Sunday, April 25, 2021

No-spend days will help you save money

Save Money by Designating No-Spend Days

No-spend days, or days when you actively avoid non-essential spending, can be a great tool for people looking to save some money. The idea is simple - each day you avoid making frivolous purchases is a day you save money. In fact, committing to a single no-spend day per week can help cut frivolous spending by around fifteen percent.

Here are a couple of tips to help keep you on track during your designated no-spend days:

1. Avoid window shopping.

Remove temptation by steering clear of shopping opportunities - both online and off. No-spend days are far easier to adhere to when you aren't confronted with things you want to buy.

2. Look for free activities to pass the time.

To make your no-spend days more enjoyable, find alternative ways to pass the time without spending money. For example, if you feel like going to the cinema, watch a movie at home instead.

Do remember this money-saving strategy can only be effective if you implement it in good faith. If most of your frivolous spending happens on weekdays, for example, then don't designate Saturday or Sunday as your no-spend day because it won't help you save any money.

It's also important to keep in mind that the spending restrictions should only apply to your wants and not your needs. Essential spending, like that for household bills, repairs, gas, and groceries, can and should continue as usual. It's your non-essential spending habits this strategy looks to address.

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