What are the benefits to a no spend day?

[jeffrey]

I know a lot of you do "no spend days" from time to time. What are the benefits you receive from doing these?

[tinktink]

I have a lot these since I moved out of my parents house, but not by choice.

I'll be watching this thread to see what kind of questions you get.

[neatdesign]

For me, I've found two benefits of having no-spending days. First, I love the boost it gives my confidence in my ability to manage my money. It's a way for me to prove to myself that I can get by just fine without spending money all the time.

Second, it allows me to greater appreciate when I DO spend money. Because I manage to hold back on certain days, I can enjoy spending that money on something I enjoy -- something I normally wouldn't be able to do because I had mindlessly wasted money on other stuff I didn't really need.

[Aleta]

Having no spend days is a way to rethink your purchases. I have gone out to shop and stopped because it was a no spend day. More times than none I was glad that I didn't buy the item. It has saved me money in the long run. No spend days are also a challenge to make me rethink my purchases. I have at times tried to increase my no spend days in the month.

[SeanH]

They help you realize that a lot of day to day spending is just unnecessary wants and emotional reactions. Its like dieting for your wallet and amusingly enough it can help with real dieting too.

[marvholly]

I am NOT wasting gas driving around
I am NOT polluting the air driving around
I am NOT wasting my time
I 'might' get stuff done at home

I get a chance to REALLY think over anything I am tempted/thinking about buying
I am/can save up for something I REALLY want but do NOT need (vacation trip)

[laurend1985]

I love having no spend challenges; you are in control and you feel great at the end of the day because you haven't spent a dime. Love it.

[humandraydel]

I'll be honest, I'm a little skeptical of these "no spend" days. Is it LITERALLY no spend or just no discretionary spending? What if you need gas? need to pay a bill? food? Seems a little silly to put off needs until the next day. And as far as wants go, I have "no spend" days all the time.

[bjl584]

There truly isn't such a thing as a no spend day. Even if you don't go out shopping and just stay home, you are probably using electricity, gas, and water. You aren't paying for it on the spot, but eventually you will. Then there are the sunk costs. You will probably drive somewhere that day. You paid for the gas in the tank at some point in the past. The same goes for the food that you have that you will undoubtedly be eating at some point.

I think these exercises are a good phycological tool to get you in the habit of doing without and asking yourself whether or not you really need something or not, but to truly not be spending money on any given day probably isn't realistic for most people.

[disneysteve]

as far as wants go, I have "no spend" days all the time.

I agree. In an average month, I probably spend no money on the majority of days. I go to work and I go home. I eat breakfast and dinner at home and brown bag my lunch to the office. With the exception of getting gas every couple of weeks, it is rare for me to spend money on a week day. When I have an evening meeting, I will sometimes stop for dinner on my way from my office to the synagogue but that's about it.

[kellogg9]

As baffling as it seems i think something like this helps those who have forgotten how to save. Everywhere i look i see people cant control themselves and spend-spend-spend on unnecessaries so to have such little encouragements like a "no spend day" is probably a good thing.

[rennigade]

Most people go through a month with a bunch of no spend days.

It makes no sense to try to not spend money for a couple days in a row or a week. Either way you are going to spend the same amount if you spend a little each day or all of the money at once.

For example...ever hear of those special days where you arent supposed to fill up on gas?? Great idea...so everyone will either fill up before that day or after that day. There is no change.

Same with your daily expenses...ok great, dont buy food for one week. Chances are when you run out after that week is up you are just going to buy more.

I don't understand the logic behind it. Then again I don't feel a need to go to a store everyday and buy something. When I need something I go buy it, when I dont I dont.

[disneysteve]

Either way you are going to spend the same amount if you spend a little each day or all of the money at once.

That's not true. If you normally go to Starbucks every morning for a coffee and you skip it one day, you aren't going to get two the next day. If you normally go out to lunch every day and you brown bag a sandwich one day, you're not going to buy two lunches the next day.

If you are a person who routinely spends money every day on stuff you really don't need, I think making a conscious decision to not spend on certain days makes sense and can be beneficial in helping to change your behavior.

Personally, I'm not that type of person. I don't go out and spend money every day. As I said, most days I spend nothing. Yesterday was a no-spend day for me, for example. Today will be as well. Not by intent. I just won't be doing anything that will result in me spending money.

[MonkeyMama]

If you are a person who routinely spends money every day on stuff you really don't need, I think making a conscious decision to not spend on certain days makes sense and can be beneficial in helping to change your behavior.

I'll disagree a bit. On the average month I probably spend -no money- on most days. I rarely if ever step foot in a store or a restaurant. BUT, if you commit to say a no-spend week, it just flexes your frugal muscle a little more and makes your a little more cognizant of spending triggers. I honestly think anyone could benefit.

I personally tend to not see the point of skipping regular grocery shopping and gas buying during no-spend challenges, BUT I do see the benefit of thinking about every single drive (is it really necessary?) and delaying grocery trips while eating through the pantry. It's a practice in creativity and reducing waste.

[disneysteve]

I'll disagree a bit. On the average month I probably spend -no money- on most days. I rarely if ever step foot in a store or a restaurant. BUT, if you commit to say a no-spend week, it just flexes your frugal muscle a little more and makes your a little more cognizant of spending triggers. I honestly think anyone could benefit.

I personally tend to not see the point of skipping regular grocery shopping and gas buying during no-spend challenges, BUT I do see the benefit of thinking about every single drive (is it really necessary?) and delaying grocery trips while eating through the pantry. It's a practice in creativity and reducing waste.

I don't think you are disagreeing. I think we're probably saying the same thing in a different way.

I agree with not skipping NEEDS during a no spend challenge. In my mind, the point of such a challenge is to skip the frivolous spending. The coffee on the way to work, the lottery ticket while you are buying gas, the Chinese take-out for lunch, the stop at the shoe store on the way home, going out for drinks after work, etc. It always amazes me how many ways people blow through money every day and then wonder why they're broke.

I definitely agree that everyone can benefit from paying closer attention to their spending habits, even those who are already pretty frugal.