NEW YEAR, STILL BROKE: HERE'S HOW TO CHANGE THAT
It’s the first two weeks of 2018; so far I’ve managed to stay afloat with my finances! Instead of spending money on New Year’s Eve I decided to make money that night with my side hustle (UberEats). 2018 is totally going to be the year of ultimate wealth building!!! I’ll let you in on it, but first, let me introduce myself.
My name is Kamille; you can call me Kam for short. I’m a certified tax preparer, bookkeeper and Financial Coach with my business FitnanceIQ Services. I have been budgeting since I graduated from Ryerson University in a BComm. in Finance almost a decade ago. In the last couple years, I have saved up to go travelling, for rainy days and for my future. You see I have always been that young lady that busted their ass to make minimum money to afford the trips to the Caribbean Islands. But in 2013 when I decided to take the ultimate courage to live abroad in South Korea I started making money where I was literally had half my salary left to send back home to pay off that evil OSAP (student loans if you are unfamiliar with that term). Being in Korea gave me the opportunity to be independent, travel, do a side hustle and find my true passion…educating people financially.
Now let’s backtrack a little bit when I use to budget it was to only watch my money come in and out. Which I basically watched my expenses outweighing my income. But now that I’m older and wiser; I now see where my money is going and how I can allocate it wisely. This way I’ve been keeping my debt low and increase my savings that cause me having a positive net worth. Last year, I did three types of money challenges: Savings, $30-$50 variable weekly spending, and 60-20-20 budget. I will share the first one and the others in the future.
SAVING MONEY CHALLENGE
If you haven’t heard about this challenge I recommended you try this!!! This is a great way to get you in the habit with saving (that is the key being financially stable!!!) So the 1st week you deposit $1, the 2nd week you deposit $2, so if you would do this you would have $3 in savings already. Sounds easy?? Yes it is but it gets more difficult in the 47th week or so (I won’t lie it did for me); so my advice would be reversing it (1st week- $52, 2nd week- $ 51, totalling $103 so far). Oh, and did I tell you if you manage to succeed in this challenge you end up with $1,378 (check out the image below)!!! Last year I was an eager beaver and wanted to double it!!! Let’s just say I managed to reach the dollar goal…lol, this year I’m reversing it and doing $ 1.5.
Now the thing about saving that much is there are endless things you can do with it!!! Travelling, shopping and even treating yo’ self. But I want you to think LONG TERM and about building wealth!!! So having it in a savings where it’s getting 1-3% interest, for now, is fine. But once you are comfortable think of how to make MORE compound interest on your money!! Make your money work for you, not you working for your money. You could invest in real estate, stocks, or even your own business… but that’s will be discussed in the future.
Now to those that don’t have a savings account WHAT ARE YOU WAITING FOR!!! Kidding, kidding. If you don’t have a savings account well I have a deal for you!!! If you sign up to Tangerine www.tangeine.ca and open a NEW Tax-Free Savings Account (TFSA), use my Orange Key 32736963S1 and get $50 free guaranteed (once you put in a total of$100)!!! No funny business, no gimmicks. My goal is to encourage individuals, whether you are young or old, but especially the younger generation, I encourage you to start saving from when you are young!!! If you are really interested in getting help financially you can contact me at email@example.com. Let’s get financially fit together. Bless up!!!