Cutting down the expenses is step one !
Today was another fun engaging class where we got to work more closely with our Genius Hour project by adding more slides on PowToons. Based on my topic today, I did some research in regards to beginning to start saving NOW, today, as soon as possible!
Planning a long backpack trip can be a daunting task especially under a student budget. Where do I begin? What’s step one? What’s step two? What’s step three? It’s easy to get overwhelmed in the beginning, especially when I haven’t done something like this before.
So, based on my research, I learned that time is important to start saving! I read that it is important to write down all my current expenses so you can determine where you are spending money and how I can cut back. People bleed a lot of money every day through small purchases: that bottle of water, the dollar for that snack, that extra coffee. All of that adds up and creating this breakdown can let me know where I need to cut and save. For example, I learned that daily coffee costs me about $120 per month (lets say $4 per coffee). Now, what’s more important: my daily cup of Starbucks or getting to spend two more months enjoying the history in Berlin or exploring the Beaches in Greece islands?
But what's more interesting that I learned is that there is more expenses than coffee that I show/can cut down. For example, cutting down on going out to eat and learning to make time to cook especially spending money on my break during school to grab lunch from Metro. Another expense is my car, especially driving to school from Mississauga everyday. Cars are crazy expensive, especially paying for insurance, gas, and maintenance. So i learned if I get a chance, carpool with classmates or even take the bus. It'll be more of a hassle but it'll save me more money and time.
I also learned that maybe downgrading my phone might actually save me some money too! So I have an I-phone, and I usually pay around $100 for my plan every month. Well, if I downgraded to another plan and maybe a cheaper phone, I could be saving a
lot more than I can.
Overall, to sum it down, basically here is the break down to the cut down of my expenses:
Crazy how much I learned, and I am sure you will learn more once I update you on my next blog!
Planning a long backpack trip can be a daunting task especially under a student budget. Where do I begin? What’s step one? What’s step two? What’s step three? It’s easy to get overwhelmed in the beginning, especially when I haven’t done something like this before.
So, based on my research, I learned that time is important to start saving! I read that it is important to write down all my current expenses so you can determine where you are spending money and how I can cut back. People bleed a lot of money every day through small purchases: that bottle of water, the dollar for that snack, that extra coffee. All of that adds up and creating this breakdown can let me know where I need to cut and save. For example, I learned that daily coffee costs me about $120 per month (lets say $4 per coffee). Now, what’s more important: my daily cup of Starbucks or getting to spend two more months enjoying the history in Berlin or exploring the Beaches in Greece islands?
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| retrieved from: http://wallpaperfolder.com/wallpapers/piggy+bank |
But what's more interesting that I learned is that there is more expenses than coffee that I show/can cut down. For example, cutting down on going out to eat and learning to make time to cook especially spending money on my break during school to grab lunch from Metro. Another expense is my car, especially driving to school from Mississauga everyday. Cars are crazy expensive, especially paying for insurance, gas, and maintenance. So i learned if I get a chance, carpool with classmates or even take the bus. It'll be more of a hassle but it'll save me more money and time.
I also learned that maybe downgrading my phone might actually save me some money too! So I have an I-phone, and I usually pay around $100 for my plan every month. Well, if I downgraded to another plan and maybe a cheaper phone, I could be saving a
lot more than I can.
Overall, to sum it down, basically here is the break down to the cut down of my expenses:
- Cut down on my coffee
- Cook instead of buy food
- Downgrade a phone
- Lose the car
- Get rid of cable, and just use Netflix
- Open an online saving account
- Avoid shopping
- Get a water bottle, instead of buying plastic water bottle
Crazy how much I learned, and I am sure you will learn more once I update you on my next blog!
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