Edel Grace

Programmer, Developer, Enthusiast

Uber Frugal Month January 2018 Day 3 & 4

Jan 10, 2018 | Comments

Day 3

Today’s mantra: I have the willpower to wait!

Today’s action: Enact the 72 hour waiting period starting today and continuing for the rest of the month.

Today’s recommended reading: My Foolproof Method To Stop Impulse Spending

I definitely struggle with impulse spending. Any physical item that I have bought, I have usually bought it on impulse. Food is the same way. It isn’t until I see something in the food court or on display that I think, “I would like that.”

I do have a wishlist that I keep. It isn’t very long and I don’t always remember to add to it but it definitely curbs my spending. There are some items that have been there for months and I still can’t justify buying them. I think that’s a good sign.

Day 4

Today’s mantra: Managing your money—and growing your wealth—isn’t about complex day trading or bizarre get rich quick schemes, it’s about following the simple premise of “spend less than you earn—invest the surplus—avoid debt.”

Today’s action: Use this calculator to determine how much money you’d have in the future if you eliminated a few recurring expenses and instead invested them.

Today’s recommended reading: Want to learn how to start investing? Here you go: For the Love of Frugal Hound, Manage Your Money Yourself! (by following The Simple Path to Wealth)

Homework

I used the calculator. Every month I pay the following:

  • Netflix

  • Amazon Prime (saved)

  • Gym membership

This costs me $40 each month. If I saved that and assumed 7% annual return, I would end up with $14,420.90 after 30 years. That’s quite a lot but not as much I first thought. I think this exercise would be worth doing again once I move out.

I did take a look at the reading. I’m the type of person who would not do well managing my own portfolio. Instead I use a robo-advisor, Wealthsimple (referral link) to do it for me. It’s 0.5% fee however it’s worth paying it for the convenience. I would mess up anyway.

About

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My name is Edel Grace Altares. My programming interests include full stack development and back end development. My languages of choice are Python and Java. Outside of programming I enjoy crocheting, video games, cats, historical fiction, and reading.

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