Saving trick: How I saved more than 15k in 8 months while in college

Hi loves! I just wanted to share the easiest trick I found to save money FAST.

A few years back, while I was in college and still living with my parents, I managed to save enough to buy a property, right out of college and in just a little over 6 months. Of course, I am aware I was very lucky to still live at home and had a good paying job at a young age. Here's the trick: use cash only anywhere and everywhere, forget the points. Let me explain...

• I did not use credit cards to purchase anything or pay any bill.
• I separated all my expenses in different envelopes (one for bills, one for food, one for entertainment and one for beauty) and the rest of the money in my chequing account went straight to $AVING$ (in a high interests savings account).

Here's the breakdown:

Monthly Budget

• I was paid around 1200$ every two weeks

• Bills: 

  • Cell phone 80$ monthly

  • Gym membership 40$ monthly

  • Netflix 8$ monthly

  • Bus pass 85$ monthly

• Food:

  • 20$ weekly allowance (if I overspent that in a week, I was taking $$ from the following week)

• Entertainment:

  • Movies, going out for 60$ monthly

• Beauty:

  • Nails 47$ monthly

TOTAL SPENDING: 400$ (monthly)
GRAND TOTAL IN SAVINGS: (2400-400) = 2000$ (monthly, multiply by 8, 16k!!!!)

Also, the best way I've learned to build my credit was to make small purchases (e.g. tv, mattress, etc.) on a 1-2 year payment plan with no interests and making my payments on time.

For those who are currently living on their own and have multiple bills, I will make a different post for you!

Let me know in the comments below if you try this envelope saving trick and how it's working for you, I'm thinking of doing a challenge for the month of July.

Mood this year: Secure the bag!

XO,
Marie Cristina