Eliza Cross, a blogger at Happy Simple Living can offer some advice. She has started each of the past six years on a fresh-start basis. To begin with, she spends no money beyond the necessary monthly bills, for 31 days. That means no restaurants, no movies, no fast-food purchases, no impulse items. Nada.
She gets excited when she realizes how much money she saves by bypassing everything except the bare essentials. The break from spending also inspires her to be ore cognizant of what she spends and what she spends it for. Then she maintains the attitude as the year moves along.
Her tips:
Look for free activities in your area. Local museums and art galleries often have special events. Libraries have moved way beyond books and now have DVDs and other media, all for free.
Plan some home cooking. You’ll find that in-season foods are cheaper. When you cook, make a double batch and freeze half. A slow cooker can tenderize a tougher, cheaper cut of meat if you let it simmer all day.
Treat yourself now and again. The tough part of any diet is that awful feeling that you’re starving. Don’t hoard the fancy lotions, soaps and scented candles that tend to multiply at Christmas. Wear your nicest nightie and whip up the baked goody mix that is languishing in your cupboard. Splurging in this way once in awhile can take the die out of diet. Just don’t overdo.
Make your friends part of the challenge. Tell them what you are doing and most likely they’ll go along cheerfully when you invite them over for potluck rather than heading to the expensive restaurant. Create some new traditions. If a friend has a birthday during your January spending fast, for instance, recycle a book you really enjoyed and create an opportunity to share your thoughts after she has read it. Make her lunch or share a trip to one of the free events you have identified.
There’s nothing that says January must be the month for your adventure in no-spending. It just happens to be traditionally the month for new resolutions. If another month works better, feel free to change your target period. The whole idea is simply to end mindless spending and be more wise about what you do with your money. Then you can start deciding how to make the money you saved work for you toward a more stable personal financial plan.