Tightening my wallet for 2011

Image from MoneyManagementIdeas.com

I’ve been doing a lot of blogging about changing my health and eating habits, but that’s not all I want to change. My next task with be my financial health. It’s time to tighten the belt loops on my wallet. I’ve just moved into a new apartment and now that I have a roommate, I’ll be able to save more. My goal for 2011 is to purchase a new (used) car. Have you ever seen that CarMax commercial where the guy screams, “I HATE MY CAR!!!” Yea? Well, that’s how I feel. My car’s little quirks have gone from being cute to a pain in the you-know-what. Not to mention, it might fall apart at

any given second so it’s not like I’m being frivolous by purchasing a new vehicle. The time has come. Really.

Anyways, I want to save for a decent down payment (less interest…) not to mention, I now have a wedding to plan for (eeek!) and someday, I’d like to purchase a home. So this is not just a short-term project.

When I read this article in the Wall Street Journal I thought it offered some great advice. It provides a financial goal for each month of the year; some of this wasn’t doable for me or doesn’t apply, but there’s one that particularly stuck out:

MARCH: Live without plastic for a month. Lock up your credit and ATM/debit cards. Set a weekly budget, cash a check for that amount at the bank each week, and live on it.

What a novel idea! How easy is it to run into Starbucks and order that latte, or buy that top that’s on clearance? Before you know it, there goes 50 bucks. So that’s what I’m going to do…when I get my next paycheck, I’m going to take out an allotted amount of money (enough to cover gas, food and any other necessities) and I’m not going to touch my check card and I’m definitely not going near my credit card. Whatever’s left will be put away and deposited into a savings account.

I’ll write back in a couple of weeks to let you know how it goes!

Sincerely,

Subtle

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One thought on “Tightening my wallet for 2011

  1. Marlene Carlen says:

    In the industry world, everyone is paid by 50 % coins: cash and experience. Consider the experience first; the amount of money can come later.
    Even though regulations of competition could possibly be sometimes hard for the individual, it’s a good idea for your race, as it ensures the survival from the fittest in every department.

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