Re-Capping Our Tightwad Tactics To Date

So, thus far we have three tactics we're working on to begin to build wealth:

1. NO USING THE CREDIT CARD -- so important that it's my #1 New Year's Resolution
2. PUT MONEY ASIDE FOR UNEXPECTED EXPENSES
   
3. KNOW WHERE YOU'VE BEEN -- keep a log of your spending so you can identify opportunities for changing behavior

And that's what we're really talking about. Changing behavior not just spending money. It's the same when you want to lose weight. You don't just count calories for counting sake, but to educate yourself about the calories you're consuming and the caloric count of various foods, especially your favorites.

When it comes to changing behavior, I think we can all agree it's not easy. And it takes time. So, I'm learning that it's important to remember to take it one day, one step at a time. Rome was not built in a day. Savings and prosperity are not built overnight. Wealth isn't instantaneously. Unless of course, I win the lottery. But how many times have we heard stories about lottery winners who go bankrupt. And that's because while they lucked out with this unbelievable, instantaneous wealth, they failed to change their behavior or approach to money.

I believe that when it comes to changing behavior, it's important to have a support group. The contestants on the Biggest Loser have Bob and Jillian. You can start your own support group easilty. A good book is worth $1M. I have a great book that I happened to find a couple of months ago and I want to recommend entitled "How to Get Out of Debt, Stay Out Debt, And Live Prosperously." I am working my way through it but will say that it has really helped me to understand that if I plan to live and retire prosperously I need to change behaviors now. And the tactics I've thus far discussed on this blog are validated and discussed in great detail by the author, Jerrold Mundis. So I want to give him his props. I recommend you check out his book.

It's also helpful to tell your family and friends that you're trying to become a tightwad. I have and was pleasantly surprised to learn that a number of my co-workers and friends and family are trying to do the same. So, we're sharing tips and changing behavior together. A colleague of mine at work had brought in her French press. I bring the coffee grinds and we're making our own coffee now and saving $10/week drinking our own brew.

Telling family and friends helps to validate for me that I'm on the right path to change. If you're worried about sharing your goals with a large group, then just seek out one or two folks who you know will be supportive. Trust me, it's a worthy investment.