One-week Challenege to save money:

August 7th, 2013

FF1If you had somebody follow you around for seven days and watch how and where you spend your money, they would probably notice things you don’t even realize are hurting your budget. We are all culprits of frivolous spending from time to time but in order to make the most of our incomes and live a comfortable life, we have to be conscious of our spending.

For the next 7 days, challenge yourself to save some of your money with these 4 easy steps:

  1. Pull out a set amount of cash each week on Monday, it can be $50 or $150 but make sure it is set. That is your spending money for things like last-minute groceries, outings, social events, etc. Working with cash makes you more aware of what you’re spending because you’re physically seeing it disappear before you. You can also better keep track of what you’re giving away. At the end of the week, count how much you have left and the following week withdraw the difference to reach that initial set amount.
  2. Avoid ATMs. Unless the money is for rent or a pressing matter, avoid the machine. Don’t withdraw money for coffees or to enable a lavish lunch. If it can’t come from your spending cash, it shouldn’t be bought. If you know ahead of time that you need to make certain expenses, budget them into that set amount and make cuts elsewhere.
  3. Buy a reusable water bottle for everyone in the family. Water is not only good for your health but it’s good for your wallet. When you are well-hydrated you will spend less money no beverages from coffee shops, feel less inclined to pick up a snack here and won’t spend money on water bottles which are highly wasteful for money and the environment.
  4. Try not to use your credit/debit cards for anything unless it is a staple purchase such as weekly groceries. Credit and debit cards are a sure-fire way to overspend. If you can avoid using them, then do. However, we understand that’s easier said than done!

Try it out for a week and see how much money you end up having at the end of the week. Did you notice any bad habits? Stay frugal, friends!