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My friends are appalled when they learn I spend $200 a month for a gym membership. “I thought you were supposed to be the King of Frugal,” one of them said to me the other day. Not really. I’m more like the King of Conscious Spending.

Sometimes people forget that it’s OK to spend the money they earn. Sure, you should set aside an emergency fund, save for your children’s college education and sock away money for retirement. But after you’ve done these things, what’s left is yours to improve your quality of life.

“Experts make people feel guilty about wanting to spend money on lattes, but guilt isn’t a productive emotion when it comes to money,” says Ramit Sethi, author of I Will Teach You to Be Rich. “Being a conscious spender is about making your money match up with your values guilt-free. It’s about spending extravagantly on the things you love while cutting costs mercilessly on the things you don’t.”

Conscious spending means actively choosing to spend on some things and not on others. Contrast this with how most people spend. (And, in truth, how even the financial experts spend a lot of their money.) People tend to spend on reflex. We buy things because we’re expected to. We spend to have what other people have. We sign up for gym memberships that we never use, subscribe to magazines we never read and pay for golf clubs that get buried in the garage. We make impulse purchases at the grocery store–or even on large items, like computers and cars. In other words, we often spend without thinking.

But with conscious spending, you evaluate every purchase, making sure to ask yourself:

• “Why am I buying this? Will this help me meet my long-term goals? Will it make me happier?”
• “Would I rather have this now, or would I rather have something bigger and better next year?”
• “Are there other, cheaper options? Could I borrow this? Could I buy it used?”

The process forces  you to be more aware of every purchase you make.

I’m willing to spend $200 a month for my gym membership because it has helped me lose 50 pounds in the past 18 months. I’ve made an active, conscious decision to spend this money, and I’ve made certain that I’m deriving value from it. The $3,600 is worth it to me. In exchange, though, I’ve given up cable TV, I buy my clothes at thrift stores and I often walk or bike instead of drive.

“There are things we love, and it’s OK to spend on them,” says Sethi, who also writes at IWillTeachYouToBeRich.com. “But you can’t afford to have everything. So ask yourself what you don’t care about when it comes to spending. Choose to spend your money on what you love instead.”

This article was originally published in the

The darkest days of the Great Recession are over, so we are told, but I’m finding that sales have increased only slightly for some small-business owners, while revenue remains deeply depressed for many. While some customers are loosening up their wallets a little, it is clear purchasing habits have changed.

Deep economic changes have occurred, and business will never be the same.

Entrepreneurs — whether they’re an unemployed person striking out on their own or a seasoned veteran trying to get the mojo back again — must do things differently

in order to survive. Everyone must change, especially small-business owners.

Luckily, what have not changed are the business fundamentals, those management traits that successful entrepreneurs almost all possess: tenacity, commitment and vision, and basic business skills.

New strategies are required, however, strategies designed to work in a changing business climate.

I’ve had a chance to develop and implement these strategies first-hand during the recession and its aftermath — and have employed them myself. Not only have I consulted with many businesses over the years, but I’ve had a hand in running over 57 businesses of my own. I have a good idea of what works and doesn’t work today, learned in the front lines of hand-to-hand small-business combat.

Here are seven tips that will help to ensure your business is a success:

1. Have a written plan. Without a plan, it is merely a dream. It doesn’t have to be a book, but you need a few pages outlining specific objectives, strategies, financing, a sales and marketing plan, and a determination of the cash you need to get things done. Writing it all down is a crucial first step.

2. Don’t marry your plan. Every great military general in history has known that even the best-laid plan sometimes has to be thrown in the fire when the bullets start flying. Adjust, confront and conquer.

3. Keep your ego in check and listen to others. Advisors are crucial because you need people to bounce ideas off, inspect what you’re doing, and push you to greater accomplishments, holding you accountable for what you are committing to do. Always be good to your word and follow through on commitments, even when difficult and challenging. This isn’t about you; it’s about the business. Don’t take things personally and stay out of emotion. Do not let your ego take control.

4. Keep track of everything, and manage by the numbers. Create written systems for everything, because you will reap benefits from them later on. This is how you train your employees and retain consistency. Know your numbers and check them daily and make all decisions based on what they tell you. One of the most important calculations is cash flow pro forma. Determine how much cash you need to do the business, and do not start without the required cash on hand.

5. Delegate to employees and avoid micromanaging them. A manager’s job is to delegate and then inspect progress. So don’t be a control freak. Keep

business organization flat. If you delegate effectively, you will get more and better then you expect. Have an actual written training and orientation plan so your employees know what is required of them. Use an incentive-based rewards system, and maintain a no-problem attitude about issues that crop up.

6. Use the Internet. It is incredibly powerful and very cost efficient, but it takes time and some skill. It is about creating a community, using social media networking such as Facebook, YouTube, Twitter and blogging to build rapport with your market. You need to get on the train and do it, because your competitors are.

7. Reinvent your business. It is net profit, not gross revenue, that you want to focus on. Separate yourself from your history and create a new competitive advantage, be it a focused niche or super service, but not by discounting.

Above all, have fun. Being an entrepreneur is your choice, so make it work. It can be done. You can survive, emerge and succeed in this downsized economy, if you follow the right path.

The euro fell versus most of its 16 major counterparts before Spain sells securities after borrowing costs climbed to the highest level this year, boosting concern Europe’s debt crisis is spreading.

The 17-nation currency weakened against the dollar before reports that may show confidence among investors in Germany, Europe’s biggest economy, fell this month after climbing to a 21-month high in March. Australia’s dollar remained lower after a two-day decline versus its U.S. counterpart before the Reserve Bank releases minutes of this month’s meeting today.

“My feeling is that it’s still overall a bearish mood with regard to the euro,” said Kara Ordway, a currency strategist at City Index Group Ltd. in Sydney. The debt sale “will give us a first indication as to how currently people view Spain.”

The euro lost 0.2 percent to $1.3117 at 9:51 a.m. in Tokyo after reaching $1.2995 yesterday, the lowest level since Feb. 16. The shared currency fell 0.1 percent to 105.62 yen after dropping 0.2 percent to 105.67 yesterday. The U.S. dollar was little changed at 80.52 yen after declining yesterday to 80.30, the weakest since Feb. 29.

Spain will sell 12-month and 18-month bills today, followed by auctions of debt due in 2014 and 2022 on April 19.

Yields on the nation’s 10-year notes soared as much as 18 basis points, or 0.18 percentage point, to 6.16 percent yesterday. That’s the highest level since Dec. 1 and is edging toward the 7 percent level that pushed Greece, Ireland and Portugal into rescues. The cost of insuring against a Spanish default rose eight basis points to 511 yesterday, the highest on record, according to CMA.

‘Fundamental Objective’

Spanish Prime Minister Mariano Rajoy said his nation must slash its budget deficit in order to maintain access to financing. “The fundamental objective at the moment is to reduce the deficit,” Rajoy told a conference in Madrid yesterday. “If we don’t achieve this, the rest won’t matter: we won’t be able to fund our debt, we won’t be able to meet our commitments.”

Spain has the euro area’s fourth-biggest economy and the government forecasts it’ll contract 1.7 percent this year as the deepest budget cuts in more than 30 years are implemented. The plan seeks to shrink the deficit to 5.3 percent of gross domestic product this year from 8.5 percent last year.

German Confidence

Germany’s ZEW Center for European Economic Research in Mannheim will probably report today its index of investor and analyst expectations, which aims to predict economic developments six months in advance, fell to 19 in April from 22.3 in March, according to the median estimate in a Bloomberg News survey. Last month’s figure was the highest reading since June 2010.

“The euro should continue to be constrained by the prospect of soft ZEW survey results today amid already nervous conditions in peripheral bond markets,” Cameron Umetsu, a currency strategist at UBS AG, wrote in a report.

The euro has lost 0.2 percent in the past month, according to Bloomberg Correlation Weighted Indexes. The Australian dollar dropped 2.3 percent in the same period, the worst performance among the 10 developed-nation currencies tracked by the gauge.

The Reserve Bank of Australia will release minutes of its April 3 meeting, when officials held the benchmark interest rate unchanged at 4.25 percent. Governor Glenn Stevens signaled a willingness to lower rates after the board “judged the pace of output growth to be somewhat lower than earlier estimated.”

The so-called Aussie lost 0.1 percent to $1.0350 after declining 0.8 percent in the past two days.

To contact the reporters on this story: Kristine Aquino in Singapore at kaquino1@bloomberg.net; Masaki Kondo in Singapore at mkondo3@bloomberg.net

To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net

She way most people live these days is drastically different than in generations past. People are generally waiting until much later in life to marry and have families. Considering this, many women will be single for at least part of their adult lives. Also considering the current rates of divorce, there is a reasonable likelihood that many women will find themselves single again at some stage after marrying. Those time-honored gender roles tend to suggest that most women are not great at putting their own needs first, though when it comes to personal finances, women must consider their own needs and wants in order to secure their financial future.

Budget

First and foremost, build yourself a solid budget and stick to it. This is just good sense for absolutely everyone – single, married or divorced. Examine your monthly expenses, remembering to include everything from housing costs, utilities, groceries, car payments, gasoline, insurance and esthetics. Do the same for your income. Subtract your expenses from your income, and see what you’ve got leftover. You can divide the remainder up based on what you’d like to save and what you’d like to budget toward discretionary spending. Don’t forget to factor in money towards repayment of credit card debt, student loans or any other debts you may have. You’ll want to get debts paid off as quickly as you can in order to save yourself those pesky interest costs. You should also examine methods for reducing costs, like eating meals at home or reducing the amount you spend on entertainment expenses.

Avoid Giving in to Impulse
It’s probably true that most women love to shop. It can be hard to avoid giving in to impulse when you find a great deal on a pair of cute shoes or a new outfit. It’s also important to avoid emotional spending. Learning to avoid unnecessary expenditures can really help to improve your financial situation – especially when you’ve got other expenses that are more urgent, or when giving in means you have to borrow money on your credit card. Try to spend only what you’ve allotted to yourself for discretionary spending, or budget for larger items like a big holiday or a car over longer periods of time. If you’re unsure if you’re being impulsive or giving in to emotional spending, try waiting a day or two before making up your mind about an item you’re considering buying. If you’ve changed your mind or forgotten all about the item before the time period is up, you’ve made a wise choice in walking away.

Save for Rainy Days
It’s an unfortunate fact of life, but we can all expect things to go wrong on occasion. Keeping some money stashed away for those rainy days will help you to afford those unexpected expenses when they do come up. Think of vehicle or home repairs, or an unexpected illness that could keep you away from work for a long period of time. No one wants to worry about money in times of distress, so having a rainy day fund will help you to get over the hurdles life throws at you. Even if you’re only able to set aside $25 a week, it’ll add up over time. Get yourself a high-interest savings account to stash away your cash. You can then transfer your savings into other forms of investments with even higher interest rates once you’ve got a healthy stockpile. Just remember to set realistic expectations for yourself. Don’t save more than you can realistically afford, but don’t underestimate the importance of saving either.

Buy a Home
Purchasing a home is a big step for anyone, whether you’re doing it on your own or as a couple. Purchasing a home is generally a solid investment that will reward you in the future, especially since renting is essentially the same as giving your money away to someone else. As a single woman, you’ll need to ask yourself a number of questions before buying. Can you afford this home on a single income? Is the area safe for a single person to live in? Will you need roommates to help pay the mortgage? What will you do if you marry or have a family? Make a list of what you want and understand what you can afford before you contact a realtor and start looking at what’s out there. A condominium or town house can be a great option for single people, especially since they’re generally smaller and less expensive than stand-alone houses. Keep in mind that you don’t need to commit to living in your first home for the rest of your life. As you further establish yourself financially or as your needs change, you can move on to bigger and better. The important part of buying your first home is establishing yourself in the market and starting to build equity.

Consider Your Retirement Plans
Even if retirement seems like eons away, you’ll want to start thinking about it as early as possible. Financial security isn’t only about achieving your short-term goals; you’ve got to consider your long-term goals as well. Even if you do intend to marry, you’ll need to ensure you can take care of yourself in your retirement because statistically women tend to live longer than men. Build your budget so you can set aside some money. You can use monthly deductions or make yearly lump sum contributions to a retirement savings plan.

Don’t be Afraid to Invest
So you’ve managed to budget and save your money. Now you’ve got a healthy stockpile of cash to get you through those rainy days. What should you do with all that extra cash? Though investing may seem like a scary thing, have faith in yourself and believe that you can learn the ins and outs of the finance world. You can always enlist the help of an investment manager or finance expert to guide you along the way. One of the biggest benefits of investing is the opportunity to earn extra money on your initial investment, referred to as return on investment. It may take a little courage on your part, but the payoff could be huge. Do some research and only take on as much risk as you feel comfortable with.

Invest in Yourself
Always keep in mind that you’ve got to enjoy life too, so don’t completely give up on spoiling yourself once in a while. Go on a holiday, to a day spa or treat yourself to something truly special once in a while. View it as an investment in yourself and your own happiness. They key is making it a special treat, not an everyday event. You’ll want to ensure that you budget for these occasional indulgences as well. Remember, it’s not worth going into debt over a pair of shoes or a holiday.

Before You Walk Down the Aisle
Though it might be an exciting time when you’re considering taking the plunge and getting married, don’t forget that you really need to have a serious talk with your new partner about money before you get married. Though this may be an awkward discussion to have, you need to know what that person earns, what debts they owe and what their financial plans are for the future. When you make those vows, you’re also agreeing to a financial partnership with your beloved. You will need to know that their goals and spending habits are compatible with yours and that you’re not marrying someone who will drain you financially, destroying all the hard work you’ve done to create a financially secure life for yourself.

Long gone are the days of considering single women to be spinsters. Women are becoming more and more comfortable in taking control of their own finances, shaping their financial futures and turning their goals into realities. There’s no doubt that making big financial decisions independently can be a bit frightening, but there are also a lot of perks. You can enjoy complete control of your own financial situation, without someone else’s financial interests impacting your own. Whether you’re young and never married or newly single, it’s never too late to grasp the reigns and take control of your financial destiny.

I always get asked the question of how I became successful. If you ever hang out with me for a day or two, you’ll notice that most of my friends are 30 to 50 years old. When you start hanging around with people in this age group, you will soon realize that they have tons of experience under their belt and they usually don’t mind sharing it with you.

Here is what I have learned in the last year from 10 successful entrepreneurs:

There’s no such thing as a safe bet – just because a friend or a family member tells you about an investment, it doesn’t mean it is a good opportunity. If it was that good, they wouldn’t tell you about it and instead they would put in all their money. The only reason people tell you about investment opportunities is because they want to diversify due to the risk. (David Niu – sold a company to aQuantive and is the co-founder of BuddyTV)

You don’t have to start a business to be successful – if you find a good business you can always buy it, grow it, and sell it for a good return. In many cases it is less risky to buy a business than to start it from scratch. (Ben Huh – bought I Can Has Cheezburger)

Just because you have money, it doesn’t mean you should blow it – there is no need for small companies or startups to waste money. You have to be scrappy at all times, such as subletting a 660 square foot office space at a good deal and squeezing 12 employees in there as well as a conference room. (Andy Liu – sold a company to aQuantive and is the other co-founder of BuddyTV)

If you want to keep making money you have to spend some on yourself – if you end up spending money on yourself, it will create a drive in you that will cause you to want to make more money. If you just keep on saving money, there isn’t much to motivate you to keep making more of it. (John Reese – the godfather of email marketing and a Lamborghini owner)

Have some balls – stand up for yourself and don’t be afraid to confront others. If you let people push you around, when will it ever end? Letting others push you around may not seem like a big deal at first, but it can impact your life and business in a negative way. (Jeremy Schoemaker – sold a company to MediaWhiz and made $132,994.97from Google in one month)

Raising venture capital is harder than being stricken by lightning – a venture capitalist usually has no clue about most of the investments brought to him or her. But if you make the investor feel that they can contribute to your company and if you can show growth, the investor must be on crack if they don’t fund you. (Guy Kawasaki –writer, entrepreneur, and venture capitalist)

There is nothing wrong with being last in line – if you miss out on an opportunity, who cares, there are plenty more out there. See who else is involved and think things through carefully before you jump in and make a commitment. (Alex Algard – investor and founder ofWhitepages.com)

Staying under the radar isn’t always a bad thing – getting press and buzz maybe nice, but it can also cause your company to be getting too much attention. This can lead to things like increased competition. It may just be better to stay under the radar and make millions while you can. (Edward Yim – sold a company to Marchex and founded a company that has been stealth for years)

Don’t judge a book by its cover – whether a Harvard MBA or a bum hits you up, take the time to listen and respond to everyone. Don’t judge anyone too quickly because you don’t know who is going to be the next Bill Gates (Geoff Entress – made millions by investing in companies that either went public or were bought out)

Ride other peoples’ coattail – being successful isn’t always easy, so why not increase your odds by following other successful people. You may not be as successful as them, but you’ll do well enough. (Mr. C – invested early into a company that went public with a 30 billion dollar market cap)