|Who doesn’t love clip arts?!|
Following my previous post of announcing my move to New Zealand, I really need to get my spending habits fixed and start saving.
I’m cutting back drastically and a lot of my friends have noticed already. I hate being the “cheap” one out of my group of friends but hey, I gotta chase after my dreams and not mope around all day!
My plan of action includes:
- No more impulse purchases. From now, instead of my “wait 24 hours” method, I’m increasing the the waiting time to 72 hours. Three entire days need to pass by before I commit to my purchases. I’m also going to cut my visits to the dollar store and unnecessary visits to random stores when I feel “bored”.
- No more bookstores. Being a bookworm can get expensive – you just want to continue buying books despite a bookshelf full of unread books! Instead, the only books I allow myself to buy are the ones on sale. All regular priced books (and even sale books) would go through the public library first. If the library doesn’t have it, I’d add it to my to-read list and read another book in the meanwhile.
- No more Starbucks (on a near daily basis). Starbucks ate a lot of funds. Looking back, I spend about $30-$40/week on Starbucks! Instead, I’m going to treat myself to Starbucks from time to and time and visit Tim Horton’s for my coffee fix instead. I even uninstalled the Starbucks app from my phone to help with this change.
- Cut back on eating out. From now on, I’d invest more in my groceries than dine outs. Often time, I feel too lazy or uninspired to cook. The amount of money I spend on take out should be redirected to groceries for cheaper eating habits.
- Fix my credit cards. By fix, I mean pay off all the debt and lower the credit limit. Also, get into the habit of only using cards for its original purposes. My MasterCard for school/emergencies only. My Visa for my own personal spending.
- Transition into cash only. Everyone knows the best way to save money is to use cash and not cards. Using cash would also help me stick to my monthly budget more easily.
- Dedicate a portion of my paycheques into a savings account. I think I might dedicate half of my paycheques into my savings account. I’ll also be increasing my mutual funds purchases so I get a bigger return on investment by the time I want to leave for NZ.
- Cut back on services. I’m thinking of cutting back on my cellular plans and even changing my phone to a cheaper phone. I currently subscribe to Spotify and Netflix, both services I can’t live without. But, for example, I can downgrade my gym membership or invest in a few equipment for a home gym. There are plenty of fitness centers that is cheaper than Steve Nash.
Times like this, I wish I had a valuable skill to earn some little side income. I also wish I had more stuff to sell, haha.
But, gotta do whatever you gotta do to make dreams come true!