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:
- 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.
- 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.
- Check that you’ve got the essentials, like toilet paper, toothpaste, etc.
- Fill up your gas tank and pre-pay any bills that will be due.
- 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