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November Challenge – An Attitude Adjustment

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The challenge this month is not directly finance related, but I truly believe it can have a significant impact on our financial lives. How we view money. How we spend money. How we value what we can purchase with money.

Your challenge this Thanksgiving month is to truly turn it into a Thankful Month…start each day with an #AttitudeofGratitude!

  1. Each morning, before you roll out of bed, think of 3 things you are grateful for. Truly, anything!
  2. Throughout the day, say thank you for even the smallest act of service or kindness offered to you. And offer that thank you for sincerity and a smile.
  3. Before you turn off the lights for the night, think about 3 things that you were grateful for during the day.

(If you are really into it, write the 3 things you are grateful down in a journal. Even share this challenge with your family.)

Some optional pieces to this challenge:

  1. Post an image of something you are grateful for on Instagram. Use the hashtag #BADgratitude so other members of the BAD community can find you.
  2. Share the gratitude…we always read about people paying for others in the fast food line, buying someone coffee or even helping with yard work. Make a plan to give back somehow, some way every single week. And definitely come tell the BAD community about it.
  3. Any other suggestions?

The expected results…

My thought is that when we starting expressing thankfulness for even the most mundane things, we begin to value our lives more, the things in our lives more, the people in our lives more. I think this will lead to better spending habits when we know what we value.

It may not be immediate or conscientious change, but I believe it is a powerful one and a permanent one.

Monthly Net Worth Update and Financial Progress

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Debt Reduction

July 2019:

September 2019: (-$731.37)

 

October 2019: (-$395.14)

October Debt Reduction

 

Not so great for debt reduction at all this month. I did end up buying winter boots, a pair of black dress shoes for work, and a therapy session that won’t be covered by my benefits. This is eye opening for me, though. I plan on paying an absolute minimum of $600 a month to the line of credit now that I have some savings and my credit cards are consolidated.

Savings:

Savings account: $2350 (+$350)

I want to keep saving but I need to put a pause on this now and focus on debt reduction. I feel so conflicted about this, because I have been watching my financial stress dissipate as savings have grown.

Investment account: $506.91 (+$127.91)

This is a fun little investment account I have set up with Weathsimple.com. I’m using it because it’s easy to withdraw from and I’m planning on using this money if I owe for my taxes next year. I throw odd job money in here.

Registered Retirement Savings Plan: $13649.70 (+$382.87)

 

Total savings: $16 506.61(+$860.78). Frankly, this isn’t enough. I need to be saving way more for retirement.

Net worth (based on total savings – total debt):

$-17 573.62 (increase of $1255.42)

The line of credit payment comes out on the 15th and I’m planning on making a large lump sum payment each month. I want to pay a minimum of $600 a month to that, and increase my payroll deductions to my RRSP.

Yep. I need to spend less money.

Little Victories: 

  • applied for a no-fee credit card and no-fee checking account through Simplii (goal to close my expensive accounts by end of November)
  • My credit score became Excellent, but I don’t think that will last
  • I have a Rover gig in two weeks!