Hey Guys,

Im new here....but this is the perfect place for me.

One major goal I have for 2013 is to build my emergency savings account (need about 17K in it) and try and max out my Roth IRA (did $1,200 last year).

A big enabler for me to achieve this goal is cutting my "daily living" expenses. I have take the following steps, but Im asking this blog to see if there is something else I should consider.

Action taken in 2013 to reduce/track spend:

- Did a refi on house. Rate 6.3 down to 3.3. Mortgage went from $1,333 to about $875 (not counting insurance or property taxes). Break-even is about 3 months
- Reduced cable/internet service and changed providers.
- Started tracking every single $ I spend to help understand where my $ is going.
- Swapped out all light bulbs which get heavy use in my home. Estimated payback will be 4-5 months for the cost of the new bulbs.
- Tried taking lunch to work more. been saving a lot on dinners, but not a significant amount for work lunches.

I am curious, what have others done recently which you found helped saved money?

I was thinking my next steps would be trying to re-do my auto and home insurance.

Thanks!

For me, it was cutting out services that I was paying for but not using. I cancelled magazine subscriptions, gym memberships, cable tv, etc. Another "frugal" choice is to go ahead and sell off stuff that I don't use. I thought I was going to get into photography and started collecting gear (second hand, mostly) and now that my interests have changed, I've gone ahead and sold off that gear. I' m glad I was able to have fun, learn about lighting and composition, and now I'm able to move onto my next hobby. I'm also selling my used books, sports watches, electronics gear and other crap that I thought I'd get into, but have lost interest in.

My other tip is scheduling regular transfers into my EF, aggressively paying down debt and not letting money just idle in my checking account. I max out my 401k and Roth each year. It's always a stretch, but as long as the money doesn't stay in my account too long, I'm not tempted to spend it.

Good idea. I think getting through the house and making a "sell" pile is a good idea. I also just found out this week that the new 17.5K 401K does not mean my contributions + company match. I always assumed co. match + contributions should not be over 17.5K. However, it appears the Co Match does not count "against" the 17.5K limit (assuming your are not in the catch up scenario). That being said, I think it will be very difficult to max my traditional 401K + my own personal Roth IRA.

All the more reason to make a "sell" pile

Thanks!!