Most of us don’t think twice about our spending habits. We go out for meals with friends and drinks in the pub at the weekend. Also, we get daily coffee on the way to work, takeaways at the weekend and cinema trips. Furthermore, we forget that things like pedicures, gym memberships we rarely use, a new colour of lipstick or a new dress, all add up. Therefore, to increase your bank balance, you must become aware of everything you spend your money on.

The list is endless of the things we spend our money on that we don’t need. We do it without second-guessing or even thinking about the value of money because it makes us feel good in the moment. But then we wonder why we have no savings. Or, why we can’t afford to go on holiday or buy a new house. I’m not saying don’t enjoy your life and never treat yourself to anything, or enjoy socialising with your friends. However, when you become mindless of your spending, it can become disruptive and lead to anxiety, stress, and debt.

I used to spend so much money on clothes shopping. I’d go every week and blow a load of money on clothes I didn’t need because I found shopping fun. But the thing is, I’ve hardly worn half the clothes, shoes, and bags I wasted money on. I would have a lot more savings if I didn’t waste money on things I don’t need, that now still have the labels on them.

Only Spend Money on Essential Items for a Week

Challenging yourself to spend money only on essential items for one week is a massive, eye-opening experience. It will help to show you how flippant you usually are with your money and where you’re wasting it. Furthermore, it will highlight how you can cut back on your spending whilst still enjoying and living your life to the fullest.

It’s great to have a goal and a reason for why you are going to try the no-spend challenge for a week. Therefore, document how much you’ve saved at the end of each day to keep you going. You might think it’s only £3.50 for that morning coffee before work. However, that’s £17.50 a week, and if you cut out this habit for a whole year, that’s £910 you’d save.

This is on only one non-essential item. So, imagine cutting back on all the things you don’t need to be wasting money on and think about everything you could do with that extra money. It might be that you’ve always wanted to travel but couldn’t afford it. Or, you’ve always wanted to have a mortgage but are stuck renting. Furthermore, you may need money to set up your own business, etc. Therefore, have something that you can work towards, and you’ll be far less likely to waste your money on pointless things. It will enable you to stay on track with your essentials-only spending.

Only spend money on essential items for a week, and you will realise how much money you waste. Remember that all the little spending adds up to a lot over time.

What Classes as Essential or Non-Essential?

** Grocery shopping is essential. However, you can set yourself a challenge to limit spending on your weekly food shop. Only buy the basics you need, like fruit, vegetables, meat, pasta, rice, milk, etc. Limit spending money on a load of luxury items like alcohol, cosmetics, crisps, sweets, and chocolate.

** Transport is also classed as essential. However, if possible, try to limit your spending on transportation. If you live close enough to work to walk or cycle, then you could ditch the car, bus, or train for a week. You will get some extra exercise and save some more pounds.

Reasons to Increase Your Bank Balance

Here are a few reasons why you should increase your bank balance…

• You will save money
• You’ll see that you don’t need to buy things to make you happy
• You will become more creative and thriftier
• You’ll find fun new things to do that don’t cost anything
• You will see where you waste your money
• Extra savings toward your goals and dreams
• You will see the value of money and be more aware of your future spending
• You’ll be more appreciative of the little things in life
• A sense of pride knowing that you can spend less, complete a challenge, and that you don’t need to waste money

Check out my post 100 Fun Things You Can Do for Free! for ideas on how you can still treat yourself without spending any money.

When you increase your bank balance, you will give yourself financial freedom and reduce stress. No one wants to have to live being stressed about their finances all of the time. Therefore, prioritising your spending on the things you truly need will help to increase your bank balance over time.

Of course, it’s important to treat yourself sometimes. However, that shouldn’t be at the cost of your mental health. Life is all about balance, and if you are mindful of your spending, you will learn how to have the best of both worlds.

“We buy things we don’t need, with money we don’t have, to impress people we don’t like.”– Dave Ramsey

Summary: Increase Your Bank Balance

Giving yourself challenges is a great way to help you grow, learn, and appreciate the important things in your life. Stick to only spending money on essential items for one week. You will gain more understanding of where your money is wasted and where you can curb your spending.

Save what you would have been spending in a jar or a separate account. This will enable you to visually see how much you’re wasting weekly on non-essential things. Furthermore, it will help you after the challenge to stop spending and wasting so much money on things you don’t need. You will have started to save for something you’ve always wanted, and this will give you the motivation to keep going.

Tell the people around you that you are doing a no-spending week, and this will help to remove temptationbecause they will hopefully be supportive of your challenge. It will stop them from pestering you to go out and waste money on a meal or drinks in the pub.

Try the no-spend challenge for a week and see how much you save!

“Consider our difficulties avoiding junk food and overspending. Such addictions were carefully planned-for by professional marketing teams.”– Robert J Shiller

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