30 DAY NO SPEND CHALLENGE

August 01, 2018




I recently did a blogpost on Saving for a House Deposit, which is a goal I have been working towards since the start of the year, but I felt like I wanted to really push myself to save as much money as a could to reach my interim goal ($30,000 by the end 2018) sooner. Hence, I embarked on a NO SPENDING MONTH, and here is how it went down.

THE RULES.

- All bills and regular payments are not included, for me this included my monthly board/rent, petrol (I don't have any car payments), my phone bill and anything medical. I recently quit the gym, but I had to do my final payment at the start of this month which was a bit of a bummer but atleast its over now!

- I was also allowing my self to do 1 'social activity' per week.

HOW IT WENT.

I actually found for the most part, the challenge to be easier than I expected. If I am being 100% honest I did breach the '1 Social outing per week' rule a few times, because it seemed like it would be silly to decline a few extra catch ups with friends who I hadn't seen it a while, just for the sake of my no spend month. With these 'extra catch ups' I just endeavoured for them to be a free activity or on the cheaper side, such as going out for coffee or dessert appose to a full meal.

My biggest downfall would have to be buying gifts for other people, that was the third biggest of my outgoings, with petrol and then medical being the leaders. Buying people gifts or paying for their meal on their birthday is something that brings me joy and value to their lives as well (I hope), so I don't exactly see this as a negative. Ways in which I could reduce my spending on gifts however, would probably just being more organised with my purchases, because I do feel like I spend more money than probably necessary if I feel like I am rushed at the last second. 

I realised I browse a lot online, and play with temptation a lot. I find it really easy to justify buying myself new clothes or shoes if I can also wear them to my work, but I really did well and manage to resist temptation... except...
I did purchase one pair of work pants ($30), which I have already work at least 6 times in the two weeks I've had the (is that gross?!) and I did also buy a new phone case with a card holder ($13) because my previous one broke and I kept loosing my debit card.


THE SAVINGS.

I managed to save 80% of my income... (NOTE: I do still live at home with my parents, so I only pay a small about of board each month and don't pay for additional bills, I understand this percentage isn't achievable for the average person living out of home).  For reference, my average monthly savings for the previous 3 months was 63%. I was so pleased that I was able to save a bonus 17% of my income and additionally, I also managed to get one month on top of my rent/board payments. 

The areas I definitely saw the biggest savings were my 'social' category, this basically just encompasses whenever we go out on the weekend, I spent a third of what I usually do! As well as my 'eating out' bill was less than half of what it usually comes to! Also cancelling my gym membership was definitely one of the best decisions I have made.

I think the next time I do a no spend challenge I will have to do weekly check ins or something, just it reads a bit easier for you. I would I recommend you yourself do a no spend day/week/month or whatever suits your lifestyle. It really makes you realise how all of the little this add up and make you a more conscious consumer I believe!

If you're interested in where my money usually goes, I have done a post on 'A Week in Spending' which you might enjoy!

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