Rocking your finances and getting financially fit is all about changing your relationship to money. You can’t do things the way you’ve always done if you want new results. One way to reset your finances is to implement “no spend days” several times a week. Like the name suggests, it’s all about having days where you don’t spend anything, not even a penny. We’ve created this no spend day tracker to help you get started. Need some extra convincing? Here are five reasons why we love no spend days.
1. You don’t have to track anything
When you’re getting financially fit, it’s all about tracking your expenses. Just like you’d track your calories if you’re changing your diet, you have to track where your money is actually going. This can be a painful and tedious process, but a necessary one.
When you have a no spend day, you don’t have to track anything! Less work, more money in the bank.
2. Makes you more mindful
The fact is many of us are on autopilot most of the time. We go to Starbucks every day and pick up our fave drink, stop at happy hour on the way home and indulge in the latest sale. All without really thinking about it. All of those indulgences are okay but sometimes we can get in a financial rut. If you really want to reach your financial goals, you need to be more mindful with where your money is going.
Having a no spend day tracker can help show you just how often you are spending money. Often without even realizing it! Even just spending $5 a day is $150 a month. No spend days can make you more mindful of how much you spend. Our no spend day tracker can encourage you to cross days off the list so you spend less.
3. No spend days force you to get creative
You’ve committed to a no spend day and then you realize you barely have anything in the fridge. Uh oh, panic creeps in. What will you eat? After going through cupboards and drawers and your freezer, you realize you actually do have something you can make. Huh, how about that.
No spend days force you to get creative in a way you might not have been before. It’s good to shop your closet, eat from your pantry and use things you already have without spending unnecessarily.
4. Limit your spending
The obvious reason we love no spend days is that it can help limit your overall spending. Even committing to one or two no spend days a week could potentially save between $40 to $80 per month or more. You can pocket that savings and put it in your “fun” fund to spend on something that actually brings you joy. You can jumpstart your debt repayment. You can pay off that credit card debt faster or boost your retirement contributions. While no spend days actually seem depriving at first they actually give you more freedom in the long run.
5. No spend days change your relationship to spending
All of us have spending triggers. These triggers are activated and boom, we’re likely to spend more. Your spending trigger might be a stressful day at the office or a fight with your significant other. Some retail therapy might help. In many ways, our spending can be an emotional band-aid. It can be caused by triggers like stress, boredom and exhaustion. It can be second nature, almost addicting in a way. Just like you’d detox off of alcohol or any other substance, no spend days help you reset your relationship to money. You don’t always have to turn to spending and can figure out better ways to manage your triggers.
Ready to have more no spend days? Download our No Spend Day Tracker to get started!
