A while back, I signed up for Mint.com, the site that keeps track of your finances for you. My fiscally responsible (or wannabe responsible) New York friends were raving about how it really helped them get a handle on their spending - and even helped them save a little (yes, even in this pricey city). So, I signed up, plugged in my account numbers (don't worry, it's totally safe!), and even clicked around a bit... and then basically forgot about it.
However, while I'm generally pretty careful with my cash, I would like to boost my savings account a bit in 2011. So, I logged in again, and set my savings goal and my budgets for how I'll (hopefully) achieve it.
Without getting into the minutia of my specific plan, here are a few guidelines I will follow:
1. Use a credit card for any purchase over $10. Yes, you read that right - but, note that I'll be using just one single card. I've always paid my balance off in full every month, and it's much easier for me to see where my money is going when I can review a statement. Plus, Mint lets you categorize expenditures however you like, so you can group similar purchases together. Finally, a while back I used BillShrink.com to choose a card that offers the best rewards program for me, so I earn a little something for spending.
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2. Give myself a cash allowance. I'm going to start with $50 per week, which I will use for purchases under $10. That way, I'll presumably think twice about those trips to the vending machine or the cafeteria for snacks at the office, or that second glass of wine when out catching up with a friend. And, by setting this $10 mark for these first two rules, I'm forced to consider carefully any purchase before I make it.
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3. Bring lunch - four days per week. One thing I quickly learned from reviewing my Mint account: I eat my money - literally. So, while this rule is on the obvious side, groceries for a week of lunches are certainly cheaper than the $7 to $10 per day I often spend for my midday meal. But so I won't feel too deprived, I'll take myself out come noontime on Fridays. I'm also going to limit myself to dinners out on weekends only (and use Restaurant.com certificates whenever possible).
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4. Attempt one "no-spending" day per week. I read that the average American spends an average of $60 per day on non-essentials. After some number crunching, I know I'm not "average" in this case, but I figure that if I keep my wallet in my purse for at least 24 hours every seven days, I'll certainly spend less frivolously.
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What are your tricks for keeping spending in check?
by Amy RobertsMore from Good Housekeeping:
