Spending money is really easy to do and sometimes we do it without even realising. So if you’re trying to save or budget better then you may be at a loss for what to do. How can you stop spending money when it’s so hard to realise you’ve spent it?
Over at The Money Shed forum we tend to be all about making more money. So having more money in your life by earning it online and not doing the likes of 50p surveys or click sites however if you’re looking for a new way to save some money then you may have come across the term ‘no spend day’. But what exactly does this mean?
What is a no spend day?
A no spend day is a term which has become fairly popular in recent years. It means a day or two of the week where you spend absolutely no money at all. Some people will do 10-15 days of this a month rather than earn extra money so this means no buying lunch out, not buying a paper and not filling your car up. Its aim is to make people more aware of what they buy, and how much money they can save by not buying these things every day.
How do you go about this?
If you want to try a no spend day then it’s best to plan in advance. Decide on a day where you will spend no money at all. Make sure that it’s a day where you don’t have any bills due – and make sure that you’re all paid up on anything outstanding.
Once you have decided on your day you can prepare for it. If you have to drive to work that day make sure you have plenty in the tank the day before so you don’t get stranded and have to spend money in order to fill up. You should also make sure that you’ve made your lunch so you don’t get to lunch time hungry and have to go out to buy food.
Also make sure that you don’t have any plans with friends or family that day so that you’re not caught out for dinner without any money and unable to spend anything.
Why do No Spend Days create a false economy?
There are many differing opinions on a no spend day plan. Many people swear by it and have claimed that it’s helped them to be more aware of their spending and save money by having one or two days a week where they don’t spend anything.
However, some people liken it to the 5:2 diet. The 5:2 diet involves five days of the week where you eat completely normally – like you would any other time. Then two days of the week you limit yourself to under a certain amount of calories. The thinking behind this is that because you’re limiting yourself a couple of days a week you will lose weight. This diet was all the rage for a few years but now experts are saying that it’s actually no good for you – because you tend to eat more and eat worse food on the other days in order to make up for the days you’re not eating.
So when people liken the no spending day plan to the 5:2 diet what they mean is that because you’re not spending one or two days of the week you are more likely to overspend on the other days. So while it sounds like it’s a good thing to have a no spend day once a week it can actually be counter-productive.
If you’re interested in saving money then you’re better off adjusting your spending every day of the week. Instead of having a day where you don’t spend anything, you should try to spend a little less every day. This way you’re more likely to stick to it and less likely to have a big blow out on the days where you can spend anything.