No Spend Day

always_learning22

I’m trying to get a bit stricter with my finances and recently started doing one “no-spend day” a week. literally no unnecessary spending at all. It’s made me realise how easy it is to spend without thinking, and how much it adds up over time. I’m curious if anyone else does this or would be up for it? Feels like we’re constantly pushed to spend, so it might be a good way to reset habits and keep each other accountable.

Peter999_2

Yes, I do this sort of thing.

I also think about what I am spending and work out in my head how much interest I would make a year on the money I'm about to spend. i.e. Spend £300 on a new TV and after a year that £300 would have been up to 312.00 with interest. Somehow that helps me not spend anything.

Spikeygran

I'm afraid this is something I dont understand at all. Having one no spend day will only give you permission to feel good about it and spend on other days. Its like a diet you need to establish a permanent regime or you put weight back on.

When I was on a tight budget, there was no unecessary spending on any day 365. No subscriptions, no magazines, no sky etc. no takeaways on a regular basis. Sandwiches for work, breakfast at home - no daily bought coffee. Most of it was stuff I didn't actually need or really use, it was just things that you feel you should be entitled to as youve worked a full week.

It makes the treats much more enjoyable.

always_learning22

https://forums.moneysavingexpert.com/discussion/comment/81961544#Comment_81961544

interest on negative spend , that’s a way to look at it. very calculating

always_learning22

https://forums.moneysavingexpert.com/discussion/comment/81961567#Comment_81961567

i think it’s more for discipline, and getting use to not spending rather than a feel good thing and then you can expand the days you do it

Lazy_Panda

I've been looking at my spending more carefully recently. Over time, with the cost of living going up, I've found my money is going less and less far. A colleague recommended using a budgeting tool to see where my money was being used. I put in my monthly take home pay after tax and then itemised out all of my outgoings.

When checked against the spending framework of:

Needs (50%) / Wants (30%) / and Savings (20%) it was the lifestyle choices where costs were really hitting hard. Little costs roll up into big costs.

Here's the free tool if you want to give it a shot https://www.salarysorted.co.uk/disposable-income-calculator

Another poster also directed me to the wealth of articles and tools about budgeting on this site.

Working on this for homework and the “no-spend day” a week sounds like another good idea.

always_learning22

https://forums.moneysavingexpert.com/discussion/comment/81961682#Comment_81961682

sorry mate. off topic

Peter999_2

https://forums.moneysavingexpert.com/discussion/comment/81961782#Comment_81961782

Apologies, I've deleted it.

always_learning22

https://forums.moneysavingexpert.com/discussion/comment/81961804#Comment_81961804

I hope you do get some balance for you , but the upside is it must be easier to enact a no spend day