Have you ever considered how many small purchases you make throughout the day? Having a no-spend day every week can help you save money and change your habits.
Have you ever considered how much money you spend on a daily basis on simple things like stops at drive-thrus, a soda at the gas station on the way home, or even gas you didn't need to waste? There are so many ways we waste money without realizing it that are killing our budgets. While you may not think you are spending a lot of money on these daily purchases, if you look more closely, you might be surprised. Here are some reasons why you need a no-spend day every week and how to do it effectively.
Why You Need a No-Spend Day Every Week
It can help you track your spending better for small purchases– Many of the everyday things we spend money on are extras. They aren't even needed. Knowing where your money goes helps put perspective into where that money is ending up so you don't feel like you are just out of control.
You can see a small saving that adds up to larger ones over time– While a no-spend day won't save you much immediately, you can see some small savings right away. Let's say you spend $5 a day on drive-thru lunch. If you do a no-spend day 4 times a month, you are already saving $20 a month. Put that money away and it will add up.
A no-spend day every week helps you change your bad spending habits – Using the example I just did, if you were to take leftovers from home instead of hit up the local fast food joint for lunch, you could really see a savings of a couple hundred dollars a month. Doing a no-spend day allows you to get this perspective and change the habits you have that are killing your budget.
Tips for Doing an Effective No-Spend Day
Batch cook for your no-spend day– Remember, on a no-spend day, you cannot buy anything. This includes lunch out, coffee in the morning, and a snack on the way home. Plan for these kinds of things you normally spend money on by batch cooking. Make your meals and snacks portable and easy to incorporate into your day. Who knows? You may even find you want to do this daily!
Download apps that help you track your spending you know what to prepare for – There are apps such as Spending Tracker that can help you see where the money goes. This is great as a long-term plan for changing spending habits as well as for planning your no-spend days each week.
Don't plan to do anything that costs money that day – Be mindful of your calendar. There are no exceptions for spending (barring actual emergencies) on no-spend days if you want them to be effective.
A few last thoughts; a no-spend day will not save you hundreds of dollars a month if you spend like most people do. It can, however, help you see where you can make some changes oi your everyday life so you can start budgeting better. You don't have to do a no-spend day every week long term to get an idea of how you can change your habits.