Cutting the budget

[Morticia]

My big thing this year is to make sure every bulb in our place is energy saving as I must have about a million bulbs (19 in the breakfast room alone!) I have unlimited free texting on my mobile so I only text to save money. I also freecycle which is an online free swopping scheme people give away things they no longer need have had all sorts. Also I shop around as much as I possibly can for big ticket items. For example in 2012 they are turning off our TV signal and changing it to digital which means we have to replace all the TV's in our guest rooms so that is going to be a big expence so I am trying to freecycle for Digital TV's and or set top boxes which convert the old ones otherwise it will be about $3500 dollars for new ones. I think a lot of it is planning ahead, not wasting food, electric, gas etc and being smart. Also there was another thread about saving water that was good. There is lots on the interenet as well and I have a really good book of tips if anyone wants the title cost me 50P. ($1.00).

Can't you get a digital converter box for the TV's? That's what we could do if the TV's were too old to be set up for the digital signal.

 

[JBloggs]

My big thing this year is to make sure every bulb in our place is energy saving as I must have about a million bulbs (19 in the breakfast room alone!) I have unlimited free texting on my mobile so I only text to save money. I also freecycle which is an online free swopping scheme people give away things they no longer need have had all sorts. Also I shop around as much as I possibly can for big ticket items. For example in 2012 they are turning off our TV signal and changing it to digital which means we have to replace all the TV's in our guest rooms so that is going to be a big expence so I am trying to freecycle for Digital TV's and or set top boxes which convert the old ones otherwise it will be about $3500 dollars for new ones. I think a lot of it is planning ahead, not wasting food, electric, gas etc and being smart. Also there was another thread about saving water that was good. There is lots on the interenet as well and I have a really good book of tips if anyone wants the title cost me 50P. ($1.00).

Can't you get a digital converter box for the TV's? That's what we could do if the TV's were too old to be set up for the digital signal.
.

The new tv's use 1/4th the power as the old boxes. It is worthwhile to switch them all over...you will save in the first year.

 

[white pine]

My big thing this year is to make sure every bulb in our place is energy saving as I must have about a million bulbs (19 in the breakfast room alone!) I have unlimited free texting on my mobile so I only text to save money. I also freecycle which is an online free swopping scheme people give away things they no longer need have had all sorts. Also I shop around as much as I possibly can for big ticket items. For example in 2012 they are turning off our TV signal and changing it to digital which means we have to replace all the TV's in our guest rooms so that is going to be a big expence so I am trying to freecycle for Digital TV's and or set top boxes which convert the old ones otherwise it will be about $3500 dollars for new ones. I think a lot of it is planning ahead, not wasting food, electric, gas etc and being smart. Also there was another thread about saving water that was good. There is lots on the interenet as well and I have a really good book of tips if anyone wants the title cost me 50P. ($1.00).

We bought converter boxes, then found we had to have new antennas for them, and then found they still didn't work well in our area so we ended up buying new TVs anyway! I would just upgrade the televisions, you will have to do it anyway eventually.

 

[Joey Camb]

We could buy boxes (approx $40 each) but one of our neighbours did that and he said the boxes don't seem to stand up to the hammer of guests very well (ie more buttons to push and break) so I totally agree with Joe that the best plan is to replace them all so we are going to get one a month until they are all done. Plus the nice new flat screens will be popular with the guests and I hadn't even thought about the power saving so it is better in the long run its just a lot of money to spend best part of $3000.

 

[toddburme]

My personal favorite is tax assessed value. Lots of people look at me like I grew a second head when I say I ask for it to be lowered. Maybe you are lucky and live in an area that was bypassed by the crisis but the rest of us got hammered. The tax assessors don't want to admit it. But if you can get him to see your side of it and lower just 5%, it saves hundreds of dollars.
The counter arguement of, "what about when I go to sell?" does not hold water as a higher net income will help more then a low tax assessed value hurts.
PS I know I am new and wanted to help out a bit as I have been reading you guys so much.

 

[IronGate]

My personal favorite is tax assessed value. Lots of people look at me like I grew a second head when I say I ask for it to be lowered. Maybe you are lucky and live in an area that was bypassed by the crisis but the rest of us got hammered. The tax assessors don't want to admit it. But if you can get him to see your side of it and lower just 5%, it saves hundreds of dollars.
The counter arguement of, "what about when I go to sell?" does not hold water as a higher net income will help more then a low tax assessed value hurts.
PS I know I am new and wanted to help out a bit as I have been reading you guys so much. .

My personal favorite is tax assessed value. Lots of people look at me like I grew a second head when I say I ask for it to be lowered. Maybe you are lucky and live in an area that was bypassed by the crisis but the rest of us got hammered. The tax assessors don't want to admit it. But if you can get him to see your side of it and lower just 5%, it saves hundreds of dollars.
The counter arguement of, "what about when I go to sell?" does not hold water as a higher net income will help more then a low tax assessed value hurts.
PS I know I am new and wanted to help out a bit as I have been reading you guys so much.

Assessed value -- and therefore property taxes -- is an item that way too many folks ignore, and you're right that hundreds of dollars are getting left on the table. I don't know why anyone would be concerned with assessed value when selling; the assessment is not part of the equation.
Taxes are something most folks complain about, but don't do anything to fix. (As an aside, when dealing with sales taxes, there is an accounting/marketing technique that can add up to several hundred dollars in extra income every year that very few vendors avail themselves of, but that would be a topic for another thread.)

 

[muirford]

My personal favorite is tax assessed value. Lots of people look at me like I grew a second head when I say I ask for it to be lowered. Maybe you are lucky and live in an area that was bypassed by the crisis but the rest of us got hammered. The tax assessors don't want to admit it. But if you can get him to see your side of it and lower just 5%, it saves hundreds of dollars.
The counter arguement of, "what about when I go to sell?" does not hold water as a higher net income will help more then a low tax assessed value hurts.
PS I know I am new and wanted to help out a bit as I have been reading you guys so much. .

My personal favorite is tax assessed value. Lots of people look at me like I grew a second head when I say I ask for it to be lowered. Maybe you are lucky and live in an area that was bypassed by the crisis but the rest of us got hammered. The tax assessors don't want to admit it. But if you can get him to see your side of it and lower just 5%, it saves hundreds of dollars.
The counter arguement of, "what about when I go to sell?" does not hold water as a higher net income will help more then a low tax assessed value hurts.
PS I know I am new and wanted to help out a bit as I have been reading you guys so much.

Assessed value -- and therefore property taxes -- is an item that way too many folks ignore, and you're right that hundreds of dollars are getting left on the table. I don't know why anyone would be concerned with assessed value when selling; the assessment is not part of the equation.
Taxes are something most folks complain about, but don't do anything to fix. (As an aside, when dealing with sales taxes, there is an accounting/marketing technique that can add up to several hundred dollars in extra income every year that very few vendors avail themselves of, but that would be a topic for another thread.)
.

Assessed value -- and therefore property taxes -- is an item that way too many folks ignore, and you're right that hundreds of dollars are getting left on the table. I don't know why anyone would be concerned with assessed value when selling; the assessment is not part of the equation.
Taxes are something most folks complain about, but don't do anything to fix. (As an aside, when dealing with sales taxes, there is an accounting/marketing technique that can add up to several hundred dollars in extra income every year that very few vendors avail themselves of, but that would be a topic for another thread.)

We went to our tax board with a professional appraisal in hand indicating a value for the house that was $100,000 less than the assessed value (the assessment is real estate only, not the business). We barely received a reduction of less than 1/3 of the difference, on a 3 to 2 vote. The clerk in the tax assessor's office uses a state program and is not a licensed appraiser - that didn't matter. Counties and municipalities are extremely reluctant to give up the tax revenue even when presented with rational evidence. This year they will have to lower assessments as most sales have been short sales and foreclosures. So they are raising the rates instead.

 

[IronGate]

My personal favorite is tax assessed value. Lots of people look at me like I grew a second head when I say I ask for it to be lowered. Maybe you are lucky and live in an area that was bypassed by the crisis but the rest of us got hammered. The tax assessors don't want to admit it. But if you can get him to see your side of it and lower just 5%, it saves hundreds of dollars.
The counter arguement of, "what about when I go to sell?" does not hold water as a higher net income will help more then a low tax assessed value hurts.
PS I know I am new and wanted to help out a bit as I have been reading you guys so much. .

My personal favorite is tax assessed value. Lots of people look at me like I grew a second head when I say I ask for it to be lowered. Maybe you are lucky and live in an area that was bypassed by the crisis but the rest of us got hammered. The tax assessors don't want to admit it. But if you can get him to see your side of it and lower just 5%, it saves hundreds of dollars.
The counter arguement of, "what about when I go to sell?" does not hold water as a higher net income will help more then a low tax assessed value hurts.
PS I know I am new and wanted to help out a bit as I have been reading you guys so much.

Assessed value -- and therefore property taxes -- is an item that way too many folks ignore, and you're right that hundreds of dollars are getting left on the table. I don't know why anyone would be concerned with assessed value when selling; the assessment is not part of the equation.
Taxes are something most folks complain about, but don't do anything to fix. (As an aside, when dealing with sales taxes, there is an accounting/marketing technique that can add up to several hundred dollars in extra income every year that very few vendors avail themselves of, but that would be a topic for another thread.)
.

Assessed value -- and therefore property taxes -- is an item that way too many folks ignore, and you're right that hundreds of dollars are getting left on the table. I don't know why anyone would be concerned with assessed value when selling; the assessment is not part of the equation.
Taxes are something most folks complain about, but don't do anything to fix. (As an aside, when dealing with sales taxes, there is an accounting/marketing technique that can add up to several hundred dollars in extra income every year that very few vendors avail themselves of, but that would be a topic for another thread.)

We went to our tax board with a professional appraisal in hand indicating a value for the house that was $100,000 less than the assessed value (the assessment is real estate only, not the business). We barely received a reduction of less than 1/3 of the difference, on a 3 to 2 vote. The clerk in the tax assessor's office uses a state program and is not a licensed appraiser - that didn't matter. Counties and municipalities are extremely reluctant to give up the tax revenue even when presented with rational evidence. This year they will have to lower assessments as most sales have been short sales and foreclosures. So they are raising the rates instead.
.

Assessed value -- and therefore property taxes -- is an item that way too many folks ignore, and you're right that hundreds of dollars are getting left on the table. I don't know why anyone would be concerned with assessed value when selling; the assessment is not part of the equation.
Taxes are something most folks complain about, but don't do anything to fix. (As an aside, when dealing with sales taxes, there is an accounting/marketing technique that can add up to several hundred dollars in extra income every year that very few vendors avail themselves of, but that would be a topic for another thread.)

We went to our tax board with a professional appraisal in hand indicating a value for the house that was $100,000 less than the assessed value (the assessment is real estate only, not the business). We barely received a reduction of less than 1/3 of the difference, on a 3 to 2 vote. The clerk in the tax assessor's office uses a state program and is not a licensed appraiser - that didn't matter. Counties and municipalities are extremely reluctant to give up the tax revenue even when presented with rational evidence. This year they will have to lower assessments as most sales have been short sales and foreclosures. So they are raising the rates instead.

The other side of the coin, of course, is that the government is fighting to retain as much as possible to provide equal services (or perhaps more services to take care of everyone whose job has been lost). The key to focus on is that you got some reduction in the assessment, regardless of what the numbers tell you it should have been. Some is better than none, even if it is only for a single year. Use the money to buy a celebratory I-fought-the-government-and-sorta-kinda-won bottle of champagne.

 

[toddburme]

In the same vein as property taxes is insurance. I have called my agent and gone through what happens when I raise the deductable this much or that much. Going from a $500 deductible to a $1000 can lead to substantial savings. But going up to $2500 can be huge. The ideal would be to bank the difference in the event of a claim. Also I think that a person would have to weigh the effect of a major claim on an owner occupied BnB. A fire or major claim would effect your home and business at the same time. This would then be a moment where every penny could count.

 

[Morticia]

In the same vein as property taxes is insurance. I have called my agent and gone through what happens when I raise the deductable this much or that much. Going from a $500 deductible to a $1000 can lead to substantial savings. But going up to $2500 can be huge. The ideal would be to bank the difference in the event of a claim. Also I think that a person would have to weigh the effect of a major claim on an owner occupied BnB. A fire or major claim would effect your home and business at the same time. This would then be a moment where every penny could count..

I know we're not really talking insurance in this thread, but here's an example of what happens when the worst happens before you have a chance to sock away the money you're saving...we have a $5000 deductible on our insurance. We had a $10,000 flood 2 months after we took over, in the slow season. We were not even making money at that point and there went $5000 right out the window to cover what the deductible didn't. Stuff happens so it's good to look and see where you can afford the cuts and where it might not make sense.
(We also had a $5000 deductible on our health insurance. You can't get sick enough unless you're seriously sick to even put a dent in that.)