Wednesday, 17 August 2016

PRACTICAL WAYS TO SAVE MONEY | TARA BERRIES


Money can be such a touchy subject to bring up because you never know a person's financial situation and for good reason, it is personal. This year was a challenging one as it was very slow in the supply teaching department (unusual circumstances) and I had to purchase a car because the one I had needed to go to my parents. As we all know, summer is not the best time for supply teachers either and I have had to learn a thing or two about saving money and not spending so much.

I remember when I was in university and had very little money and my friends would ask me to do something like go to a Lady Gaga concert or spend the day in the city shopping and I always made it work even when I probably should have said no. I made those fun things work without saving any money so while I was able to go out and have fun, I was always out of money until my next paycheque came. Not a good way to live and when I graduated and started working I was actually saving money and and able to do the fun things that came along with my friends. I don't want to bore you with the teaching profession in Ontario but when I finally managed to get on with a school board it was possibly the toughest year financially and I realized that I have to say no to things if I want to save money. 

With all that said, I am going to list some practical ways I save money both as a supply teacher and as a young person in her twenties.

1. It is okay to say no. Recently a friend asked me to go on vacation and I said yes without thinking. I said yes because I have money in my savings account and I have no plans to go on vacation this year so why not? Then I realized that the trip would have been too expensive and I could have done a longer trip for way less money. I also had to realize that I can't dump the little savings I have on one four day trip, not a good decision. So I had to say no and I don't regret that. I am planning two trips next year and they are worth much more than a quick four day vacation.

2. Stop buying fast food every day! Not only is it detrimental to your health but it depletes your bank account. I love my Tim Horton's every morning and would regularly grab a coffee and a bagel or croissant on my way to work but I had to give it up. I buy the Tim Horton's K Cups and make one every morning with my breakfast. I allow myself one Starbucks drink a week unless I am with my bestfriend, then we go Gilmore Girls style on the coffee.

3. Stop shopping when you are bored. Okay I am so guilty of this especially because I live five minutes from the mall. Whenever I am bored I go to the mall and buy books and clothes which clearly does not help with saving money. I have started to do other things when I am bored like going to the lake and playing Pokemon Go which has minimal spending involved.



4. Your savings account is not to be dipped from for little purchases. I am so bad at this. To the point where I had to take money out of my tax free savings account which lessened the amount of interest (minimum amount was $5000 to get 2% interest) on the account and that was all because I wanted to go shopping. I have learned that my savings account is for big things only like trips to Europe, buying a house, or putting money into an RRSP. My savings account is not for a Lululemon sweater.

5. Online banking is your friend. Online banking is the biggest convenience ever and it allows you to keep track of your spending and saving each and everyday. Gone are the days where you had to drive to the bank and see a teller just to know how much is in your account and we should be using technology to our advantage. By using your online banking you can see how much you are spending on living costs, food, bills, and recreation and you can see where you can cut back in order to save more.

Those are my five practical tips for saving money and I would love to hear about your practical tips. How do you save money each month? Let me know in the comments below. If you liked this post be sure to follow me on bloglovin' to stay updated!

Hope you are all enjoying the end of summer,

Xo. Tara Berries

17 comments:

  1. Those are some great tips! If I could add another "don't be tempted by the 'sale' emails" ...I swear, they're the hardest to ignore!

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    1. OMG sale e-mails are the hardest! Bath and Body Works gets me everytime.

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  2. I eat way too much fast food and I know it's draining my finances. I'm also guilty of dipping into the savings. These are good ideas...now only if I can follow them LOL

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    1. LOL I believe everything in moderation. Cut back on the fast food to once a week and keep a savings account for dipping and one you can't dip from.

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  3. Such great tips! Especially about shopping when bored and finding something else to do...I am really bad about shopping online too much, now I read books instead of perusing e-commerce sites! Thanks for sharing :)

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    1. Online shopping is where I rack up my credit card. When shopping at the mall I tend to use my debit card. I have curbed the online shopping at least until Christmas time. Good luck on saving!

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  4. The biggest thing from here is the Learn to say NO! Honestly, we used to go out with friends 2-3 times a weekend (dinner, drinks, repeat) and I felt obligated to...now I really don't mind saying no and instead enjoying an evening in every once and awhile...especially when I see the growth in my savings account! :)

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    1. Yes, saying no every once in awhile can really help your bank account!

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  5. There are so many good ideas - to branch off your 'no fast food' rule, I would meal plan, and shop from your list every week or two weeks. This will save you a ton of money! Also - write down everything you spend. It is enlightening and will make you more aware of your smallee purchases and how they affect the bottom line. Good luck!!

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    1. Ah yes, meal planning! I plan to start meal planning this fall. Writing down everything I spend...oh gosh!! That would make me think twice about spending money.

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  6. My practical tip is to budget everything. Being a one income family of soon to be five, knowing where every dollar goes helps in making sure everything is paid and we still have something to spend for fun!

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    1. Yes budgeting is important! I have used both iPhone apps and printable budgets but because I am a supply teacher my income changes from month to month so online banking is really where it is at for me.

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  7. My husband and I live extremely frugally, and I couldn't agree more! I think the most important thing to remember about money is that it takes a mindset toward frugality to truly live that way. We are still working through our budget and working harder and harder to save money!

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    1. Yes, changing your mindset is very important! I definitely have to remind myself to ask whether I need what I am buying or whether it is a want.

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  8. Great tips and easy to do really it just takes commitment and determination. Even just cutting back on buying a coffee each day can soon add up.

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    1. Definitely, if your coffee costs $1.00 a day, you save anywhere from $25-30 a month! If you buy a latte everyday then it is even more!

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  9. Not playing Pokemon Go? Download The Latest Version (Built for Android and iOS)

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