Friday, June 20, 2014

Friday's Five Ways I'm Cutting Back on my Spendings


How many times have I mentioned cutting back and start saving?

Answer: a lot.  

While looking at my bank account last week, I had a wake up call. I was realizing how much money I'm blowing in such a little amount of time. And these weren't expenses - these were luxuries such as movies tickets, dine outs for dinner and lunch, unnecessary clothes, etc.

AKA, things I can reduce, cut back, and save.

1. Coffee
I'm split between Starbucks and Tim Horton's. There are months when I will have Starbucks more than Timmy's and vice versa. I usually order a vanilla latte (tall for $4.04) or a French Vanilla at Timmy's (medium for $2.10). And yes, you can judge the amount of visits by my memorized prices.

To cut back, I purpose that I switch Starbucks from a near-daily basis to a treat. At school, I have midterms and finals every three weeks, so I can allow myself to reload only $10 onto my Starbucks card. And to make it last while, I'll only purchase tall drinks, and nothing else. When I earn my lucky dozen star, I'll treat myself to a grande (or even a frappuccino!).

As for Timmy's, even though it's cheap at only $2.10/medium drink or about $1.89(??) for a small, I'll cut back to only 3 drinks per week. The other two days will be given to water. That way, I can save money and feed my body with a better liquid.

Savings?
Starbucks: $10/month = ~$120/year (even less if I don't drink Starbucks on my exam dates!); comparable at $20/month or $240/year.
Timmy's: $6.30/week = ~$327.60/year (comparable at $546/year). Less if I order a small drinks and not counting holiday days and weeks where I'll be at home and nowhere near a Tim Horton's.

2. Lunch/Dinner Dine-Outs 
For lunch, I usually get a salad at my local salad bar for $5 and for dinner, it varies but usually averages about $10 or less.

I purpose that for lunch, I do not exceed past $5 (taxes included) and only limit myself to 3 lunch dine outs per week (like my coffee cut back). For dinner, I will not go past $10 (taxes included) and will only allow myself to eat out two times per week. Now, keep in mind this is only for weekdays. If I'm not going out on weekends, I get too lazy to get dress and head out to get food.

Savings?
Lunch: $15/week = ~$780/year (of course, even less when I don't consider holiday days/weeks where I'd stay home; comparable at $25/week or $1,300/year).
Dinner: $20/week = ~$1,040/year (likewise, even less if I don't count holiday days/weeks that I'm nowhere near a restaurant; comparable at $50/week or $2,600/year).

3. Movies
I try to watch movies on Tuesdays where it's 60% off (about ~$6ish per ticket) but even then that eats up a lot of money if I watch even two movies a month.

To cut back, I purpose that I only watch movies on Tuesdays, and ONLY one movie per month.
And no popcorn! Only movies I'm "dying" to see, and no repetitions! Also, no fancy movie upgrades such as AVX and perhaps no 3D :S

Savings?
$6/month = ~$72/year
Comparable at $18/month or $936/year.
And, of course, I can save $6 if I never watch a movie for the entire month. Which is possible because I tend to be a bit picky about my movies!

4. Junk food
I love junk food. I claim to be the Queen of Junk Food.
But, to save my body from further destruction, I'm going to cut back on my junk food intake. And yes, we're talking about fast food (ties in with dine outs), chips, cupcakes, cookies, drinks, etc. etc.

I wish I can calculate how much I can save but unfortunately, I don't know the average price of my junk food intake. However, regardless, I can guarantee you that I'll be saving if I cutback my intakes.

5. Impulse purchases
Ho, ho, ho, this is a tricky one! Aside from foods, a lot of my money goes into impulse purchases, thinking that I neeeeeeeeeeeed the item! For example, my hairspray. Sure it was only $4 but it's $4 that I could've saved!

Like junk food, I don't have an average on my impulse purchases. However, to cut back on these stupid things I'm buying that's only collecting dust in the corner, I'll use every trick in the book about impulse purchases. I'll consider if I really need this before putting it in my basket. I can live without a dress that I'm only going to wear 2-3 times a year. I can live without $1 baskets that are cute (even if it's only $1).


I know a lot of these calculations are based on weekdays, but that doesn't mean I'll splurge on weekends too. I'll take into considerations towards what I'm doing on the weekends (clubbing vs. lounge?), drinks, foods, and especially taxi rides.

So, hopefully this summer, I'll have more money in the bank instead of losing it like crazy!

4 comments:

  1. EEK! Cutting back on junk food would be the impossible thing for me!!

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  2. That's probably the biggest challenge for me! I can't say no to coke and chips!

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  3. Good luck getting lunch for $5! Everything is SO expensive these days! I was making my lunch for the longest time and bringing it to work but sandwiches and salad gets boring fast.

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  4. I know, I hate how expensive things are :( I miss high school lunches where $5 was good enough for a nice sub sandwich! There's a local salad bar downstairs of my school that I visit and can manage to get a good amount of food for about $4.30 usually. Lately I've been piling stuff on my salad like it's nothing amounting to $7ish (oops!)

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