Hello Everyone!
Happy Friday! I hope you're all having a great end of the month and ready to celebrate this long weekend. I know I am!
I wanted to write up a quick post about Facebook selling since I've gotten a few requests on tips. So I've decided to share my best ones!
I am currently working on a minimalist year. This means I'm trying not to buy as much 'stuff' I don't need and I'm trying to get rid of stuff I really haven't used in the last 6-12 months. So far, it's been pretty successful! I think since January I've recovered close to $800 so no complaints. When I move in the fall, I want to be able to pack light and also, more money in the bank instead of money wasting away in my closet!
I have had a lot of success with selling through local Facebook Buy/Sell groups and the Facebook Marketplace. I find that a lot more people are jumping on here now to look for second hand items, as opposed to Kijiji or Ebay since most people are on social media daily and they can communicate quickly and efficiently.
If you're looking to start selling on Facebook, here are my tips:
1) Price your item 10-15% higher than the lowest price you would take. I find that if I price an item for $50 most people will ask if I'll take $40. This helps you to not lose out on money. But don't give in too quickly. If you're selling a brand new pair of Michael Kors heels and someone offers you $20....someone better will come around.
2) Make sure you put all relevant information in the post. Some people don't actually read the posts, so you'll probably still get useless messages asking for info. It is easier to just type 'refer to post' than to answer all questions. Honestly, this is a tedious part of selling on Facebook but sometimes I just ignore those messages and go for the ones that are interested right away.
3) Bring the items that you post with you during the day. I find if I post let's say 3 items/ week, I have set locations on where to pick up....BUT if I'm out and about that week I'll leave the items in my car (depending if the weather won't ruin them). That way, if I'm running errands at lunch or after work it's easy to find a place to meet instead of going out of my way. I will NOT deliver items, unless the place is on my way to somewhere I'm going and I will not meet in a private setting. Always exercise caution and either go with a friend, or meet in a public setting like a mall parking lot. I do this because if you're around other people, someone is less likely to mug you or worse. This is the other good thing about selling on Facebook as opposed to Kijiji...Facebook lets you screen your buyers!
4) Don't post too many items at once. At first I got crazy when I did this and I'd post SO many that I'd lose track. It's easier to post 5 / week and then keep them up for 1-2 weeks or until they sell. Once that time has passed, take them down and post some new items. I am giving myself this entire year to sell the items I currently want to sell. So if by December 31st these items don't sell, I will be donating them or figuring out how to repurpose them.
5) People are flaky. Some people will message you and string you along for a while, and then stop. If they do, just move on. It's easier to go onto the next person than it is to wait for that person to respond.
If you are looking for some good selling groups, I recommend Winnipeg Buy and Sell and Winnipeg Clothing Sell. You have to request to be in both of them, but just make sure when you're posting that you read the rules first so that you don't get booted or have your posts deleted.
My goal for selling items in July is going to be $150, so it's going to be a busy month but I've got a few bigger priced items that I need to get rid of and I am more determined than ever to do so! Let's start the month stronger together!
Thursday, 28 June 2018
Monday, 4 June 2018
Less Waste, More Taste!
It's been a while since I blogged, but holy smokes it's been a busy few months! Between side hustles, my 9-5 and moving my significant other to the same city, it's been crazy! I'm happy to get back to regular blogging again!
I recently did a poll on my Instagram page to see what people would be curious to read about and it seems a lot of people really want to learn how to save money on groceries. So this week I'm focusing on that.
When I started my financial journey, I was really bad with grocery shopping. I mean REALLY bad. I bought groceries like I was buying for a family of 4 and I wasted so much food. One of my goals for 2018 was to get better at meal prepping and to make less food waste. So here are the tips I have to offer when grocery shopping.
1) Plan Ahead! This is the captain obvious tip but it is so helpful. When I sit down on Sunday and write out the meals I want to eat for the week, I waste less food because I only buy what I need. I've learned while living alone how much I can actually eat in one week and which foods I can now buy less of because I can't eat as much.
2) Meal Prep. This goes along with the first one, but meal prepping is key to less waste. When you have everything ready to go for the week, you just need to grab it and go. I even sometimes prep my dinners by pre-cutting veggies or baking chicken at the beginning of the week so that I don't have to do anything but warm it up after work!
3) Flipp App is GOAT. If you haven't downloaded this app, you're missing out. This is basically your one stop virtual grocery store flyer. You can search up all of the stores in your area and see what's in each weekly flyer. This also helps for price matching since you can have this easily accessible at the til when you need to match prices from other stores. You can 'clip' sales and have them on your virtual shopping list. It's so easy to use, and saves a lot of time with your pre-shopping planning.
4) Stick To Your List! This one is hard for me. I still sometimes buy things that aren't on my list and sometimes I've found myself having to use my debit card because I have too many items and not enough cash. This has gone down significantly since I've started planning, but it could use some improvement. Write out your list/meals. Don't go into any other aisles. Don't shop for anything you don't need. You'll be set.
5) Find Money Back Apps. I currently use Checkout51. Every week, they have new offers on there and you collect said offers when you shop. Sometimes it will be $1 off Dawn Soap. Other times, $5 off Pasta when you buy 3 or more. Checkout51 allows you to cash out your earnings once you get to $20. They send you a cheque, it's super easy. I find for myself it takes me a LONG time to get to $20, but it's one little additional step to save some money without much additional work. If you're already buying these things anyway, why not take advantage of money back?
These are my basic grocery tips. I hope to get even better at grocery shopping/planning this summer as I want to save as much money as possible for the fall. If you have any tips you'd like to share, please DM them to me on my Instagram page, millennialsmission.
Thanks for reading!
I recently did a poll on my Instagram page to see what people would be curious to read about and it seems a lot of people really want to learn how to save money on groceries. So this week I'm focusing on that.
When I started my financial journey, I was really bad with grocery shopping. I mean REALLY bad. I bought groceries like I was buying for a family of 4 and I wasted so much food. One of my goals for 2018 was to get better at meal prepping and to make less food waste. So here are the tips I have to offer when grocery shopping.
1) Plan Ahead! This is the captain obvious tip but it is so helpful. When I sit down on Sunday and write out the meals I want to eat for the week, I waste less food because I only buy what I need. I've learned while living alone how much I can actually eat in one week and which foods I can now buy less of because I can't eat as much.
2) Meal Prep. This goes along with the first one, but meal prepping is key to less waste. When you have everything ready to go for the week, you just need to grab it and go. I even sometimes prep my dinners by pre-cutting veggies or baking chicken at the beginning of the week so that I don't have to do anything but warm it up after work!
3) Flipp App is GOAT. If you haven't downloaded this app, you're missing out. This is basically your one stop virtual grocery store flyer. You can search up all of the stores in your area and see what's in each weekly flyer. This also helps for price matching since you can have this easily accessible at the til when you need to match prices from other stores. You can 'clip' sales and have them on your virtual shopping list. It's so easy to use, and saves a lot of time with your pre-shopping planning.
4) Stick To Your List! This one is hard for me. I still sometimes buy things that aren't on my list and sometimes I've found myself having to use my debit card because I have too many items and not enough cash. This has gone down significantly since I've started planning, but it could use some improvement. Write out your list/meals. Don't go into any other aisles. Don't shop for anything you don't need. You'll be set.
5) Find Money Back Apps. I currently use Checkout51. Every week, they have new offers on there and you collect said offers when you shop. Sometimes it will be $1 off Dawn Soap. Other times, $5 off Pasta when you buy 3 or more. Checkout51 allows you to cash out your earnings once you get to $20. They send you a cheque, it's super easy. I find for myself it takes me a LONG time to get to $20, but it's one little additional step to save some money without much additional work. If you're already buying these things anyway, why not take advantage of money back?
These are my basic grocery tips. I hope to get even better at grocery shopping/planning this summer as I want to save as much money as possible for the fall. If you have any tips you'd like to share, please DM them to me on my Instagram page, millennialsmission.
Thanks for reading!
Sunday, 18 March 2018
How I Save Money on My Vehicle
Owning a vehicle is not exactly a money saver. But if you live in a bigger city and your transit isn't the greatest, and you have a boyfriend who lives two hours away, it's kind of essential to have one to get around.
I have no regrets with my vehicle. While I did ZERO research before getting it, I feel like it was one of those spontaneous decisions that paid off in a big way.
My first car (a 2007 Caliber) was a lemon. It was great for the first few years. But the last two years that I owned it, I was constantly paying to fix it, update things etc. I was annoyed because it was a new(er) vehicle that wasn't reliable in the slightest and I was almost paying more to fix it than the car was worth. I finally decided enough was enough when I spent the winter driving to work on Saturday morning at 6 AM with no heat in January. I had it.
My parents went in to buy a Toyota Rav 4 one Saturday and I came along for the ride, just to check out other vehicles and see what I could potentially see myself in. The sales guy that was helping my parents had asked what I was looking for in a vehicle, what my price range was and what my time frame for getting into a vehicle was. Essentially, I knew I needed a car and I needed it now. I really didn't have many things I was looking for but I had a monthly payment I needed to stay around or below. He pulled up a 2015 Toyota Corolla and we went for a drive. Within minutes, I fell in love. I knew I would see myself in the car and when we got back we got to work on the logistics.
Three years later, I have no regrets with my car purchase. I have a very reliable vehicle (that has heat), I haven't had to pay for any repairs or maintenance until this year and it still runs great.
So you must ask, if I have a brand new vehicle, exactly how am I saving money on my car?
1) I haven't had to pay for any repairs until this year. The first time I've had to pay out of pocket for any maintenance or repairs was back in February. So I had owned the car for three years less a month at that point. Everything has been covered under warranty including my oil changes.
2) I clean my car myself. This past weekend, I was getting really into spring cleaning. So much that I decided to give my car a good clean inside and out. I normally go to a coin-op car wash so that I can wash my car on my own time and it usually runs me about $7-$9 depending how much time I spend in there. To save myself some money, I will bring my car to my parents to vacuum it out so it takes less time for me to clean it. I am currently building my car sinking funds and planning on getting my car detailed this summer because there's a local company that charges under $200 for a full inside/out detail and I feel like if I'm only doing that once every three years, then I'm doing alright.
3) I order parts from my work instead of from my dealership. This is a lucky thing for me, because I work in a car dealership. So instead of paying for MY vehicle's dealership cost, I get the guys at work to order the parts I need (when needed) and they install them for free when they have a chance. Things I've recently saved money on in the last month:
I have no regrets with my vehicle. While I did ZERO research before getting it, I feel like it was one of those spontaneous decisions that paid off in a big way.
My first car (a 2007 Caliber) was a lemon. It was great for the first few years. But the last two years that I owned it, I was constantly paying to fix it, update things etc. I was annoyed because it was a new(er) vehicle that wasn't reliable in the slightest and I was almost paying more to fix it than the car was worth. I finally decided enough was enough when I spent the winter driving to work on Saturday morning at 6 AM with no heat in January. I had it.
My parents went in to buy a Toyota Rav 4 one Saturday and I came along for the ride, just to check out other vehicles and see what I could potentially see myself in. The sales guy that was helping my parents had asked what I was looking for in a vehicle, what my price range was and what my time frame for getting into a vehicle was. Essentially, I knew I needed a car and I needed it now. I really didn't have many things I was looking for but I had a monthly payment I needed to stay around or below. He pulled up a 2015 Toyota Corolla and we went for a drive. Within minutes, I fell in love. I knew I would see myself in the car and when we got back we got to work on the logistics.
Three years later, I have no regrets with my car purchase. I have a very reliable vehicle (that has heat), I haven't had to pay for any repairs or maintenance until this year and it still runs great.
So you must ask, if I have a brand new vehicle, exactly how am I saving money on my car?
1) I haven't had to pay for any repairs until this year. The first time I've had to pay out of pocket for any maintenance or repairs was back in February. So I had owned the car for three years less a month at that point. Everything has been covered under warranty including my oil changes.
2) I clean my car myself. This past weekend, I was getting really into spring cleaning. So much that I decided to give my car a good clean inside and out. I normally go to a coin-op car wash so that I can wash my car on my own time and it usually runs me about $7-$9 depending how much time I spend in there. To save myself some money, I will bring my car to my parents to vacuum it out so it takes less time for me to clean it. I am currently building my car sinking funds and planning on getting my car detailed this summer because there's a local company that charges under $200 for a full inside/out detail and I feel like if I'm only doing that once every three years, then I'm doing alright.
3) I order parts from my work instead of from my dealership. This is a lucky thing for me, because I work in a car dealership. So instead of paying for MY vehicle's dealership cost, I get the guys at work to order the parts I need (when needed) and they install them for free when they have a chance. Things I've recently saved money on in the last month:
New Wiper Blades
Quoted $55 PAID $18
Air Filter
Quoted $25.95 PAID $10.44
Cabin Filter
Quoted $54.95 PAID $17.75
(later this month) Winter Tire Change to Regular
Quoted $60 Will Pay (brother's friend) $40
Now in those few items there, I saved $127.71. Now that's not a lot, but that's a pretty significant amount just for shopping around! Again, working in a dealership helps because I do have a lot of connections. But if you need parts like filters or oil that can be changed simply by a friend or family member, I highly recommend going that route!
My best advice for vehicle savings? Do your research before buying a car. Shop around and get what's best for YOU and your financial situation. If you are quoted something for repairs or maintenance at the dealership, shop around again to see if you can get a cheaper price or see if you know anyone who could help you out. Also remember, cheap isn't always better so just ensure your cheaper option is also a reputable option!
Saturday, 10 March 2018
No Spend Month: 10 Day Update
Hey Everyone!
Hope you're all having a fabulous Saturday! I know I am! I had a lot of stuff to get done today, but I am completely on track (for once) and am crushing these errands leaving me some time to update you on my no spend month!
So I went into this month with no plan for my no spend challenge. I figured I would just keep tracking how many days I spend money and when I don't spend money to see where I'm at. Well, it's the 10th today, and I've only had 2 no spend days so far. Yikes! I know, I'm not doing the greatest but it's a start.
Already learning from this month, I know that April has to be a VERY strict month. I want to be saving my sinking funds for my trip and to pay off my insurance. I have to save $2100 for my insurance (which I'm at $750 so far) and I have a goal of $800 for my trip (this includes the airfare and food while we're there). So before the end of this month, I will make a somewhat plan for what days I would like to spend on. Groceries will be done on the same day that I get gas (to save myself time and hopefully an extra spend day) and I will do all of my bills on the first and fifteenth. It's going to be a huge learning curve, but having watched many people in the Debt Free Community absolutely CRUSH their debt and get their savings back on track, I know I can do it!
I can honestly say that I have cut back on quite a few things! I haven't spent any money on coffee this month yet! I've been making it at home, and I was given some free Starbucks this week so that was my nice little treat. I've also been noticing now that I've been having protein shakes for breakfast I haven't really needed coffee as much, so I'm going to take it down to 1-2 days this week to see how that goes. Also, drinking water in the morning helps A LOT with not needing coffee! I've only bought non grocery food once. So that's another huge thing I'm trying to work on. I'm very lazy when it comes to meal prep and cooking, so that is something I have to improve which I know will help improve my budgeting in the long run.
This is a learning process. I am not expecting to be perfect. What I am expecting is to make big progress. Having set challenges each month of earning extra income has so far proved very profitable. I've been dog sitting, babysitting, selling some extra stuff and continuing with my freelance work. I've been crushing the goals I've set each month and for that I'm proud. So always remember, even though it may take some time, stick with it! Do yourself a favour and set small goals first that will help lead to your bigger goals. Here's some of my small goals this year that I'm working on leading up to something big:
- Creating Sinking Funds: I have what's called sinking funds for transportation, vacation/travel and wedding. These are jars that I add to each pay cheque. I know people ask "why would you put that cash in jars when it can earn interest in a bank?" To be honest, I have been looking into better savings account options so that I can combine these three sinking funds into something that will earn me money as well. The timing right now just isn't right to do research so for now I'm just taking it out to make sure I can save it and not spend it.
Goal for Transportation: I don't have a year end goal for this one, as I'm constantly filling and using this one so the goal is to just keep putting $100 a paycheque in it for now as well as some of my freelance cash.
Goal for Vacation/Travel: right now it's $800 for our trip in May. We are also planning to go to Florida in October so for that trip I'm planning to budget $2500 (hopefully we'll get some more wicked flight / accommodation deals) . For this one I'm putting my babysitting money in here.
Goal for Wedding: since we actually aren't planning a wedding yet, I'm slowly contributing to this one. I just know that I want to pay off our wedding before it happens, so I am planning to cash fund our entire wedding (with help of course). But for now, my year end goal for this jar is $4000. Essentially I'm working on the 52 week money challenge times three. Right now, my house sitting money is the only thing I'm contributing to this. I think anything I sell for the next few months will be split between this and my transportation fund.
What are some of your goals? Do you need somewhere to start? Have some questions? I'd love to chat! Feel free to comment on here or follow me on Instagram at millennnialsmission and send me a DM! Have a fantastic weekend!
Hope you're all having a fabulous Saturday! I know I am! I had a lot of stuff to get done today, but I am completely on track (for once) and am crushing these errands leaving me some time to update you on my no spend month!
So I went into this month with no plan for my no spend challenge. I figured I would just keep tracking how many days I spend money and when I don't spend money to see where I'm at. Well, it's the 10th today, and I've only had 2 no spend days so far. Yikes! I know, I'm not doing the greatest but it's a start.
Already learning from this month, I know that April has to be a VERY strict month. I want to be saving my sinking funds for my trip and to pay off my insurance. I have to save $2100 for my insurance (which I'm at $750 so far) and I have a goal of $800 for my trip (this includes the airfare and food while we're there). So before the end of this month, I will make a somewhat plan for what days I would like to spend on. Groceries will be done on the same day that I get gas (to save myself time and hopefully an extra spend day) and I will do all of my bills on the first and fifteenth. It's going to be a huge learning curve, but having watched many people in the Debt Free Community absolutely CRUSH their debt and get their savings back on track, I know I can do it!
I can honestly say that I have cut back on quite a few things! I haven't spent any money on coffee this month yet! I've been making it at home, and I was given some free Starbucks this week so that was my nice little treat. I've also been noticing now that I've been having protein shakes for breakfast I haven't really needed coffee as much, so I'm going to take it down to 1-2 days this week to see how that goes. Also, drinking water in the morning helps A LOT with not needing coffee! I've only bought non grocery food once. So that's another huge thing I'm trying to work on. I'm very lazy when it comes to meal prep and cooking, so that is something I have to improve which I know will help improve my budgeting in the long run.
This is a learning process. I am not expecting to be perfect. What I am expecting is to make big progress. Having set challenges each month of earning extra income has so far proved very profitable. I've been dog sitting, babysitting, selling some extra stuff and continuing with my freelance work. I've been crushing the goals I've set each month and for that I'm proud. So always remember, even though it may take some time, stick with it! Do yourself a favour and set small goals first that will help lead to your bigger goals. Here's some of my small goals this year that I'm working on leading up to something big:
- Creating Sinking Funds: I have what's called sinking funds for transportation, vacation/travel and wedding. These are jars that I add to each pay cheque. I know people ask "why would you put that cash in jars when it can earn interest in a bank?" To be honest, I have been looking into better savings account options so that I can combine these three sinking funds into something that will earn me money as well. The timing right now just isn't right to do research so for now I'm just taking it out to make sure I can save it and not spend it.
Goal for Transportation: I don't have a year end goal for this one, as I'm constantly filling and using this one so the goal is to just keep putting $100 a paycheque in it for now as well as some of my freelance cash.
Goal for Vacation/Travel: right now it's $800 for our trip in May. We are also planning to go to Florida in October so for that trip I'm planning to budget $2500 (hopefully we'll get some more wicked flight / accommodation deals) . For this one I'm putting my babysitting money in here.
Goal for Wedding: since we actually aren't planning a wedding yet, I'm slowly contributing to this one. I just know that I want to pay off our wedding before it happens, so I am planning to cash fund our entire wedding (with help of course). But for now, my year end goal for this jar is $4000. Essentially I'm working on the 52 week money challenge times three. Right now, my house sitting money is the only thing I'm contributing to this. I think anything I sell for the next few months will be split between this and my transportation fund.
What are some of your goals? Do you need somewhere to start? Have some questions? I'd love to chat! Feel free to comment on here or follow me on Instagram at millennnialsmission and send me a DM! Have a fantastic weekend!
Monday, 5 March 2018
March = First No Spend Month!
Okay so this title may be a little confusing for some so let me explain.
I've been reading a lot on fellow #debtfreecommunity Instagram accounts about people doing no spend months. I've been very curious and following people very closely to see how they achieve this task. To me, it seems impossible but in the end so worth it.
In January of this year, I started writing down everything I was spending money on. Literally, everything. At the end of the month I couldn't believe 1) how often I was spending and 2) some of the things I was spending money on. It's a harsh reality when you look at what you feel like was wasted money during the month. February I did the same, and then around the last four days of the month I forgot to record what I was spending. I knew I had to get back on track, especially with expenses coming up this month and now a trip to plan for in the middle of May.
So here I am at March. I have decided to make March a no spend month! Now, obviously there will be days that I spend money. I have bills to pay, gas and groceries to purchase and so on. My goal for this month was to have 21 NO SPEND days. Meaning I would only have 10 days in the entire month where I can do my spending. I know that a lot of the Debt Free Community doesn't count their bill payments in their spending days, but I decided that I would to see where I could get in ten days. I didn't really go into this month with a plan (I did not plan what days I will buy groceries, when I will get gas, pay my bills etc). This month I decided will be a trial and error run. My overall goal is to curb my 'useless' spending AKA restaurants, coffee stops, the mall etc. I want to see how much I can actually save if I put my money towards something more useful.
So far, I'm doing not the greatest. I've spent 4/5 days this month, and I know tomorrow I will have to get gas. So I am struggling a little bit to find a rhythm but I know I'll get there! The good thing is: all of the spending done was budgeted for or went towards bills. So I know slowly but surely I will build up those savings!
If you have any tips/tricks for a no spend month please send them my way! My top ways to save my money this month include:
Yoga twice a week (currently have 19 classes on a class pass to use up)
Saikel once a week (currently have 20 classes on a class pass to use up, that I got for free I might add)
Coffee made at home (and saving co-workers McDonald's stickers to treat myself to free coffees when I get there)
Work on freelance stuff during the week to avoid going out after work
Plan friend hangouts in those areas above, or go for walks/hang out at The Forks on days where it's warm outside
I am excited to see where this month takes me and hopefully it will lead into an April full of even less spending! Can't wait to share my results in a few weeks!
I've been reading a lot on fellow #debtfreecommunity Instagram accounts about people doing no spend months. I've been very curious and following people very closely to see how they achieve this task. To me, it seems impossible but in the end so worth it.
In January of this year, I started writing down everything I was spending money on. Literally, everything. At the end of the month I couldn't believe 1) how often I was spending and 2) some of the things I was spending money on. It's a harsh reality when you look at what you feel like was wasted money during the month. February I did the same, and then around the last four days of the month I forgot to record what I was spending. I knew I had to get back on track, especially with expenses coming up this month and now a trip to plan for in the middle of May.
So here I am at March. I have decided to make March a no spend month! Now, obviously there will be days that I spend money. I have bills to pay, gas and groceries to purchase and so on. My goal for this month was to have 21 NO SPEND days. Meaning I would only have 10 days in the entire month where I can do my spending. I know that a lot of the Debt Free Community doesn't count their bill payments in their spending days, but I decided that I would to see where I could get in ten days. I didn't really go into this month with a plan (I did not plan what days I will buy groceries, when I will get gas, pay my bills etc). This month I decided will be a trial and error run. My overall goal is to curb my 'useless' spending AKA restaurants, coffee stops, the mall etc. I want to see how much I can actually save if I put my money towards something more useful.
So far, I'm doing not the greatest. I've spent 4/5 days this month, and I know tomorrow I will have to get gas. So I am struggling a little bit to find a rhythm but I know I'll get there! The good thing is: all of the spending done was budgeted for or went towards bills. So I know slowly but surely I will build up those savings!
If you have any tips/tricks for a no spend month please send them my way! My top ways to save my money this month include:
Yoga twice a week (currently have 19 classes on a class pass to use up)
Saikel once a week (currently have 20 classes on a class pass to use up, that I got for free I might add)
Coffee made at home (and saving co-workers McDonald's stickers to treat myself to free coffees when I get there)
Work on freelance stuff during the week to avoid going out after work
Plan friend hangouts in those areas above, or go for walks/hang out at The Forks on days where it's warm outside
I am excited to see where this month takes me and hopefully it will lead into an April full of even less spending! Can't wait to share my results in a few weeks!
Wednesday, 7 February 2018
Credit Cards!
So I fell a little bit behind this week due to the flu, but I'm back! It's amazing how much better you feel when you actually take time off when you're sick. Normally I try to power through but this time I took my time and now I'm feeling (almost) better than ever!
It's no surprise that credit cards would come up at some point in discussion and there will probably be some information in this post that you will want to follow and some that you'll shake your head at. REMINDER: all of my posts are based on my own personal experiences! You are free to take my advice and do whatever you'd like with it!
One of the first things I did when I turned 18 was apply for a credit card. I heard so much talk about how you needed to have a good credit score to get a house and I knew a house was in the somewhat near future for myself so I wanted to get started as soon as possible. I was approved, not for a crazy amount of credit but enough that could get me in trouble. Confession: I was SO paranoid when I first got my credit card. So much that I didn't even use it for the first six months. The very first time I used it I remember it vividly. I went out with a friend for lunch and thought hey, let's try this thing and see how it goes. I swiped it, dropped my friend off and immediately rushed to the bank to put a payment on my account. This went on for three months. I used it, I paid it, I had a $0 balance at the end of every month. I felt like I was winning this whole credit card game that so many people fail at.
Fast forward to Christmas of that year. I went a little overboard on gifts (for everyone else and myself) and I used my credit card because I thought great! So many Airmiles! (note that I only got 1 mile for every $20 spent) I used my card like it was nothing and at the end of that month I got my bill and my face went white. I knew I screwed up. Bad. I overspent on things that weren't necessary, I went out three nights a week and just put everything to the card. I lost track, and evidently felt like I failed myself. I knew I had to get rid of the card, but silly me said no no keep it otherwise your credit score will go down.
So I paid it off, and took my bank account waaaaay down. That right there was a huge slap in the face and a massive wake up call for me. Now I've never actually maxed out any of my cards nor have I had to hide it while I've paid it off. BUT my savings have taken a hit a couple of times because I lost control.
During school I used my credit card more than I like to admit. I felt like it was that security blanket and it was nice to not see my savings go down every week when I spent my savings on coffee, Subway and energy drinks. Do I have regrets about getting a credit card when I was 18? No. I think it taught me a very valuable lesson. Do I wish I would've called the bank and asked them to drop my limit by about 80%? 100% yes. Had I known better, I would've got a very small limit and only used my cards for gas or something that was necessary at the time. I let things get out of hand and for that I wish I knew better.
Do I think getting a credit card at 18 is a good idea? I think if you are SMART with money, it's a great idea to get one right off the bat. You will build your credit score from a young age and be able to gain access to more credit when it's time to make bigger purchases. My top tips?
1) Do your research. There are SO many cards out there and everyone has a different reason for why they want/need one.
2) Get a no fee card. If you are in university/college it really doesn't make sense to pay for a credit card. There are lots of student friendly cards out there that will get you good rewards or discounts and you don't have to pay!
3) Start off with a small limit. Take a look at your income and see what is reasonable for you. Again if you are a student, starting with a limit of $200-$500 is probably the smartest thing to do especially if you're only working part-time. There is no sense in spending a whack load of money that you don't have.
4) If you have little to no savings, stay away from a credit card for a while. Your future self will thank you.
5) If you're worried about overspending, hide your credit card at home in a safe place. Don't keep it in your wallet or you risk the temptation of buying those extra chips at the grocery store or the new top at the mall.
If you aren't sure about credit cards, do your research first. Like I said, I don't regret jumping in because it taught me a very valuable lesson early on, but knowing how much money I could have in my savings right now had I been smarter, I wish I would've taken the time just to stop and think.
It's no surprise that credit cards would come up at some point in discussion and there will probably be some information in this post that you will want to follow and some that you'll shake your head at. REMINDER: all of my posts are based on my own personal experiences! You are free to take my advice and do whatever you'd like with it!
One of the first things I did when I turned 18 was apply for a credit card. I heard so much talk about how you needed to have a good credit score to get a house and I knew a house was in the somewhat near future for myself so I wanted to get started as soon as possible. I was approved, not for a crazy amount of credit but enough that could get me in trouble. Confession: I was SO paranoid when I first got my credit card. So much that I didn't even use it for the first six months. The very first time I used it I remember it vividly. I went out with a friend for lunch and thought hey, let's try this thing and see how it goes. I swiped it, dropped my friend off and immediately rushed to the bank to put a payment on my account. This went on for three months. I used it, I paid it, I had a $0 balance at the end of every month. I felt like I was winning this whole credit card game that so many people fail at.
Fast forward to Christmas of that year. I went a little overboard on gifts (for everyone else and myself) and I used my credit card because I thought great! So many Airmiles! (note that I only got 1 mile for every $20 spent) I used my card like it was nothing and at the end of that month I got my bill and my face went white. I knew I screwed up. Bad. I overspent on things that weren't necessary, I went out three nights a week and just put everything to the card. I lost track, and evidently felt like I failed myself. I knew I had to get rid of the card, but silly me said no no keep it otherwise your credit score will go down.
So I paid it off, and took my bank account waaaaay down. That right there was a huge slap in the face and a massive wake up call for me. Now I've never actually maxed out any of my cards nor have I had to hide it while I've paid it off. BUT my savings have taken a hit a couple of times because I lost control.
During school I used my credit card more than I like to admit. I felt like it was that security blanket and it was nice to not see my savings go down every week when I spent my savings on coffee, Subway and energy drinks. Do I have regrets about getting a credit card when I was 18? No. I think it taught me a very valuable lesson. Do I wish I would've called the bank and asked them to drop my limit by about 80%? 100% yes. Had I known better, I would've got a very small limit and only used my cards for gas or something that was necessary at the time. I let things get out of hand and for that I wish I knew better.
Do I think getting a credit card at 18 is a good idea? I think if you are SMART with money, it's a great idea to get one right off the bat. You will build your credit score from a young age and be able to gain access to more credit when it's time to make bigger purchases. My top tips?
1) Do your research. There are SO many cards out there and everyone has a different reason for why they want/need one.
2) Get a no fee card. If you are in university/college it really doesn't make sense to pay for a credit card. There are lots of student friendly cards out there that will get you good rewards or discounts and you don't have to pay!
3) Start off with a small limit. Take a look at your income and see what is reasonable for you. Again if you are a student, starting with a limit of $200-$500 is probably the smartest thing to do especially if you're only working part-time. There is no sense in spending a whack load of money that you don't have.
4) If you have little to no savings, stay away from a credit card for a while. Your future self will thank you.
5) If you're worried about overspending, hide your credit card at home in a safe place. Don't keep it in your wallet or you risk the temptation of buying those extra chips at the grocery store or the new top at the mall.
If you aren't sure about credit cards, do your research first. Like I said, I don't regret jumping in because it taught me a very valuable lesson early on, but knowing how much money I could have in my savings right now had I been smarter, I wish I would've taken the time just to stop and think.
Thursday, 1 February 2018
Welcome!
Hey everyone!
Welcome and thanks for checking out my blog! It's been a while since I've written on a regular basis, so please forgive me if some of my first posts are a little shorter/sweeter.
I created this blog and Instagram page in hopes of helping millennials (or anyone really) who is trying to find tips and tricks to saving money or earning more when you're on a smaller income. My goal is to pass along my personal experience in hopes that it helps other people in their savings journey and gets them in the mindset of you can do this!
I will put a disclaimer saying I am NOT a financial planner or expert of any kind. These tricks and tips I share are ones I've learned from other sources or ones I have created on my own along the way. I will always reference where I found information in any case and if you have any questions feel free to shoot them my way!
This blog will be a work in progress this month, as I've got a very busy month ahead of me but head over to my Instagram page @millennialsmission and check out my posts there too! If there's anything you have questions on feel free to DM me on Instagram!
Welcome and thanks for checking out my blog! It's been a while since I've written on a regular basis, so please forgive me if some of my first posts are a little shorter/sweeter.
I created this blog and Instagram page in hopes of helping millennials (or anyone really) who is trying to find tips and tricks to saving money or earning more when you're on a smaller income. My goal is to pass along my personal experience in hopes that it helps other people in their savings journey and gets them in the mindset of you can do this!
I will put a disclaimer saying I am NOT a financial planner or expert of any kind. These tricks and tips I share are ones I've learned from other sources or ones I have created on my own along the way. I will always reference where I found information in any case and if you have any questions feel free to shoot them my way!
This blog will be a work in progress this month, as I've got a very busy month ahead of me but head over to my Instagram page @millennialsmission and check out my posts there too! If there's anything you have questions on feel free to DM me on Instagram!
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