Have you heard of a no spend month? If you are looking to save some money, and lower your monthly spending budget, it is a great way to jump start your savings! We all have things we love spending money on, and many people make unnecessary purchases on a regular basis, sometimes every single day. These purchases can add up!
A no spend month is a great challenge in self-discipline to not spend any money in certain aspects of one’s life for an extended amount of time. Does this mean I’m spending $0 all month? Of course not! You must pay bills, mortgage, food, etc., but cutting out the unnecessary spending can really add up. If a month seems too long, start with a week and work your way up!
Look, we’ve all gone to Target and spent way more money than we had planned. Needing one item and leaving with ten is sadly the norm for some people. Limiting your spending can inhibit you from shopping in the first place which reduces your impulse buying. A few substitutes you can do that don’t directly involve spending money include:
No spend challenges are a great way to get you to do those things you have been putting off. Staying off your phone (online shopping) and avoiding stores can help you limit your spending. Even if it’s a week or a month, being able to stave off your spending inclinations and instead saving that money will make a huge difference on your wallet and bank account.
If you’re having trouble saving during the month, Two Rivers Bank & Trust is always willing to help you create a budget that is specific to you. Looking at your expenses and revenue we can craft a solid budget that allows you some freedom to spend but also enough to pay off expenses and bills.
Two Rivers Bank and Trust works with you to simplify the way you manage your finances. If you need more information, please call or visit us online. You can also stop into your neighborhood Two Rivers Bank and Trust, to let us help you start saving smartly!