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HFS Federal Credit Union
Finance
Free - On the App Store

The end of May is here and I’ve made it through the No Spend Challenge! Now, it wasn’t all smooth sailing and as my last update post mentioned, I wasn’t always perfect in sticking to my no spend motto. As with any lifestyle changes it takes time to fully adjust to the change, but taking that first step to change is the key! That’s what I did when I started this challenge. While my spending wasn’t perfect, I definitely noticed a difference in the amount I was spending and a change in my attitude towards purchases. My goal was to use the money I saved to put down towards my auto loan and I was successful! I was able to make a larger payment than usual this month.

Let’s revisit some of the things I learned throughout the month:

  1. Create a goal – Instead of just saying “don’t spend”, create a tangible goal to help keep you on track. Choose a goal with meaning to you that will help you be successful with your no spending challenge.
  2. Unsubscribe – Keep yourself from falling into the sale mentality where you buy something just to feel like you’re getting a good deal, whether you need it or not. Unsubscribe from all of those pesky online retail sale emails!
  3. Plan ahead – Be prepared for those expenses that occur only once or twice a year. Set money aside each month to make sure you have enough saved up when that expense arrives. For example, if you pay $600 every 6 months for car insurance make sure you set aside $100 every month and you’ll be all set when that bill arrives!
  4. Shop Alone – This tip may be different for everyone depending on their situation, but for the best chance of sticking to your shopping list you may want to go shopping alone. It sounds a little harsh, but sometimes bringing along a shopping partner could mean you have someone picking up and adding extra things to your cart that you weren’t prepared for. Leaving you footing the bill. If this is the case for you, plan a time for your shopping trip when you can go alone and be sure to stick to your list!
  5. Gift Cards – Watching your spending is a great opportunity to resurrect some of those gift cards hiding in the back of your wallet. Don’t let that money go to waste and be sure to pay attention to expiration dates so you don’t miss out on that money which is basically free to you!

If you feel like your spending is out of control, maybe your credit card debt is growing, or you just feel like a lot of money is being spent on things that you regret purchasing later I highly encourage you try out this challenge! No matter what your reasoning for spending less, stick to it and notice how over time you won’t even miss those unnecessary things you used to spend money on. Your budget will thank you!

 

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