This is tip #7 of the Save $1,000 in 30 Days Challenge.
Today’s tip is to set at least one day per week on your calendar when you don’t spend one dollar.
Do you think you could do it? Technically, even if you don’t open your wallet, you’re still spending money on things like rent/mortgage, car insurance, subscriptions, and Christmas gifts — you just didn’t count them. But that’s even more of a reason to create a “No spending” day on the money in your wallet: because you can actively control it.
Today’s tip was submitted by Alexandra, from Wilmington, NC, who writes:
We do a week with NO spending. We fill the car with gas and hit the grocery store on Sunday. Starting Monday, we cannot spend a CENT. Sort of a fun little challenge. And it is only for a week. So, if I see something I need or want, I can get it next week. No cheating. AMAZING results. The first time I did it, I was flabbergasted to have the same $20 bill in my wallet. I got very used to it and so it is a nice little “shot in the arm” technique. Kind of like a fast to begin a diet regime.
Total Savings: $50-200
Alexandra’s tip is excellent because she uses the idea of time constraints to make the “no spending” idea more palatable. If you force yourself to do this only one day per week, you’ll look back the next week and realize it wasn’t so bad. (Notice she does it for a week, which you can work your way up to.) I remember a friend of mine once decided he wasn’t going to go out all weekend, and he donated the money to charity.
You can do the same thing — but the key is adding to your calendar so you make it a consistent system, not an ad hoc whim.
Total saved: $5 – $75
Trent wrote about this at The Simple Dollar (check out the comments)
Last thing to do
Leave a comment on this post describing how much you’re saving with this tip and any unusual techniques you use to make this tip work.
If you liked this tip, check out my Premium tips — one long, tactical tip per week. Save money or get a 100% refund.