In Continuation to my previous post on “How I completed my “No Spend Month” Challenge – Part 1“, here are few more tips to accomplish NSM challenge.
Tip 4: Remove Credit/Debit cards from all online accounts: I recently realised that I tend to spend more when my cards are saved on shopping sites. Shopping seems one step away if the cards are already saved.
On the other hand, if my cards are not saved, I might take some time to get the card, add details, enter pin, meanwhile I get some time to think if the purchase is really required!!
Hence, I think, removing cards can be a good option.
Tip 5: Make Payments through cash instead of credit/debit cards: ✍ Few months ago, while I was searching for ways to spend less, I came across this point – “try to make payments through cash”.
✍ The reason is that we only realize the importance of money when it is physically separated from us in the form of cash and this is completely true. We do not realize how much we spend when payments are done through cards.
✍ Other reason is we are limited to how much we can spend. If we don’t have much cash in our wallet, we might think of shopping what is actually required.
✍ We think twice before spending our hard earned money whereas swiping card is easier. Hence, I choose to make payments through cash unless payment is huge or I do not have enough cash with me.
Tip 6: Do Not shop out of boredom: ✹ I believe, Shopping is not the solution to boredom. Spending to fill a void or to feel good can imbalance our personal budget and we may end up buying things we don’t even need. If this is done repeatedly, this might become a habit!
✹ So if you are bored, and you feel like shopping online, think of other things that you can do to end your boredom. Take it as a challenge to try something new instead of just spending money.
✹ Now a days, it has become so easy to shop online anywhere and at any time and get the items at your doorstep with just few clicks, but do you ever think how addictive this habit can be. So I believe, shopping should be done when actually needed and not because of boredom. What do you think about this?
Tip 7: Avoid Emotional Spending: ☞ Do you find shopping as mood booster when you feel low or when you have a bad day?
☞ Do you feel satisfied when you buy something new for yourself even if you don’t actually need it?
☞ There is nothing wrong in buying new things from time to time as long as you can afford them and it does not add clutter to your house. But do not spend only for the sake of buying and satisfying yourself because in that case, hunger for more would never end. Think 🤔 about it!
Tip 8: Keep Track of your expenses: It’s important to know where you are spending your money. If you really wanna manage your money, tracking expenses is really crucial.
Tracking expenses can help you identify serious spending issues. It helps you analyse where exactly you need to cut down and by how much. Sometimes we don’t even realise where money is going.
I like to do it old school using pen and my diary. Divide your expenses in various categories like grocery, shopping, utilities, stationary etc. By the end of the month, you would be able to figure out where your money is going!
I have been doing this since the starting o 2019, and within few months I knew which part of expenses is irrelevant and not required.
Do you track your expenses? If yes, how do you do it? Share with everyone.
Tip 9: Wait for 30 days for big purchases: ⇝ This tip has changed my money saving game! It used to happen many a times that I bought something out of curiosity or fascinating discounts but later realized I didn’t need them at all. The reason is you do not get time to do research on the item you want to purchase and end up in grief if its a bad buy.
⇝ What you can do to overcome this is follow a 30 day rule. It means do not make the big purchase immediately, give yourself 30 days to think, research and figure out if you actually need it. Chances are you might change your decision after 30 days and the item is no more required!!
⇝ Also, this rule is effective because you aren’t denying yourself, but giving yourself some time!
⇝ What do you think about this rule?? Try this and let me know if you find it effective!!
Tip 10: Want v/s Need: It is very easy to add clutter to our lives these days, with the online shopping 🛍, amazing deals etc!! The result is we get surrounded by the things that are not even important to us, so it is very important to know the difference between want and need.
Need is something required for survival, whereas want refers to desires that may or may not add value to our lives.
Before buying anything, I like to ask myself, Do I really need this?
Or will that item make a difference in my life?
Is it worth buying?
Does this add value to my life?
A lot of things that I thought I needed have become clutter for me, now I am really choosy about what to buy..
Do you agree with me? How do you guys differentiate between want and need?