Personal experience: how I didn’t buy anything superfluous for 90 days and saved $ 4000
'03.02.2020'
Source: Reader's Digest
Yes, it was not easy, but the reduction in habitual expenses brought me thousands of dollars, writes Emily Cappiello for Reader's Digest.
I spent my life in a weird relationship with money. I always worked hard and earned more money than most people of my age. But this question still bothered me. I felt that I had never had enough, and my hard work did not help me save money. One day, I accidentally stumbled upon the recommendations of Briana Firestone, the founder of Betty School, a platform that gives women the opportunity to improve relationships with their money, time and energy. I was inspired and decided to spend a month without extra spending. Result? I saved more than $ 1000.
It was like finding money in your winter coat pocket after a long summer. But that is not all. I realized that I was using waste in the same way that an emotional eater uses food — as a crutch to support his problems. Here are 5 things I've eliminated in 90 days and my personal experience with careful cost control.
“The best thing that targeted spending cuts can do for you and your finances is to shed light on the behavior and emotions you feel about your money, the habit that has formed as a result of this attitude. Most people don't understand what they are spending habitually and base that spending on their emotions, ”explains Firestone.
Having figured out my triggers and realizing that I was able to save a decent amount in just 30 days, I decided to arrange a longer challenge without extra expenses. This time it took me 3 months, during which I did not buy anything immaterial.
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The rules were simple: I allowed myself to spend money only on basic necessities. The basis was my usual bills: mortgages, electricity, cable TV, telephone, payment and car insurance, gasoline, oil and groceries from the supermarket. I cut costs on my 30-day run too, but this time I removed all the unnecessary: SoulCycle (fitness), Starbucks (cafes), SiriusXM (streaming services) and even manicure. No new clothes, no new shoes, no lunch at Chipotle. After the first month, I cut my plans, cable packages, and found other ways to save money at home, such as replacing all my fixtures with energy efficient LEDs, so I reaped the benefits of that effort over the next two months.
True, there was an exception to this rule: the purchase of gifts for events that occurred at this time, such as a bachelorette party or birthday. But I planned these events before I started my 90 days without unnecessary expenses, and set aside money in advance.
I also allowed myself to spend one evening a month with friends so as not to go crazy, but I kept to the budget. It also made it possible to see what kind of experience it was worth spending money on and what kind of experience I actually spent it on, as well as concentrate, realizing that I could get something like a reward if I did not buy something unnecessary.
“It is important to accept the challenge, knowing that it will not be perfect. It's great to have some rewards along the way, ”says Firestone.
After the 90-day challenge ended, I almost dropped my jaw, counting my savings: I became almost $ 4000 richer! But the reward was not limited to finances: I was also less worried about my money. Finally, I was able to distinguish between my needs and desires. This process allowed me to determine what purchases I make on emotions. Moreover, I changed the way I valued money: for example, the time (and money) that I spent talking with friends or my mother seemed to me much more valuable than the fleeting pleasure of buying, say, two new sweaters (which costs about the same).
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Firestone says that while this demanding, no-cost approach might work for some people, you don't have to give up everything to save extra money. She explained that there are many other ways to save money: all you have to do is find simple ways to cut costs a little.
“The task of living without unnecessary expenses does not have to be extreme to be successful. In fact, you will have better results if you set realistic expectations. For example, if you go to Starbucks 7 days a week, try to shorten those visits to 3 days and plan those days ahead of time so that they are deliberate and independent of your emotions, ”she says.
