What would you do for a quick-ish $1,000?
Whoa, whoa, whoa….. 😂
Let me cut straight to the chase. There is no better way to stock up cash and save money quickly than to institute a short-term, self-imposed spending freeze.
It’s up to you, but 2 weeks is a good length of time to make a solid difference to your bank account, get your impulse spending off auto-pilot and yet, still be attainable.
But seriously, spend NO money???
Yes, seriously. It might seem daunting at first, but if you’re up for the challenge, here’s what you’ll get out of it:
- Cold hard cash in hand. The fastest way to save money is to stop spending it. Line your pockets fast!
- Better spending habits. Become aware of your impulse purchase behavior(s) and build the mental muscle to resist mindless spending.
- Enrich your life experience. Life goes on, even when your spending stops. At this point, you learn to get creative and focus on what’s most important to you.
How does a spending freeze work?
There is one single rule you need to follow for a successful spending freeze:
Don’t spend any money, unless it’s an
absolute, necessary living expense.
No, a drop-in yoga class does not qualify as an absolute, necessary living expense. Refilling your car’s gas tank, medical expenses, or bills? Sure.
That said, what is “an absolute, necessary living expense” can vary from person to person.
Write a list of any expenses you consider absolutely necessary. Check it with a friend, and see if they agree with your list. Keep it with you and refer back to it during your 2-week spending freeze. If “impromptu happy hour” is not on the list, do not allow yourself to be swayed into one during your freeze.
If it is on the list, that’s another conversation…
5 steps to set yourself up for success
- Make a plan for what you will do with the $$$ you save
If you have a clear vision for what you will do with the money you save, you are 1,742% times more likely to succeed. O.k. I made that statistic up, but you get the point. Some ideas: pay of debt, go on vacation, take a class. The point is to do something that will make you feel good.
- Get an accountability partner
- Good: Tell everyone you know you’re doing this. Public accountability is powerful when you want to save money quickly.
- Better: Find someone you know and love who understands your goals and can be a sounding board if things start to feel tough along the way.
- Best: Find someone to go on this journey with you. Everything’s better together!
- Make a list of free things to do in advance
Don’t get caught off guard when someone asks you out for that last-minute happy hour. Have a list of alternate activities you can propose to still have fun with your friends without spending a dime.
- Seal your credit/debit cards in an envelope
If you’re not hardcore enough to leave your cards at home when you go out (which, I for one, am 100% NOT), put all your debit and credit cards in an envelope, lick it and seal it shut. Write your plan for the money you save on the envelope. If you are out and about and start to pull out your wallet, you will have one extra barrier and a moment to reflect if the expense is really necessary, or worth the sacrifice.
- Pre-pay any expenses you can
Fill up on your gas tank, stock up on groceries, and pre-pay any bills you can. You may find you need to pay for one of these expenses during your freeze, but the goal is to start with as many days as possible with zero expenses, so you can begin building your no-spend muscle.
When your two-week spending freeze is over, I promise you will feel a sense of accomplishment you can take pride in. Plus, you will have a significant stack of cash, which feels pretty damn good, too! 🤑
So go ahead and commit to yourself to do what it takes to save money quickly.
What will you do with all the cold hard cash you save during your spending freeze? Comment below!