Afrikan Goddess (AG) Online

By AG Staff (January 4, 2010)

The New Year doesn’t always guarantee that your financial situation will automatically right itself, but it does offer us hope and a sense of new determination to put things right. Here are a few ways you can watch your savings grow in the New Year.

Distinguish between a Need and a Want

While impulse purchases coupled with new technological advancements are constantly on the rise, it is essential that you, as a consumer, be able to distinguish between what you can live without, and what you can’t live without. Ask yourself: in the last year alone, how many cell phones and laptops did you go through? How many times did you upgrade your cable service? Were these things you really needed or were they things you felt you needed to do in order to keep up? How much money did you waste making these upgrades and trying to keep up? And how much more do you anticipate you’re going to spend this year?

Pay Yourself First

If ever there was a financial trend worth keeping up with, it’s the one where you pay yourself first. Put your name on your list of creditors and pay a constant amount of your paycheck into an untouchable account you own. Then sit back and watch your savings grow. Did you know that setting aside just $25 a week for a year amounts to $1200?

Pay Cash for Transactions

As if you haven’t already heard this one enough, “pay cash for all transactions if you can.” It helps you to better track your purchases, and to avoid overdrawing your account and paying excessive fees. Read “Paper or Plastic” for more on this topic.

Turn Your “Junk” into Cash

Do you have old text books and novels lining your bookshelves and collecting dust? Try selling these for cash. There are various websites you can research to find the best offer: cashforbooks.com, mybookbuyer.com, and amazon.com are just a few.

Sell that old stuff in your garage at a yard sale and rack in money you need for the moment. All this income adds up – a little here a little there – and before you know it you’re paying off that credit card debt you never thought you’d be able to get rid of. 

Budget, Budget, Budget   

Many of us are guilty of not keeping a budget. When you budget, you are able to track how much money you have coming in versus how much money you have going out.

Financial success and financial freedom are possible. All it takes is planning, budgeting, and discipline. May you see your money grow in the year 2010!