege Studies, Fiork University
clean
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« Reply #514 on: June 10, 2013, 1:13:14 PM »

Essentially, a mutual insurance is owned by the policy holders. The "dividend" is a refund of the premium that they didn't need to pay in claims.  There is no inherent reason to choose a mutual.  When looking to insure anything, be sure that you are paying a fair (competitive) rate (i.3. shop the quotes), and if you have the time, check out the AM Best ratings on the company. Remember, insurance is only good if the company is around to pay the claims! 
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"The Emperor is not as forgiving as I am"  Darth Vader
spork
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« Reply #515 on: June 10, 2013, 1:34:25 PM »

In this case, I've used this company since moving to the area a few years ago. The company is solid. I have both auto and homeowner's with it, so I get the discount. Premiums are lower than even the "special arrangement" with another company that my employer's HR department recommends.

I'm wondering if the dividend policy will result in greater savings.
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a.k.a. gum-chewing monkey in a Tufts University jacket

"There are no bad ideas, only great ideas that go horribly wrong."

"Please do not force people who are exhausted to take medication for hallucinations." -- Memo from the Chair, Department of White Privilege Studies, Fiork University
clean
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« Reply #516 on: June 10, 2013, 1:51:28 PM »

Is there an agent you can call and compare the rates of the policy packages? 

My thought is that in equilibrium, it wont really matter. I suspect that the dividend policy will charge  a higher rate, but refund the surplus.  However, that could certainly be incorrect.  Until you ask, you wont know for sure.  I think that it is certainly worth the few minutes to ask and compare.  Let us know what you find out.
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"The Emperor is not as forgiving as I am"  Darth Vader
pedanterast
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« Reply #517 on: June 11, 2013, 12:32:43 AM »

Agree with Clean's analysis; as Modigliani and Miller said, absent taxes and transaction costs, dividends are irrelevant so it would surprise me if the dividend did not closely resemble the price difference. 
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blood_sweat_tears
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« Reply #518 on: July 01, 2013, 3:57:01 PM »

1) I'm a decades-long vegetarian so I've always found it easy to eat cheap and well. During my student days, I ate stirfries, lentil soup, beans/dahl and rice, omelettes, donburi, etc. I bought fresh veg, tofu, dried beans, and had a gigantic bag of rice.

2) Try going to auctions for household stuff/furniture. So much good quality stuff from estates is being sold way below what they would be sold for in a second hand shop.

3) Earn more money so you don't have to worry so much about money. Do some extra stuff on the side to earn even a couple thousand extra / year: consulting, test grading, teach an extra class...find something. If you don't have the skills at the moment, figure out how to get some. I know a guy who did some day trading during grad school and earned about $40-50 / day doing that.

4) Put savings (money you absolutely don't want to touch on a daily basis but may need if the transmission breaks) into some sort of secure investment that pays even a minimal amount of interest. It's free money you didn't have before.

5) Find a circle of friends who you can do fun but cheap stuff with. Soccer / basketball / volleyball in the park, ping pong, jogging, poker night, go for walks, watch a Netflix, knitting circle - whatever. Socializing can get expensive, but it doesn't need to be. Saving cash shouldn't turn us into homebodies and hermits.
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spork
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« Reply #519 on: July 02, 2013, 8:29:04 AM »

Agree with Clean's analysis; as Modigliani and Miller said, absent taxes and transaction costs, dividends are irrelevant so it would surprise me if the dividend did not closely resemble the price difference. 

I finally called back to get the quote on the dividend auto policy. The dividend policy would cost upfront (or in 10 monthly electronic payments, which is what I do) an amount that is $290 more than my current policy. The dividend would refund me $315 at the end of the year, for a $25 savings. Since there's risk that a major adverse event could lower the dividend in any given year, I decided to pass.

But I did lower the referigerated property coverage from $500 to $250 on my homeowner's policy, which results in a savings of $10 per year. Unfortunately I can't remove this entirely because it's built into the policy. I'd say we only have about $100 of food in the fridge at any given time.
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a.k.a. gum-chewing monkey in a Tufts University jacket

"There are no bad ideas, only great ideas that go horribly wrong."

"Please do not force people who are exhausted to take medication for hallucinations." -- Memo from the Chair, Department of White Privilege Studies, Fiork University
erzuliefreda
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« Reply #520 on: July 04, 2013, 2:44:50 PM »

One thing I won't do to save money--elective dentures. I've read lots online about folks who, overwhelmed by potential dental bills, have all their teeth extracted and get cheap dentures. This thread mentions Dave Ramsey, even, although the OP's issues are less financial and more psychological.
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pigou
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« Reply #521 on: July 04, 2013, 4:25:10 PM »

That's insane... it boggles the mind that a dentist would go along with this.
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clean
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« Reply #522 on: July 04, 2013, 4:30:26 PM »

I did not read the link.  However, in Florence SC, (where a grad school chum lives) there is quite an industry of fast turn around dentures.  It seems that a lot of the clientele is Amish and when they are in their 20s, the make the trip, rip out their teeth and get fitted for dentures. The practice has them ready in a few days. 

http://www.sextondental.net/
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"The Emperor is not as forgiving as I am"  Darth Vader
erzuliefreda
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« Reply #523 on: July 04, 2013, 4:38:16 PM »

From reading on the dentures site I linked, there are a number of younger folks who want magazine-type teeth, but can't afford the pricey procedures involved, and thus push for years to opt for dentures. Other folks have weak teeth and simply can't afford fillings, etc. Others suspect dentists are trying to rip them off. Others still conform to cultural traditions (a poster on the linked thread cited parts of the UK prior to the 1970s doing this) that called for dentures by your early 20s in preparation for marriage, as a sign of wealth. The OP in that thread talked about her mother having gotten dentures at age 20, and looking at them as a child, and thinking they were beautiful, and remembering her mother's promise that someday she, too, could have them.
« Last Edit: July 04, 2013, 4:39:26 PM by erzuliefreda » Logged

octoprof
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Love your loved ones while you can.


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« Reply #524 on: July 04, 2013, 4:41:09 PM »

From reading on the dentures site I linked, there are a number of younger folks who want magazine-type teeth, but can't afford the pricey procedures involved, and thus push for years to opt for dentures. Other folks have weak teeth and simply can't afford fillings, etc. Others suspect dentists are trying to rip them off. Others still conform to cultural traditions (a poster on the linked thread cited parts of the UK prior to the 1970s doing this) that called for dentures by your early 20s in preparation for marriage, as a sign of wealth. The OP in that thread talked about her mother having gotten dentures at age 20, and looking at them as a child, and thinking they were beautiful, and remembering her mother's promise that someday she, too, could have them.

I'm glad culture norms have changed from that!

And, it's not like the Brits are famous for having fabulously straight teeth, either... Weird.
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Love your neighbor.
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