Ready for a new challenge? Check out the 30-Day Spending Hiatus to buff up your budget and get your money back on track! There’s been an awful lot of spending around these parts lately (thanks for that, new house) and it’s about time to reel our finances back in. While we did set aside some money to take care of a few homeowner tasks, as well as to get ready for our upcoming vacation, there were a few little splurges here and there that have started to strain our accounts. Small purchases can add up quickly! We’ve decided that since our calendar is fairly commitment-free during the month of May, we’re going to try to spend as little as possible, and instead focus on directing that money elsewhere. How are we going to do this? Check out some of the simple guidelines listed below to find out!
1. Compare your “wants” and your “needs”. Make a list of everything you NEED to spend your money on (bills, groceries, gas, etc.) and a list of things you WANT to buy (AKA almost everything in the Target home decor aisle, or things that could seem necessary, but aren’t really, like new shoes). The more particular you can be, the more you could save! Everything in your “want” column will be re-allocated for the next 30 days. It’s only a month, right?
2. Figure out where you want your extra money to go. Maybe you need to bulk up (or rebuild) your savings account. Maybe you have some extra debt you need to get rid of. Take that cash that you would normally spend on non-critical items and attack your goal, no matter how big or small it may feel.
3. After 30 days, assess your outcome and see if you can figure out a way to make these habits more permanent. Maybe you shopped your own closet for new things to wear, or you cut back on how many times you were eating out per week. Maybe you put any monthly subscriptions you have on hold. What did you miss, and what didn’t you? Did you notice a change where you thought you might? Could you live without some of the things, or even some of the flexibility, that you were building into your budget? Take a moment to re-evaluate, and see if you can do some rearranging to keep up with what you’ve started, especially if you like the results you’ve seen.
Can you commit to reducing your extra spending for the next month? What will be the hardest thing for you to give up?
