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How to go 10 days without spending a penny
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Moneyville
At the beginning of March, I challenged myself to go at least 10 days without spending a cent. Now that the month is over, I am happy to report that I was able to accomplish my goal.
However, it was a lot harder than I had anticipated. I had to think ahead and plan my day properly. If I was going to work all day at the library, I needed to bring breakfast, lunch, snacks, and water. If I wanted to meet my boyfriend after work, instead of taking transit, I’d have to plan the most bicycle-friendly route.
“If my memory is correct, Ms. Yee is currently living a ‘location independent lifestyle’ and working in Europe. Why, oh why, deprive one’s self from visiting the museums, galleries, beer halls, concerts, cafes, and everything else living in a foreign land offers?”
The “No Spend Day” exercise is not about deprivation – it’s about empowerment. Every dollar we spend is a choice, so instead of thinking “I can’t spend money,” it becomes, “I’m choosing not to spend money.” If I spend all of my money buying lunch, taking transit, or indulging in everything that I wanted, I wouldn’t have the money for what I really want to do – and that’s travel.
Our spending patterns indicate what we value. So if you say your goal is to retire early, go back to school, or go on that trip of a lifetime, yet you just can’t seem to save the money, try challenging yourself to take a few “No Spend Days.” You might be surprised to see where your money is really going, instead of where you want it to go.
Take it one step further
I enjoy making personal finance fun. So if you have a good handle on your spending, but really feel like challenging yourself, consider imposing a transaction fee on every purchase you make during the week. The “fee” can be whatever amount you want it to be. So if you made 12 purchases in one week, and your “fee” for each transaction is $2, then you’d deposit $24 into your savings account or onto your debt. Not only will you think twice about every discretionary purchase – because it’s now costing you more money to buy that late – but your wallet will thank you too.
When it comes to getting out of debt and saving money, every dollar counts. Combining a few No Spend Days each month, along with the “transaction fee” exercise is an extremely effective way to curb impulse shopping, save for a specific goal, or get yourself out of debt.
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