MY BEST FINANCIAL DECISIONS IN THE LAST DECADE!

 

It's Almost 2020!

 In this blog I will discuss my best financial decisions I have made in the last decade. I've always been very financially aware and safe and here are some of the decisions I've made that have helped me maintain my financial freedom. I am able to travel, save and pay off my debts today because of these small decisions.

I encourage you all to write down 5 things that have shaped you financially. You will be surprised how much one small decision that you might not even think about can shape your life tremendously.

1. Saving all my bursaries and scholarships from university
- I used my scholarship and bursary money to help pay off some of my student loans post graduation and bought my first car when I graduated!

2. Living at home for Grad School
-Saved hundreds and thousands of dollars on renting, groceries, transportation and more that comes with moving away for school. Luckily, I got to experience this lifestyle during my undergraduate studies.

3. Buying my first Car instead of renting my first apartment 
- Buying my first car made more sense for me costs wise. I found freedom in being having my own car and saved some money from living expenses. Being a commuter has some cons but overall I am able to save more than I would if I decided to move out.

4. Working during University 
- I would have owed over 30k in student loans if I didn't work during school. Luckily, after both my masters and undergraduate studies I only owed 21k! and 6 months later I'm down to 14k! Almost there!

5. Building an emergency savings account 
- Saving 10% of my income in an emergency savings account allowed me to have extra funds available. When my engine needed to be repaired I had money to do so. When I ran out of money on vacation, I knew I had money to fall back on. This account always allows me to feel safe no matter what!

Write down your best and worst financial decisions you've made in the last decade, reflect and hopefully learn from your mistakes and your accomplishments!

This is the best way to get mentally prepared for the new year, reviewing your mistakes and accomplishments will help you set goals and understand what you want to continue and what must change.

All the best,

-Coll