Save Money and Build Willpower With a Spending Freeze

There are many reasons why you might want to try out a spending freeze. Maybe you’re looking to jump start your savings. Or maybe you’ve been bad about your budget lately and need a way to get back on track. Or maybe you’d like to work on your “anti-purchase muscles” and focus on what’s really important. Whatever your reasoning, you can probably benefit from a spending freeze.

US Money recommends trying not to spend money for 2 weeks when you’re trying a freeze. It’s not rock science, but here’s how it works:

  1. Decide where the saved money will go (into an emergency fund, toward a debt payment, etc.) Doing this will help you to avoid blowing that saved money at the end of the 2 weeks.
  2. Browse your fridge, pantry and freezer and plan out meals for the 2 weeks. If you need some other items to make those meals, make sure you stock up. Ideally, you won’t grocery shop at all during the freeze, but you could set aside a small amount to grab some fresh items, like produce, halfway thorough.
  3. Check that you’ve got the essentials, like toilet paper, toothpaste, etc.
  4. Fill up your gas tank and pre-pay any bills that will be due.
  5. Don’t spend any money for 2 weeks.

Have you ever tried a spending freeze? Were you successful? What did you learn?

Source: US News