For the last several weeks I have been on an unexplained, unnecessary, full fledged spending binge. From lunches out to Zumba gear to nail products to a sewing machine (yes, a sewing machine. For my pioneer project. Which I probably should explain at some point), and all small things in between, I have purchased something probably every day. Fortunately, it is all out of my personal income, not our family's shared income, so I am not really screwing anyone except myself. But still, it's bad. And it needs to stop. And I have a plan.
My friend Steph (remember her? She had a great guest post last week) used a phrase earlier in the year that I quite enjoyed. She used “spending freeze” to describe her attempt to rein in her budget. I am going to steal that phrase for the next 6 weeks when I challenge myself to start paying attention to what goes out of my wallet.
So why a spending freeze?
Besides the simple fact that I am using up all of my discretionary income and it's making me nervous, I've realized that I simply just have too much stuff. There is no need to bring more crap into my house when what I have will make due. The only exception is clothes because I really do need a new bathing suit and some summer attire. And that's a need. Truly.
I am choosing to look at this as a “spending freeze” rather than a “no spend challenge” (full disclosure, I am a HUGE fan of no spend challenges; I find them to be very helpful) for a couple of reasons: one, it's much more positive. When something has a positive rather than punitive connotation, I am more apt to stick to it; two, it implies a more temporary situation, which also makes me more prone to sticking to a challenge; and three, I really just like the term.
So, a spending freezing we will go.
Are there rules?
Of course there are. No challenge is complete without rules. My life isn't complete without rules. Not too many, of course, but just enough to give me some structure and force me to get my nose out of a book. But that's neither here nor there. So we'll move on.
For this challenge, I am working with these parameters:
- Any preplanned expense does not count. Besides bills and other expenses of daily living, I have to pay for a Zumba master class ticket, an anniversary something for my husband (our 9 year wedding anniversary is next month), a pedicure (I swim now. No gross feet), and some fabric for a quilt for my daughter. I know these are coming up and I am ready for them.
- Shop with what I have. When I feel like buying a new purse or nail polish, I need to dig into what I already have at home and use that. Perhaps something that hasn't been used in a while. I know I have a ton of that stuff. It's like what I used to do with my daughter's toys–rotate them so when I brought out a toy she hadn't seen in awhile, it appeared new.
- Resist. And return things on time. Free crafting events, library books, Redbox movies rented with a coupon, and free family events do not remain free or inexpensive if I have fines or buy crap (oh, craft stores. Why are you so tempting with your 40% off sales and coupons?). These two are a huge leak in my budget and I really need to fix it.
- No Amazon. It is my weakness and I have to stay away. Not even to browse or make a wish list. The gift card is gone. Purchasing anything from that site is prohibited for the next 6 weeks.
To keep myself accountable, I'll post a weekly update on DMS's Facebook page and, if I don't, please feel free to bug me about it.
My goal for this is simply to regain self-control with money and shopping. I have become too careless and for a person who advocates being careful with money, I feel like kind of a hypocrite. I don't like that. So I am going to fix it.
I know this isn't a unique or even remotely original idea. That's okay. Sometimes the most mundane, boring and overused ideas are that way for a reason.
They work.
Note: I tried a no spend challenge last May and even wrote a post about it. Not only did I monumentally fail at that challenge but after reading that post and comparing it to this one, I have realized that my financial habits definitely fall into cycles. There are certain parts of the year that it is much easier for me to manage my money than others. And I tend to overspend at the end of the winter/beginning of spring. I have some theories on why. Let me know if you'd like me to discuss.
L Bee and the Money Tree says
I also completely failed at my last no-spend challenge. I like the idea of a “spending freeze” makes it sound fun, like skiing in the Alps or something.
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SMD @ Life According to Steph says
So glad you’re joining me!
The freeze makes it easier for me to deal with too – I know it won’t be an eternity without a new nail polish – just a while.
While I’m in the freeze, though, my thoughts change. I really examine needs vs. wants, which is always a good thing.
YES PLEASE to the pioneer project reveal.
SMD @ Life According to Steph recently posted…Haphazard Wednesday, y’all!
Money Beagle says
Good luck. Make sure that your rules don’t allow for loopholes based on last years findings. It’ll be tough but you’ll congratulate yourself upon success.
Money Beagle recently posted…Don’t Ever Ask An NFL General Manager For Money Advice
Lance@MoneyLife&More says
Good luck! I think it is great that you recognized you needed to do this and I am sure you readers will hold you accountable if you keep them updated!
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Mrs. Pop @ Planting Our Pennies says
The spending freeze we’ve had the most success using was one where we couldn’t buy anything during the week. Apparently lunch time and on the way home from work is our weakness where we tend to buy more than we actually need. So if we try and limit that, it actually has a measurable impact on reducing our spending. =)
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Mackenzie says
Good luck Jana! Spring is a time for renewal, aka newness, aka need new things, and I have found myself lately, browsing websites even though I don’t need anything 🙁
Mackenzie recently posted…I Drink My Tea
Financial Black Sheep says
Good Luck! I just finished a no-spending challenge in order to pay off all my debt. It worked and helped me learn of some small spending gaps I was not aware of. From taking on the challenge I learned to give myself an allowance and all will be well in any other financial goal I take on. 🙂
Financial Black Sheep recently posted…What I Learned from my No-Spending Challenge
Laurie @thefrugalfarmer says
Good luck, Jana! I think it’s terrific that you’re challenging yourself in this way. Can’t wait to hear the results!
Laurie @thefrugalfarmer recently posted…Home Renovations: The Right Way to DIY
KK @ Student Debt Survivor says
My spending definitely happens in cycles too. I don’t spend for a month or two then spend on everything I need, then don’t spend again. Some months my spending it $1000 others it’s a couple hundred. Good luck with the freeze!
KK @ Student Debt Survivor recently posted…I’m Not Cheap, You’re Broke!
WILD about Finance says
Hey every now and then we’ve all got to loosen the purse strings and just go crazy..well we don’t HAVE to.. but I believe its healthy.
Gladys Cabrera says
I went on a spending freeze for the entire year of 2009. It was my new year’s resolution – which I take very seriously but it was more due to having my income split in half and barely being able to afford my mortgage. But for the entire year I did not purchase a single apparel item for myself. I used gift cards to buy gifts for others and just relied on my closet to get me through the year – it worked. Since then I have found my purchases to be much more thoughtful. Good luck with your spending freeze.
Budget and the Beach says
I have those same cycles. Things have been a bit crazy this month (thankfully I’m making way more this month than I’m spending), but next month, er, starting now I need to get back on track (she says after buying a pair of heels at Payless). At least it was payless.
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