Reflection
Last weekend, Gail had us reflecting on the steps we’ve taken. First was to tally up the number of days we shopped in February and to note what we shopped for. Second was to look at our Savings Journal and to add up the amount we saved.
In February I shopped mainly for groceries and gas, but I did have a few extra purchases because it was my birthday month. In total I shopped or spent money 16 out of 29 days. It was helpful for me to see the coloured squares laid out and to visualize my shopping habits. I didn’t realize that I spent money as many days per week as I did.
For my savings journal, I have saved $196.49 in January and February. I wish this was “found money” for me, but since I use coupons as a regular habit to keep my grocery budget lower, it was just a task that I used to motivate myself to keep using coupons.
Along with the reflection, here’s a little inspiration:
Spending
The first task of this week was to track everything we spend and to mark each purchase as a want or a need.
Need a reminder of the difference between wants and needs? Here’s Gail’s tweet about it.
The second task is to choose one day of the week to be a no-spend day. My day will be Mondays because I usually have to prepare for my work week on Wednesdays.
Saving
The focus then turned to savings and the search is on for good High Interest Savings Accounts (HISAs).
A few of the banks that Money Master Class participants have been talking about are Tangerine, Simplii, and EQ bank. The current interest rates listed for these savings accounts are:
Tangerine = 1.05% (Though there are promotional rates currently for 2.65% to 2.75%)
Simplii = 1.05%
EQ Bank = 2.45%
I’m looking into some of the options others are talking about and am grateful for all of the feedback being shared!
Gail shared a few helpful tips about saving:
- If your savings account is making less than 1.5% interest, it is not working hard enough for you.
- Planned spending is money you are accumulating to spend, such as for a vacation. Savings is money set aside for a long-term goal and another chapter of life, such as retirement or your child’s education.
- Investing is putting money to work, where saving is just simply accumulating money.
- Debt repayment and savings should both happen at the same time.
- You just need to start somewhere. Start small and be consistent.
And if those aren’t enough, here’s a quick 5 minute video to check out:
Perspective
For next week, Gail has already laid out a challenge for us–and it really does feel like a challenge. In theory, offering praise (silently or out loud) to every person I interact with sounds great, but the challenge comes when those people are really unpleasant to deal with.
I’m blessed to work in a social services sector where my job is to help those in need. It is a job that gives me perspective on how a person’s pain and suffering can manifest in backlash towards me. For example, if one of our clients receives bad news or experiences a tough emotional day, this can result in them insulting me or yelling at me. Because I understand the story that is happening, I can have compassion for them and not internalize their behaviour towards me.
On the other hand, this week I had one of the rudest bank tellers, who begrudgingly gave me the help I needed, and I was so offended by her lack of care towards me and my business. I kept thinking “she must be having a really bad day” as she was completing the transaction, but I had trouble getting to any point of praise towards her. I’m going to remember this as I head into next week and hope I can get to those praise-filled thoughts.
How are you feeling about next week’s challenge? Do you have ways that you keep your energy positive in the midst of negativity?
New to the Money Master Class? There’s still time to get started!
Check out this tweet to see all of Gail’s #MoneyMasterClass tweets from the start.
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap
Missed last week? Find it here: Week Nine Recap
frugal minded 