Buzz
February’s challenge was tough, but many participants saved hundreds, and some even saved thousands! That’s the reason we created this challenge: to take action and actually save (and earn) some money. We’ve shared plenty of tips on reducing impulse spending. Now, it’s time to put them into action.
March’s challenge focuses on mindful spending. In short, mindful spending is all about spending your money with intention, sticking to a budget, and resisting the urge to spend impulsively, whether it’s on clothes, gadgets, or dining out. So here’s the challenge: reduce impulse spending. Here’s how.
Identify your primary impulse spending habit: where do you waste the most money each month?
Develop a strategy: how will you fight the temptation to spend impulsively?
Actually deposit that money into a savings account. We’ll compare our savings with our average spending.
If you need guidance for your strategy, here are some tips we’ve shared to help you stop impulse spending:
The “3D” method: determine, distract, delay
Save an amount equal to what you splurge
Remove your saved payment details online
And here’s a dedicated post all about training your mind to stop purchasing unnecessary items. We suggest setting up a shopping ban savings account and actually saving the money you’re not spending. Every time you fight the urge to buy something, move that money into your savings account instead.
At the same time, don’t forget: you need some flexibility in your budget. You don’t want to cut back so much that you end up binge-shopping next month. It’s fine to allocate some fun money in your budget. The goal is to reduce impulsive, mindless spending.
So, if you’re in, tell us: what’s your greatest spending weakness, and how do you plan to tackle it this month?
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