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Show The Salt Lake Tribune BUSINESS Sunday, October 28, 2001 Track Spending Habits Over Entire Year ‘THE WASHINGTON POST I told you last week that down expenses accurately and by category is the most Nextel Wireless has decided to revamp its ee campaign, shifting ‘imple postcards “something that’s user-friendly and where you can’t conceal powder or anything,” said Rob Petit, the ee's director of new channel ‘SAVINGS necessary, re- sisted and on the road to financial independence. I will expand on the topic and show you what Sa en recommend you keep a diary Hal Malchow, a direct-mail consultant for Democratic. i.political candidates, said he is Sokpaearineen: pean ppm rive ata of: = eam boll don't think the answer ifyou write everyep your: changing his practice of making solicitations look like personal letters. Future mailings will not be addressed in ways that mimic handes or omit return ai Businesses that rely heavily on the U.S. Postal Service continue to look for ways to lower the public's anthrax-induced anxieties rect foray ary,itis important to assign a Georgina, and Istarted saving category toallexpenditires, in earnest in 1985, we decided to keep a dairy for at least a year. (Weare still doing itand neverplan oD) gi into something that ‘ pic- SiVes youamore detailed a year “eating out” : be 4“entertainment” ifit is example, most people spend moret n Thanksgiving and Christmas than d taurant, or simply “lunch out” if it is a quick bite on your lunch hour at work. The car ae a fine dinner at a classy res5 theydo! loin ee ee ee ho go on vacation while school is out may spend more in the summer than in the ee ; ealso have bigexpenses payment maybe classified as “transportation,”amt would suggest, “I When ica chore thing to your credit card, don’t waituntil the bill comes but enter the expenditure right that make some months hardly typical — and you probably do too. For example, our homeowner’s insurance is due in _ June, andthe carinsurancein away. Above all, avoid lumping too many expenses under a “miscellaneous”category. That doesn’t tell you anything. Mayand November. — Therefore, by keeping track for a whole year,we got a Actually,it is a red flag ifbig chunk ofyour moneygoes for “miscellaneous” expenses. aeey wespent and for what. (Wealso were reminded we had tohaveenough need to break down some ex_penses into multiple categories. The money you spendat much more accurate picture of money set aside for when the big bills came.) But you don’t need to waita year to begin enjoying the benefits offinancial record keeping. After only a month, twoat fhemua bet ou aii amazed atall the money that slips through your fingers. Maybe you are spending this moneyfor things you really enjoy andthat mean lot To be accurate, you may about their mail. More than $44 billion is spent annually in direct-mail advertising that generates $528 billionin sales. The whole direct-mail —— employs 12 million workers. Goserte vac ay wes sential to get a true picture of how much you spend. Once you know where your money goes, yourjob is to distinguish between the things you absolutely must have,the things thatare nice to have but are notessential and the things that are outright luxuTies if not a waste of money. ifnecessary, you may actually end up with more moneyfor things thatare notessential but make life more pleasurable. Humberto Cruz can be reached at AskHumberto (at)aol.com or c/o Tribune Media Services, 435N. Michigan Ave., Suite 1500, Chicago,Il. 60611. if whoever is doing this and the rhetoric coolsoff, we will see very little impact. eine another two weeks, we'll be very, cerned. It will bea terrible hittotheindustry and the economy.” said he couldn’t guarantee that every piece of No matter how long the anthrax fears conmail is free from anthrax spores. He even sug- tinue, many companies will use mail differdingter Americans wash their hands after han- ently in the future. a letter. For decades, direct marketers operated unneral’s rule that dera cortuinty going to be ar an additional nationon on shouldbe as personable as possible. When enan already troubled system,” said H. Robert Wientzen, president of the Direct Marketing ing Association. keters often left off any identifying informaDirect marketers were already “facing the tion, hoping recipients would open mailjust to dual challengesofa recession and a war, so the see where it came from. anthrax threatis certainly not helpful,” added That changed overnight when the FBI David Hochberg, vice president of the mail- warned consumers order firm Lillian Vernon Corp. mail and envelopes with odd or no return Richard Viguerie, a pioneering figure in the addresses. use of direct mail for political cases,also critiNow,“each piece [ofmail] will look as busicized Potter’s statement. “I don’t see why you nesslike as possible,” said Viguerie, who mails should alarm Mr. and Mrs. America,”he said. eps telethon 6 “Anthrax is a big issue and an important mostly for conservative one, but at this pointin time,it does not affect But Viguerie won'tfollow Next’ led and 99 percentof the American people,” Viguerie for fund-raising pitches. said, noting that mostof the tainted envelopes “That will never happen,” he said. “The active estes to awe Dery amuse t0 to high-profile ingredientin every successful direct mailing is the atddressedreturn envelope. You have to. meciiee at mailing companies and have a reply envelope.” the supermarket, for example, is probablynot all for food. Look over your store receipt and you may find thata big chunk of your “food”bill consists of sundries and re-type items you may be able to buy for less somewi As you get used to keeping this money diary, you will know,almost intuitively, MARKETING TACTICS IN A LousSY ECONOMY What You Need to Know What You Need to Do Featuring Ken Foster, nationally acclaimed marketing consultant, author and integrated marketing faculty member at the University of Utah, this timely seminar will provide you with successful tactics to use during a slow economy. 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