Do you make resolutions each year? Most...well...some people do. The bigger question is, how disciplined are you to actually follow through with it? That's the whole point of a New Year's resolution. You resolve to change, start, or stop a behavior or activity. Whatever it might be, our culture temporarily glorifies resolutions.
Common resolutions are health related.
Speaking for myself, I'm 29, and I can't remember the last resolution I made. If I did make one in years past, I'm sure I didn't keep it. This year, though, is different. I made a resolution, and I've forced myself to keep it. My resolution was to go on a spending fast.
It all started with following my financial institution - Randolph-Brooks Federal Credit Union - on Twitter (@RBFCU). The very kind and informative RBFCU rep who tweets for them posted a tweet about a woman who went on a "spending fast" where she spent the entire year buying only necessities. She denied herself outings to the movies, cable TV, eating out, and other wants. By the end of the year, she had saved herself thousands of dollars, and tremendously reduced her consumer debt.
That inspired me to do the same thing. It is VERY easy for me to justify frivolous purchases. I'm a teacher, and if my teaching pay didn't last me the entire month, I'd end up charging all kinds of things. My credit card debt is higher than it's ever been. Right now the best part of it is that I can still pay my monthly card payments.
So, as inspired as I was about that other lady going on her spending fast, I resolved to do the same. I pay 5 regular bills each month:
-mortgage
-car
-student loan
-cell phone
-credit card
The money left over is for gas and groceries (primarily), and other necessities that may arise, like car maintenance, etc.
But my fasting hasn't stopped there. I've gone a step further and have tried to limit how much I drive. If there's a trip I really don't need to take, I shouldn't go. The more I drive, the more gas I use. The more gas I use, the more frequently I have to fill up. The more frequently I fill up, the less money I have to last me through the month. The less money I have, the more my chances increase of having to use the credit card which increases my debt which defeats the very purpose of this resolution! I've extremely restricted myself in eating out, especially fast food. The only time I'll do it is if I NEED to eat something, and I have no time to stop at a grocery store, or go home to eat. That's happened maybe 2-5 times. I don't really know. I haven't kept count.
So.
It's now July 6th. Being a teacher, I'm on summer vacation. I'm spending a LOT of time at home maintaining the house and yards, taking care of our dogs, watching Ellen Show reruns, watching Whoopi, Joy, Sherri, Elisabeth, and Barbara share their opinions on The View, and refreshing Twitter and Facebook constantly. Oh, and blogging. Yes, I'm reading, too. A little.
Honestly, it's been a day-by-day event. I have no way of calculating how much money I've saved through this spending fast, but I can tell you this much: I've missed 3 concerts I really, REALLY wanted to go to (Michael Bublé, Katy Perry, and Lady Gaga), I've refrained from buying movies, music (especially all the new Glee albums, Katy Perry's and Lady Gaga's new albums, and several other things). It's not fun, like, at all. I've had to tell myself "no" many times this year, and it's not over yet. In fact, I'm thinking of extending the fast into next year, too.
There were 2 credit cards on which I owed BIG balances, and in an attempt to save money on interest, I've transferred BOTH balances to another card with a high enough limit that also had a balance transfer promotion at 0% APR until March 2012.
This fast is literally one financial decision after another.
So, I'm now more than 6 months into this resolution. I don't know how much money I've saved, but I have to keep going. I'm intent upon keeping my resolution.
The most exciting thing is that next summer my car will be paid off. Once it is, I'll use that money to pay off other debts.
One thing's for sure: Christmas is probably gonna suck this year.
*sigh* I've come this far disciplining myself financially this year. Six more months to go.
Hi James - it's Natalie from RBFCU. What a great post! I admire your diligence in saving money and in sticking to your resolution.
ReplyDeleteKeep it up and I think you'll be happy to see your financial situation at the end of the year. :)
One thing I do personally each month is calculate our net worth - that might be something that would encourage you as you continue the quest. I add up our accounts and assets, then subtract our debts. It's really exciting to see that number go up each month, even if it's only by a few dollars! :)