Like 21-day detoxes and clean-eating challenges, the aim is to make dramatic temporary changes in order to shine a light on your habits and figure out where you could use some improvements. Pick a set amount of time, a week at a minimum but ideally a month, and only spend on absolute necessities. As with those kick-start health plans, you should be prepared for some initial headaches; but the benefits could be well worth the pain.
During the no-spend challenge you are only to buy what you need. So groceries and petrol/diesel are fine, and obviously you have to pay rent or mortgage and utility bills. But any other spending is off limits. Before you get out your wallet, ask yourself — can I manage without this? If the answer is yes, don’t buy it. So no meals out, visits to the pub or cinema or shopping sprees.
If you’re worried it sounds impossible, remember it’s just for the limited time that you’ve decided on. Just as the point of ruthless health cleanses are to make us realise how much junk we consume, so the idea is to make you aware how much spending we do without fully analysing if we need what we’re buying.
For the duration of the challenge, take note of how often you refrain from buying something you normally would, because it doesn’t pass the test of being necessary.
There are few obvious culprits that come up whenever we talk about discretionary spend. Takeaways coffees on the way to work, eating out for lunch, picking up takeaways for dinner if you feel too tired to cook. But everyone is different and you may notice other areas that you hadn’t considered before.
Do you tend to reward yourself after a long week with an impulse buy in the shops on Friday, or regularly spend on drinks, snacks and entries to play centres with the children on afternoon outings? Or perhaps a few bets on football or horse-racing over the weekend?
Key to surviving the challenge without going into meltdown is to figure out free alternatives to your usual treats so you don’t feel deprived. Instead of playzones in shopping centres, bring the children to the nearest park or beach at the weekend – and bring snacks with you. If you normally meet friends at a pub or cafe over the weekend, persuade them to go out for a walk or meet at someone’s residence instead.
The internet is a goldmine of ideas and tips. Check out http://ift.tt/15N7SH0 for information on free days out around the country.
Try Pinterest and www.bbcgoodfood.com for recipes so you don’t bore yourself with the same packed lunches for the whole month.
To help keep you on the straight and narrow, before you start decide what you are going to do with the savings you make over the course of the challenge. If it’s a special purchase or a trip somewhere stick a picture of the item or place on your fridge or make it the screen saver on your phone.
Anywhere that will catch your eye regularly and keep you motivated. If you are undertaking the challenge because you have been struggling to manage your spending — why not aim to use the savings to clear your overdraft or bank credit card debt? Seeing that negative balance disappear will be more rewarding than any purchase. At the end of the challenge, review how the time went and what areas you found hardest. Can you identify any money drains that you could do without completely?
Life would certainly be miserable without any treats, but by taking a critical look at our discretionary spending we can identify savings that will free up money to spend on the stuff that is really important.
And if you found it easier than expected and enjoyed the benefits, you can make no-spend days part of your regular routine.
Either by picking a week or deciding a target number of no-spend days to have each month, you can gain control of your budget and be more creative in finding activities and outings that don’t cost a penny.
DEAL OF THE WEEK
If you are looking to save money on your utility bills, Irish comparison site Bonkers.ie has actually teamed up with SSE Airtricity to offer an exclusive switching deal.
The provider is offering substantial savings to brand-new customers who switch through bonkers.ie. SSE Airtricity is offering 25% off electricity exclusively to brand-new customers; a discount that takes the unit rate for electricity down to 12.35 cent (excluding VAT) per kWh.
This discount is only available through bonkers.ie and you must sign up for direct debit and ebilling with the supplier. brand-new customers who sign up to the supplier’s dual fuel offer will get a 23% electricity discount and a 16% gas discount.
The site calculates that the average Irish household could save €211 in a year by switching electricity or €311 with the dual fuel offer.
These discounts are for a limited time only — if you are interested you can switch at www.bonkers.ie.
No comments:
Post a Comment