Can you stop spending for a month?
@ester_tamisin (522)
Philippines
March 25, 2007 1:59am CST
Do you sometimes feel that your hard-earned money is slipping off your hands? That you have spent it but can't really say on what.
We normally spend money everyday be it for a can of soda or for the bus ride. Some of it are on necessities, but, a lot of it are unimportant purchases bought simply because we want it and can afford it.
With a sheer determination one can keep himself from making unnecessary purchases. Going for a month without unnecessary spending can be a great way to jump-start your savings, pay-off debt or get your budget under control. It can even do good for your health since a lot of our unnecessary purchases are unhealthy like junk foods. Start by giving up your daily latte and instead take advantage of the free coffee at your office. And you'll see great improvements in your financial well being.
6 people like this
16 responses
@Rozie37 (15499)
• Turkmenistan
25 Mar 07
I get caught going over my budget a lot. The main thing for me are the sales. If I see a good sale, whether I need that product at the moment or not, I will buy it. Sometimes I can not stop spending until all my money is gone. I will go into the store and look for stuff to purchase, just becasue the money is there.
Then for the rest of the month, I whine and moan about being broke. So now I am learning a little self control. I have started making out to do list and scratching it off when it is done. This is not a perfect or ideal plan, but for now it is a start.
3 people like this
@ester_tamisin (522)
• Philippines
25 Mar 07
Some of us thinks that because bought something on sale we saved a lot of money. But in reality most of the items we buy on sale are unplanned and often end up unnecessary. And most of the time purchases are made simply because we have the money.
2 people like this
@simplysue (631)
• United States
25 Mar 07
Rozie37, you may want to try keeping a spending diary. It's simply a little notebook that you take with you wherever you go an write down every cent you spend and what you spent it on. This helps you in two ways. First, you know where your money is going,second, if you have to log what you spent and what you spent it on before you make a purchase you'll have an opportunity to consider if you truly need or even want to spend that money on something you don't need. Best wishes to you for getting this under control. It's hard at first but once you get used to it, it's second nature. :)
2 people like this
@ester_tamisin (522)
• Philippines
26 Mar 07
Writing your purchases in a notebook is a good way of keeping track of your purchases. It is definitely hard at first and other people may even consider it weird but the benefits are great. You'll be in control of your spending.
@highflyingxangel (9225)
• United States
25 Mar 07
I'm going to work on cutting back on my spending. I had to write a huge check for my school that I'm not very happy with which pretty much broke the bank for me. I'm going to try and limit our going out times as much as I can. I'm also going to work on bringing more cash in if I can help it.
3 people like this
@ester_tamisin (522)
• Philippines
25 Mar 07
Cutting back on spending is good and coming up with more ways to bring more cash is even better. I really hope you get you finances under control.
2 people like this
@simplysue (631)
• United States
25 Mar 07
You make a very good point here ester_tamisin. :) Along with skipping the expensive latte, a bag lunch is also far less expensive that eating out on your lunch break.....depending on what you take for lunch it can be much healthier for you too!
It may help for people to see in black and white what they can save by making these small changes.
Latte at $3 x 5days a week =$60 per month
Lunch at fast food restaurant$6.50 x 5 dats per week=$130 per month. There is almost $200 :) Might be nice to have an extra $200 for unexpected emergencies.
2 people like this
@PunkyMcPunk (1477)
• Canada
25 Mar 07
I know exactly what you mean. I drink a lot of Tim Hortons coffee.... I'm very addicted to it. I ahve 2 cups a day at $1.85 per cup....
This adds up to : $1350.50 per year.
Sometimes(about 3-4 times a week) I will have 3-4 coffees a day. Think of the money i could save in 1 year.
You know, I might try to cut back and not buy coffee for a month, stick that money in a piggy bank and see what happens.
I mean it's just coffee, I can make my own at home.
2 people like this
@ShereeRamos (56)
• United States
25 Mar 07
I agree with you totally. We spend money on the little things and not think of what we would need it for. Even gas; you put in more than what you need. When you fill up your tank you go further than expected. But I think you hit it on the with your views
2 people like this
@aso322 (75)
• United States
25 Mar 07
I have very little self-control when it comes to money. I received about $5500 for graduation last June. It was gone by about...November, I believe, as well as $2000 I made by working. It was supposed to be for school, but I spent it on food and clothes and other things I didn't really need. It blows my mind to think I spent over $7,000 in five months.
I'm trying to get better. I currently have a monthly allowance of $200 (now that I'm at college), but it's never enough. Yet I have nothing to show for it. I think part of the problem is I don't keep a record of my finances, so I always say, "I don't know where my money went." I think my first step needs to be to start writing down what I spend my money on.
2 people like this
@bindishah (2062)
• India
26 Mar 07
Thats definitly good advice but practically its not possible. Even when i decide that today i will not spend on unnecessary things and will budget myself something or the other always comes up to make the expenses go haywire. Maybe its an unexpected dry cleaning bill or your working late and so need to order food from out. The list just gets endless. Its difficult going one day without over spending forget a month:)
@ester_tamisin (522)
• Philippines
26 Mar 07
It may be difficult at first. Impossible? No way! When one has no money to spend, he can still pretty much got along well without borrowing money or using a card. So why, can't one stop spending when his pocket's full of money? Determination is the key, bindishah. Know what is necessary and what's not and you'll do it.
@nfhs79 (861)
• Malaysia
26 Mar 07
I felt that I cant stop spending for a month. The reason is I am not that rich to buy everthing in short time. To complete my kitchen, my interior, my child needs more time. I will buy things one by one. That's why I can't stop spending for a month. ;)
@gemini1960 (1161)
• Philippines
26 Mar 07
im not so big spender ..because i dont have enough money for my wants..but i like the tips you have given me here..i try doing it..
@soccermom (3198)
• United States
26 Mar 07
It's amazing the money you can save by just cutting out the extras. About 6 weeks ago I told my hubby I was tired of working 2 jobs and wanted to keep my part time day job. He said no problem if I could find a way to swing it financially. I started packing my lunches at home, it saves about $30 a week, we quit ordering out so much and seriously saves almost $100 a week, both of us are not smoking which saves $80 a week and more in the long run because ina year our life insurance premiums go to the non nicotine rates and gets cut almost in half, I started making coffee at the office, etc...Not only are we saving money I feel as though our quality of life has improved. I'm home more, meals are cooked and everyone seems happier.
@ester_tamisin (522)
• Philippines
26 Mar 07
Yes, its the little things that usually gets our finances down. And whats even sadder is that these things are mostly useless or if it ever do us any good it is so trivial that we hardly notice were missing it when we don't have it. Now, I'm sure you're asking yourself why you had only discovered this recently.
Wish you more savings and good life.
@ester_tamisin (522)
• Philippines
26 Mar 07
I guess everybody love spending money that is if they have loads of it which unfortunately is not always the case.
@browneyedgirl (1264)
• United States
26 Mar 07
It is easy, if you make the decision to not spend on things you don't need.
@Bluenoser76 (57)
• Canada
26 Mar 07
Hi what you are saying is very similar to that "latte factor" that Operah spoke of a few years ago, she still has it on her HARPO website.
Basically it suggests you type in per day what you spend on the common little $2 items in your life.
I did it a few years ago when I was seeing if I could afford Jenny Craig as its expensive per month--it turns out after I worked out what I actually spent on food to what I assumed I spent on food--Jenny Craig was only $100 more a month vs. 300$$
So it is amazing as to what you can save by simply buying a can of hot chocolate or coffee & a reusable cup. Plus taking a bagged lunch to work, taking the bus vs. your car, buying a dry cleaning dryer kit vs. actually going to the dry cleaner.
Etc.
@Lannie (26)
• Philippines
26 Mar 07
For me it's really hard to earn money.But sometimes you spent money for important things for the students. Some instead of spending for important things they spent for not important things like junk foods, sodas and many more. Maybe we should start saving money for our own good.
@chavezrmc (6095)
• Philippines
26 Mar 07
how i wish i can cut off my expenditures too. you are right there are lots of spending which are not necessary. But i have trouble with kids always asking for some money there goes my spendings without my control. But when it comes to myself i am a person who can control what i am buying. I see to it that what i spend is important for the whole family.
@heres2thescarsUleft (313)
• United States
26 Mar 07
I had this problem with clothes...every time I saw a sale...I'd buy one or two outfits. After awhile of doing this I had too many clothes to fit into my closet...and a lot of the clothes I had...I never actually wore!
So I decided to put an end to it...and every time I skip on a sale I put the money I would have spent into my savings account...I've saved quite a bit in just a few months!
