‘Spending freeze’ is not for everyone. It is definitely not for the people who live in an imaginary world. And, it is certainly not for the people who can’t control their habits of spending unnecessarily.
Every month, I receive loads of messages and emails with the subject – “I tried Spending Freeze but it failed miserably – Do you know why?”. Now, there are essentially 2 reasons why spending freeze fail – (a) not having a proper plan (b) not working on the problems that make you overspend.
- Not having a proper plan – You would never be successful without a realistic plan. You need to have a plan to survive. If you have decided to not purchase groceries, then the first thing you need to do is take a survey of your pantry. Make meal plans on the basis of what is there in your pantry. Decide when you have to visit the supermarket and the amount you need to spend.
- Not working on the problem areas – See, it is not easy to endure a spending freeze. If you have a habit of overspending, then you’ll have the urge to buy things that are not necessary. And, if you start buying things that are not necessary, then ‘spending freeze’ would never be successful.
Find out why you tend to overspend. Think seriously about your spending triggers and focus on the ways to control them before a spending freeze. This would help you go through the spending freeze successfully.
Some tips to have a successful spending freeze
- Decide what you intend to do with the money saved during spending freeze.
- Decide the tenure of the spending freeze
- Scan your pantry and plan your meals to survive
- Find out if you have all the essential items during the spending freeze
- Be prepared to spend some money on necessary items like gas
- Come up with creative ideas to survive with what you have
- Distinguish between your wants and needs
Don’t for a shopping spree after the no spend period ends. You have saved a lot of money. Congrats! Now, is the time to use the saved money wisely. You can keep the money in your savings account. You can even use the money to repay your debts. The choice is absolutely yours. But, don’t misuse the money. Otherwise, your hard work would be a complete waste.
Have you tried spending freeze? Did it work? Do you want to go for a spending freeze? Share your comments.