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Spend, spend, spend. Or don't!
Q: I’ve already broken my New Year’s money resolutions. What can I do so I’m not broke?
A. Adjust. Your financial situation won’t get better if you don’t adjust the way you handle your money. Getting help from friends and family members who have mastered money is one way to learn. But the best assistance and advice won’t amount to much if you don’t apply it.
Spring is the ideal time to bring your money matters back into line.
Here are five ways you can maximize your efforts.
Affirm. What financial resolutions did you make for 2003? Did you want to save more, spend less, get your first car, buy a pricey computer or sound system? Or did you want to stash money away for spring break, summer vacation or next year’s tuition? Now is a great time to affirm those resolutions or goals.
Be your own financial cheerleader! Confirm your commitment to financial fitness in writing. Write your goals down. As you do, review them. Are they realistic and reachable? If not, you may have to tweak them. For example, say you resolved to save $1,500 but do not have ways to bring in additional income. More than likely, you will not realize your goal. However, if one of your resolutions was also to get a part-time job and save all your money, you might just make it. Remember, resolutions are designed to motivate, not frustrate. So don’t bite off more than you can chew.
After reviewing your resolutions, record them in a journal. For daily affirmation, create a poster or screen saver listing one or more goals. As you glance at these, you’ll be reminded to stay on course throughout the year. Or, keep a copy of your resolutions in your checkbook, wallet or purse. That piece of paper will help you think twice before splurging on an impulse buy.
Declare. Though you don’t have to run through your home or dorm shouting, “I’m going to ace money matters this year,” you do need to convince yourself that you’ll meet your goals. Make a mental note that you are ending bad money habits and beginning new, good money habits. Chances are, you’ll also have to repeatedly remind family and friends as well. That may mean saying no more often than you’re used to. But that’s OK. After all, you’re on a mission.
Understand. Do you know yourself and what motivates your spending or saving strategies? Unless you do, you’ll never know the triggers that could sabotage carefully made plans. Are you a natural spender or saver? Does an intense preference for Internet bargains make it difficult to bypass an online auction or sale? Do you like having the Mr. or Ms. Big Spender reputation and splurge on your friends? Can you easily save money, but get tempted to spend once you reach a certain amount? Do academic or romantic disappointments make you spend more money as a way to feel better? Your answers can help you to understand—and improve—your financial behaviors.
Stop. It’s OK to make money mistakes. It’s not OK to expect things to get better if we don’t stop and make a change. What do you really need to change? Chances are if you change these things, you’ll make great strides in 2003.
By the way, don’t consider this a money diet. That mindset will force you to pig out on in-store and online shopping sprees. Instead, consider this financial fitness. You want to reduce the excess, then maintain your desired financial weight.
Try. Making lifestyle changes to maximize financial goals is not going to be easy. If you’ve already broken your New Year’s resolutions, you know that’s true. But give it your best shot. Try to focus on the future, not the 101 things that pop up every day to put you in financial hot water. Focus on your long-term financial goals. Article provided by 
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