We have talked regularly on this blog about budgeting, and how you can restructure what you spend money on to ensure you avoid financial difficulties. But what hasn’t been mentioned is a situation many of us find ourselves in from time to time. Namely a short-term problem with funds, with the knowledge that better times lie ahead. So with that in mind, it is worth looking at what sacrifices can be made in the short-term when times are hard. Instead of committing to a life of frugality, why not spend a month cutting out unnecessary costs, to give your finances a one-off boost?We’ve looked at things to stop buying for a month.
I’ve mentioned this before, so apologies for repeating myself. It astonishes me to observe how much some people i know spend in coffee shops on a hot drink. If you fit into this category then consider for a month making your own drinks and using a flask or just drink at home. Your bank manager will thank you.
We all have seen people give up alcohol for a certain period of time, usually for a charitable cause. This is great to see, but even without the charity-aspect, you could do the same yourself to help your finances. If you are sociable and have an active life, it is highly possible your spend on alcohol in a single month is significant. Try giving booze a miss for a month. not only will your bank balance be healthier, you will be too. You will feel much better after a period of healthier living.
We all like, and need, to buy new clothes occasionally, but if you need to make your money to go further, spend only on essentials. Have a month off treats such as new clothes or shoes. Give your finances a chance to recover. There will be plenty of time in the future to buy things you like.
And this applies for all types of treats you like to have now and then. A month of abstinence is hard to stomach, but the fact is that once that month is over, you will appreciate all of life’s finer things even more!
A big ask! But staying at home for a month and avoiding nights out, and restaurant bills and more is a real hardship. But you could use the time at home to do something constructive with your time. Right that book you always wanted to, get that long-needed decorating or home renovation done, and feel that your sacrifice has a reason.