Let’s face it, we all have or have had a wallet weakness in our lives. You know, that “one thing” that tempts us to pull out our wallets and spend? – Usually out of our budget. It could be out of pure impulse or simply just habit. We all have our vices! However, the main thing is that there are ways to curb spending. So, to show you you’re not alone, I asked some of Hamilton and Niagara’s “local celebrities”. The simple question? – “What has been your biggest wallet weakness and how do you overcome it?”
At $7.99 a month, there’s literally not much out there that can compare to alternatives like Netflix, Shomi, and Crave TV. As a first time homebuyer with little discretionary income, I simply cannot afford $80 a month on Satellite or Cable. I recently read a fantastic article in The Globe and Mail, and I have to say “when it comes to TV, Netflix is all I need”.
With Netflix, I know what I’m getting – I can watch movies, TV shows and documentary’s as much as I want without any time constraints. Plus it’s all commercial free!
Could you use an extra $1378 by the time this year’s holiday shopping rolls around? With the New Year already here, everyone is looking for ways to save more money in 2015. There’s a great simple savings tool that’s been circulating on Facebook called the 52-Week Money Challenge (courtesy of Kassondra Perry-Moreland). Over the past couple years, the 52 Week Money Challenge has been quite popular on social media, for those looking to put a few extra bucks in their pockets at the end of the year. The best part about the challenge is that it makes saving simple and fun.
Canadians are crazy about New Year’s resolutions. In fact, in one poll – 80% of Canadians set New Year’s resolutions last year in January 2014. The only issue seems to be keeping them! It’s estimated that 75 per cent maintain their resolutions after the first week. Health and fitness resolutions usually top the list, but you can pencil in personal finance at number two. A good chunk of those resolutions are related to paying off debt. Like any resolution, a good plan will help you be successful in achieving it. It’s important to not just “make the resolution”, but “keep the resolution”. So, we turned to Finance Friday’s Dave Schurman to ask what helpful tips he could provide those who made New Year’s resolutions on personal finance this year.
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In this two part series, Craig has already given us some great insight as to how young adults can fulfill their New Year’s Resolutions of maintaining a healthy and active lifestyle on a budget. Thankfully, for the second week in a row – you’ll receive a little more guidance from Craig, Owner of Momentum Fitness in Dundas, Ontario.
Q: Statistics show that 75% of us who join a gym end up going a grand total of six times a year. This means many young adults will purchase gym memberships and not use them throughout the year. What strategies will help young adults get good value out of their gym membership this year and help them stay motivated?
A) There are so many great strategies we teach people to use to overcome the difficulty of staying motivated. Since consistency is the key to success, the best advice we give is to make exercise a part of your lifestyle. This might mean:
- Scheduling your workouts as regular appointments in your day to day calendar – just like you would if you had an appointment with your doctor or dentist. Stick with it.
- Making your workout your social time. We’ve found that people who work-out with a partner or in a group find more success than people who work-out on their own. In a group, you have people to stay accountable to and you get to socialize and share your experience with them.
- Working with a coach and get a program to follow. You’ll have to pay the coach to design you a program, but this way you have something to follow on your own. A good coach will help you set goals, establish an action plan and make you accountable in follow-up meetings. It’s worth the small initial investment if your goal really is to stick it out for the whole year. We know people with financial planners are more successful at investing and saving. Same goes for your health. Working with a ‘fitness planner’ will help you achieve the goals you desire.
- Set a “big goal” that is broken up by meeting smaller milestones on your way to that “big goal” and where those milestones require you do A, B, and C actions. For example, if I want to run a 10K race in May. I will set smaller milestones of running 1K, 5K and then 8K in the months leading up the 10K race. The A, B and C actions I know I have to do each week. This may include walking or running three times per week, going to Yoga once per week, and marking my progress in a goal setting app on my phone.
Year after year the New Year’s resolution that tops most Canadian’s list is to “Get in Shape and Lose Weight”. However, just as interesting is number 3 on the list – stick to a budget. Statistics show that 75% of us who join a gym end up going a grand total of six times a year. This means many young adults will purchase gym memberships and not use them throughout the year. Considering it may cost you roughly $500 a year, this won’t help you stick to your budget. Thankfully a little guidance from a gym expert this year can help you get in shape, without breaking the bank. We’ve decided to have a two-part blog series with Craig Spear, Owner of Momentum Fitness in Dundas, Ontario about how young adults can fulfill those New Year’s resolutions to stay fit and also stay within budget.