Thinking Frugal

The funny thing about changing your life, is that life doesn't stop just because you want it to work out perfectly. I spoke to my sister about this today, and while I'm pretty frugal, I still am tempted every day to spend money.

I have a few financial goals I would like to accomplish this year: pay off my car, pay down my credit card debit, and save more money towards getting a house.

These things are constantly on my mind. It would be great to live in a reality that my paycheck was enough money to pay for every day life and enjoy some much needed extravagance. I want to go drinking, enjoy concerts and other such things, but piles of debt minimizes those possibilities. Here's a few helpful tips I plan to do this year to save money.

Lower Interest Rates

I have a few credit cards. I have never missed a payment, but I still have a high interest rate on one of them. I plan to talk to the company and convince them to lower it. Remember, it never hurts to ask for lower prices. One time I did this and instead of lowering my interest rate they increased my borrowing power; both of these options help overtime. 

A lower interest rate decreases the additional amount you need to pay monthly to continually pay off your debt efficiently. A higher borrowing power can help increase your credit score overtime. The idea is, the less credit you're using of your own personal limit, the better score you will have. I try only borrow 33% or less. Right now, I'm over that. Don't feel bad if you are too.

Make My Own Damn Coffee

If I buy a grande mocha at Starbucks, I'm spending $5. If I buy one at my local cafe, usually $2. If I make it at home? It only costs about 5 cents. Seems like a no brainer. I even bought one of those machines that has a timer. It works great! Except I forget to refill it all the time. 

Bring Lunch from Home

It's so tempting to buy food out every day. A lot of my co-workers do that and I want to hang out with them during lunch. I think the best strategy is bring lunch 4 days a week and have one day to splurge. It helps form a good habit, while allowing you to still participate in the social aspect of lunch with co-workers.

Keep the Change

Some banks have features to save money like moving all the change into your savings account. Seems straight forward and easy, but it really does make a difference. This year I've already saved more than $100. 

Overall

It's difficult to keep my finances in check, but it needs to happen so I can payoff debt and enjoy more freedom in my life. I'll let you know if I find anything that really helps, but in the meantime, let's enjoy the rest of the week! I'm going to a rock climbing gym tomorrow. Hopefully I don't hurt myself!