Saving $250 Without Even Trying - Part Two (It Grows!)
Tuesday, March 18, 2014
Part Two: The Savings did beget Savings
So, I made the plan. I did the math. I made my Savings Goal NOT TO DO list so that I could hit my savings goal of $250. It's now one week later.
- Wait, have you read Part One? If not, you can read about Jen's first week of savings here.
How did I do?
I have to admit, I’m feeling rather pleased with myself. Despite my initial planning to save bravado, I wasn’t 100 per cent sure I would be able to do it.
Having my Savings NOT TO DO list definitely helped keep me motivated. I’m all for finding ways to hack your own behaviour, to make yourself do something you may otherwise avoid. My Savings NOT TO DO list kept me on track and, I could see tangible progress towards my savings goal.
How much did I save?
Here’s a break down of my savings. Every time I didn’t buy a coffee, I added it to my list. This week, I saved $63.50; my weekly saving goal is $62.50.
So, I’m ahead by $1. Woot! Really. This is much better than I thought I’d do.
Here's how I went in week two.
|Day||Coffee 1||Coffee 2||Lunch||Coffee 3||Daily Savings|
Giving up coffee was as easy as I had hoped. Better yet, it got me thinking. What else do I spend money on that is superfluous, or at the very least, something that should be an occasional indulgence? With this in mind, I began to look for other opportunities to ramp up the savings.
The first opportunity was obvious, in hindsight. You see, a while ago I injured my ankle. I figured that it would take four weeks to recover and then I’d be able to resume my regular gym sessions. However, the injury has turned out to be taking much longer to heal than expected.
So, rather than cancelling the membership outright, I've put that on suspension for three months, pending improvement in the injury.
By putting it on hold, I’ll be saving $32 a month, or, a total of $96 for the duration of the membership suspension. As I’ve been out on injury already for two months, I could have saved myself $64 if I’d picked up the phone earlier.
This week, I also received an alert that my iPad New Yorker subscription was about to automatically renew. I love reading it but, in all honesty, I don’t get to read the 47 issues. I’d be lucky to have time to scan read even one issue per month. Plus, the renewal is $66 AUD, plus credit card fees. Was I getting about $70 worth of value from it? No.
So, from just these two simple activities – reviewing my memberships and subscriptions, I will be saving $166, more if I have to suspend the gym membership for longer.
The thing is, I will barely miss the online magazine subscription. That’s a real way to launch into regular saving – cut the cost of things you won’t even miss!
Stay tuned for Part Three!