Photo By: Frexcelsior

I’m just getting started on this journey into the black. It’s not easy but I’ve been able to do a few things I think will make for a healthier financial future. Here are five things I’ve done to save money in the past month:

  1. Contribute to a high-interest savings account: I took my tax return and put it into a high-interest savings account. This serves as my emergency savings so instead of relying on credit the next time I scratch the side of my car, I can get it fixed with my own money. Let’s hope I won’t need to use it…
  2. Park the car: Instead of driving, I’ve been walking and biking more often than before. In the past month, I’ve only filled up at the station twice ($86). It’s still a lot of money but I have 3/4 of a tank remaining which will last me well into August.
  3. Cook more: Better for my health and wallet, preparing my own meals instead of buying them has worked pretty well so far. I’ve already told you that I save about $200/month now that I’ve reduced dining out. How much would you save if you reduced dining out by two or three times a week?
  4. Switch grocery stores: This is something I’m still transitioning to. Instead of going to Loblaws where the store is bigger, cleaner and well-stocked, I’ve been going to cheaper alternatives like No Frills and the ethnic-friendly T&T. What’s the point of buying bread at Loblaws if it’s the same price as the convenience store downstairs? I’m looking forward in reducing the weekly grocery bill.
  5. Track money: People seem to find this a lot scarier than creating a budget and I’m not going to lie, it’s pretty horrifying if like me, you’ve been ignorant to your spending. But facing your expenses is possibly the most important thing you can do when trying to get control of your finances. If you know where you’re spending, you’ll know where to cut down. Now I know…and knowing is half the battle.

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