Frugal living is essential for young lawyers looking to repay debts and save money. As a first-year Bay Street lawyer, I am surrounded by latte stands, watering holes and chic restos looking to suck cash from my chequing account. What follows are tips for newly minted law folks who, like me, are looking to keep their money in their pockets during the work week.
Penny-wise in the morning
The morning is prime money-saving time. Start with your morning clean-up routine. When you plod into the bathroom, all of your grooming products should be the generic brand. Avoiding brand name soaps, pastes and shampoos will save you heaps of dough. Once you’re showered, brew your own coffee and eat breakfast at home. A colleague told me that he spends $4 per day on coffee; that’s nearly $1,000 annually for java, excluding weekends. For those who simply cannot find the time to brew coffee, follow the “Golden Toonie” rule: spend no more than $2 on your coffee each day. You can get a large Tim Hortons coffee for way under two bucks!
Now that you’ve showered using generic soaps and poured some home brewed coffee, leave the car parked in the driveway and buy a TTC Metropass. Or, to be even more cost-effective, run, walk or bike to the office.
Prudent during the day
Bring a lunch. Leftovers, sandwiches, salads and fruit should be your noon-hour mainstay. Brown-bagging will save you massive amounts of money. If you must lunch out, do it once a week. I make Friday my go-out-for-lunch day; I meet up with a family member, friend or colleague each Friday for a quick bite.
Following lunch in the afternoon, take advantage of complimentary snacks offered at your office. If there are granola bars and juice in the snack room, nosh on those instead of burning money at a newsstand or café. Rather than stepping out for an afternoon beverage, stuff tea bags from home into your briefcase and boil water with an electric kettle at work. Instead of buying pop, drink tap water.
Parsimonious at night
The end of the day rolls around. Time to punch out. Your next move will heavily influence your finances. Do you head home, pour yourself a single-malt and screen a film or, instead, pull off your tie and tipple at the tavern? While both options are enjoyable (okay, one may be more fun than the other), boozing in bars is a money-waster. If you’re looking to save cash and repay debts, then the first option is for you. At the end of the workday, avoid the over-priced Bay Street bars and head home to cook dinner and unwind. You could also go for a run, play sports or take a class. If you must hit the town after work, venture north, east or west of the Bay Street hub and you’ll find cheaper places to imbibe.
Young lawyers must sacrifice in order to repay debts, save money and grow personal wealth. Small, simple techniques like those mentioned above will keep your dollars where they belong: in your bank account.
Adam R. Freedman practices corporate law in Toronto.
Photo by Jeffrey Beall