Posted by HIM on Sunday November 21st, 2010
Apparently it is something we should aspire to, Double Income No Kids that is. It seems to be the living arrangement that would suggest a certain degree of affluence which heterosexual couples may pass by on their way to family-dom. It may seem like it would provide a distinct advantage to gays for a change, but it hinges upon a certain something which is illusive to so many. The second income.
While it would be fine if you could just tread water in the world, until your prince comes in and assures you financial stability; but really who wants to wait? In fact it would probably be prudent to have enough autonomy that if, heaven forbid, prince charming turns out to be a bit of a toad; you could manage just fine. It's all well and good to set out on a quest of financial security, but actually it's kind of tough.
It’s especially tough, if you happen to be so fortunate as to live in Vancouver. A place where the disparity between cost of living and salary is often so pronounced, even without the obligatory trips to State of Mind to keep your wardrobe up-to-date. So then, what to do? Abandon the downtown lifestyle and move to the suburbs? Stop spending inordinate amount of money on things you REALLY don't need? Those are good places to start, but only if you can stand going to karaoke bars where plaid is worn proudly rather than ironically.
Instead focus on how you spend your money. Rather than funding lunch with Visa, try withdrawing enough money at the beginning of each week. This kind of conscious switch will not only reduce the interest you pay on those Rock and Republic jeans, but makes you cognizant of how much you're spending. Go to the Happy Rock or read their articles below which outlines the benefits and drawbacks of such a strategy. It may be too much for some however, and the sudden switch to cash may lead some to become frustrated. Instead, try keeping a diary of how you're spending. Try looking at your Statements and not just your balances (or in my case the minimum payment due).
There are many areas where you can afford to simply live thriftier in order to keep your bank account healthy, rather than exercising your debt. Things like skipping the club every once in awhile in favour of a good $15 bottle of wine or drinking the coffee at work can quickly add up in your favour for a change.
Budgeting skills may even move you into a situation where you can start saving. Don't just put a little bit away for that trip to Sydney for Mardis Gras, instead make sure to have a contingency fund. It'll come in handy when you make your grand exit from your job as a flight attendant or when you need some emergency botox. If you're lucky enough to be able to, put a little bit away each month automatically, as a little bit here and there adds up. Talk to your bank about starting up an RRSP, they'll be able to provide some degree of guidance in the matter.
Now if you'll excuse me, I'm going to go find a sugar daddy to help pay off my student loan...
Benefits and Drawbacks of Spending Cash
In honor of the upcoming cash spending experiment I wanted address the benefits and drawbacks of spending cash. I will revisit this list after the cash experiment to see if I have anything to add or critique.
Benefits of Spending Cash
Drawbacks of Spending Cash
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