by Mary Clark

Created on: January 24, 2009

Trim the Fat For a Meatier Lifestyle.

I am not speaking in terms of diet or nutritional needs here so there is no reason for you to set aside that snack. The fat I refer to is the excess spending in our daily budgets that leave our wallets lean and the bankrolls of big business, callously obese. At the end of the each quarter, they tout their gluttony and flaunt their hefty gains.

So, how do we keep the best cut of meat for ourselves? We stop serving it to others by taking their favorite dish off our menu. In keeping with the weigh management analogy here, when we change our views and attitudes about the food we eat, we adopt to a healthier lifestyle. We achieve an improved financial lifestyle in the same manner.

Cut Out Impulse Purchases and Stop Those Binge Buying Sprees.

Impulse purchases account for approximately twenty percent (20%) of retail transactions. Does that mean we addressed the remaining eighty percent (80 %) of our income responsibly? Perhaps, however let us put those percentages into dollar form.

Look at the individual with an average annual income of fifty thousand dollars a year. The ability of retailers to feed on the impulsive nature of this individual just put ten thousand dollars in their hip pocket. It is the marketing art of "steal through the deal."

Impulse buying is a habit we can modify and eventually break but it takes the will to walk away from the seductive call of those alluring sales.

Cut up or at least lock up those credit cards.

The days of Wilma Flintstone and Betty Rubble running out the door, squealing "charge it" are long gone. Although it remains a temptation to pull out the plastic when cash on hand is in short supply, resist the urge or inclination to put anything on your cards. Better yet, leave your cards at home. Work to pay off that credit card debt instead, your budget and credit score will love you for it.

Scale Back on Non-Essentials:

Cut that satellite or cable service back to the basic. How many hours can we actually sit in front of the television? We work full time, commute, desire time with family and friends, and still need to sneak in a few hours of sleep at night.

Stop renting movies. Chances are we keep them longer than intended because there is never enough time to sit and watch them. Cancel club memberships for books, music, and DVD's. Get a library card and check out books and movies without paying a fee.

Unload the timeshare. Stop paying annual fees and taxes on property you do not have time to enjoy. Use the proceeds to pay off other debts.

Educate Yourself:

You know the old adage you learn to earn; well with a slight twist, you can improve your financial outlook with a "learn not to burn" attitude about spending habits. Many states now offer tax-free weekends where you do not have to pay sales tax on certain items you purchase. North Carolina had two tax-free weekends in 2008, in August, for back to school and computer supplies, and again in November, for energy star rated appliances. Residents save seven percent (7 %) by purchasing items on these special weekends. By purchasing a computer in August and a refrigerator in November, the average consumer can save $465.

To add the desired weight back into our bank accounts we need to review our overall financial situation often and develop a strategy to address and pay down our debt. While there are many aspects of achieving a debt-free lifestyle, the first step in the process is to modify our behavior and shift our attitude towards spending. If we do not make some fundamental changes here, we cannot benefit from the efforts we make in other areas.

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