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Why Planning for No-Spend Days in 2022 Could Change Your Finances

The Motley Fool
The Motley Fool
 2022-01-23

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If you find you're spending too much money and not saving enough, starting one simple habit in 2022 could make a huge difference: no-spend days.

As the name might suggest, no-spend days are days on which you do not spend any money. You don't use cash, credit cards , or pay for any discretionary spending using any method.

There are lots of different ways you could incorporate no-spend days into your lifestyle. You could commit to doing a certain number each month or each week, see how many days you could do in a row, or challenge a partner to see who can wrack up the most no-spend days in a month.

Whatever approach you choose, there are a few key benefits to adopting the habit of having no-spend days. Here's what they are.

You'll save money on discretionary spending on every no-spend day

Obviously, any day when you don't spend money is a day you'll end up with more money in your bank account . If you can avoid doing things like purchasing lunch or coffee out or splurging on an online purchase, you'll be able to use the saved money for other things such as working on debt paydown or bulking up your savings.

This is the most obvious benefit of a no-spend day. And the more of them you do, the more extra cash you'll end up being able to divert to other things.

You'll become more conscious of what's worth spending money on

By taking a break from all spending for a period of time, you'll be better able to see what purchases you miss -- and which ones you don't.

If you find that your day is noticeably worse without your morning coffee but the leftovers you brought from home were actually better than the lunch food you typically buy out, then you'll learn an important lesson you can apply in the future when you make your spending choices.

Often, we spend money out of habit and not because the expenditure is really providing us with a lot of value. No-spend days will give you the opportunity to reflect on and reassess what types of discretionary spending you want to keep and what can be eliminated from your budget to free up cash for other things.

You'll break the consumer mindset

Often, it's really easy to just reach for your credit cards to solve any problem or meet any need. But if you've made a conscious decision not to spend any money and a need arises, then you may be forced to think outside the box and find a solution that doesn't cost you anything.

By training your brain to look for alternatives to spending on your no-spend days, you can start to replace the mindset of buying items without trying something else first. This can change your entire financial outlook by helping you shift toward using what you have or finding no-cost solutions instead of just being a consumer.

All of these huge benefits are clear reasons why it's worth incorporating no-spend days into your calendar in 2022.

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