Reasons to Try a No Spend Day
If one of your goals is to save a little more money, we highly recommend trying out “no spend days”. It’s exactly what it sounds like. On certain days, you don’t spend any money. When done correctly, this small change can have huge effects. We’ve listed a few of them for you.
1. No Tracking
If you’re someone who likes to track their spending, like we suggested in this blog, then a no spend day is also a no tracking day. We suggest tracking your spending (even if you’re not trying to actively save money) as it gives you an idea of exactly where your money is going. If you’re not spending money that day, you don’t have to track anything. It’s that simple.
2. Thinking Before You Spend
Many people live their financial lives in habits. They stop and get coffee before work. They go out with friends for lunch. They get a drink or snack on the way home form work, and the list goes on. Most of this spending becomes a habit, and if we’re being honest, it’s a pretty expensive one. Even if you budget and account for this spending, taking a small break could help your pockets breathe.
Try thinking before you spend. This will help you stay aware of how much you’re actually spending throughout the week or month. Remember, that $5 coffee Monday thru Friday all month adds up to $100. If you made your own coffee or didn’t get any for half those days, you could be saving $50 per month. It’s something to think about.
3. Get Creative
Setting a no spend day can help you get more creative with your budgeting and food options. Remember to gas up your vehicle before your no spend day. This day will give you a chance to focus on cooking and drinking water or whatever you have at home instead of eating out. No spend days can either help you be more prepared or force you to be creative, the choice is yours.
4. Limit Spending
If you’ve set up a weekly or bi-weekly budget for yourself, choosing one or two no spend days during that time period could help you save more money faster. You could then use that extra money to add to your savings, do something fun, or pay down debt. Limiting your spending like this may be tricky or feel like a punishment at first, but once you enjoy the rewards, you’ll see that it’s these days are worth it.
5. Change Your Relationship With Money
Some people spend out of habit, others spend based on events or relationships. Had a stressful day at work? An argument at home? Angry? Sad? These life events often lead to emotional spending or retail therapy. This kind of spending can lead to bad spending habits. Changing the way you deal with your emotions could also help your financial situation. If one of these situations happens on a no spend day, take some time to learn more about yourself and your spending triggers. Your bank account will thank you later.
To help you keep track of your no spend days, use our No Spend Day Tracker. Download it, print it out, and fill in the month. Then add your no spend days. Download it here and start saving!