Is It Practical to Have a No Spending Day?

Have you set aside a day or week in which you have vowed not to touch money? There are valid reasons to freeze your spending occasionally. Here are real gems of advice from Financer.com you can benefit from.

Spending less is often concept easier said than done. That’s why it is important to be prepared in advance. Decide the length of the no spend period. Incorporating a no spending day can be quite healthy for your personal finances.

A no spending period means a long term commitment to spend only on necessities. The main goal is to spend less during that period. Cutting back expenditure on such essential items eliminates unnecessary spending.

This is a great idea if you want to jumpstart your savings. A no spending day/week can help you gradually pay off your debts. It is also a smart way to get your finances back to shape after overspending.

How to Put a No Spending Day into Your Budget

  • Pack lunch when going to work
  • Eat at home rather than dining out
  • Avoid movie theaters
  • Don’t use your credit card

Tips For Success When Incorporating a No Spending/Day or Week

It’s all about getting money out of your life. Look at ways in which you probably waste money during the week. Here a few tips for success:

  • Your no spend period should be at a time you are not pressured to spend. It would be hard to follow such a routine during the holidays.
  • Avoid triggers that tempt you to spend. Such triggers could be fashion magazines or spending time with people who like to spend.
  • Figure out how what you will do with your savings after the period is over. You can pay down your debt or boost the emergency fund.
  • Strategically put these goals around your home. Put small notes on the fridge or on the mirror. This way you are constantly reminded of saving when tempted to spend on dumb things.

How It Works

Taking up the no spending challenge is not always easy. Somewhere in the process, you might face a financial emergency. So it is always advisable to start with small goals. Later, you will be better prepared to go without spending for longer periods.

You may start with going for a single day without spending. Small yet noticeable savings are seen from the exercise. Whether it’s $10 or $50 you will definitely have a stash of extra cash.

After some time you can extend your challenge to a week. Think of going for a week without using your credit card. You won’t need to pay interest and will also avoid impulse buying. You will realize that postponing a purchase is beneficial. You might not even need the item later.

The benefits of a no spending month can result in tremendous savings. It would only be realistic to take up this challenge after succeeding in smaller goals discussed above. These steps can help you live healthily, reduce stress levels and save.

For more valuable tips on saving money, check out this huge list of 189 ways to save money.