With 2016 a bright and shiny new year it's time for all those frugal blogs out there to hold or participate in what's called A Spending Fast or a No Spend Month.
While I can applaud the theory behind the idea I don't participate in them.
I find them pointless really and here is why.....
1. No Spends cause undue stress in your life. Most people have enough stress just living their lives. Between, spouse's demands, kid demands, work demands and extended family's demands everyone's stress levels are filled to capacity already. So putting yet another demand-of not spending in the face of times when you really need to spend money-on oneself just adds to your anxiety level and when/if you fail at it to your guilt load.
2. No Spending/Low Spending can cause overspending.
Many people who undergo a No Spend/Low Spend Month will be required to stock up so they can go without buying ANYTHING for a month. You have to go into a No Spend Month with a full pantry and fridge stocked in order to get through the month. This means the month before your NSM you have to spend more to lay in the required food/toiletries/paper goods/etc. for a full 30/31 days.
Add to this that most people who go through an extended period of time in which they are Not allowed to spend money tend to go off the deep end and overspend once that period is over. It's only natural that people who are deprived of something want it even more once the period of deprivation is over. It's the same reason you shouldn't skip meals or go on restricted diets.......it leads to overeating once you can eat again.
3. No Spends or Month long Fiscal Fasts are artificial.
Picking an arbitrary time frame in which to avoid spending is in no way organic to how your life runs.
While the idea of a Fiscal Fast is a good idea I'll venture to say that they never give you long lasting results.
This is born out because people keep going on them year after year. If the behaviors they purported to change really came to pass there would be no need to continue to do these No Spending Months over and over again.
4. No Spends/Low Spends don't change the underlying Spending Behaviors.
Let say that one again......No Spends/Low Spends don't change the underlying Spending Behaviors.
A NSM is just a temporary state. Once the month is over most people go right back to spending at the rate they usually do. It's only a temporary behavior and doesn't last long enough to become a permanent habit.
Devotees of Spending Fast say they "reset your spending". Yes, they may lower your spending but it's only a temporary fix since you don't actually change your money habits.
While studies have shown that it takes 21 days to FORM a new habit it takes over 60 days, 2 MONTHS, of a behavior to make that habit part of your routine.
The only way you will change your spending habits is to make it a permanent behavior. Not spending for a month and then releasing yourself form the challenge and going back to your regular spending habits changes nothing about your life in the end.
5. Most people don't really learn anything from doing a No Spend Month. Well, except that at the end of that month that they don't want to be doing a No Spend Month anymore. lolz
The ONLY way to change your relationship with your money permanently is to....
1. Track your spending religiously over a long enough period to get a true sense of how you use money. A month is not long enough to get the broader view of how you use money. 6 months to a year is much more helpful. Anybody can change their spending habits for a few weeks but by tracking a year or so it will show you where your money truly goes.
2. Analyze that tracked spending you did to see how much, of what, goes where, and actually learn about how you interact with money. There are no shortcuts. You must take the time to study how/why/what/where you spend and then ask the hard questions of yourself.
3. Put these newly discovered perceptions about how you use money into action and permanently change those behaviors with money that are keeping you from overspending/wasting your income.
I spent an entire year not shopping for "things" back in 2008 while part of The Compact. We pledged to not buy anything new for an entire year.
Yes, there were exceptions like food, medicine, paying bills, etc. And I allowed myself to purchase underwear and footwear new, but only if truly needed. Other than that I bought nothing in a store for an entire year, except for 1 photo album. That photo album was my only "want" purchase all year. At the end of the year was a "Jubilee" day during which you could go and buy ANYTHING you wanted to and that you were prevented from being during that Compact Year. But since my money habits had changed and taken root over the course of that year there was very little I did buy once I was released from my no shopping year. "Things" I had lusted after during that year when I wasn't allowed to buy them held little interest to me once I was no longer Not Buying Anything.
Not spending for an entire year showed me where my weaknesses were and I was able to change my behaviors involving money.
Before, I shopped when I was bored or wanted something to do, thus I stopped shopping for entertainment and found other ways to spend my free time.
Before, I carried around multiple credit cards and had no second thoughts about pulling one out at the drop of a hat to buy anything that struck my fancy, thus I cancelled cards and kept them in a box at home unless I purposely had a need to buy something.
If you really want to spend less money(and save more)I'd say don't do a No Spending Month.
Instead, analyze how/where/why you spend after tracking that spending for an extended period of time and see what behaviors you have with money you need to change.
Then make yourself change them over a period of time until they become routine.
This will take much longer than 30 days but in the end it will be worth the effort it takes.
And as for the spending you "have to do", the needs,(ie-bills)go and study how and if you can reduce them too.
New money habits and lowering your required bills will reap you benefits with your money for the rest of your life.
Sluggy
While I can applaud the theory behind the idea I don't participate in them.
I find them pointless really and here is why.....
1. No Spends cause undue stress in your life. Most people have enough stress just living their lives. Between, spouse's demands, kid demands, work demands and extended family's demands everyone's stress levels are filled to capacity already. So putting yet another demand-of not spending in the face of times when you really need to spend money-on oneself just adds to your anxiety level and when/if you fail at it to your guilt load.
2. No Spending/Low Spending can cause overspending.
Many people who undergo a No Spend/Low Spend Month will be required to stock up so they can go without buying ANYTHING for a month. You have to go into a No Spend Month with a full pantry and fridge stocked in order to get through the month. This means the month before your NSM you have to spend more to lay in the required food/toiletries/paper goods/etc. for a full 30/31 days.
Add to this that most people who go through an extended period of time in which they are Not allowed to spend money tend to go off the deep end and overspend once that period is over. It's only natural that people who are deprived of something want it even more once the period of deprivation is over. It's the same reason you shouldn't skip meals or go on restricted diets.......it leads to overeating once you can eat again.
3. No Spends or Month long Fiscal Fasts are artificial.
Picking an arbitrary time frame in which to avoid spending is in no way organic to how your life runs.
While the idea of a Fiscal Fast is a good idea I'll venture to say that they never give you long lasting results.
This is born out because people keep going on them year after year. If the behaviors they purported to change really came to pass there would be no need to continue to do these No Spending Months over and over again.
4. No Spends/Low Spends don't change the underlying Spending Behaviors.
Let say that one again......No Spends/Low Spends don't change the underlying Spending Behaviors.
A NSM is just a temporary state. Once the month is over most people go right back to spending at the rate they usually do. It's only a temporary behavior and doesn't last long enough to become a permanent habit.
Devotees of Spending Fast say they "reset your spending". Yes, they may lower your spending but it's only a temporary fix since you don't actually change your money habits.
While studies have shown that it takes 21 days to FORM a new habit it takes over 60 days, 2 MONTHS, of a behavior to make that habit part of your routine.
The only way you will change your spending habits is to make it a permanent behavior. Not spending for a month and then releasing yourself form the challenge and going back to your regular spending habits changes nothing about your life in the end.
5. Most people don't really learn anything from doing a No Spend Month. Well, except that at the end of that month that they don't want to be doing a No Spend Month anymore. lolz
The ONLY way to change your relationship with your money permanently is to....
1. Track your spending religiously over a long enough period to get a true sense of how you use money. A month is not long enough to get the broader view of how you use money. 6 months to a year is much more helpful. Anybody can change their spending habits for a few weeks but by tracking a year or so it will show you where your money truly goes.
2. Analyze that tracked spending you did to see how much, of what, goes where, and actually learn about how you interact with money. There are no shortcuts. You must take the time to study how/why/what/where you spend and then ask the hard questions of yourself.
3. Put these newly discovered perceptions about how you use money into action and permanently change those behaviors with money that are keeping you from overspending/wasting your income.
I spent an entire year not shopping for "things" back in 2008 while part of The Compact. We pledged to not buy anything new for an entire year.
Yes, there were exceptions like food, medicine, paying bills, etc. And I allowed myself to purchase underwear and footwear new, but only if truly needed. Other than that I bought nothing in a store for an entire year, except for 1 photo album. That photo album was my only "want" purchase all year. At the end of the year was a "Jubilee" day during which you could go and buy ANYTHING you wanted to and that you were prevented from being during that Compact Year. But since my money habits had changed and taken root over the course of that year there was very little I did buy once I was released from my no shopping year. "Things" I had lusted after during that year when I wasn't allowed to buy them held little interest to me once I was no longer Not Buying Anything.
Not spending for an entire year showed me where my weaknesses were and I was able to change my behaviors involving money.
Before, I shopped when I was bored or wanted something to do, thus I stopped shopping for entertainment and found other ways to spend my free time.
Before, I carried around multiple credit cards and had no second thoughts about pulling one out at the drop of a hat to buy anything that struck my fancy, thus I cancelled cards and kept them in a box at home unless I purposely had a need to buy something.
If you really want to spend less money(and save more)I'd say don't do a No Spending Month.
Instead, analyze how/where/why you spend after tracking that spending for an extended period of time and see what behaviors you have with money you need to change.
Then make yourself change them over a period of time until they become routine.
This will take much longer than 30 days but in the end it will be worth the effort it takes.
And as for the spending you "have to do", the needs,(ie-bills)go and study how and if you can reduce them too.
New money habits and lowering your required bills will reap you benefits with your money for the rest of your life.
Sluggy
