Is Coronavirus forcing frugality?
Just as I was finishing my annual Frugal February Challenge and starting to get excited about embracing Manifesting May, the Coronavirus situation exploded. And I, along with everyone else was forced into accepting that the rest of the year is going to be frugal…not just February.
Every year that I have done this frugal challenge, I was always slightly cuffed at the savings I would manifest. Regaining respect and mindfulness as to how much the little things quickly add up and realising that I am okay to say “no” more than a few times to help build more savings. In fact, Frugal February is always a nice recalibration for me and is good for the soul, even though I sometimes dread it.
However since lockdowns begun in Australia, I am seeing what a truly frugal life is, albeit forced. And this has made me realise I wasn’t nearly as frugal as I had thought I was…and has been a wake up call for me.
Due to the lockdowns, I am saving $300 per month on my gym membership alone (which included Apple’s membership), I get 1 take away coffee per week, I make my lunch whilst working from home everyday, except for Fridays where I try and support one of my local cafes. This alone saves me $80 per week, adding up to another $320 per month. There is $620 pm in savings alone.
I can’t get any beauty treatments done as nothing is open, which is saving me another $80 for the month, so now I am up to $700 for the month in savings, and my weekend sanity money doesn’t even see the light of day with exception of the purchasing of a bottle of rose on a Friday evening to enjoy at home with Tom.
Seeing how much money is left untouched in my bank account each night, as I check my transactions and cross reference them to my budget, has made me realise I was perhaps a little ignorant as to how frugal I thought I was.
And whilst I am so grateful that I am still able to keep working, (however has not been unscathed by this by any means), I have the knowledge, skills and experience from always doing Frugal February to get me through this challenge. Furthermore, as I always do, I am making this a blessing in disguise by making all my savings count, by transferring every dollar that I can save into The $1000 Project account each Friday and Sunday night, to eventually buy more shares as soon as my account balance hits $1000.
Stay tuned and next week I will be sharing with you where my next $1000 is invested and give you a sneak peek into the portfolio!
Canna Campbell is the founder and director of SASS Financial Services, a boutique financial planning firm. She is Channel 9’s exclusive ‘money expert’, founder of financial media platform SugarMamma.TV and best selling author of The $1000 Project and Mindful Money.