Friday, January 27, 2012

Free Blog on Financial Advice & Changes I'm Making in my Budget

  Whether you're single or in a relationship, the website I found today will be a great asset to you!  Go check it out!  I've already read almost every blog post on there and am considering doing the coaching....

  So, a friend and I were talking Monday night.  I was telling her about the funds I had saved for my Italy trip in April and she was giving me advice on how to save more money.

  It's confession time.  I LOVE to spend money.  I mean, I do save, that is one thing that I've always done.  I have a 401K, savings account and a CD but the money that I actually get, I LOVE to spend.  If I go into a store and see an amazing pair of earrings, I HAVE to get them because, who knows, they might be gone tomorrow....

  Yea, that's me.  One thing that my friend mentioned was making saving something to look forward to, just like (at this particular time) I look forward to finding that great pair of earrings (or piece of clothing, or makeup, etc).  For example, if I see some great earrings, I need to WAIT at least a day before purchasing, so I can really evaluate my desire for the earrings and weigh the cost of them against the things that I really want right now.  Then, when I decide against purchasing the earrings, I need to take that money I would have spent on them (whether $5 or $20) and put it into my savings account for what I really want.  This way, I can grow my account while stopping some frivolous spending.

  Of course, I don't plan to never ever buy an amazing pair of earrings again but it shouldn't be a habitual thing. 

  So, in a few steps, here is my new spending plan for my weekly pocket money.

  1- If there is anything that I definitely need that week, this is what my money goes toward first

  2- If there is any money left over after my needs are met, I can keep it with me for possible spending

  3- When (and it's not an 'if', it's a 'when') I see something I have to have, I will walk away from the item and give myself at least a day to think about the purchase. 

  4- After I am done thinking about whether the purchase is worth it or not, I will
      A. Make the purchase and NOT feel guilty
      B. Take the money that I would have spent on the purchase and place it into my savings for Italy

  How does that sound? I think it sounds like a fabulous plan.  Of course, actually sticking with it will be another story but life is all about learning.  So I'm definitely giving it a go. 

  Do you have any pocket money saving tips? Please share if you do!!


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