Best ways to save money $

old guy · 06-15-2016, 03:24 PM

Thanks guys, I (we) can only hope these common sense,& proven ways will help some brothers & sisters hold on to their cash!
As all of us realize, in life, it's way easier to spend $ than to save it.

Chuck33079 · 06-15-2016, 03:26 PM

Quote:

Originally Posted by cooltoy

No. Just keep the card for the offer period. Having several cards actuall lowers your ability to get credit, if you ever need it. The balance, even if you don't use it counts as debit against you.

It all depends. Closing a card isn't always a good thing.

The Do’s and Don’ts of Closing Credit Cards | My Money | US News

cooltoy · 06-15-2016, 03:37 PM

Maybe banks in Canada look at it differently vs the banks in US.

I had four or five cards at one time and when I went to purchase a real estate property, my bank said that all these cards I have limit the amount of loan I can get because they are considered a liability even if the balance on them is zero. They told me to close the cards I do not need to increase the loan amount. Which is kind of the opposite of what the link says.

Chuck33079 · 06-15-2016, 03:42 PM

That very well could be the difference. Here, it can ding you. It's a screwy system.

Rusty · 06-15-2016, 04:32 PM

Another thing to watch out for. When something goes on sale. Like tires or what ever. Buy 3 and get the 4th one free. It ain't so. The month before, you could get all 4 tires for the same price as the 3 tires this month. They jack up the price of the tires to cover the cost of the free 4th tire. In the end, you pay the same price this month for 4 tires as last month for 4 tires. I worked for Goodyear a lonnnng time ago. I seen it done by other companies too. It's just not only tires.

cooltoy · 06-15-2016, 04:36 PM

That's why large purchases should never be an impulsive buy, but researched thoroughly, so that one knows when a deal is truly a deal.

sgosh · 06-15-2016, 05:57 PM

Quote:

Originally Posted by cooltoy

Maybe banks in Canada look at it differently vs the banks in US.

I had four or five cards at one time and when I went to purchase a real estate property, my bank said that all these cards I have limit the amount of loan I can get because they are considered a liability even if the balance on them is zero. They told me to close the cards I do not need to increase the loan amount. Which is kind of the opposite of what the link says.

Similar thing here when I went to buy a second place. I figure my good standing on my credit cards was a good thing. Closing, and consolidating (at low interest) turned out to be the way to go.

It's likely a weird Canada thing; not sure how it goes with our American friends to the south.

cooltoy · 06-15-2016, 06:43 PM

They give credit to anybody in the states. Thus the recent economical crisis. And none in Canada.

Chuck33079 · 06-15-2016, 06:47 PM

Quote:

Originally Posted by cooltoy

They give credit to anybody in the states. Thus the recent economical crisis. And none in Canada.

Sadly, that's pretty close to the truth.

cooltoy · 06-15-2016, 07:29 PM

It is kind of an interesting observation.

A bunch of my former coo-workers (me included), are trying to create an oil company and are looking for investors to put money in. Canadian lenders expect a return on all the companies they invest in, so they scrutinize everything much more thoroughly and will not give you money if they perceive any small risk, where as American investors fully expect that 75% of their investments will fail. they are looking for that 25% that wil make them big bucks. Much easier to find investment money in the States.

old guy · 06-15-2016, 07:34 PM

Quote:

Originally Posted by cooltoy

They give credit to anybody in the states. Thus the recent economical crisis. And none in Canada.

old guy · 06-15-2016, 07:39 PM

Quote:

Originally Posted by Rusty

Another thing to watch out for. When something goes on sale. Like tires or what ever. Buy 3 and get the 4th one free. It ain't so. The month before, you could get all 4 tires for the same price as the 3 tires this month. They jack up the price of the tires to cover the cost of the free 4th tire. In the end, you pay the same price this month for 4 tires as last month for 4 tires. I worked for Goodyear a lonnnng time ago. I seen it done by other companies too. It's just not only tires.

That reminded me of when I worked in the grocery store : the price would go up 50 cents / 2 weeks later the new stock would be printed WOW 50 cents OFF!

Mike · 06-17-2016, 07:57 PM

Quote:

Originally Posted by MarkGideon

For example, a few years ago there was a peanut butter recall for both Peter Pan and Great Value since they were both made in the same ConAgra facility..

My wife laughed at me because I ate a big giant scoop of that peanut butter before we took it back for a refund!

Mike · 06-17-2016, 08:01 PM

closing credit cards in the states is bad for you. They rate you based on the percentage of balance owed to credit limits, so if you owe 1000 on a 2000 limit card and 0 on another 2000 limit card, they look at it as only a 25% utilization, which will yield a higher credit score than a 50% utilization.

Mike · 06-17-2016, 08:03 PM

Quote:

Originally Posted by SouthArk370Z

ROFLMAO That's one of the very few things I'll spend extra on. And you can't have too much of it in the pantry.

Actually, after visiting Japan 2 years ago, I bought this first thing when I got home. I pamper myself now!

Probably shouldn't be in the money saving thread though, as it wasn't cheap!

06-15-2016, 03:37 PM	#33 (permalink)
cooltoy Elite Member Join Date: Jun 2012 Location: Calgary Posts: 13,937 Drives: 14 PW 370Z S/T MT Rep Power: 240204	Maybe banks in Canada look at it differently vs the banks in US. I had four or five cards at one time and when I went to purchase a real estate property, my bank said that all these cards I have limit the amount of loan I can get because they are considered a liability even if the balance on them is zero. They told me to close the cards I do not need to increase the loan amount. Which is kind of the opposite of what the link says. old guy and sgosh like this. __________________ Member of kenchan's "photoshopped mods" and "proper offsets" gang.

06-15-2016, 03:42 PM	#34 (permalink)
Chuck33079 A True Z Fanatic Join Date: Nov 2011 Location: Houston Posts: 12,265 Drives: 2011 370ztt Rep Power: 29538	That very well could be the difference. Here, it can ding you. It's a screwy system. old guy likes this. __________________ 2011 MB Touring-Sport-6sp-Nav/GTM TT/FI TT TDX/JTran/Kosmic/Eibach/Hotchkis/SPC/CSF/RPS/SoThatsWhereAllMyMoneyWent

06-15-2016, 04:32 PM	#35 (permalink)
Rusty Ronin Samurai - Assassin Join Date: Dec 2011 Location: Fayettenam,Pennsyltucky Age: 68 Posts: 34,851 Drives: 2011 Nismo GM 6M Rep Power: 2684436	Another thing to watch out for. When something goes on sale. Like tires or what ever. Buy 3 and get the 4th one free. It ain't so. The month before, you could get all 4 tires for the same price as the 3 tires this month. They jack up the price of the tires to cover the cost of the free 4th tire. In the end, you pay the same price this month for 4 tires as last month for 4 tires. I worked for Goodyear a lonnnng time ago. I seen it done by other companies too. It's just not only tires. cooltoy and old guy like this. __________________ 浪人 - 殺し屋 "The Difficult Anytime, The Impossible By Appointment Only" http://www.the370z.com/members-370z-...o-journal.html

06-15-2016, 04:36 PM	#36 (permalink)
cooltoy Elite Member Join Date: Jun 2012 Location: Calgary Posts: 13,937 Drives: 14 PW 370Z S/T MT Rep Power: 240204	That's why large purchases should never be an impulsive buy, but researched thoroughly, so that one knows when a deal is truly a deal. old guy likes this. __________________ Member of kenchan's "photoshopped mods" and "proper offsets" gang.

06-15-2016, 06:43 PM	#38 (permalink)
cooltoy Elite Member Join Date: Jun 2012 Location: Calgary Posts: 13,937 Drives: 14 PW 370Z S/T MT Rep Power: 240204	They give credit to anybody in the states. Thus the recent economical crisis. And none in Canada. old guy likes this. __________________ Member of kenchan's "photoshopped mods" and "proper offsets" gang.

06-15-2016, 03:24 PM	#31 (permalink)
old guy A True Z Fanatic Join Date: Apr 2015 Location: S.E. Michigan Age: 67 Posts: 2,706 Drives: 13 magma touring Rep Power: 2684369	Thanks guys, I (we) can only hope these common sense,& proven ways will help some brothers & sisters hold on to their cash! As all of us realize, in life, it's way easier to spend $ than to save it.

06-15-2016, 07:29 PM	#40 (permalink)
cooltoy Elite Member Join Date: Jun 2012 Location: Calgary Posts: 13,937 Drives: 14 PW 370Z S/T MT Rep Power: 240204	It is kind of an interesting observation. A bunch of my former coo-workers (me included), are trying to create an oil company and are looking for investors to put money in. Canadian lenders expect a return on all the companies they invest in, so they scrutinize everything much more thoroughly and will not give you money if they perceive any small risk, where as American investors fully expect that 75% of their investments will fail. they are looking for that 25% that wil make them big bucks. Much easier to find investment money in the States. __________________ Member of kenchan's "photoshopped mods" and "proper offsets" gang.

06-17-2016, 08:01 PM	#44 (permalink)
Mike The370Z.com Sponsor Join Date: Jun 2009 Location: Loganville, GA Posts: 5,944 Drives: 370z Rep Power: 2185	closing credit cards in the states is bad for you. They rate you based on the percentage of balance owed to credit limits, so if you owe 1000 on a 2000 limit card and 0 on another 2000 limit card, they look at it as only a 25% utilization, which will yield a higher credit score than a 50% utilization. Chuck33079 likes this. __________________ NISSAN: 75 280Z / 86 300ZX GLL /87 Sentra SE / 03 350Z / 23 Z Porsche: 93 968 / 23 Macan GTS / 93 968

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