3 Ways to Save Money – Try This “No Spend Month Challenge”Lifestyle Money
If you feel like you can’t ever save enough money at the end of the month, you’re not alone. But it turns out you have more money than you think you do – at least that’s what wealth strategist and author Holly Signorelli says. So, she’s challenged our host Segun to a “No Spend Month Challenge” to prove it. Here’s how you can do it, too!
1. Know Where Your Money Is
The first step is to know where your money is. “What I want you to do is take a look at your bank account,” starts Holly. “Then let’s just take one thing, like how many times you go out to eat, or go to the bars to hang out with your friends – and just highlight it.” It turns out Segun spent $80 a month on tea! Then, highlight whatever isn’t essential – and that’s what you stop doing for one month. “This is supposed to be very simple – you don’t have to add stuff up.” Sounds simple enough!
2. Have a Goal
The next “No Spend Month Challenge” step is to have a goal – like saving for a trip! “I didn’t take my wife on our honeymoon right after the wedding,” shares Segun. “I wanted to do that toward the end of the year in December.” And think about that goal to stay on track! “Don’t think about what you’re not going to have this month – think about how awesome it’s going to be when you’re in this honeymoon…You’re going to get so excited about it that you actually won’t even care about going out or spending money.” Touché, girl!
3. Believe “No Spend” Doesn’t Mean “No Fun”
The final step to a no-spend challenge is believing that “no spend” doesn’t mean “no fun”. For example, if you love going to the movies, Holly says you can still keep your Netflix account since it’s not expensive.
Try Holly’s no-spend challenge for yourself, and share on our Facebook page @TheListShowTV how much you save!