Talk to any financial planner and you will often hear them say “Spend what you have after you save” . This is the hard truth which many do not want to consider or ignore. However, with the rapid growth of the internet and proper financial advice floating on the internet, you will often want to read them and want to keep your expenses in check. How about spending zero on a particular day?
A penny saved is a penny earned
I used to be a regular spender on trivial things before when I started earning my first salary. But as I got mature, I started to spend money on things which mattered. I have had many No-spend days in the past year and am going to share my info:
I won’t consider people whose financial responsibilities are taken care of by their parents because they don’t have to spend. This post is for those who have just started to earn their paychecks and thinking of saving money.
After Waking Up
The people who are just starting out their job life after college and are in a different city mostly will be living in Paying Guests (PGs). Almost 90% of the PGs provide meals for breakfast and dinner (if not lunch). Though It tastes bland sometimes, you will be save money if you have that meal. After all it’s free! Having breakfast at PG also allows you to get ready for office sooner. As per my experience, the food served in a PG has given me health benefits because they refrain from using fatty foods which restaurants serve.
In case you are not in a PG and are living in rent with friends, utilize the groceries you already bought for that month. Cooking the meal will take 10 minutes to 30 minutes depending on what you want to prepare. Moreover, cooking your own food will give you a good-feeling apart from saving money.
In case your office provides free breakfast, you are already kicking! You have made your mark in your no spend day.
Save On The Lunch
If you are staying at a PG and your office is nearby, you can go and leverage that free lunch.
If you are staying in rent, like everyone does, you can pack your own meals while coming to office. I know it can be hectic, but cooking and bringing your own meal once in a while can save you significant amount of money at the month’s end. Give it a try. Take it one day at a time and see if you manage well. Even if you can do it for four days a month, you would have saved money which you can spend on other stuff.
However, if you are staying in a PG which is far away from office, you have no choice but to buy the meal. Try to keep it to minimum and skip the addons. Think from a mentality of saving and this is where will power comes in.
The Will-Power To Say NO
First and foremost, saving money and spending a “No spend day” solely depends on will-power. If you haven’t spent a penny till evening only to spend it later, it won’t help. Convince yourself that you are not going to get distracted by all the stuff available near you. Your friends, colleagues
However, if you are staying late at office and your colleagues come in and asks you if you want to go that “expensive” café nearby, deny the plan and slowly excuse yourself from that place. Tell them you are saving money. They might try to convince you to come, but you should deny.
Don’t worry, it won’t ruin your friendship. They will be just assured that you have a strong willpower and not someone who can be easily convinced to do something.
Learning to say NO is a necessary skill in everyday life. You will feel happy at the end.
However, in case you are damn hungry, go to the Office cafeteria and have some snack. Mostly, the rates would be subsidized so it won’t burn a whole in your pocket.
What’s For Dinner?
The same that applies for breakfast applies here. Have it and rest!
You will be feeling good about yourself and you will realize how you used to spend money on unnecessary stuff.
Calculate your daily spend
Install any good daily expense tracking app such as Spending Tracker or Expense Manager. Enter your spends for the day and save it. It will help you keep track of the minimum spend you need to do in a day. And you can extend it to one more day and so on. A no
The money you are saving and setting aside will come in handy when you want to start an emergency or a vacation fund. You will slowly start to value money more and recognize the spends which matter.
By saying no to everything for a set period of time, you can really get an eye-opener
I am in no way saying to starve yourself to save money. Having food is very necessary for the metabolism of the human body. Things only get complex when you start to waste
Saving money is a necessity in this volatile job market. Therefore, it is always helpful to have other income sources as well.