Frugality reality

As we now find ourselves in a recession it’s time to think of the word ‘frugality’. This word came to me loud and clear in a television interview at Rogers Cable with Dale Goldhawk.  Jonathan Chevreau, writer with the Financial Post, just came out with a new book called Findependence Day.   This book is all about being frugal, watching where your money goes, figuring out the cost of pilfering hard earned money on coffee, lunch, snacks, lottery tickets, etc.  You know what I am talking about. You put $20 in your pocket one day and then it is gone; now try and retrace your steps. I bet you can’t. That’s the problem!  It’s hard to know where your money goes.  

So let’s do the math. Say you spend $6 a day on lunch 5 times a week. Multiply this by 50 weeks and what do you know, that’s $1500 a year….on lunch!  It’s really hard to believe just how easily this money slips out of your hands.  So let’s take another approach, bag your lunch. Let’s say this costs you about $2.00 a day in groceries, so you would have a net savings of $4. Multiply $4 by 5 days a week and 50 weeks in a year and just like that you’ve got an extra $1000 in your pocket. Just think what you could do with that money. You could invest it, you could go on a trip, or you could put it towards some goal you have. Try to track your expenses for a month and figure out where your money is going, then find ways to cut back!  If you need help contact Credit Canada to get a budget booklet or check out our website at www.creditcanada.com