An idea that worked well for me for a few years was a 30 day spending fast. And I enjoyed having the company of others. So I am going to start this years spending fast on May 1st.
One year I used the money to pay off some appliances, another to beef up my emergency account. This year we are doing the spending fast to save money for our vacation in June. We’ve been saving, but we want this vacation to be purely a cash vacation.
The goal is to buy only the necessities like food. And really discover needs vs. wants. Some ideas to help:
- Eat from your pantry
- Stay out of stores you tend to impulse buy at
- Only run errands once a week
- If you see something you think would be really helpful to you, write it on a list to buy next month. See if you still feel this way next month.
The most important thing to do, is decide what is necessary and what isn’t BEFORE you do the fast. Otherwise, that half off scarf might end up being a necessity. Necessities for me this month:
- Haircut before vacation, since I haven’t cut my hair in probably 4 months or so
- Food, but not exotic items and fancy cheeses
- If I find a pair of good, brown walking shoes
- Presents for various May events
- Personal/household items like soap, toilet paper, and toothpaste
If you want to join me, let me know in the comments.