Are you frugal in everyday life: perspective?

Discussion in 'Investor Psychology & Mindset' started by TMNT, 13th Aug, 2018.

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  1. TMNT

    TMNT Well-Known Member

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    thats probably where you and me are very different, I would be very unhappy sitting at work working a almost a full day, if I were to think, "todays pay will be going towards my excess petrol costs because I couldnt be bothered being thrifty"

    I put your line of thinking and do a 180 degrees with it,
    I say "just timing my fuel and using 4c discount coupons allows me to take an extra day off work!!" a no brainer for me!, I can get drunk, go out with my friends, take the kids out places, or hell I could spend an extra day on holidays and live like a king!
     
  2. miximitosis

    miximitosis Well-Known Member

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    I see no issue with this if it makes you happy.

    Remember the end goal isn't $xmillion in unemcumbered assets generating $xxx,xxx per annum by 31/12/20xx. It is happiness. I used to be so caught up in numbers when in fact I was seeking happiness, contentment and freedom which can all be had without having millions. :)

    Each to their own!
     
  3. miximitosis

    miximitosis Well-Known Member

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    Fair enough! I personally look it as 'I need to get a little extra work done, so I will stay back an extra hour the first Monday of every second month. That way I can go buy that toy for $300' Mind you I'm not on a hourly rate and enjoy my work though! :p

    If that's what makes you happier then go for it. :)
     
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  4. skater

    skater Well-Known Member

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    I used to use the 4c fuel vouchers religiously......mainly because we lived not far from a Woolworths petrol station. The best bit was that they were slightly cheaper than most of the other ones near us BEFORE the 4c was applied. We drove right past it several times per week, so just timed our fuel purchase to suit.

    Now we don't have a Woolworths petrol station nearby, I don't use it at all. It's a false economy. We DO have a Coles petrol station just up the street, but the nearest Supermarket is Woolworths, so again, to go out of my way to get groceries at Coles, just to save a few cents on fuel is a false economy.

    I guess what I'm saying here is that if you shop at a supermarket & there's a corresponding service station that you drive past, then why not save the $$. I agree, $2 saved isn't much in the scheme of things, but if it takes no effort, do it. On the other hand if you have to drive out of your way in order to save the $$, don't.
     
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  5. spludgey

    spludgey Well-Known Member

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    Generally, you'll save a lot more by going to ALDI than on the fuel vouchers.
    I still go to the big two at times, but usually I'll just buy things that you either can't get at aldi or that are on special.
    Most of the time I don't spend enough to get a fuel voucher.
     
  6. miximitosis

    miximitosis Well-Known Member

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    Spot on.

    It's similiar to where retailers offer cash back when you spend a certain amount. eg Spend $50 and get $10 back. Often people end up spending an extra $20-30 on things they wouldn't normally buy just to get $10 'back'.

    As I mentioned earlier, if you look at the not so obvious consequences of your decisions you tend to avoid making those sorts of mistakes though.
     
  7. Shazz@

    Shazz@ Well-Known Member

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    Hi Peeps,
    A lot of talk about fuel prices here and the use of vouchers. I drive a lot for work as I have to see clients all over NSW, so fuel prices are important to me. I could never keep up with the fuel cycles.. and where I live (regional NSW) the price changes by 10c depending on wehether it’s night or day. Anyway, recently discovered an app (Fuel Map) which lists prices of fuel in whichever area you choose. Quite accurate.
     
  8. Otie

    Otie Well-Known Member

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    That’s why I do it too. I drive past our local Coles to get on the freeway each day. I shop there and put my fuel in at the Coles express connected to it in the same car park
     
  9. Otie

    Otie Well-Known Member

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    I do exactly the same but do find myself spending about $60 a week at Coles too
     
  10. geoffw

    geoffw Moderator Staff Member

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    I use Petrol Soy, which is quite similar. Bit apps are crowd sourced, and the danger is that prices may not be updated as quickly as they could. From the comments in Play Store, some areas are better than others.

    When I travel long distances, I can save up to 20c a litre by using the app.
     
  11. The Y-man

    The Y-man Moderator Staff Member

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    Being the Tight Type-A we are, we did a careful pricing analaysis. Interestingly, we now shop at Woolies as they have effectively made their prices the same or lower than Aldi if you apply the 5% discount (from various sources) and CC rewards benefits :D

    The Y-man
     
  12. TMNT

    TMNT Well-Known Member

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    a recent incident just reminded me of this thread,
    i shopped nad bargained hard for a few tech gifts for christmas,
    I picked up mobile phones, surface tablets, tv, all purchased about a month before christmas,
    probably saved about $700 in savings,

    and to get a notice that a tenant has abandoned the property just before christmas, whcih means probably no rent until first week of Jan, which is 8 weeks rent=$2000

    putting things into perspective, I do feel super stupid

    but what are the alternatives!:(
     
  13. The Y-man

    The Y-man Moderator Staff Member

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    Cool, so loss now is $1,300 instead of $2,000 :cool:

    The Y-man
     
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  14. willair

    willair Well-Known Member Premium Member

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    Several , when does the insurance kick in for rental loss..
     
  15. TMNT

    TMNT Well-Known Member

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    not 100% sure, ill need to check

    as far as im aware with the policy, if the place is able to be rented out ie not trashed, you dont get reimbused for the vacant period
     
  16. Joynz

    Joynz Well-Known Member

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    I don’t think this is correct - EBM covers for rental default so does Terri Scheer. I assume most (all?) others do too.

    Though the excess and any required waiting period could be an issue.
     
  17. TMNT

    TMNT Well-Known Member

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    even for periodic?
     
  18. Joynz

    Joynz Well-Known Member

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    I imagine the maximum is the length of the lease - 4 weeks. A periodic lease is still a lease.
     
  19. Jelly01

    Jelly01 Member

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    The really annoying thing is that if your tenant trashes your place, abandons the lease etc it is difficult and economically unviable, for the sake of a few weeks' rent, to take them to VCAT and then enforce the order etc etc

    Please make sure you report them to the tenancy database so you can make their life harder in the long run.

    I bet if you as a landlord decided to abandon the lease and lock tenants out 2 weeks early you'd have ACA or Today Tonight at your doorstep. But when tenants screw over landlords "it's only a few weeks' rent". No sympathy. Just unfair, if you ask me.
     
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  20. TMNT

    TMNT Well-Known Member

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    You'll get no disagreement from me in terms of unfair but unfortunately that's how the world is.

    Sometimes I also to wonder what's the point of taking them to VCAT but out of principle and to make sure that other landlords don't get stung I always do

    Maybe years down the track there will be a shake up but who knows but until then we have to do the best of a bad situation and it's also our choice to get into residential real estate investment
     
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