Comments on: Tip #7: Create a “No Spending” day once a week http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week/ Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times. Sun, 21 Mar 2010 02:45:13 -0700 http://wordpress.org/?v=abc hourly 1 By: 30 Tips That Can Save Your Money This Month http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week/comment-page-2/#comment-122090 30 Tips That Can Save Your Money This Month Wed, 24 Feb 2010 14:20:14 +0000 http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week#comment-122090 [...] Tip #5: Optimize your cellphone bill Tip #6: Use gas prices to become your own hedge fund Tip #7: Create a “No Spending” day once a week Tip #8: Implement the A La Carte Method Tip #9: Only buy new things when replacing something old [...] [...] Tip #5: Optimize your cellphone bill Tip #6: Use gas prices to become your own hedge fund Tip #7: Create a “No Spending” day once a week Tip #8: Implement the A La Carte Method Tip #9: Only buy new things when replacing something old [...]

]]> By: Budgeta http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week/comment-page-2/#comment-88116 Budgeta Mon, 02 Feb 2009 02:57:41 +0000 http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week#comment-88116 I went to the mall to make a return. That in itself is new behavior on my part! In the past I would tell myself I needed to return something, but never got around to it or worse I would los3 the receipt, the item or both! That meant paying for something that I would never use. Anyway, back to the mall. I made the return quickly and decided to shop. I looked at the "clearance" racks to find something cheap. Then I woke up and realized that I did not need to buy anything at all! Wondering around a mall looking to spend money with no purpose is foolish... and very expensive. With that I left the mall and returned home to cook a homemade meal and then work out! I went to the mall to make a return. That in itself is new behavior on my part! In the past I would tell myself I needed to return something, but never got around to it or worse I would los3 the receipt, the item or both! That meant paying for something that I would never use.
Anyway, back to the mall. I made the return quickly and decided to shop. I looked at the “clearance” racks to find something cheap. Then I woke up and realized that I did not need to buy anything at all! Wondering around a mall looking to spend money with no purpose is foolish… and very expensive. With that I left the mall and returned home to cook a homemade meal and then work out!

]]> By: Free Book: 2009 Action Plan for Your Money http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week/comment-page-2/#comment-86037 Free Book: 2009 Action Plan for Your Money Fri, 09 Jan 2009 16:16:00 +0000 http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week#comment-86037 [...] to Ramit/I Will Teach You To Be Rich’s suggestions to Create a “No Spending” day once a week, Go cash-only for 15 to 30 days, and Pack lunches for the rest of the week from his Save $1,000 in [...] [...] to Ramit/I Will Teach You To Be Rich’s suggestions to Create a “No Spending” day once a week, Go cash-only for 15 to 30 days, and Pack lunches for the rest of the week from his Save $1,000 in [...]

]]> By: Jenna http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week/comment-page-2/#comment-85983 Jenna Thu, 08 Jan 2009 22:45:07 +0000 http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week#comment-85983 I chose two consecutive "no spending" days this week. Instead of going to a cafe and buying a cappucino and muffin because I was bored, I spent my lunch hour walking through the snow covered park downtown. I may have only saved about 7 dollars, but the crisp winter air made me feel refreshed after sitting at my desk all day! I chose two consecutive “no spending” days this week. Instead of going to a cafe and buying a cappucino and muffin because I was bored, I spent my lunch hour walking through the snow covered park downtown. I may have only saved about 7 dollars, but the crisp winter air made me feel refreshed after sitting at my desk all day!

]]> By: Debbie http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week/comment-page-2/#comment-85977 Debbie Thu, 08 Jan 2009 22:04:15 +0000 http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week#comment-85977 This is related and usually leads to no spending days each week. All my monthly bills like the mortgage and utilities are auto drafted so all I have to do is make sure there is enough at the beginning of the month to cover it all. My part of my January income is put into the autodrafted account for February's bills so I'm never in a pinch come the first of the month. Then each week on a Monday (this is important) I give myself an allowance of sorts (for me it's $100) to spend on gas, groceries, entertainment and so on. Since I usually want to go out on the weekend I'm very careful how I spend that $100 because I want enough to have for Saturday night. If I have cash left over I carry that over to the next week. For example if I have $10 left over one week I only take out $90 the next Monday giving me again $100 to spend that week. This all but eliminates my need for a credit or debit card although I have them so I don't carry them with me at all eliminating most impulse buys. It also helps out the small local businesses I like to patronize by not using a card that costs them money to process. Plus it feels good to have some actual cash in my hand. Call me old school ;) This is related and usually leads to no spending days each week.

All my monthly bills like the mortgage and utilities are auto drafted so all I have to do is make sure there is enough at the beginning of the month to cover it all. My part of my January income is put into the autodrafted account for February’s bills so I’m never in a pinch come the first of the month.

Then each week on a Monday (this is important) I give myself an allowance of sorts (for me it’s $100) to spend on gas, groceries, entertainment and so on. Since I usually want to go out on the weekend I’m very careful how I spend that $100 because I want enough to have for Saturday night. If I have cash left over I carry that over to the next week. For example if I have $10 left over one week I only take out $90 the next Monday giving me again $100 to spend that week.

This all but eliminates my need for a credit or debit card although I have them so I don’t carry them with me at all eliminating most impulse buys. It also helps out the small local businesses I like to patronize by not using a card that costs them money to process. Plus it feels good to have some actual cash in my hand. Call me old school ;)

]]> By: TC http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week/comment-page-2/#comment-82623 TC Wed, 03 Dec 2008 19:45:57 +0000 http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week#comment-82623 My SO and I set Mondays as our no-spending day. It doesn't save us much yet- just the money we use on vending machines. This tip: $5 Current total: $225 My SO and I set Mondays as our no-spending day. It doesn’t save us much yet- just the money we use on vending machines.

This tip: $5
Current total: $225

]]> By: Saving the Green « My Philadelphia Story http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week/comment-page-2/#comment-82569 Saving the Green « My Philadelphia Story Wed, 03 Dec 2008 08:06:27 +0000 http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week#comment-82569 [...] in your savings challenge Optimize your cellphone bill Use gas prices to become your own hedge fund Create a “No Spending” day once a week Implement the A La Carte Method Only buy new things when replacing something old Use the free [...] [...] in your savings challenge Optimize your cellphone bill Use gas prices to become your own hedge fund Create a “No Spending” day once a week Implement the A La Carte Method Only buy new things when replacing something old Use the free [...]

]]> By: Personal Finance Tips & Advice to Start the Week http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week/comment-page-2/#comment-81619 Personal Finance Tips & Advice to Start the Week Mon, 24 Nov 2008 18:50:30 +0000 http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week#comment-81619 [...] Shower You Have Time for Personal Finance. After you’re done reading those then check out the “No Spending Day” idea posted over at I Will Teach You To Be Rich (and don’t forget to check out his other tips [...] [...] Shower You Have Time for Personal Finance. After you’re done reading those then check out the “No Spending Day” idea posted over at I Will Teach You To Be Rich (and don’t forget to check out his other tips [...]

]]> By: Larry Lennhoff http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week/comment-page-1/#comment-80832 Larry Lennhoff Tue, 18 Nov 2008 18:57:20 +0000 http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week#comment-80832 This is the easiest of all the tips for me to implement. As an observant Jew, from an hour before sunset on Friday to an hour after sunset on Saturday I'm obligated not to spend money, among other things. The problem is that the run up to the Sabbath can be very expensive! :>) This is the easiest of all the tips for me to implement. As an observant Jew, from an hour before sunset on Friday to an hour after sunset on Saturday I’m obligated not to spend money, among other things. The problem is that the run up to the Sabbath can be very expensive! :>)

]]> By: Marcia http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week/comment-page-1/#comment-80709 Marcia Mon, 17 Nov 2008 21:09:12 +0000 http://www.iwillteachyoutoberich.com/blog/tip-7-create-a-no-spending-day-once-a-week#comment-80709 I am very intrigued by Jesse's "I can't not spend money where I work" comment. Hmm... I liked this tip, personally. For those of you who can't imagine it because of the commute issue...note that he's got a "no-spending DAY" not a week (you can fill up your car the day before). And if you need to pay for public transportation, most places I've ever lived allow you to buy monthly passes and such. Or you could always carpool. As far as the "Julie vs. everyone else" argument...it's a matter of perspective. We're solidly middle class now, so most of these tips would be very good for many of my friends. They eat out regularly and don't think about spending at all. OTOH, I grew up poor in a very rural area. So Julie's life of grocery shopping and doing all your errands 2x a month (or less), and staying home the rest of the time...that was the norm for me growing up, and still is the norm for many of my family members back home. My sister and parents already carry lunches every day, shop 1-2x a month only, don't have cell phones, etc. But my brother and his wife could really use these tips. I am very intrigued by Jesse’s “I can’t not spend money where I work” comment. Hmm…

I liked this tip, personally.

For those of you who can’t imagine it because of the commute issue…note that he’s got a “no-spending DAY” not a week (you can fill up your car the day before). And if you need to pay for public transportation, most places I’ve ever lived allow you to buy monthly passes and such.

Or you could always carpool.

As far as the “Julie vs. everyone else” argument…it’s a matter of perspective. We’re solidly middle class now, so most of these tips would be very good for many of my friends. They eat out regularly and don’t think about spending at all.

OTOH, I grew up poor in a very rural area. So Julie’s life of grocery shopping and doing all your errands 2x a month (or less), and staying home the rest of the time…that was the norm for me growing up, and still is the norm for many of my family members back home.

My sister and parents already carry lunches every day, shop 1-2x a month only, don’t have cell phones, etc. But my brother and his wife could really use these tips.

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