Saving Money with the 30-Day Challenge
Are you looking to save money? Many people are looking to save right now with everything seemingly getting more expensive. The cost of living crisis is a serious cause for concern, but one of the best ways to protect and even improve your finances in the current climate is the 30-day rule challenge. Essentially, this is a spending freeze where you refrain from making any non-essential purchases for 30 days. Read on to discover how you can do the 30-day challenge and how it could improve your situation.
Only Spend on Necessities
A spending freeze can give your finances a significant boost, but obviously, you cannot spend £0 for 30 days. There are a number of essentials that you will need to cover in this timeframe, such as rent/mortgage payments, energy bills, council tax, a phone bill and food. You will then want to avoid making any unnecessary purchases so that you can save a significant amount of money in this time period.
Things to Avoid
So, what are the kind of things that you should be avoiding? There are many things that people purchase on a regular basis that they could cut out for 30 days or longer. This will include things like clothing, takeaways, nights out, beauty products and takeaway coffee. You could also try to freeze memberships that you have, such as Netflix, the gym and Amazon Prime. Food is a good area to focus on as this is an essential expense but also one where you can make significant savings. You should try to cut out luxury purchases, make meals from scratch and opt for non-brand products as a way to make savings while still being able to enjoy a nutritious and enjoyable diet during the 30 days.
Once you have completed the 30-day challenge, you should always take the time to reflect. Additionally, try to avoid blowing all of the money that you saved on a treat! You should find that you learn a lot about your spending habits during the 30 days and should be able to make positive changes moving forward. Obviously, you cannot live this way every month, but you might find ways to make savings or find that there are regular purchases that you make that do not add to your life. Hopefully, this will help you to make positive changes and improve your finances moving forward while also benefiting from putting the money saved from the challenge into a savings account.
Many people are looking to save money right now and the 30-day challenge is a great way to put the brakes on and save by cutting out unnecessary spending. This should also encourage you to make positive changes to your spending habits over the long term to improve your financial well-being.