If you find yourself wishing every month that you could save just a little bit but never appear to be able to put anything away for the future, try doing nothing for thirty days. Enlist the help of everyone in the family and for one month, go on a spending fast. Of course there is a lot—probably most things you do—that you can’t stop doing, but various things you can quit altogether for thirty days.
Consider going one month without any of the following:
1. Movies. For one month, you could go without being drawn to see, rent, watch, view or going to a single movie. Your eyes would not fall out. Your heart would not continue to beat. You could spend exactly zero on movies for one month.
2. Fine dining. You could easily apply to a single month without eating over white linens. Most people take advantage of the treat of a pleasant meal once in a while—some more often than others. There is not anything wrong with it, but skipping the white linen tables for a month may make quite a contribution to your savings account.
3. Clothes. Everyone has a duty to buy new clothes periodically. Clothes wear out and need to be replaced. Most of us, however, have a lot of clothes and can easily go without buying any new clothes for a month. While that may just serve to defer some spending, you might be amazed at how little of that month’s clothing budget actually does get spent in future periods. Consider whether your latest clothing purchase was really to replace something worn out or if it was just an addition to your wardrobe.
4. Entertainment. For one month, you could go without attending a sporting event, the ballet, the symphony, the opera or the theater. If you never attend these sorts of events, think how relaxed your spending fast will be!
5. Sports. For one month, don’t pay anything to do sports. This month, no new running shoes, no new bicycle shorts, not golfing, no new softball mitt. Put it off for 30 days.
6. Fast food. For all but the snootiest of us, this will be a problem. Just one month, sees if you can go without fast food. No solo trip to a fast food joint will save considerable money, but if you’re like most people, you’re making several trips each week. Skip them for a month; eat at home or brown bag it when you’re away from home. You’ll not only save a few pennies, you’ll probably be healthier, too.
7. Magazines. For one month, you can skip magazines. Don’t purchase them from the newsstand and when the renewal notices come, doesn’t does it. Wait (you’ll maybe get a better renewal offer if you want anyway).
8. Vacation. Of course, you don’t want to plan your spending fast to kick off your savings during a month when you’ll be taking a vacation. More to the point, don’t perform one of those quick, getaway weekends during your fast. Stick close to home.
By eliminating or deferring spending for 30 days, you can give yourself a badly needed kick in the savings account. You may be in a position to cut back $500 or $1000 in a single month, allowing you to make a significant contribution to start your savings account. Harness your new found self-discipline to cut back a bit on future spending, so you can contribute $100 or $200 every month to your savings account. You’ll thank yourself!
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