Here’s a new twist on the old savings challenge concept: Designate a specific day of the week as one in which you will forego spending. Then commit to that.
Better yet, find others who are interested in doing this with you and support each other on the designated day that you have to use your willpower.
Forego Spending One Day a Week
Just like a money saving challenge gets you started on the path toward ultimately becoming an even bigger spender, the no spending day can also be a stepping stone toward better discipline with money.
Once you get into the habit of not spending on one day a week, see whether that makes it easier for you to create a budget.
You could begin with weekly spending plans for how you would use your discretionary funds. Budgeting helps keep you from wasting money or making impulsive purchases you don’t really want.
As you get into the habit of doing weekly spending plans then you could level up to creating monthly budgets.
The goal here is not necessarily to decrease overall spending, but rather to make our spending more purposeful. A no spending day forces you to wait before you make purchases, and you might find that once you get back to a day when you’re allowed to spend, the urge to shop impulsively might have passed.
The more you expose yourself to opportunities to buy things, the money you’ll spend. So take away that exposure for one day and see if it results in more purposeful spending.
Readers, have you ever tried just not spending money for a period of time? How did it work for you?
Join our newsletter
Subscribe to get the latest "Engineer Your Finances" content via email.
Leave a Reply