February's challenge wasn't an easy one, but if you joined you may have saved hundreds, or even saved thousands! That's why we started this in the first place: to take action and actually save (and earn) some cash. We've shared a lot of advice on how to curb impulse spending. Now let's take some action. March's money challenge is all about mindful spending. In a nutshell, mindful spending means using your money purposely, sticking to a budget and not giving in to the urge to spend impulsively, whether it's on clothes, gadgets or restaurants. So here's the challenge: curb your impulse spending. Here's how.
- Identify your biggest impulse spending area: what do you waste the most money on each month?
- Create a plan of attack: how will you resist the urge to spend impulsively?
- Actually save that money in a savings account. We'll compare our savings with our average spending.
If you need help with your plan of attack, here are some tips we've offered for eliminating impulse spending:
- The "3D" method: determine, distract, delay.
- Save the same amount you splurge.
- Delete your saved payment info online.
And here's a big ol' post dedicated to programming your mind to stop buying crap you don't need in general. We recommend using a shopping ban savings account and actually saving the money you don't spend. Every time you want to spend money on something and you resist the urge, transfer that money to your savings account instead.
At the same time, don't forget: you need some breathing room in your budget. You don't want to deprive yourself just to binge-shop next month. It's OK to make room for some fun in your budget. The goal here is to cut back on the impulsive, mindless spending.
So if you're in, tell us: what's your biggest spending weakness, and how do you plan to attack it this month?