The new year is upon us and that means a fresh new start for managing your finances. By making a few simple resolutions you can save yourself precious time and money in 2012.
1. Resolve to get healthy, but skip the gym membership
All across the country, gyms are anxiously awaiting January 2nd and the influx of new members-- people willing to shell out a big chunk of change in hopes of shedding pounds. When life gets busy and we stop going there to take advantage that Zumba class we signed up for... the gym still has your money.
So this year, resolve to get healthy, just do it for free. Try organizing a group walk on your lunch hour with co-workers, a stroller group with other moms to a local park, or grab a copy of Just Dance and get the girls together to bust a move in your living room (laughing burns calories to you know).
Related: Biggest Money Mistake Women Make
2. Resolve to track your spending
Most of us are blissfully unaware of how much that morning mocha is costing us per month. Three marvelous medium mochas a week can run you upwards of $57 per month. So where else are you leaking money? Mint.com, a free financial website, is a great way to find out where your slow money drips lie. You can set monthly budget amounts for coffee shops, fast food, and many other categories. When you exceed the limit you've set yourself in a category Mint.com sends you an email notification.
3. Resolve to get a grip on your groceries
Be a grocery store detective in 2012. No you won't need a magnifying glass or a Sherlock Holmes hat, but you will need an extra 15 minutes to shop. Instead of of looking at the big bold price on the store shelf focus in on the Price Per Ounce, Price Per Unit, or Price Per Pound. Compare those prices and you'll find the biggest savings on everything you buy, from rice to steak to coffee creamer.
Related: Wanna Save on Groceries? Make a Game of It!
4. Resolve not to spread yourself thin
How does over scheduling and stress lead to over spending? The less time you have, the more you are going to lean on convenience to determine your purchases. If you have only 30 minutes between work and soccer practice-- the drive through will most definitely be calling your name. Set up a calendar to make sure your family is scheduling responsibly. Assign each family member a colored pen so you can keep track of who's doing what and easily spot any imbalances.
5. Resolve to say no
We all do things, go places, and volunteer when we'd rather not. It's hard to say "no" to invitations, good causes and favors. We don't want to be viewed as mean or unaccommodating, so often we put ourselves in a position of living beyond our financial and emotional means. Don't invest time or money into something you feel pressured to do. Just say “Let me think about it.”
If you do decide to decline, be clear and concise. Don't give excuses or promise to help in the future. Let the person know you appreciate being asked but cannot give your support at this time.
Being frugal is more than pinching pennies. It's also about choosing to invest the time and effort into your life and spending habits-- and making wise smart decisions.
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