Wednesday, April 1, 2009

Downsizing

Downsizing is the ‘conscious use of permanent personnel reductions in an attempt to improve efficiency and/or effectiveness’
With the economy being unstable these days and with future expenses that will arise when I go back to study it had made me re-examine my life especially my finances. I had realized that I have been wasteful with my money indeed. When I was making my income tax return for 2008 I was intrigued when I had earned around $10,000 but then the actual money that I have in the bank is not even close to 10% of that.

Sure we just moved here in Canada last year in the middle of the year so I had to help my parents out by buying some furniture for the apartment and some other things like food and clothes. But still I feel that I have wasted money on some other things like buying some random stuff online.

I sometimes wonder if this is why some people get into so much debt in the first place. It is so easy to get hold of financing and credit if you have good credit rating that's why people just buy and buy even if they don't really need it thinking that it only would cost them a couple of dollars with their installment plan or buy now pay next year scenarios.

It will only be 5 months until I go back to school and it's just right that I cut my spending and save all of my earnings in the bank because I can't expect my parents to contribute a lot to my education because they would still have to pay for our car and our new house if our plans to buy a new house push through this year.

Canada's Prime Minister, Stephen Harper, said that Canada will get through this temporary recession and I guess I could trust him and his words because the Canadian Government has put through an excellent economic action plan. But still, I hope that my parents won't get laid off since if ever this happens, even the Employment Insurance will not cover our expenses. Well my mom works for the Government so she would unlikely be laid off but again she only works temporary for the Government. She's still waiting to be hired full time at another City department.

So here are the steps that I have planned and will implement to downsize and even earn more money:

>Spend money ONLY on things that are NECESSARY
>Canceled my order of a laptop that I bought online for $1,600 realizing that it's too expensive and it's too bulky and heavy for university.
>Instead of buying an iPhone, I negotiated with my mom that I'll use her iPhone and exchange it with my iPod and cellphone.
>I will take a sponsored post each day.

I'm also thinking of getting a second job but I don't think it's feasible. I just hope that everything turns out well.

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