Looking at saving money for a property or travel? Incorporating ‘no spend days’ into your week should certainly help with that! Stock up on decent food, cut out the coffee and magazines and watch your savings go up!
What are No Spend Days?
No Spend Days, as the name suggests, are days when you don’t spend any money. The basic idea of no spending days is that you pick a day in a month or each week, where you don’t spend anything on unnecessary expenses, whether through cash or by card. No spend days are a great way to save money. It would amaze you how much money you can save just by having a few days without spending every month.
However, it doesn’t stop there. You can take it up a level and convert your no spend days into no spend weeks or no spend months. I even watched a TED talk on someone who actually did a no spend year and saved over £22k!
The more committed you are towards the process, the better your chances of savings will be. You can use no spend days to kick off your big savings project or save up money to pay off your debts. Furthermore, no spend days are a great way to discover yourself as they will help you learn a lot about your spending habits.
The key with no spend days is to not spend on unnecessary expenses only. There will still be some expenses that you will need to pay for, such as utilities or groceries. The focus, however, is on discretionary expenses that you can avoid, such as dining out, snacks, clothes, etc. It’s all about eliminating any extra spending on things you want rather than need.
How to get Started?
No spend days are tough to get started with if you haven’t done it before. Below is a guide to get you started on your no spend days journey.
Start Planning Ahead
The first thing you should do to get started is to plan ahead. No spend days can be difficult for first-timers. Therefore, planning is the key to your success. When planning, you should first determine how long you want to try no spend days by getting a general idea of what life without unnecessary spending is going to be. Secondly, you should decide on things you need to spend on and things you can avoid. You may also need to analyze your habits, to determine what expenses you can live without and cut them.
Prepare for when the Time Comes
The next step after planning is to prepare yourself for when you for no spend days. That means you will need to get all your necessities ready, such as groceries, toiletries, cosmetics and kitchen items. When spending on these, you must remember not to spend on things you don’t need. You will also need to notify those around you of your decision to start taking up no spend days. Sometimes, a helping hand doesn’t hurt.
Find activities to Distract Yourself
If you find yourself spending unconsciously, then you probably have formed a habit of it. In that case, you should start looking for other ways to distract yourself. The best way to do is to look for activities that don’t cost you anything and are also fun. You can also take up habits that can help you in your no spending journey, such as cooking, to save up on dining out costs. It is a good idea to prepare before you get started as doing it later will be tough.
How to Get Started
Finally, once you have a good idea of what to expect, you can get started. If you have prepared yourself beforehand, you will find it easier to get started. After you get started, you will find no spend days much easier than you anticipated. However, make sure to stick to your plan and don’t spend on unnecessary things. Likewise, keep track of your actual spending and see if you can cut anything from it.
Ideas for No Spending Days
Some ideas you can use for your no spend days are as below:
- Cook your food at home.
- Buy your groceries beforehand.
- Avoid going to shopping malls even if you want to window shop.
- Don’t visit online shopping websites, even for fun.
- Make your coffee at home.
- Invite friends over to take your mind off spending.
- Pack your lunch from home, if you order lunch at work.
- Do it together with a friend, so you always have support.
How much you can Potentially Save a Month?
No spending days can save you a lot in the span of one month. You can read about people who have saved over $1,000 in one month using no spend days. Realistically, how much you save will depend on how you use them and how much unnecessary expenses you have. If you can do 5-10 no spend days in a month, which is very achievable, you can save anywhere between $100 up to $500 or even more. However, the longer you implement no spend days, the more you will save.