Weekly Summary: MoneyMasterClass - Lesson Six Review
In the heart of 2020, Gail embarked on a transformative journey towards a more organised and financially responsible life. Compared to the challenging year of 2019, this year has been much brighter for Gail.
Gail focused on five out of six counts, targeting items for downsizing or unnecessary spending. This included a habit of buying journals and notebooks on sale, particularly from the Chapters discount section. During inventory, she counted 18 pairs of scissors and 12 blank notebooks.
One of the tasks involved taking inventory of possessions. While doing so, Gail found a receipt for unused journals, totaling $13. This discovery served as a reminder of the need to curb spending and maintain a clutter-free home.
To effectively manage her subscriptions, Gail started by creating a detailed list of every subscription she paid for. She included service name, type, cost, billing frequency, renewal date, and payment method. For those seeking a more tech-savvy approach, apps like Bobby (iOS) and Subscription Stopper (Android) can help manage subscriptions manually or automatically by linking accounts.
Gail's focus shifted from the positive to the negative in 2019. However, this year, she adopted the practice of intentional gratitude, finding the last three days particularly refreshing due to this practice. Each day, Gail is grateful for five things.
Inspired by William Morris' phrase, "Have nothing in your houses that you do not know to be useful or believe to be beautiful," Gail decided to let go of items that did not serve a purpose or bring joy. She sold 11 pairs of scissors, adding the money to her "Found Money" jar.
To aid in this journey, Gail encouraged participants to colour on their calendar each day they spend money shopping. She also asked them to take note of all their subscriptions and cancel any unnecessary ones. By regularly reviewing usage and simplifying cancellation, Gail aims to gain full control of her subscriptions and reduce unnecessary expenses.
By combining detailed tracking with mindful assessment and leveraging technology for reminders and cancellations, Gail is well on her way to a more organised and financially responsible life.
- Gail's efforts towards financial responsibility also extended to her lifestyle, as she started practicing intentional gratitude to find joy in simple things.
- In addition to streamlining her subscriptions, Gail also implemented a strategy to reduce unnecessary spending on home-and-garden items, like buying journals and notebooks on sale.
- Recognizing the importance of personal-finance management, Gail established a habit of budgeting for expenses, colouring a calendar each day she shopped.
- To supplement her financial efforts, Gail also delved into education-and-self-development, finding inspiration from philosophies like William Morris' quote about keeping only useful or beautiful items at home.
