AFTER a busy and expensive summer of holidays and fun I, like many others, will be tightening the purse strings in September. Some people may be sceptical about a zero spend saving challenge but not me, I can’t wait to get started!
Can I go a whole month without spending a penny more than I need to?
The answer is YES, and I’ve come up with 20 ways to cut out unnecessary spending wherever and wherever I can. Read my 20 tips below.
What is a zero spend challenge?
A zero spend challenge isn’t when you don’t spend any money at all. Instead it is when you set a goal to only spend money on essentials in a given time frame. It can be a week, month or even a weekend or day where you cut out what you can live without.
Necessary expenses include rent, mortgage, transport, food, utility bills, phone bills, credit card payments, childcare and insurance. Unnecessary spending is everything else.
By making some simple changes to your usual spending you can clear that summer debt, spring clean your finances, save money and still have lots of frugal fun.
Image by Daniel Friesenecker from Pixabay
How to do a zero spend challenge
“If you fail to plan, you plan to fail” Benjamin Franklin.
For the best chance of nailing a zero spend saving challenge, you need a SMART plan of action. Here are 20 easy ways to save money in September.
- Set clear, achievable goals and be ready to track your progress.
- Download free printable budgeting templates so you can see exactly where your money is going and where savings can be made.
- Find a budget buddy so you can stay motivated and accountable. Plus it’s a lot more fun!
- Get your family and friends on board so you don’t feel obliged to spend money you don’t have.
- Unsubscribe from marketing emails and ignore social media shopping adverts.
- Eat from the larder – When was the last time you did a stock take of your food cupboards and freezer? There could be so many meals in there which could save you a fortune. I’ve just checked and have clocked up a week’s worth already including pizza, Thai curry, tuna pasta bake and chilli.
- Sign up to freebies websites such as Latest Free Stuff
- Time swap with friends, family or neighbours for babysitting or doggy day care
- Use retail and supermarket reward points. You might be pleasantly surprised by how much you’ve actually accumulated and what you can spend your stockpile on,
- Make a shopping list and stick to it. I would also shop alone. It’s hard enough to stop yourself popping treats in your trolley, never mind when little people or the other half are in tow.
- Put 5 items back at the end of each supermarket shop (to establish ‘wants’ and ‘needs’)
- Ask yourself ‘do I really need it?’ before any purchase to avoid impulse buys.
- Check your direct debits so you’re not paying for anything you don’t use or need.
- Make ‘staying in’ the new ‘going out’ with home made takeaways, good films and family quiz nights.
- Re-use and repair– I attended a workshop recently where I learnt how to mend clothing. You might know how to sew but do you know how to mend? They are very different things.
- Pause digital subscriptions. You don’t need to cancel all your favourites, just pause them for a month and if you don’t miss them, save even more money thereafter by not renewing any further.
- Check out free activities on local tourist office, council and library websites.
- Cash in cash back balances. It’s nice to see pounds and pennies stack up as you build cash back but it’s best to spend while you can just in case anything happens to the company in question and your money is gone.
- Organise a clothes swap party – if you haven’t worn something in a year, will you ever wear it again?
- Declutter (and sell, sell, sell!)
That’s my plan of action, what’s on your list? Please let me know in the comments and watch this space to find out how much I saved next month!
Happy saving!
