A no spending week simply means going for a week without spending money. It is a great saving technique. You literally abstain from all activities that need money. You will only spend on essential things.

Within this period, you can reset your budget and reevaluate your money discipline. Getting some time off spending helps you generate extra bucks that you can save. So, if you want to maximize your savings, this is the trick. Below is everything you need to know to have a successful no spending week.

Tips for a no-spending week

Preparation

Don't be mistaken, a no spending week isn’t a form of financial punishment. That’s why you need to prepare yourself first. By preparing we mean putting things in order.

First of all, you need to determine the best time for a no spending week. Some people find the working week the best for this exercise. Others will tell you that it is during their periodic leaves. So, determine which period works the best for you.

After that, buy everything that you’ll need during this period. That includes groceries and shopping. By doing this, you cut off the entire week’s unnecessary expenditure.

Most people find it hard to resist the urge of buying stuff they don’t need when they go shopping. Staying out of these places will help you generate extra dollars.

Have a goal

What do you want to achieve? The what or why is important to keep you focused. For example, you want to increase your savings, pay debts or go for a holiday. Envision your happiness if you achieve your goal. This is enough motivation to eliminate frivolous expenditure on unnecessary things.

Set rules

To achieve your goal, you need a guide. Your rules will do that for you. Write down what exactly you are going to be spending on. Be practical as much as possible when coming up with this list. Don’t be too rigid or soft.

You must include all essentials like groceries and fuel if it’s a working week. Do away with everything you can do without.

Be creative

Executing a no spending week requires utmost creativity. Remember, you are literally removing important things in your life. To survive, creativity must kick in.

Think of how to live on what you have. If you are creative enough, the following tricks should work for you;

Do not buy groceries unless your pantry is empty. And when you plan to buy, do it online. This keeps you from the temptation of overspending when out there.
If you want a book, borrow it from a library or a friend. Alternatively, you can download Amazon’s Kindle Book for free ebooks.
Instead of going to parties, you can take leisure walks with your friend or family.
Sell anything you don’t need in your house.
If you are planning to travel, you can travel for cheap. You can as well engage in voluntary traveling where you are provided with food and a hotel. You’ll still be able to have fun without spending anything.
Carry your meals. Instead of eating in restaurants and expensive coffee shops, you can carry your own. You can also decide to survive on the office meals if any.
Get involved with competitions or surveys where you can win free gift cards. Then you can use them to treat yourself.

Be accountable to someone

A no spending period can be hectic and it’s easy to quit. Besides who cares. Having someone accountable can be a motivating factor.

If you have a spouse, share with them your plan. Other than supporting you, they may also be willing to walk with you.

Don’t carry extra money

Whenever you are going out, avoid carrying exact cash than for what you need. If possible, don’t even go out. You can shop for everything online. That will help you evade overspending on things you hadn’t planned for.

Be positive and avoid triggers

Even though no spending week is challenging, a negative attitude will only make it harder. And that will prompt you to cave easily. Being positive about the process will inspire you.

If you spend a lot at a certain shop or activity avoid it. If it's via online sites, unsubscribe from their email to avoid triggers. Keep your credit and debit cards away from your pockets. Just have a small amount enough for emergency cases.

Make the process fun

If you succumb to the belief that no-spending-week is hard, you can never pull through. You need to make the process enjoyable by all means possible. You can achieve this by converting it to a monthly challenge.

Invite your friends to join you on the journey. If you have a spouse, do it as a couple. Holding each other accountable through the process will keep each of you on track.

What next after a no spending week?

After the end of your no spending week, what you do matters a lot. You can easily go on a spending spree. Be careful lest you waste all the gains you have made.

Now, immediately do what you had planned to do with the money. If you wanted to save, transfer the cash immediately to the savings account. If you are working on a long-term goal, track the process. You may have to undertake more no-spending-weeks. In that case, you should document everything. Either in a notebook or via an online spreadsheet. There are also several applications that can help you do this.

Conclusion

A no spending week can make all the difference on your finances. If you feel you are going overboard and messing with your budget, you can try this trick. It works. If you find it too challenging, you can start with a day or some days challenge. Then from there, you can upgrade to a week and months. This way, you can reset your budget and get your finances on track. If you haven’t tried it, feel welcome to incorporate it into your lifestyle.

Disclaimer

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