All of us need something to jump start our savings. Do you need to save some money for a big purchase or recover from a large bill you just paid? Perhaps you just want to gain better control of your spending. Here is some advice on how a “No Splurge Month” could be the answer for you.
A “No Splurge Month” is when you designate a month where you won’t spend any money on anything that isn’t absolutely essential. There is no spending money on anything you don’t legitimately need. When done as a family, this is a great way to save some money and learn more about what you can really live without.
If you decide to do a “No Splurge Month” it’s essential to talk about it as a family. With everyone on board, it will be easier to avoid needless spending. Decide as a family what you are allowed to spend money on. This may be a good time to talk about the difference between needs and wants. If you explain to everyone what you’re doing, and the purpose behind it, they will be more helpful and not ask for things that you haven’t agreed on beforehand. Kids may even view a “No Splurge Month” as a fun challenge and hold you accountable for your own spending.
Before you decide to stop spending unnecessary money, you will have to make a plan. Otherwise, old habits will probably take over and your “No Splurge Month” can easily be derailed.
Having a “No Splurge Month” is a great way to get spending under control and find out what you really can live without. By planning ahead and involving the whole family, it can be a success for everyone involved.
Tags: Banking Advice, budgeting advice, saving money