Can a Spending Freeze Challenge Help You Save Money?
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A few years ago, less than a year after giving birth to my firstborn babe, I began reading Ruth Soukup’s book “Living Well, Spending Less“.
First of all, I love everything about this book. I’m actually rereading (actually, listening to the audiobook version) it right now. And even though I read this book five years ago, I realize how much of my financial mindset has been shaped by this book.
She focuses a lot on contentment, having less, and being more grateful for what you do have.
One of the most actionable items I remember taking away from this book was to do a 30 day spending freeze, which I did.
It was life changing. Truly.
It blew my damn mind just how much money I was spending on “unnecessary” things throughout the month!
Do you know how much I saved in just 30 days? Somewhere to the tune of $800, my friend.
Do I have your attention? Good…let’s dig in.
What is a spending freeze?
A spending freeze is, quite simply exactly what it sounds like…when you intentionally choose to stop your spending for a given amount of time. And the great thing about a spending freeze is that it is 100% customizable for your family.
What can I buy?
Some people go all-in hard core on a spending freeze and spend nothing at all. They only eat what is in their pantry, fridge or freezer…they ride their bike…etc.
While others will continue to buy absolute necessities and cut out unnecessary items or luxuries.
However, one thing I need to say here…
You still need to pay your bills, friend.
But the rest is really up to you!
An important step would be to sit down with your family and decide what is considered “necessary” and what is not.
What we personally did…
As a family, when we sat down and decided what is considered necessary. For us, we decided to continue to buy healthy food, not processed/packaged junk. Just healthy, whole foods.
We also spent money on gas, utilities (as I stated above, you still need to pay bills), and diapers. That’s about it.
No more coffee shops, going out to eat, new clothes, etc.
But let me remind you…it’s only for 30 days.
Do I have to do 30 days? How long to do a freeze?
Believe it or not, I follow some impressive gals on Instagram that just finished a no-spend YEAR!
I don’t get it…but good on you, girls!
However, if you have never done a spending freeze before, 30 days can even feel like too long. And in some ways, it IS long (but you will get a ton of results from it…so there’s that.)
If that feels too daunting, start smaller and work your way up.
Other popular time periods for a spending freeze are:
- a no-spend weekend
- a week
- 2 weeks
- 30 days
Why should I do a spending freeze?
I am a firm believer in shaking things up a bit every once and a while, and resetting the body and mind.
After the holidays I like to do a nutritional challenge for a month to detox and reset my body back to health.
So why not my finances? The holidays can be a real drain on the wallet…
Rather than continue to spend like money ain’t no thang, how about stop the spending in it’s tracks and rewire your brain for less. Here are a few more reasons to do a spending freeze this year:
- You can save a lot of money FAST
- Reset your spending habits
- Pay down your debt FASTER
- Save for something fun (like a vacation or a new car)
- Stop the cycle of living paycheck to paycheck and create a financial buffer
I am starting a “Spending Detox 30 Day Challenge” for the year 2020 and I would LOVE to have you join us!
If you decide to join us, you will receive:
- An initial email to walk you through the prep work for the 30 day spending detox
- A weekly email from me throughout the 30 days.
- Ideas for free fun activities with kids, buddies and date nights
- Membership to a private Facebook group for accountability and support
If you’re in, you can jump in just below by sending me your name and email! I hope to see you there!
Have you ever done a spending freeze? And how much were you able to save? Comment below!
