Have you ever sat and thought about the amount of money you spend? Like for real just really sat back and thought..."hmmm, I had $50 dollars on me today,what did I spend it on?" I have these conversations almost every other two days-if not daily. So, for the month of October I am putting myself on a spending freeze-again. You can read about my first one I did in February here.
During my spending freeze I will do the following:
-limit my spending at fast food restaurants to weekends only!
-no makeup purchase
-no hair product purchase
These 3 things I spend the most money on monthly. Dining out alone in one month I can spend close to...wait for it....$350. Yeah, crazy huh? I know and I don't like it one bit.
My definition of a spending freeze is: A goal is set not to not spend money, for a certain amount of time on things you normally spend frivolously on. This is a great way to put the extra money in a savings account, travel account, or pay down a credit card.
How to successful go on a spending freeze:
1. Define what this spending freeze mean for you. Does that mean you won't spend money on your favorite makeup brand for that time frame? Does it mean you won't spend over $100 on entertainment for the month of the spending freeze? Does it mean you will not dine at a fast food restaurant during your work week? Just be clear on what this freeze means for you.
2. Write it down! Write down the things you will limit your spending on and why. This will also help you to understand why the spending freeze helped you in the end.
3. Grab a friend or two. While you're at it, bring a friend or two along with you on the spending freeze. Help one, help two to save money as well.
4. Stock up! If not eating out is on the list...go grocery shopping for the week. If not buying hair products..purchase some of your favorite things to get you through this period-but don't spend too much.
5. Look at all the money you saved. At the end of the spending freeze, look at your account. Do you see the difference from last month to this month with your savings?
Have you ever done a spending freeze? If not, will you consider doing one? If yes, how did it work for you?