No spend challenges have become trendy over the past couple of years. If you’ve never heard of one, it refers to a period of time in which you intentionally chose not to spend any unnecessary money. So, you’re only allowed to spend money on necessities. Typical categories where spending is allowed include:
• Rent
• Bills (Utilities, Cable/Internet, Phone, Car Note, Loans, etc.)
• Groceries
• Health Expenses (Insurance, Doctor’s Bills, Fitness, etc.)
• Gas
This means saying goodbye to non-essential spending in categories like these:
• Takeout and Dining Out
• Coffee and/or Cocktails
• Furniture and Home Décor
• Clothing
• Hair/Nail Appointments
What are the benefits of the no spend challenge, if you can handle a month without frivolous spending?
You save more money.
This one is a given, but cutting unnecessary spending will inevitably lead to more money in your bank account. By being intentionally frugal, you’ll soon have extra capital to put towards your dream vacation in 2022, invest in your children’s future, or start that new side business venture. In other words, your ability to save more money provides you with the opportunity to accelerate your future financial goals!
You’ll identify your bad habits.
When you cut back your spending, you quickly become aware of all the inefficient ways you’ve spent money. As your checking account begins to grow, you’ll undoubtedly notice this – think of it as enlightenment. Maybe, you overloaded yourself on Starbucks or perhaps, you went a little ham with the online shopping. Either way, you’ll see exactly how those indulgent expenditures add up over time.
You’ll find new ways to fill your time
Spending money actually takes up a lot of your time. When we’re bored, some of us like to go shopping, order food, or buy ourselves other types of indulgent treats, even when we aren’t really in need of the item itself. When you don’t allow yourself to spend money, you’ll reconnect with the hobbies and interests that matter most to you and leave unnecessary spending in the dust.
Optimize every aspect of your life with these interesting tips and ideas, courtesy of the professional team at Oxford at Tech Ridge Apartments in Austin, Texas.