Some reasons for my spending lately - vintage school chairs picked up at Cobbitty Markets.Ideally, I would like six months of essential living expenses in savings and we will slowly work back up to this. At a minimum, I feel comfortable with three months - as this is the waiting period for our income protection.
So, to get me in the spirit of reducing my spending, I am going to have two spend free days per week.
Another equally valid reason - My new toy shelf. Hopefully my lounge room will remain tidy for a bit longer.
Why spend free days?
I first heard of this idea from Frugal Trenches and I find it an excellent way to reinforce healthy finance habits.
- Firstly, you have to plan your spending. You have to anticipate when you will run out of milk and plan to buy some on a spend day.
- It also minimises impulse buys. If you want something and it is a spend free day you have to wait at least til the next day to buy it. Often you realise you don't really want/need the item and don't buy it.
- I seem to spend a lot less over the week with a couple of spend free days. When ever I go to the supermarket I always end up spending $30-$50 on a handful of items. By reducing the amount of times I go to the supermarket, I am buying less products and therefore spending less.
- It also helps you to remember your goals. I find that doing when I do the budget for the month it takes about 3-4 days after that for the motivation to wane and I forget about the budget and begin to increase my spending. By spacing out spend-free days, I am continually reminded to stay on budget and I remain motivated.
So, if you are trying to keep to your budget but are finding it hard, why not have a go at one spend free day a week?