No Spending for one month

Want to save some money? Want to make saving fun? Here is a creative idea that may put some extra money in your pocket as well as some fun in your financial life, up for the challenge?

Here is the challenge, only spend money on the absolute essential items in your life for a 30 day period. This includes eating out, going to the theater or movies, etc. After you successfully complete the challenge take 1/2 the money you saved and put it into a savings account, the other 1/2 is yours to blow. It may sound like a difficult task but focus on the end result to keep you motivated.

Your first step should be to make a list of all of your essential utility bills that you will have to pay. Overestimate them a bit so you don’t come up short. Next make a list of your auto, home, credit card, loan payments and calculate this total. Now add in the essentials such as fuel, insurance, parking fees, etc as well as groceries. Groceries may have to be raised higher than normal because you aren’t going to be eating out but you’ll save in the end. Finally, subtract this from your monthly salary and this should be your target number.

During the 30 days you will learn a lot about what you need versus what you want. You will also learn a lot about your spending habits and a lot about money. You will also find creative ways to keep yourself entertained and creative cheap meal plans. Always focus on the money you will have at the end of 30 days. Find something you really want to keep you motivated. Have fun!