fbpx
4 Shares

Could you use a personal spending freeze?

You know…that point when you get to the second week in the month and realize you are almost out of money?

Could your bank account use a break? I know I can’t be the only one!

If you answered yes to any of these questions, it might be time to give a spending freeze a try.

The goal of a spending freeze is to eliminate any unnecessary spending for a period of time to help you boost your savings and save your finances!

A no-spend challenge may just the ticket to reboot your spending habits so that you don’t go further into unnecessary debt.

Because when you’re in charge of your personal finances, it may be time for you to take control of them!

If your financial goals are to get out of debt, then a personal spending freeze is a great start to get on the right track.

Not spending money isn’t always easy, but if you are looking for a way to save your financial situation, you need to try a spending freeze.

personal spending freeze

Make An Extra Payment On Your Debt

Anything that costs you money is a drain on your finances.

Of course, you won’t be able to stop spending money completely. Your bills need to be paid after all.

However, by cutting back your spending during and after your personal spending freeze, you will have more money in your pocket to do the things you want to do.

BONUS DOWNLOAD

Feel Less Stress While Paying Off Debt

 

Download this FREE Guide to have more peace & less stress while getting out of debt.

During a spending freeze, the goal is to put any money you would have spent during the week or month aside and put it toward a larger goal. This can mean a boost to your savings, or even an extra payment on your debt!

If you are in debt, every penny brings you closer to being debt-free and can impact how long you are paying off debt. If getting out of debt quicker is one of your financial goals, having a spending freeze often can put a big dent into how long you are in debt for.

personal spending freeze

Dig Deep And Make Improvements After The Spending Freeze Is Over

When your personal spending freeze is over, you might be tempted to go back to your regular way of life.

When the pressure to restrict your spending is over, falling back into your old habits might be a little harder than you think.

After just a week, you will find yourself questioning purchases, cutting back on purpose, and thinking twice before handing over your money.

After your spending freeze, dig deep into your purchasing habits and make improvements to them to better your personal finance.

Outline parameters for how and where you will spend your money in the future.

It’s these consistent financial goals that can continue to help lower the amount of debt you have. 

personal spending freeze

Your Food Waste Will Be Cut Down Dramatically

If you have paid money for any of the food in your house, then every piece of food that hits the garbage can is money wasted!

A personal spending freeze can help challenge you to use up what you have, and make you think twice about throwing something away.

I cringe when I throw something away and I’ll often remember how much it cost me at the grocery store. I’ll say, “Well, that was $1.79 that I wasted”, if it was a bag of salad that we let go bad. Remembering how much that cost me helps me to rethink my purchases before I bring them home and make sure to not waste food. 

If you are doing a spending freeze for an extended period, every piece of food you throw out might make dinner the following night. Go ahead and freeze leftovers if you don’t think you’ll want more the next day.

You will also be less tempted to throw away food if you don’t have the option of going to the grocery store in just a few days.

personal spending freeze

Get Your Budget Back On Track

If you haven’t looked over your budget in a while, you may be shocked to find how much some of those little expenses will add up over time.

Netflix has gone up dramatically in price over the past few years, and will only continue to rise. For a $12 subscription to Netflix, you will have paid $144 over the course of a year.

BONUS DOWNLOAD

Feel Less Stress While Paying Off Debt

 

Download this FREE Guide to have more peace & less stress while getting out of debt.

If you get a $5 cup of coffee even just once a week for four weeks every month, by the end of the year, you will have spent $240.

By eliminating just these two expenses, you will have saved yourself $384 in a year! And that’s cold hard cash that you can add to your financial goals!

A personal spending freeze can help you get your budget back on track, and focus on spending money where it counts.

financial goals

You Learn To Say No

During a personal spending freeze, yes is not an option.

If you are doing a spending freeze just to make it through the month, you have even less flexibility here.

A no-spend challenge will help you build your willpower, and make saying no just a little easier.

When you’re ready to spend again, you’ll continue to think through your purchases. You will be less tempted by peer pressure and other factors that may have forced you to spend in the past.

If you are in trouble, a spending freeze can completely change your personal finance outlook. 

Significant changes can take a lot of commitment, and this is one of the many reasons people struggle with their finances.

If you need a way to overhaul your budget and transform your financial goals, give one of these spending freezes a try.

A no-spend challenge may just the ticket to reboot your spending habits so that you don’t go further into unnecessary debt.

Because when you’re in charge of your personal finances, it may be time for you to take control of them!

If your financial goals are to get out of debt, then a personal spending freeze is a great start to get on the right track.

 

YOUR TURN: Are you toying with the idea of doing a Personal Spending Freeze? Are you afraid to attempt it? Let me know in the comments below!

How To Better Your Finances With A Personal Spending Freeze
How To Better Your Finances With A Personal Spending Freeze
4 Shares
4 Shares
Share
Pin4
12345