Want to make 2012 your best money year ever? Consider implementing these simple money strategies. In no time flat you’ll see more money in your pocket and fewer bills in your mailbox.
1. Start shopping your closet.
Shopping is the great American past time, but most of us have more than we need right at home. You’d be surprised at the number of new looks you can put together simply by shopping your closet instead of the mall. It may not provide the same “shopper’s high,” but your bank account will love you for it.
2. Learn to resist the lure of the deal.
Who doesn’t love the thrill of the deal? The excitement of nabbing a 60% discount is invigorating. That explains the popularity of sites like Groupon and LivingSocial. But in the quest for the deal, it’s easy to lose sight of financial realities.
As the saying goes, “A bargain isn’t a bargain if you don’t need it.”
The next time you’re ready to pounce on a deal, ask yourself, “Would I pay full price for this item?” If not, then it’s probably something you don’t need.
3. Make your savings automatic.
You can’t spend what you don’t have in your hand. In 2012 put your savings on autopilot. Direct deposit part of your paycheck into a savings account. Ten percent is what experts advise, but if times are tough, start off small. Direct 5%, 3%, or even 1% of your paycheck into savings each month. Without even breaking a sweat you’ll start accumulating savings in no time flat. And more often than not, you won’t even miss the money you stash away.
4. Sleep on it.
We’re all victims of the impulse buy, whether it’s that new pair of pumps or that Blu-Ray DVD player that catches our eye. So how do we resist the magnetic attraction of shiny objects calling our names?
Try imposing a cooling off period before making any unplanned purchase. Make it a few days, a week, or even a month, but give yourself enough time to rationally consider your intended purchase. If you still desire the item at the end of the cooling off period, go ahead and buy it. More often than not, however, you’ll realize you didn’t want it so badly after all.
5. Save the change.
Pocket change doesn’t buy much in today’s economy, but in 2012 learn to put it to good use. Everyday after work drop your change into a jar, large piggy bank or container. By the end of the year you’ll easily have an extra $200 to $600 saved to spend on holiday shopping, a vacation, or your child’s college fund. Call it your simple, no hassle savings plan.
6. Grocery shop just once a week.
Studies indicate that up to 40% of our grocery store purchases are impulse buys, items we had no intention of purchasing when we entered the store. Shopping just once a week for groceries dramatically cuts down on these impulse purchases, saving us hundreds of dollars a year. Go even further in increasing your savings by arming yourself with a shopping list during each visit.
7. Always keep your financial goals close at hand.
Goals are the keys to our financial success. Unfortunately, short-term desires often interfere with our long-term dreams. Fight the seduction of short term temptations by keeping your financial goals close at hand
Saving for a new home? Clip a home image from a magazine and wrap it right around your credit cards. The next time you’re considering that leather handbag or Madden 2012 video game the picture will be there to remind you of what’s really important.
Photo Credit: Ludie Cochrane (flickr).
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