If I were to (um, hypothetically) have the web pages, “Dictionary.com: Hypochondriac,” and “GetRichSlowly.org: Are You a Shopaholic?” open at the same time, what would that tell you? Does one diagnosis cancel out the other? (Hardly.)
While I spent several hours yesterday wading through the mess that is my Google Reader, I managed to completely avoid the “Finance” folder. You see, sometimes I do smart, proactive things like subscribing to blogs about savings strategies, money management, or Get Rich Slowly (my favorite). Other times, I purposely ignore my well-placed, well-intentioned tools (ehem, Chase Mobile Checking) in lieu of …shall we say, old habits. Nothing makes me feel like the proverbial old dog quite like trying to learn a new savings trick.
Allow me to digress for a moment: You should know that I’m being a little dramatic. In many respects, I have been blessed with wonderful financial health. I have one minimal student loan to pay off from my Semester at Sea, and my greatest debt is to two generous parents whose value for education earned me a Wielgos Family Scholarship. I wouldn’t call it a “free ride.”
I’m behind the curve for most 25-year olds in terms of having credit card debt, which leaves me with only one enemy: my monthly cash flow. Like I said, things could be much worse. I have a second job as a freelance grant writer, though the additional paycheck alternately exacerbates and alleviates my financial problems. I also know things could be much better. That’s why I swore up and down, as the clock struck midnight on December 31, 2008, that 2009 would be the year of financial security! No more headaches, self-induced ulcers, parental stimulus packages, returned checks, or overdraft fees.
Considering my resolution, I’m neither a Tortoise, nor a Hare. I’m more like the three-legged donkey you’ve never read about. The one who takes an uphill shortcut then stops to eat grass for awhile along the side of the racetrack. By the time I’m done with the race, no trace of the crowd is left at the finish line. I’m really not expecting things to turn around overnight or anything, and I’m prepared for the fact that making sacrifices always hurts a little at first. I’ve already experienced a few setbacks, but I’ve still got nine months left and I’m not giving up.
Where was I? ...Scrolling through my “Finance” RSS feed… when, suddenly, a headline caught my eye: “Defeating Temptation: 10 Questions to Ask Yourself When You’re Tempted to Buy.” This couldn’t hurt, I thought. Besides, I’m quite attracted to bulleted advice. Someday, when I have some advice to share with the world, I’ll be sure to bullet it. All bullets, no bullshit. That’ll be my advice motto –straight to the point. On second thought, that could easily be misinterpreted. (Can you tell this topic is making me anxious? I’m all over the place with crappy jokes and side notes.) Moving on…
The author of the article writes a blog called Get Rich Slowly. He used to be a compulsive spender, and says there was once a point when it was difficult for him to enter a mall, a bookstore or even a supermarket without buying something. With the exception of an occasional impulse purchase, the author says that his urge to buy stuff has largely diminished due to a series of questions that he asks himself prior to making a purchase. At this point, I’m all ears. I’ve definitely tried asking myself questions before making a purchase, but I’m learning that when someone can’t quite distinguish between a want and a need, “Do I really need this?” is a really pointless question.
Half way through scanning the When-will-I-use-this, Do-I-have-one-like-it-already list of questions, a thought occurs to me. Why not write these questions down and stick a cheat sheet in my wallet? With that constant reminder, my spending habits could be curbed by one of two possible outcomes: A) I take the list out of my wallet and read the questions before making a purchase or B) I’m so embarrassed to use the list in the first place that I leave my wallet in my purse entirely. I figure it’s worth a try, so for the next 30 days, I’m committed to asking myself the following questions:
• When will I use this?
• Do I have one like it already?
• If I buy this, where will I put it?
• Can I pay cash?
• Can I buy a good-quality version for less?
• Does anyone own one I can borrow?
• Can I wait to buy this?
• Why do I want to buy this today?
• Are there better options available?
• What would ______ say if I bought this?
After copying the list of questions to a post-it note, I went back and starred a few of the most poignant. Initially, I wrote “my mom” in the last question blank, but on second thought I changed the name to “Lesley.” Lesley is a friend of mine who recently saved enough money to spend four months –carefree, without a job—living in Argentina. When the fog lifted from my state of South American envy, it occurred to me how much I truly admire her financial discipline and frugality --so I’ll imagine what Lesley would say if I bought the item instead.
My 30-day trial begins next Wednesday, which happens to coincide with Money Management International's Financial Literacy Month (who knew?). When I found this out, I knew it must be a sign (I also thought it might be a bad sign that Wednesday is April Fool's Day ...but nevermind that). In an effort to take myself seriously, I went to the website and joined 2,781 other people in making a pledge for my financial wellness. I'll now be receiving additional daily finance tips (yay! ...shoot me) which makes me hereby armed-and-ready to tackle my resolution. While the 10 questions are an important part of my strategy, I’m also planning to lean heavily on the following rules:
1. Only use cash (with the exception of bills and rent)
2. Check my account balance daily –aka bite the bullet and actually use my Chase Mobile account.
3. 30-day wait period on purchases –if I still wantneedmusthave something 30 days later, I’ll reconsider buying it (*see 10 questions).
4. 10% self-imposed clothing tax –10% of the total for every clothing purchase goes directly to savings.
Aside from saving my receipts, I'm not too worried about adhering to these rules. I considered whining about keeping the debit cards in my wallet "in case of emergency," but since I have trouble defining anything besides fashion emergencies, the cards are going in the sock drawer. No questions asked.
If all else fails, I can just pray that we have another blizzard in Boulder –like the one that’s kept me inside for the past two days. That seems to be a terrific money-saving strategy.
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