The Cost of Living Crisis has us all feeling like we incur a debit charge the moment we step out of the door. It may seem impossible to save or cut down on spending. However, not all hope is lost!
The Cost of Living Crisis has us all feeling like we incur a debit charge the moment we step out of the door. It may seem impossible to save or cut down on spending. However, not all hope is lost!
You may not have thought of this, but do you know that implementing little changes to your spending habits can save you more than just spare change?
You could do a No Spend Day challenge. The No Spend challenge involves choosing a day out of the week when you simply don’t spend money on anything. It could become a lifestyle change or challenge for a set period - it's up to you.
Having at least one No Spend Day each week can help you not only to save but help you to plan your week effectively. Understandably, you may not be able to save every pound especially if you travel every day. However, if you exercise some self-restraint and only spend when you absolutely have to you can build healthier saving and spending habits.
Having a no-spend doesn’t have to be hard. You can plan for it.
Here are some tips we recommend:
- It’s always best to start a challenge with a goal. You know your habits and spending patterns better than anyone else and what day suits you best. Pick a specific day for every week where you don’t spend money, or you can choose a different day every week.
- Consider walking to work or uni one day of the week to save on a bus or taxi fare.
- Plan your meals around your weekly food shop so that you don’t have to buy food or snacks every day. We recommend having a meal plan for the week. You can choose to eat the same meals over a number of days or switch up your menu every few days.
- You could dedicate your unspent money towards a goal you wish to accomplish. So, if you spend on average £10 a day, the unspent £10 could go towards your savings for a holiday or an item. If you did that every week for three months, you could save £120 that could go towards anything you wish.
- You could even crank up this challenge to two days a week.
- You can do this challenge with a friend. To make it more fun, replace going out with hosting friends at home. You could have a homemade meal or snacks and do an activity or watch a movie.
- Remember not to binge-spend on the days you are spending because this defeats the purpose of your No Spend Day.
- Track your progress to keep you motivated. You could add it to your calendar to set as a reminder. At the end of the day, you can check it off like you would with a to-do list.
- Lastly, when you want to stop a habit, the most effective way to keep at it is to replace it with something else. Find other activities you can do at home or outside that help you save.
If you need advice on anything money, the Financial Wellbeing team are always happy to help. For more finance-related information, check out our Financial Wellbeing webpage.