In part 1 of this post I highlighted three factors that affect people’s ability to save money; stagnant incomes, rising cost of living and house prices. These factors are external to us and we have little ability to control them on an individual level. I mentioned that even with these constraints we can still save. Today I will address how we can get around this by looking at internal factors we have more control over, our spending.
Tag Archive for ‘debt journey’
Millennials (born between 1982 and 2004) are changing the way they do things. From where and how we choose to work to how we choose to spend our money. Here are a few things that make millennials stick out from the rest of the generations before them. Mobility = Freedom We like to travel, work abroad, go on crazy adventures and drop everything to pursue what we love. Having the […]
Keep your housing costs between 20%-25% of your take home pay. If you can move back home with your parents while working and paying off youe debts, thats even better. Cancel all membership and subscriptions including cable and gym memberships If you are renting, look for all-inclusive apartment (if possible) Avoid paying for a parking stall if you rent. Instead, consider street parking. Live close to easily accessible transit lines […]
Here are 5 more tips that have worked for me when planning my budget. This is a continuation of budgeting tips part 1 post. Don’t forget to account for one time expenses, also known as “planned spending”. Divide the total amount by 12 months and set aside these funds periodically so you have the lump sum payment when its due. This is actually a tricky one to actually stick with. […]
It’s funny the things you remember when you are younger, which at the time you feel have no significance. I remember sitting in my Grade 12 calculus class, it was the final semester before high school graduation. By then, everyone had picked out their schools and had either been accepted or not. The feeling of independence, a sense of accomplishment and the eagerness to experience college/university life had filled the […]