Since March, I made a few small changes that resulted in big savings like using water filters on my sink instead of paying for water delivery and dismissing my cable company because I don’t watch much if any TV at all. Now, I’m “ahead” enough and have taken a big step by having money transferred to my savings each week. It is a small amount set aside weekly that will be a big deal soon. I knew if I had a larger amount of money transferred all at once, I would feel the squeeze on my budget and spend the money I worked so hard to save. It’s sort of “psych-out” for the psyche, I know, but it works for me. I am so excited to see my money grow.
My student loan lender sent an e-mail to me offering a $30 bonus to open an account with a trading company. I didn’t think I was in any position to invest in stock, but my investigation taught me that I could buy shares in the market for a very small price. Since I journal, listing everything I spend to see where it all goes, I noticed I hadn’t dined out in a while because I didn’t see it on my list. Instantly, I thought about splurging but chose to use the money I normally spend on big dinners to match Sallie Mae’s investment offer. Now, I am an official shareholder! How cool is that?
A few weeks ago, I watched a super program on ABC on the topic of debt. It was so informative and very supportive of this financial journey I am on. It talked about credit card debt, living beyond your means, knowing where and how you spend, and how we should stop spending, start investing and save now. Did you know that 30 % or less of your salary should go to your rent or mortgage? The percentage of my salary that goes toward rent is even larger and this is true for most of my friends too. Since I’ve become so enlightened about my finances, I took a big step and found a more budget-friendly apartment. I’m proud to say, I am moving this month! I’d be renting forever if I continued to spend so much each month to pay someone else’s mortgage. My goal is to clean my credit and save enough to make a down payment next year.
I feel so empowered by saving, investing and being in charge of my dollars. I wouldn’t have recognized my pre-challenge habits were holding me back. My eyes have been opened to so many possibilities. My financial future is exciting and I can see the security I didn’t think possible.
What unnecessary expenses or luxuries can you omit to save more money?
This is an entry from the 2009 Connex Savings Challenge Blog, a place where you can keep up with the Savings Challenge families and they can share great financial tips, ways they are saving and budgeting and much more! For more blog entries and information on the Connex Savings Challenge, visit http://www.connexcu.org.