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Finding Your Financial Limit

In the last couple months I have undergone a couple of career changes. This also means that I went through financial changes as well. I pride myself on being able to maintain a steady bank account balance while I went through varying salaries or no income at all. I felt that if I was able to maintain my balance at a certain number everything was okay.

1

The other day I looked at my account and I was shocked at how low it had become. Now I’m not saying that it was drained, but in my mind it may as well have been a giant goose egg. I had a mini panic attack and thought that I was in all kinds of trouble. I kept asking myself: how did I end up here? What the heck was I spending my money on? WHERE DID IT ALL GO?!!!

2

Then I started looking at what I was spending money on and it was pretty much the usual things that I put my money towards: rent, groceries, metropass, the occasional movie, the random mini-splurge, OSAP payments, gym payments, and Krav Maga membership.

3

All of this shouldn’t have been that big of a deal, but when you combine it to the constant fluctuations in my salary, well, it made sense that my checking account would start looking sadder and sadder.

4

I knew I had to start making serious changes. Starting with saying goodbye to my gym membership, no more Timmies runs after Krav, and making sure that my roomies are paying me rent BEFORE my landlord takes it out of my account.

5

These little changes were just a start to something bigger. While I get serious about budgeting again I realize what this experience really meant to me. That incredible shock of seeing how depleted my account was made me realize my financial limit. Looking at account totals I haven’t seen since university was seriously scary. I thought that as a 24-year-old adult, my bank account would only grow.

6

This learning experience has helped me realize that I need to be more on top of my finances and be aware that when I don’t have my usual income I need to cut back on things that aren’t really necessities.

7

So what’s your take on the financial limit? Have you reached yours? What was your reaction? Let me know in the comments below!

-Karyn

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