I’ve always been a fan of no spend days. In fact, this blog has its roots in a No Spend Challenge back in 2011. For me, there’s something quite satisfying about knowing I haven’t spent a single dime extra in a given day.
Notice in that sentence how I typed the word ‘extra?’ That’s because I am a firm believer that no spend days and no spend challenges need to be about the extra, miscellaneous purchases that can wreak havoc on our budget–they’re not about the fixed expenses we must pay such as mortgage and rent payments, utilities, debt payments, etc.
How Does a No Spend Day Work?
For me, a no spend day means that I haven’t mindlessly thrown my money away. That means no meals out, no frivolous purchases of tea (not a coffee drinker–have actually never had it!), gum, magazines or any other small impulse purchase that’s easy to rationalize when it’s just a few dollars. It also means that I’m not shopping for clothes, spending money on entertainment or even filling my gas tank.
Isn’t That Cheating?
The argument with no spend days is that if you don’t spend the money one day on something you need (case in point, filling the gas tank), won’t you just spend it the next?
It’s true that in the case of the gas tank, I’d absolutely be filling it eventually. But the point of a no spend day is to get your miscellaneous spending under control AND to become more aware of your spending habits. By forcing yourself to not spend a single dime on a given day, you’re inherently learning more about yourself and your financial habits.
Benefits of a No Spend Day or No Spend Challenge
In addition to learning more about your spending habits, a no spend day can help you identify the leaks in your budget–those pesky nuances that, left undetected or changed, can send the best of intentions and budgets spiraling out of control.
By becoming more aware of your habits, you can seek alternatives that cost less. You can also develop strategies to help overcome impulse shopping and mindless spending. Remember, free costs you nothing but time and energy–something that is free usually has a positive impact on your budget!
Giveaway Time–Free Money!
I’m excited to be taking part in another giveaway–for even MORE cash! Enter now for your chance to win $100. And if you haven’t already entered, don’t forget about my other giveaway for $25.
