Here’s my reaction to this video titled Surviving on $50 for a week https://www.youtube.com/watch?v=uE9Q3q0dxSA
Indulge me while I share with you this very interesting phenomenon that I came across today. These two ladies were participating in a challenge that requires them to limit their spending within a week to $50 and I thought that was interesting. Here are a few money lessons i took from their experience
- Go one block over and you may be able to buy the same thing at a cheaper price. One of the ladies walked up to a food truck and tried to buy a can of coca cola, the vendor wanted $4 for it – for a coke? She walked a few steps away and another store had the same can for $2. Sometimes you just gotta make sure you are getting the best bang for your buck. -people are out here on the streets happy to take your money if you let them.
- On the last day, one of the ladies ordered some food and gave a tip. While I am not really a fan of tipping and the expectations that come with it, I understand the cultural nuance behind it. The point though is that the lady was still able to not only fend for herself within the budget, she was able to give someone some of it. The next time, you look at your $2000, or $5000 monthly pay-cheque and even remotely consider that you cannot possibly give someone else some of it, think again.
- If youHave a target spending goal – one of the ladies was running low on cash and she decided one day that she was only going to take a $5 bill with her to curb her spending. Good tactic ladies – think about it, if you don’t have access to more than $5 you are not likely to spend more than $5. She also did not limit herself from going out with friends – she just let them do the shopping.
What if one of them decided to find a way to make more money from their initial $50 and end up not only spending $50 in the week, but also having $50 for the next week? Hmm, hmm, wouldn’t that be quite the story when they go to report on how they spent their money?