Nathan and I have decided to go on a spending freeze for the month of November. It's not an emergency situation, but rather to avoid a financial emergency in the future and to better understand our finances. I first read about the idea on Wise Bread. Basically, you only spend money on essential items (food, shelter, medication, utilities, etc.) and all discretionary spending is put on hold. I think that it makes it easier to cut down on spending because rather than considering the expense of each option, the answer is just no or not now. This gives us a clean slate on which to examine all of our expenses.
During the freeze, we will also:
- organize and simplify our budget (check out the 50/20/30 Rule from LearnVest)
- commit to a savings plan
- start preparing for our taxes
- discuss charitable spending (I think Anne Frank said it best.)
I'll be interested to see how much money we save by the end of November. Luckily, my family is in New York and we won't have to travel for Thanksgiving. I know the holidays are a difficult time to try to save, but I also think this is a good way to detox from our consumerist culture. That's really not what the holidays should be about.
Pro tip: Ever since I committed to buying only ethical fashion, I have really slowed down my impulses to buy and have bought very little in the past few months. I'm also sending some items I don't want to Twice, so I will actually be making a little money.
A spending freeze is a very simple way to cut back on spending and slow down expenses. If you have any questions about the process, please feel free to ask! If you want to join in and get some moral support, email me or talk to me on Facebook or Twitter. I'd love to help!
You Might Also Like: