I was also getting frustrated that every single month I felt "broke" and we were not building up a savings account. I didn't feel we were spending a lot on junk, we don't excessively go out, but yet we were not having as much every month left over as we should. This No Spend Challenge has allowed to strongly reevaluate and see where we were spending. I was constantly blaming my husband for his eating out, and he would blame me for the Amazon purchases, etc. Doing this let us both see we both needed to scale back the "small spending" stuff that quickly was piling up.
Step One: I made a list of our income/expenses!
I have tried budgeting apps, banking apps, but I have found what works best for me is good old fashioned paper taped up to my desk!! This allowed me to write down EVERY SINGLE monthly bill we pay (yes, even the small ones), and list out our income. I got a balance of what I SHOULD have left over each month!! Seeing that "should be" number motivated me to get that amount saved up! Every time a bill came in, I checked it off my paper list, and then I was never surprised by a bill I would forget about last minute. Keeps me accountable and lets my husband and I both see what we are spending on.
Step Two: Write out what you can/ cannot spend on.
For us we allowed for the Budgeted bills, groceries, gas, and church events. What we were saying "no" to was eating out, Amazon purchases, Starbucks, and any spontaneous shopping. I am the worst at spontaneous shopping, especially at Walmart or Amazon! I mean even if it's for a good cause (like educational things for the kids right?) I was making myself sit back and think "Do I REALLY need this?", "In a month will it really make a difference, or will we end up throwing it out?" When you stop and think through what is really necessary, that impulse spending sure slowed down.
Step Three: Make a calendar/chart, to keep myself accountable.
For me, I gave myself Green smiley faces (positive reinforcement) and then wrote down the amount we spent outside of it in red! So many times, knowing that I would have to write down the dollar amount made me not spend it. That random $20, $10, etc, started adding up fast in my head and I did NOT want to be writing down that final amount.
Step Four: Have a goal or a reason!
I do not work on things just to do it. I have to have a tangible goal and amount to work for. For us, we made a list of things we wanted in the next six months to spend on such as home improvement projects, family vacation, school curriculum, etc. We wrote down the amount we needed to save up, and this further fueled my need to NOT spend! Every time I wanted that extra Starbucks, I would think of how much I could use it toward one of my goals instead.
Now, doing this for a month has taught me a LOT! We were not perfect with it, and we ended up spending $100 over what I originally planned, but we were still able to save up a LOT of money!! We found out that with the amount we should be saving (and actually doing it) allows for a good slush fund to do fun things that are important!
I was constantly getting frustrated at not having money to travel, or do big projects, but a lot of it was my own fault. We had the income, I was just horrible at spending it on every little thing in the moment.
WHAT I LEARNED:
1) So many things are not critical! Enjoy and find cheaper ways to do things.
2) Embrace the FREE field trips, and community events. Not everything has to be expensive and big.
3) Stick to the plan!
4) Take responsibility, and quit blaming others (yes, even though your husband DID get that taco :P )
5) I was less stressed knowing that I was financially secure. No more stress over whether the next date night will put us over the top, or if that last minute bill comes in what will I do?
6) My kids learned the importance of saving up too! Every time I would go to spend money, the kids wanted to make sure we were not spending out of their "Legoland California" trip! They didn't ask for extra things, and encouraged me to save too because we had a good goal we were aiming for as a family.
There were days it was frustrating, and days I didn't stick to it like I should have, but overall I am so glad how it turned out!
We are continuing this through the next two months as we save and plan for our big stuff!! I cannot wait to see how much we save up and prioritize!
Remember, those new shoes are not really that critical, your kids will be okay without that big science project, and you CAN have fun days with friends without making it the biggest party of the year!
What are ways you save up and plan??
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