- Have a no-spend day
Sometimes spending can turn into a mindless habit. The more you do it, the easier it becomes.
For just one day this month, commit to having a no-spend day. You could save anywhere from a couple of bucks to a lot more, depending on how much you typically spend. This is a good way to hit the reset button and re-evaluate your spending habits.
2. Use cash in certain budget categories
We all have those spending categories that we just can’t seem to tame. To help limit your spending, pay cash for those categories.
Take one part of your budget and pay only in cash. I chose coffee and lunch — I take out $30 each week, and when it’s gone, it’s gone.
3. Create targeted savings accounts
Improve your finances by creating more than one savings account. Having all your savings lumped together can make it tough to be clear on your goals.
Create an emergency fund, holiday fund, a Fitness fund, whether its cycling or triathlon or CrossFit and by sign up for automatic transfers to each savings account.
4. Unsubscribe from sales emails
The temptation to spend is everywhere, but the hottest spot has to be your inbox. Consider unsubscribing from sales emails using Unroll.me.
5. Start saving for the holidays now
Right after the holidays, you should start saving for next year. If you struggled to afford this past holiday season, you might wonder how you can start saving for the next one. That’s all the more reason you should start saving ASAP.
I put $200 a month in a Holiday fund starting in January. When it comes to December I will have $2,400 spending money for my holiday.