There could be many reasons why you would like to save money. Perhaps you need money for a vacation, need to get out of debt or need to save up for an expensive anniversary present. Whatever, the case, saving money is possible regardless of how much you earn. One idea is to consider a spending fast. A spending fast is an aggressive approach to saving money. When you go on a spending fast, you are essentially cutting all nonessential purchases out of your life. Consider the amount of money you would save in just a month if you stopped paying for things you didn’t absolutely need.
Michele Singletary, author of the book “The Power to Prosper: 21 Days to Financial Freedom” lays out some ways people can inspire themselves to stop spending unnecessarily for three weeks. She doesn’t encourage her readers to stop spending money on a mortgage or utilities. Obviously, you need to identify what you need and what you don’t. Afterwards, it should be fairly easy to cut out the things you don’t really need in your life.
Debt can be a powerful motivator to stop spending money. Anna Newell Jones said she had a debt problem and needed to fix it. She saved almost $18,000 in a single year by going on a spending fast. She said it is easy for people to feel that they might as well stop worrying about debt after a certain point. They just assume that they can’t possibly get out and might as well enjoy themselves.
Obviously, this is the wrong way to approach the problem. Anna was able to get herself out of debt by going on a spending fast. Whether you are in over your head with debt or need to save a lot of money in a short period of time, a radical savings plan may work for you as well.
The best place to start with a spending fast is to remove temptations from your life. Avoid going into your favorite stores “just to browse.” Once you start browsing, it is almost inevitable that you are going to buy something. The reason you are on a spending fast is because you have a problem with saving money. Stay away from stores unless you really need something.
You need to be realistic about what you really need in your life. People who enjoy spending their money can find all kinds of ways to justify paying for something they don’t really need. Be brutally honest with yourself whenever you consider making a purchase. Anna Jones was able to save $1,400 a year by riding the bus to work. You may be surprised about how much you really need to get by if you are only buying what you absolutely need.