Happy new year everyone! I hear a lot of people making New Year resolutions to cut back on spending and really hammer down on savings. It’s great to take that initiative, but I always stress that you can’t form a tradition overnight. You have to build it step by step. Here are a few steps to help you spend smart in the New Year:
Leave Some Room in Your Budget
Strict calorie diets aren’t for everyone, and neither are strict budgets. Consider developing a spending plan that uses ranges for each category instead of exact numbers, and aim to stay within the designated range.
Strict calorie diets aren’t for everyone, and neither are strict budgets. Consider developing a spending plan that uses ranges for each category instead of exact numbers, and aim to stay within the designated range.
Calculate Purchases in Terms of Hours Worked
When you're debating buying that $110 pair of shoes that you don't necessarily need, compare the price tag to the number of hours you worked to earn that sum. So, if you earn the equivalent of $11 an hour, ask yourself if it's worth ten hours of work.
When you're debating buying that $110 pair of shoes that you don't necessarily need, compare the price tag to the number of hours you worked to earn that sum. So, if you earn the equivalent of $11 an hour, ask yourself if it's worth ten hours of work.
Consider Going Cash Only on WeekendsIf your spending plan is plagued by weekends, consider restricting yourself to a certain amount of cash and leaving the cards at home.
Adopt a Cooling Off Period
Define a cooling off period to give yourself to think about an item, and if you still can't live without it after a few weeks it's no longer an impulse buy. Just make sure you save the money for it instead of putting it on credit.
Define a cooling off period to give yourself to think about an item, and if you still can't live without it after a few weeks it's no longer an impulse buy. Just make sure you save the money for it instead of putting it on credit.
Let’s work together to make 2012 the best yet. Join us in the forums to let us know your tips for spending smart and staying financially fit!
The Mint Makes It First, It’s Up To You To Make It Last
-Jainie-
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