|
By Sanyika
Calloway Boyce © 2006,
www.financialfitnesscoach.com
1. Put it on
paper. It’s not good enough to have it in your head. List all of your
regular expenses, from hair care to mobile phone bills, and
everything in between.
TIP:
Don’t create a miscellaneous column and put things like CDs and magazines in
it. If you buy them on a regular basis, label them as “Entertainment.”
2. Define your
short-term goals. Do you want to take a Caribbean vacation with a group
of friends? Get your own apartment? Or maybe buy that special someone a
great Christmas gift? Plan for it!
TIP: At
this stage of your life, you might have a little less money than you’d like,
but you can still get what you want and have a little fun if you create a
plan and stick to it.
3. Keep a mini
version of your budget. Keep it in your wallet, purse or wherever you’ll
see it each time you have to spend money or are considering making a
non-budgeted purchase.
TIP:
“Out of sight, out of mind” should be your motto for your ex-boyfriend, not
your budget. Reminding yourself that you’re saving for your own apartment
might be just the motivation you need not to overspend.
4. Track all
spending. Getting to the checkout counter and finding out that you don’t
have any money isn’t cool. Make sure you are aware of your cash standing at
all times.
TIP:
Keep purchase receipts in the same section of your wallet as cash, that way
you’ll have a running total of what you’ve spent and where. Also, check your
bank balance regularly.
5. Avoid using
the ATM. Don’t use the ATM for more than the allowable number of free
transactions per month.
TIP:
Always keep $20 to $50 in an easily accessible place, and pull from your
reserve before running to the ATM. Be sure to replace any borrowed money on
your next bank visit.
6. Develop a
radar for your money wasters. Things like daily cups of gourmet coffee,
cigarettes, eating out, snacks and vending machines can really bust your
budget.
TIP: If
you’re hitting the vending machine more than two times a week, you need to
make a trip to the grocery store and get your snacks in bulk.
7. Cash is
emotional, plastic is not. When deciding what purchases to put on your
credit card, ask yourself, “Would I buy this if I had the cash?”
TIP:
When you use your card to purchase something new and don’t pay off the
balance that month, the interest you accrue can result in you paying three
to five times more for the item than if you paid cash.
8. Commit to
eliminating one money waster every quarter.
TIP:
Late fees for video rentals, over-the-limit fees for credit card payments
and parking tickets – all of these add up. Get serious about keeping your
money where it belongs, in your hands.
9. Save all of
your change. Commit to putting all of your loose change in a jar. At the
end of a few months, count the change. You’ll be surprised how much you’ve
saved!
TIP:
Most banks or supermarkets have automatic change counters. When you figure
out how much you have, put half toward your short-term goal, and use the
other half to buy something that you know you’ve earned because of your new
commitment to stick to a budget!
10. Allow room
for treats, hobbies and hanging out.
TIP: If
you’re going to splurge, you might as well save. Visit
www.coolsavings.com for discounts, deals, coupons and freebies.
© Sanyika Calloway
Boyce,
www.financialfitnesscoach.com |
