Have you ever given yourself a spending freeze for 24 hours? Are you looking to save a little extra money in a simple and fun way?
If you’ve had a tough time managing your spending in the past, designating a “no spend day” every week is a great way to start.
What Really Is A No Spend Day?
This is a day when you have decided to spend no money – whether by card or cash. It has no relationship with financial commitments like utility bills and mortgages, since these direct debits still need funding as planned. The goal here is to cut down on the spending you consciously or unconsciously choose to do just because you can. This may mean cutting off spending on things like groceries, coffee, eating out, and snacks from the nearby store.
Benefits of a No Spend Day
In a world where we are now so used to loads of money-saving tips, pressing pause on spending may feel a bit unusual. However, no spend days come with lots of benefits:
- Develop Healthy Saving Habits
Our habits play a major role in the way we spend money. At times we may spend more than we truly need just because we can. Designating a no spend day could force you into becoming mindful of the way you spend. It can also help you develop healthy saving habits that could last a long time after your no spend period.
- Long-term Planning
Pressing pause on your spending helps to free up some cash. These funds can now be used to make long-term plans, such as home ownership or retirement.
- Utilize Free Options
Impulsive spending goes a long way to blind us to free events in our environment. For instance, you could go for a board game with friends or even take a walk with a loved one. These free options may prove to be more fun and enjoyable than the things you currently do for entertainment, like seeing movies or clubbing. So, a no spend day can help you think out of the box and explore new things that could even help you live better on less.
How to Find Success with Your No Spend Days
- Set a Budget
To be successful with your no spend day, your non-essential purchases must have a budget. This budget should cover daily expenses like lunch at the café, coffee on your commute to the office, magazines and newspapers. So, if you enjoy sipping coffee on your way to work each day, include the cost of coffee for your five working days in the week.
- Choose Your First Day
Since you have set a maximum budget for your non-essentials, it is now time to decide on your no spend day. To make your resolution easy to uphold, choose a day when you usually spend less than other days. For instance, if you usually spend Saturdays or Sundays at home, you could choose either of them as your no spend day.
- Be Realistic
As much as you must do everything within your power to keep your resolution, there may be weeks when keeping up your planned spending freeze may be impossible. For instance, if you are stuck in traffic for a few hours on your no spend day, you may be forced to stop for a snack and drink. If this happens, do not feel discouraged and give up. Despite your best intentions, life can happen at times.
Do not give up.