My Wallet Is Fat And I Like It Like That

It's been a rough week. I gave into a lot of temptation, I made myself way too busy and I was a tad grumpy some days from not sleeping enough. It happens, and I've accepted that even though most days are better now, some days will still be rough.

That's why this week I decided to talk about a different part of my health/wellness make-over: how I became financially 'fit'.

2015 is the first full year that I haven't been a student. I went straight out of high school and did university/college for five years combined. Most people who have gone to school know the struggle of paying for school, trying to work part time, and staying sane through it all.

While I was in university, I honestly didn't really think about money that much. I knew that I was working 25 hours a week, which was more than enough to pay for what I needed. Though I was kind of dumb and spent a lot of it, I still had enough to pay for my phone, car, gas, and the essentials.

Once I got into Cre Comm in 2012, I knew working part time was going to mean working 5-10 hours a week because of the intensity of the program. I wanted to really focus on school because I knew it would (hopefully) be the last two years I was there, and I wanted to make it count. After the first semester, I made the decision to work less because a lot was going on with school and I wanted to take on more opportunities to help with my career in the future.

To make a long story short, I spent a lot more money than I was making in Cre Comm and by the time summer came around, I had a little bit of student debt to pay. I wasn't too concerned, because I knew that since I didn't have very much I would be able to pay it off by the end of the summer and be done with it. Well summer came, and I spent a lot of money on 'things'. Basically went out a lot, started buying stuff I would need to move out, and I wasn't being very responsible. I woke up one day and realized I would have to change. I'm no longer a student and I need to save way more than I spend. So it took me a couple of  months but I got back on track. Here's how:

1) Lived Off Cash: I've always heard of this as a technique to try and control spending habits. I never knew how difficult it actually was until I tried it for a month. Taking out $100 a week seemed like it would be enough, but some weeks I would have to pay for gas, and others my phone bill. So I would be left with pennies by the end of the week, and be like well that sucks, guess I'm not going out. What it did do was help me realize how much money I was spending on crap. AKA going out for drinks, dinner, coffee, ice cream, shopping, etc. I went out 3-4 times a week which was so unecessary. Once I started writing it all out and looking at it each week, I quickly realized I had to be smarter. So I would go out for dinner once a week, and maybe instead of ordering alcoholic beverages I would order a water with lemon or even an iced tea (helped save on the calories too).

2) Watched Way Too Many Money Shows: Okay, for a while I got hooked on the show Til Debt Do Us Part. If you're unfamiliar with it, Gail Vaz Oxlade works with couples who are struggling with debt and helps them get back on track (this is where I got the idea to live off cash). A lot of the times, it scared me. Seeing these people who were in their 20's and early 30's battling thousands of dollars in debt and not able to get out of the hole they dug for themselves. I've learned quite a few techniques from this show, and honestly as lame as it sounds you're never too young to be money smart. It made me realize that developing good habits early on would help me in the long run.

3) Started an RRSP: Well someday I have to retire, and I figure it would be nice to have some money when I do. Even though I'm not contributing thousands of dollars into it each month right now, it's still enough that when I do retire, there will be a good chunk of change even if I kept it at the current amount (obviously once I'm older I plan on contributing more). The good thing about this too is that your tax return tends to go up the more you contribute to your RRSP, so it's basically a win win. A scary thing is a lot of people tend to cash out their RRSP's early when they run into trouble and I've been told this many times. So all I do is just pretend it's not there. I'm well aware that a certain amount of money disappears from my account each month, but I just tell myself it's locked away and you can't touch it. So I never plan to until I retire.

4) Started A Hope Chest: I knew once I graduated, I was going to be planning to move out of my parents house within a year or so. I also knew how expensive it was going to be to add rent, food, and even household supplies to my list of things I need. What I decided to do was spend $20-$40 each paycheque on things I knew I would need. So plates, cups, utensils, etc. Even though it drives me crazy seeing all this stuff piling up in my closet, I know my future self will thank me when all I have to buy is a few pieces of furniture when I do move out.

5) Save Those Tips: If you work in the restaurant industry, or somewhere where you earn tips, save them. I work just at a coffee shop, so the tips aren't as big as they would be with serving but let me tell you they add up very quickly if you don't touch them. Every week when I work, I put mine in a jar and I don't touch them. They pile up week after week. In May 2013 when I went to buy my first DSLR camera I figured I would use some of my tips that I had started saving in October and then just use the rest from my savings. Turns out, I had enough to pay for my camera, and still had some tips left over. I've gone to Vegas twice in the last year and a bit, both trips I used less than $300 combined from my savings. All tips. It's actually amazing. Now, I'm going back to Vegas again next March (this time for work, don't judge) and I've still got my jar going. Even if you don't save it for big items, save them for your gas or your phone bill or even use it to buy yourself something nice once a month. Let me tell you though, it feels great to be able to pay for an entire trip just on your tip savings.

Now I'm in no way calling myself a money expert here. I'm merely sharing my tips with you in hopes that if you're struggling like I was, you can benefit from the same advice. You can always talk to your bank as well. They're actually really friendly people, and the reason that I'm living debt free right now. I obviously also have to consider my parents a huge helping factor because I've learned from some of their mistakes and appreciate the advice they offer. Since I'm in the photography business now (which is super expensive) I know that this summer will probably be one that's expensive but my goal is to try and see if I can live off cash again for a month (maybe two) just to try and bank some extra money while I'm working 3 jobs.

Oh and yes, people keep asking me how/why I do it. It's all about balance, and just loving what you do. I would not work three jobs if I didn't love them all. Some day I know that I will be content with working one job and enjoying my weekends off, but right now I wouldn't have it any other way.