Week 4 – No spend day

Hi there! Welcome to No spend day! Week 4 of the financial wellness challenge!

I’m glad you are still working hard on your finances and congratulations on doing a great job! 

Week 1

The challenge was to make a budget. We discussed the importance of making a budget and how to do so.  Making a detailed budget and sticking to it can help you put your money where you need it the most, pay off bills sooner, and save money in the long run.

Week 2

The challenge was to cut back on spending.  We discussed several ways to save money by cutting back on what you spend. There are several daily and monthly expenses you can re-evaluate to determine if you can cut back or do without such as ordering a small size latte instead of a large, cutting back on television channels, researching and selecting special discount packages for phone and internet services, and checking with your insurance agent to lower house and car insurance if possible.  How did you do?

Week 3

The challenge was to pay with cash. When you physically hand over cash and watch it leave your wallet/hand, you realize how much you actually have or don’t have which makes you think twice about spending on something you may not need.  

Week 4: November 30 – December 6

Financial Wellness Challenges – Activity for this week:

No spend day

The challenge for week 4 is to go without spending for at least one day this week.  

Many of you may think this is easy but for some, this is a difficult task.  It can be quite challenging to not stop on the way to work for a breakfast sandwich or coffee when this is your normal way of doing things.  Habits are difficult to break even when it is a positive lifestyle change.

How to Complete Week 4 – No spend day

1. Start by determining a day or weekend you are not going to spend any money. Set a goal for that day and take out the cash and cards in your wallet the night before.
2. Re-evaluate what you need versus what you want.  Determine the needs that you can not go without and plan to make those purchases on a day other than your no-spending day.  (Remember to follow your budget so you don’t overspend ). The items that you found you can do without should wait until a later day and be a part of your budget.
3. Once you go a day without spending, reflect on your accomplishment, and challenge yourself to do it again. Continue to do no spending days and increase the amount of time to give you opportunities for optimal financial wellness.

TIPS to Help with no spend day:

1. Plan to eat all of your meals at home so you don’t need to plan for food while out. Take some snacks with you!
2. Stock up ahead of time on groceries once per week so you don’t have to go to the store more frequently. Also, have a backup plan for your meals in case you did forget something.

Once you get the hang of not spending money for a day each week, you can move up and challenge yourself to do it again (maybe for two days next week).  Think of how good it will feel when you start seeing more money in your pocket and improve your finances!

Stay tuned for next week and let us know how you do!