Friday, April 10, 2020

7 things COVID-19 taught me about how I manage my money

I took a quick glance at my bank account statement and your girl was pleasantly surprised. I'm so much richer than I thought I was! Covid-19 is the worst thing ever, but could this quarantine be the best thing that could’ve happened to my bank account? 

Photo by Fabian Blank on Unsplash

Here are a few things I stopped spending my money on during this quarantine season. Honestly, I might not even go back spending on post-quarantine. Am I a changed woman? Well we will see when this is all over. Only time will tell. Let’s see how much I can save per month!

“I was meant to be rich I can tell by the way I spend my money!” 

25 dollars a month on  a gym membership 
If there’s one thing this quarantine taught me is that anyone with a body and a cellphone can be a fitness guru on instagram (And yes, this comment was meant to sound shady). As much as I don’t want to see everyone’s workout on my feed, except of course, if it’s your actual profession, I was still surprised by all these people I follow taking walks, running outside doing at home workouts and finding ways to keep their bodies moving in this unprecedented circumstance. Is the gym really a necessity? I took a walk almost every day of this quarantine and it was free. Yet I go to the gym maybe 10 times in a month… On a good month…. I will definitely have to think about that one post-quarantine! If you are looking for a new fitness account to follow I suggest my girl @Miicamayan, she is also currently doing stretching sessions on zoom every morning at 10 a.m. eastern time and it’s free of charge. You are welcome!

14 dollars less a month because I need less data 
At home, I have unlimited data, I also have data on my phone that I no longer need because… well, I’m always home! So I changed my plan today and saved 14 dollars! Yay me! I might try to adjust and only use this amount of data even post-quarantine I think I can do it, plus almost all public spaces have free Wi-fi. Now, I know what you are thinking, “seriously Sophia? You are making a big deal over $14 a month?” Yes! $14 a month over 1 year is $168. Now take that money and put it in a savings account over 10 years it will give you $1680. Take that a step further and put in a savings account that generates compound interest giving you more. Don’t just work for money but make your money work for you!
Photo by Michael Longmire on Unsplash

11 dollars saved  because I don’t need Amazon Prime 
If you’ve been on Amazon recently you probably noticed that most items can no longer be shipped in one day. It takes more than a month to receive most items now. That’s insane, are we back to 2014?!? The main reason why I shop on Amazon is not to make Bezos richer, but it’s mainly because of the one-day delivery without that it’s just an overrated Aliexpress website. I would prefer buying locally and encouraging a Canadian company if I’m going to wait 1 month for an item to ship. 

90 dollars because apparently I can do my nails myself 
“Apparently” is the most important word here! Every 3 weeks I go to the nail salon and have my manicure and pedicure done by a professional and I just love it. My nails are cute, it takes less than two hours, I feel pampered and It’s a bliss! But it’s expensive and maybe not a necessity.  If you want to do your nails yourself, here is a quick tutorial made by my friend @elrosaddiction. You are welcome!

90 dollars saved because in my house I’m the barista 
Who would've thought that I could make my own coffee, certainly not me! Can you believe that no one at Starbucks ever bothered to let me know! I can make my basic coffee at home and also I tried the Dalgona Cold coffee and what a dream. It’s also a lot cheaper than a drink I could’ve ordered in a coffee shop. 

Photo by Mayur on Unsplash

96 dollars saved on food 
I’m definitely a “ let’s order pizza because it’s tuesday” type of girl. Now that I’m home more I cook a lot more often and we eat at home every single day and even with all the money we are spending on groceries now, including the “let’s panic-buy everything in the store, including all the toilet paper because we thought it was the end of the world” shopping spree we still ended up saving a lot more than if we ate out during the last few weeks. Mind Blown!

60  dollars saved on Uber
Uber is addictive, it’s just so easy to use you don't need to worry about finding cash or a parking spot. I wish I came up with Uber because it’s simply incredible, plus I would be super rich and I wouldn't be writing this article on how to save money.
Now that I have fewer events to attend (and by fewer I mean 0) it’s really making me reconsider all the money I was spending on that service. 60 dollars is really a conservative number because some months I used the service a lot more than I’m comfortable confessing online. 

That’s approximately 4632  dollars a year more or less. That’s a lot of money! That’s more than enough for an all-inclusive trip for 2 in the caribbean, a great start for down payment for a house or a new car. Maybe the money you need to start that business you’ve been thinking about. 

Let’s pull out the calculator. If you take 4,632 dollars and place it in a savings account with compound interest at 5% for 10 years. That gives you an extra 3,000 dollars extra in just interest giving you a total of about 7,600 dollars. Now that does not even include if you are continually adding money monthly for the remaining 9 years. 

On that note, 
Stay Safe, wash your hands 
Aurevoir, bisous bisous
Sophia Tim


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