Money does not grow on trees
We all fall into consumerism sometimes but now is the time to take back your money awareness!
If you’re living in North America, then you most likely have credit card debt, in fact, probably a lot of it. It’s no secret that our society is based on creating debt and dishing out credit cards like flap-jacks at the cafeteria. The big solution is really to not buy anything you can’t afford or have the money in the bank for, and if you do well you better have that cash coming in.
DON’T BUY STUFF UNLESS YOU CAN AFFORD TO PAY IT OFF!!
Super simple, yet effective.
Ask yourself some simple questions before a purchase. Do I really need it? Does it add that much value to my life? Or has this product just been well marketed to give me a perception of what I am looking for?
TIP: I usually walk around a shop for a while before deciding on a purchase in case I feel buyers remorse… most of the time I put the product back on the shelf and leave empty handed (but more full in my bank).
Rising Debt amongst Canadians
So here’s a problem. According to the CBC, Canadian’s are gaining more debt each year, with an average person owing $22,000 in 2016. What’s alarming about this figure is the fact that the most is between the demographic of 46-55. These figures don’t include mortgages either, so it’s most likely just consumer products or cars etc. It makes sense that students accumulate debt between their 20s-30s due to loans and a low income, but there really isn’t much excuse to be under the red further on in life. I smell a further post on student loans and universities and colleges later on…
This whole debt and relying on credit cards for money is really concerning to me…it’s as if society has just stopped giving a crap about the future or there is a system failure in place. Regardless, you don’t have to be a part of the problem. By becoming more aware of your money and not just putting off a budget and balancing your spending habits, you can prevent yourself from digging a hole that you can’t get out of.
Alan Tek’s tips to reduce your monthly spending and living within your means
So here we go, how do we begin to reduce such a burden on our lives? Well, it’s all about the management and simplification (thus reduction) in our lifestyle. Here are some very simple tips that I have been applying and hope they can help you as well:
- Drop the gym membership (work out at home, and run outside)
- Drop the cable tv and home telephone (use the internet, and cellphone)
- Find a low-cost cellphone plan (Koodo, Fido, in Canada are decent)
- Cook a lot more at home (eating out is expensive and mainly bad for you)
- Sell your old shit (sell your junk on ebay and kijiji and reduce home clutter and make some money)
- Stop driving a car, and in fact sell your car! (this is a big one, if you’re able to uber instead and use public transportation you’ll save sooooo much money).
- Be careful what you buy at the grocery store (buy healthy foods in bulk and simplify your meals: ie. rice, meat, veggies, no pop/sodas, fruits)
- Drink way more water (stop buying sugary drinks and juices that arn’t real..Tropicana. Ahem. If you need flavor, consider adding a wedge of lime or lemon)
- Stop buying coffees/lattes/starbucks (brew at home and bring it around with you. Keep these coffee routines to a minimal and instead make it more of an experience or meet-up with friends)
- If you’re single, live with roomates, if you’re with a partner then talk about all this stuff. If you’re close with your parents – LIVE WITH YOUR PARENTS. This isn’t always a possibility, but I personally lived at home during my early twenties and managed to graduate university without any debt.
Here’s a website recommendation. If you’re looking for more money saving and living within your means tips, check out Mr.Money Mustache who has created quite a large following online on his money saving tips. Check out Mr. Money Mustache here:
If you’re looking for some home workout routines in lieu of the gym, check out a previous post of mine here:
http://www.alantek.com/2017/05/12/live-healthy-simple-daily-life/
These are just some things you can do to reduce your spending, but the main thing is really be conscious of your money and realize that it’s a pot with an end. If you’re Winnie the Pooh, you really have to be careful with your honey dipping as it may run out some day — so be smart and make sure you have reserves for a rainy day!!