Why You Should Try Having 4 No-Spend Days a Month in 2023

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Spending money can become a bad habit. Here’s how to break the cycle so you have more cash in savings. 

Spending money is a part of life, and most people charge dozens of small purchases on their credit cards or debit cards over the course of the week.

While there’s not necessarily anything wrong with spending your hard-earned money on things that make you happy, many Americans are woefully behind on fulfilling important goals like saving for retirement or preparing for emergencies. As a result, cutting back a little on that spending could help you accomplish big things.

No-spend days are one way to do that. A no-spend day is exactly what it sounds like. It’s a day during which you don’t spend any money. If you can, you should aim to have four of those a month throughout the rest of 2023. Here’s why.

You can put away more money in savings to accomplish financial goals

The most obvious benefit of having four no-spend days is that you will spend less money if you aren’t opening up your wallet on four days of the month.

Some older research revealed the average American spends about $165 daily. While this calculation included things like housing costs and cellphone service (which you aren’t going to eliminate on a no-spend day), it also included close to $40 in discretionary spending on things like dining out, alcohol, and entertainment.

If you can save $40 four times per month by doing that many no-spend days, that adds up to $160 monthly. If you turn around and invest that $160 every month for 30 years and earn a 10% average annual return, you would have a whopping $315,845.97 at the end of that period.

Those four no-spend days a month could give you more than a quarter of a million dollars you could use for important future goals like retirement or sending your kids to college. It’s not a huge sacrifice to go just one day a week without spending anything, but the payoff is gigantic.

A no-spend day every week can help you establish better habits

There’s also another big reason to try a no-spend day every week. When you do, this helps you to break the unconscious habits you tend to develop that drain your checking account. Many people spend money almost mindlessly because it’s become part of their routine.

But if you stop that cycle once every single week, you can get out of the consumer mindset, start to really consider what kind of spending is worth it, and perhaps develop free alternatives to some of the things you’d otherwise buy. For example, if you tend to meet a friend for a drink every week and this falls on your no-spend day, you could instead opt for a walk in the park. It’s free, and better for your body as an added bonus.

You can embrace new activities if you aren’t spending

Finally, if you commit to not spending, this can encourage you to think out of the box and find new ways to entertain yourself without incurring added costs. You can pick the day you tend to spend the most money as your no-spend day if you want a real challenge and then challenge yourself to find better solutions.

For example, if you always spend a lot on date nights with your spouse on Saturdays, make that day your no-spend day and take turns finding a new fun free thing to do every week.

No-spend days can actually be both fun and good for your wallet, and as these three big reasons show, there are some major benefits of trying to fit in one a week. You just may decide you like the idea and want to do even more.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Christy Bieber has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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