Fiscally Responsible. Money Conscious. Frugal. Cheap 😂
Whatever you want to call it, my money management and ability to save vs spend the money I earned was a key factor to my success in becoming debt free.
As long as I could work and hold a job, I’ve been highly conscious of how my money is spent and very hesitant to waste it.
Here’s a few examples of how ‘fiscally responsible’ I was before I even graduated high school and the amount of effort I went through to keep as much of my hard earned money as possible.
*When I went to fast food restaurants in high school with friends, I would get burgers without any cheese, and brought my own cheese slices in my car 😂, saving me $1 or so. Yes, BYOC.
*Gas station I frequented gave $1 cash back for 30L+ fill. I’d fill up two times in a row and get $2 cash back for a fill vs $1 (confession, I was driving my parents 1996 Dodge Grand Caravan with almost 400,000 kms on it)
*I had a pay-as-you-go cell phone, that was $0.25/Minute. I did not make long phone calls, and it became a fun game to always try and end the call at 59 seconds or 1:59, etc. Some family members may have been hung up on (sorry Mom & Dad)
*instead of getting a Mocha at Tim Hortons, I’d go with a friend and get a cup of coffee, cup of hot chocolate, and an extra cup and mix half and half, saving some $
… I’ll stop here, I think you get the point (and yes, these stories were shared at my wedding from by family and friends, and now I just told y’all!)
Now bring-your-own-cheese or mix-your-own-mocha didn’t make me debt free single-handedly, but wanted to give you an insight into the extent I went to spend less and save more, while in middle and high school (before ever entering adulthood).
You may have heard about the compound effect from Darren Hardy. The Compound Effect is the principle of reaping huge rewards from a series of small, smart choices. Our present reality is an outcome of the little, seemingly innocuous decisions that have added up to your current bank balance, waist line, business success, relationship status, etc
The compound effect of my fiscal responsibility, paired with a strong work ethic and ‘hustle’ was a key factor in my success in paying off my mortgage 20 years early. Small savings consistently went towards extra principal payments on my mortgage, never pay credit card interest (because I was never ever buying anything I didn’t absolute need or couldn’t afford, I was not keeping up with the Jones)
Can you think of some areas in your life you could cut expenses to add to your bottom line every month? Cable? Designer coffee? Downgrading your vehicle?
Would love to hear your thoughts!