If We Don’t Spend It, We Can Save It.

You may remember that I started a 6 month no spending spree back in January as one of my New Year’s Resolutions. My no spending spree has actually turned into a spending less lifestyle. Tracking my daily and weekly spending has been bitter-sweet. I like knowing where my money goes, but I don’t like seeing exactly how much money I spend every week. I especially don’t like seeing the breakdown of how I spent my money each day because most purchases could have been saved.

I told myself that each week when I spend less money than the week before I will transfer the difference into my savings account. The theory behind this is that I may have spent it anyways, so if I save it I won’t miss it. My spending has been cut down significantly, but it has not stopped. I am not sure what it is about spending money that is so addictive, but I feel like I have to spend a little bit of money each day, even if it’s only $2.

A Little Bit Can Add Up To A Lot!

Every day when I spend $2 on Tea at Starbucks or $4 on a Breakfast Sandwich I don’t even think twice about it. But, at the end of the day all of my $2 and $4 purchases can add up to over $10. My $10-ish purchases per day can add up to approximately $50 of personal spending per work week. If I eliminated at least one purchase per day I could save $25-$50 per week.  I am sure that an extra $50 per week is better saved rather than spent.

Don’t Spend It, Save It!

The theory that our daily spending can add up to a big weekly expense is definitely true, but it is also true for our personal savings. Sometimes people don’t save because they are discouraged when they don’t see their savings growing quickly. But the truth is that money takes time to add up into savings, just like it takes time to cut down our spending so that we can save more.

Saving money is always a good idea. Saving an extra $50 on a monthly basis may not seem like a lot of money in the short term, but it can add up to $600 per year plus compounded interest. Whenever we are saving or spending money we can’t only look at the present, we have to see the big picture into the future.

Finding Ways to Save Money

As I continue to monitor my daily and weekly spending I am noticing tips and tricks with my spending that could have actually saved me some money; I just wish that I had noticed them before my purchase and not after the fact. But it’s ok because the whole point of trying to live a healthier financial lifestyle is learning from our mistakes.

Each week as I track my daily spending I discover a place where I could have saved money instead of spent it.   I try to wake up 15 minutes early in the morning to make sure that I don’t grab breakfast on the go at my local coffee shop.  I try to pack my lunch for work the night before to make sure that I am not buying my lunch on a daily basis.  I think twice about buying snacks because snack spending adds up very quickly.  I always watch the cash register when I check out at the store to make sure that my items are scanning at the correct price.

What is your little savings tip?

Photo by nieve

Kristina Tahnyak

Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.