Yesterday, in the Top Manager's Perspective course, Professor Beatty informed us that the consumer spending (as tracked by VISA and Mastercard) had fallen by 35% as compared to the November statistics last year. Today, I read a couple of articles addressing the ways people can tackle these difficult times - people should be encouraged to spend less, save more, and fight the "holiday spending" season.
I have cut down my expenses drastically ever since I joined the student workforce. Travel is the only bit, where I have not and can not cut things down, because it is the essence of my being.
Today, in the morning, while sipping on a cup of coffee, I realized there are several other things that I have not cut down - things that require spending $ and contribute to my monthly expenses. Additionally, these vices make me unhealthy. For example; chocolate binges, coffee (literally every day), and warehouses sales. Therefore, I have decided to give up some of my vices for a few months and wean myself away from them.
- December: Give up Chocolate and Sugar completely - doable unless lured.
- January - February: Give up shopping completely - absolutely buy nothing for 2 months. I have done this successfully last year as well.
- March: Give up morning Coffee - this might be the hardest to work on, since I have a slight bit of caffeine addiction. Ok, well a LOT of caffeine addiction.
- December - April: Give up shoe-shopping - doable to some extent unless I drop by NYC's Nine-West store.