The average American woman under the age of 35 loses track of $2,709 in cash each year, according to a study conducted by Visa - meaning you spend $52 a week without realizing where it's gone.
My first thought to myself was "wow", my second was "I think I probably do that," and my third was "I wonder why the cut off is 35 year old, I bet women older than that lose even more, because maybe they have more..."? In any case, I am going to keep tabs for a couple of months on where my cash goes so I can cure my "financial amnesia." Here are the suggestions made by Janet Bodnar, author of Kiplinger's Money Smart Women for 3 easy ways to save big:
1. KEEP A RECORD - You don't have to write down your expenses forever, just do it for a month to see where you're bleeding funds. You will probably be surprised.
2. RESTRICT YOUR CASH FLOW - Start by taking a set amount out of the ATM, but tell yourself it has to last the week. You'll think harder about purchases when you have a limited supply of money. (My girlfriend Lou just told me she does that, and it helps her keep her spending down because she has to lay out cash, and eliminates the fear of her credit card bill).
3. WAIT IT OUT - If you're shopping and see something you like, leave the item at the store overnight. If you still want it the next day, go back for it. You shouldn't deprive yourself, but you should be making conscious choices.
I would just add to #3, IF you have it in your budget, and IF you can afford it. I am still obsessing over the Michael Kors "Astor Grommet" satchel ($498!!!), but I want a condo even more, so it will have to wait.
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