First, I love this thread. Thanks for starting it Simon!
Here are some things that we've done over the years that have helped us:
1. Get a budget. Track what you spend. It doesn't have to be hard or expensive. We use YNAB (You Need A Budget) with the app on each of our phones. We put in everything that we spend into the appropriate category, and it is all tracked against the amount we have budgeted for that category to start the month. Just being intentional with your spending really helps. I believe we spent like $50 on YNAB and $5 for the app on each phone years ago. There may be better options today. I do know that there's a platform called EveryDollar that is free but has a premium version. It is a product by Dave Ramsey, the anti-debt guy that is so well known.
2. Speaking of anti-debt, if you can get out of debt by following Dave Ramsey's plan in the new year that really frees your money up. We worked like crazy people for 18 months to get rid of all of our debt, except the house. It was so freeing.
3. We also worked hard and built up a 6 month emergency fund, and we live one month ahead on our budget. Again, it relieves the pressure. And no, we aren't rich, nor do we have some profession that is particularly high paying. We clean houses. It was just a matter of buckling down and being willing to work like crazy people to build things up.
4. I've always heard that the beginning of the year is a great time to shop your insurances. I've yet to do so, but I will be doing so this year. You might find that you can save hundreds just by switching to another insurance company. Brokers are often the best to check with because they can shop from many companies instead of being captive to just one. Our health insurance just went up 2.5 times what we were paying because our old policy was discontinued and we now have to go into the Obamacare program. So that hurts a lot. Maybe we can save on our home or auto insurance somewhere and help a little bit.
5. My wife has a phone through Virgin Mobile. It costs $38 monthly and she bought the smartphone outright for $100 or so. I have a phone through Verizon prepaid that costs me $48 monthly and I too spent $100 or so for my phone. We have smartphones that do just about anything another one would do that costs more, but we don't buy the most marketed phones that cost a fortune. In the past we had two smartphones through Verizon on a contract and paid $160 monthly. We now pay half that. We have the wifi turned on our phones when at home so as to conserve data on our cellular plans.
6. Money is reflective of our behavior. Don't expect to change everything overnight. We have always struggled with spending too much on eating out. We work a lot and aren't always home to eat. Still, just bringing a lunch here or there helped. Then we figured out some things we could make and freeze at home that we can just pull out and heat up for a good quick meal at home with less work when we're tired. Small changes, over time, add up.
I'll post more if I can think of any. I'm the self-proclaimed king of driving cheap cars. I bought cars for $1800-$2500 that lasted me for years and years, driving them in our cleaning business every day. My wife finally convinced me to spend a little more and I dropped $3500 on a van that we've now had for several years with minimal problems. You don't have to spend a tone on a car. We never have a car payment. By going up a bit in price we got something that was a little newer and that had working AC. Still, we got a minivan that had 85,000 miles on it and we're now up close to 150,000. It has been great. You just have to know how to look and see cars more as utilitarian vehicles to get you from here to there instead of falling in love with a particular make or model or look.
Oh, we will also be investing for the first time this year so that we can retire someday. We will be putting money into index funds because they perform well (reflective of the S&P) and have no real fees to speak of like managed funds. We'll see how that goes, but it's a huge step for us.