No spend September
I also don’t have much savings. I spend as much as I make. I pay my statement balances in full and have no interest but I’m not saving enough to build an emergency fund or save for a big purchase like a car or house 🏠
So step 1, look at what I spend. Like really look at it. You going out to lunch? How much is just your lunch 🥗
I realized I spent 750 on just eating out… so I need to chill with Uber eats.
Got rid of some of my unused subscriptions
Discover Card shows you spending trends and recurring charges. My chase shows me my spending vs income.
So this month no buying anything that isn’t a need. Let’s limit food to 200$ a month at least. No more lil spending treats. Let’s goooo 💰💸
50/30/20
50 to bills
30 for needs
20 for savings #needtostopspendingmoney #budgeting
No Spend September is a fantastic initiative designed to help individuals reassess their financial habits and prioritize essential spending. By understanding your expenditure, you can identify areas where you might overspend, like dining out or unused subscriptions. Tracking your spending habits can empower you to make informed decisions and motivate you to stick to a defined budget. The 50/30/20 rule is an effective budgeting framework that allocates 50% of your income to necessities, 30% to wants, and 20% to savings. This method encourages you to balance your essential expenses with your savings goals, ensuring that you don't neglect your financial future while enjoying occasional indulgences. Engaging in challenges like No Spend September can foster a sense of community among participants, sharing their experiences and strategies to cut costs. Look into useful tools like budgeting apps that analyze spending habits, categorize expenses, and provide visual snapshots of your financial status. With commitment and discipline, not only can you survive a month of limited spending, but you can also cultivate lifelong financial habits that lead to healthier financial independence.
