Reported by Bahiyah Shabazz, MBA
Many people live with several vices, some bigger than others. When it comes to items that you can live without I’m pretty sure the list can go on and on. No, I’m not talking about that significant other that you claim to leave every year. That’s another blog! The little things add up and it’s taking away from your savings.
As the new year approach, your resolutions will consist of eliminating debt, losing weight, going back to school or starting your own business. Whatever the case, now is the time to regard your behavior and what’s actually holding you back. Since I love to discuss both personal development and finances…let’s give it a try. You have four days until countdown 2011.
I want you to write down everything you purchase for the next four days and save the receipts for verification. Yes, even that sales paper and pack of gum from the newsstand. Once you write the item and purchase amount think if it was a wasteful spend. More than likely it was. You will begin to notice a pattern (ie. each day you purchase a Latte at 11:00 am and Granola bar at 1:45pm).
Don’t give up. The reason I suggest to write down your purchases, prices and behavior the next four days is to pay attention to yourself and how much money you’re basically throwing out the window. Think about it…
If you are really spending money when at work because you’re bored out of your mind, it will add up. That’s five days a week that’s allowing you to take away from your savings plan. If it’s $25 per day X 5 days X 52 wks = $6500 yearly.
Did I hear a gasp!!!!
How much debt can you pay off?
Will that amount accomplish your savings goal?
Are you now able to begin or increase your retirement fund?
Don’t wait to start your task, begin today. This will be helpful for the new year 2011. Once it arrives, you will be able to properly acknowledge your vices, discontinue and begin your savings strategy.
“Love Yourself Enough To Support Yourself.”
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