At the beginning of the month (and to kick off the Mint.com Money Boo Boos Sweepstakes), I encouraged MintStyle readers to join me in setting new lifestyle goals for 2013.
In other words, it?s time to stop keeping up with the Joneses.
The basic concept is that by setting goals and benchmarks, and staying focused on small lifestyle changes over time, you?ll eventually stop responding to the external pressures that lead to overspending (aka. Keeping up with the Joneses).
With February just around the corner, it?s time to take stock and figure out if any of the lifestyle adjustments you?ve made are on their way to becoming regular habits.
Tracking Progress
So, how has January been working out so far? Have you replaced your old spending habits with a thriftier and well-thought-out spending plan?
While you?re looking back on the last 30 days, why not use this time to evaluate your financial goals for the next eleven months? If you haven?t already, of course.
Try to chart any upcoming events, including travel, birthdays, holidays and other celebrations, and decide how much you will spend for each. Don?t forget to include a cushion for rainy day splurges or unexpected events.
Calculate how much you need to put aside for the year, divide it by 11. That?s how much money you will need to set aside each month to stay within your budget. And just like that, you have a goal!
P.S. Since today is the last day to enter the Money Boo Boos Sweepstakes, go ahead and use this moment to log into your free Mint.com account and set your financial goal. I?ll wait right here?
Are you back? Did you set your goal? Great! Moving on?
Now automate your savings. Set up an automatic transfer into a savings account, which is one of the four basic financial accounts everyone should have.
You can save a little each week, every two weeks (or from each paycheck), or once a month.
Remember that goal you just set in Mint? You can use the goal-tracking feature to measure your progress and keep you motivated.
Finally, don?t beat yourself up if you find you have strayed from your plan and have to readjust your goal, that?s what benchmarks are for ? to set you up for success!
Allow for Indulgence
What are your spending weaknesses?
List the splurges you absolutely do not want to give up (it?s okay, we all have at least one). Now, list the ways you like to indulge yourself without breaking the bank.
Think about ways you can adjust your spending so you can indulge in a weakness or two without feeling deprived. Use that list of inexpensive indulgences to get you through the hard times.
Just like a diet, depriving yourself too much will leave you feeling desperate and can lead to binging.
Trade In Before You Trade Up
Before you buy anything new this year, try to determine if you can buy used??While many things can be purchased secondhand, here are some things you should never buy used.
Search online sites like Craigslist or Ebay, your local thrift or consignment stores, or even use your favorite social networking sites to find the item you are looking for.
If a new phone or electronic device is on your list of indulgences this year, take stock of the devices you currently have.
According to Lesley Madsen, the Consumer & Product Marketing Manager with Radio Shack,?28 million people have at least 2 unused phones in their house ? are you one of them? Those dusty old cell phones you?ve been holding on to might be your ticket to a shiny new device.
Radio Shack has a Trade & Save program, which not only allows you to properly recycle old electronics (anything from your phone or camera to your game system), but also gives you credit toward the purchase of a new device.
Madsen explained that you can go to the company?s website or visit a store for a quick appraisal and in return, you?ll receive an instant gift card good for merchandise.
FYI: It doesn?t matter if your item is working or not, you?ll receive a fair evaluation.
Rachel Weingarten is a firm believer in smart splurges and intends to add more Purge/Urge/Splurge ideas to future columns. She?s a noted style expert and writes for outlets including CNN.com, Crain?s NY Business, MSN and Newsday among others. Rachel is the author of Career and Corporate Cool and Hello Gorgeous! Beauty Products in America ?40s-?60s. Visit her online at http://racheletc.com or on Twitter @rachelcw Write to her with your burning style questions at mintstylerachel at gmail.com
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