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Watch
your impulse-to-shop urge and save those college
dollars! Here's how...
Curb
the Urge to Splurge!
By
Rebecca Vara
February/March 2003
The
CollegeBound Network NewsClick -- We know... you're
constantly on the move. Whether it's after-school
basketball practice five days a week or hanging
out with friends on the weekends, you can never
sit still. But, once boredom sets in, you become
antsy. And to perk some interest, you and your
friends head over to the one and only M-A-L-L
to shop 'til you drop!
Once
the thrill of all those "ch-chings"
cools down, however, you're going to wish you
didn't get bit by the spending bug! That's why
Susan Zimmerman, author of The Power in Your
Money Personality: 8 Ways to Balance the Urge
to Splurge With Your Craving for Savings (Beaver's
Pond Press, Inc., 2002), urges you reconsider
your spending habits before it's too late.
Keeping
an eye on your college spending budget will most
likely come in handy later on. So in order to
get the ball rolling, Zimmerman recommends you
ask yourself if you really have the money to go
shopping (sorry, credit cards don't count). She
uses the acronym RICH (Resist-Insist-Compute-Healthy
Habits) to help curb the impulse appetite.
First
off, Zimmerman suggests you make a shopping list
before you head to the store, and purchase only
what you can pay for with cash. If you do see
an impulse item you want, resist dishing out any
money and write it down (along with a 1-10 rating
on the desire to buy). Let 48 hours pass, then
look it over again. You may find that your initial
desire to fork over cash for the item has changed.
"When
you curb your money emotions with money logic,
you can often see the item's true value," explains
Zimmerman. In other words, $25 today may equal
50 cemts next month when that have-to-have lamp
is sitting in your mom's attic.
Not
only is resistance an important step in the process,
reciting aloud a statement that confirms your
desire to practice logical spending is just as
important. Take this one for instance: "It would
be nice to have a DVD player for my room, but
I need a new art portfolio for class." Once you
can easily say this, you'll have more money saved
for school supplies -- the items that are going
to assist with your education. "The purpose is
not to deprive yourself of the lifestyle you want,
but temporarily tone it down until you have accumulated
the savings you need," says Zimmerman.
Next
comes your savings initiative. Let's say, for
example, you run across a pair of popular designer
jeans while cruising the mall. You may be saying
"spend, spend, spend," but you've got to strong-arm
those thoughts. Calculate the true value of the
item and determine whether it will take away from
your ability to do something important later on.
Think of it this way: Jeans now, or a much-needed
computer in three months? "If you can get into
this 'future value' thought process, you'll get
into the habit of saving some of your money for
long-term future needs," Zimmerman insists.
Lastly,
just as it is a healthy habit to exercise your
body, it's healthy to exercise your financial
firmness as well. To avoid ending up in debt,
Zimmerman suggests looking for dollar-and-cents
guidance from sources other than your friends
-- they can sometimes pump you up to splurge rather
than save. "Take the road less traveled, and be
fiscally fit by practicing more long-term thinking
when it comes to money," says Zimmerman.
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