Each week we continuously spend money on unnecessary treats such as cups of coffee on the way to work, lunches out, takeaways, and taxi’s etc.
If you calculated what these expenses actually amounted to over the course of a month, you may be surprised to find a hefty sum of money. This money could really come in handy for future expenses e.g. your wedding day, buying a house or having a child.
Why not try to take a step back from splashing the cash and challenge yourself to a month of no spending (apart from the bare essentials of course). This will not only help you focus on your financial weaknesses, but it will also alleviate some of the needless drains on your finances.
Here’s some tips to succeed in your spending detox journey:
1. Timing Is Key
There is no point in setting yourself up for a fall. A “no spend” month is a terrible idea if you have weddings, birthdays or holidays coming up. Make sure you plan ahead and complete this challenge during a month that there is nothing significant in your diary. This will give you your best chance at keeping your spending to a minimum.
2. Establish The Rules
You must decide on a list of non-negotiable expenses e.g rent, mortgage, utilities, essential foods etc. Follow these rules for the month and do not break them after a week of being good.
3. Plan Your Meals
Check your freezer to see what food you already have. You might be pleasantly surprised at how much dinners can be made from items already in your freezer or press. Many people also like to bake their own bread during this period as this can be a cheaper alternative. Also, you should always use up all your toiletries before you stack up on any additional supplies.
4. Tell Your Friends/Family
Talk about your challenge openly so that friends and family don’t try to tempt you out to dinner or drinks. This doesn’t mean you have to isolate yourself. Why not invite people over to your house or do free outdoor activities.
5. Free Yourself From Temptation
Don’t go on shopping trips to your favourite clothes or shoe shop. It’s important that you avoid temptation as its always when you least need something that there are loads of new items to buy.
6. Have Fun For Free
Keep busy. Look for free things to do near home—museums, mountains to hike, parks, free concerts etc. Perhaps do some gardening if weather permits. You will soon start to see your savings add up if you stick with the challenge.
Financial Planning Advice:
Every challenge requires motivation, but even if you succeed you might need to see where else you can make some savings to buy that dream home or pay for your dream wedding etc. Therefore, if you require any assistance with your Financial Planning, Mortgage Application, Life Cover etc. Murray & Spelman (Financial Services) Ltd would be happy to help you.
Simply Request a CallBack today.