We typically do at least one full month spending cleanse (we call it "spending freeze") each year to prepare for real estate purchases. The cleanses have been really beneficial for us both mentally and financially. I didn't realize all of the additional benefits from the cleanse before this video. Great video and info as usual!
Do you only use the money you saved during your spending cleanse month to purchase real estate? Or do you use money that you save throughout the year in addition to the money saved during the spending cleanse month?
I have a habit of going line item by line item asking myself to justify all purchases before executing and ask if there is a better or more valuable option that can replace it. This goes for automatic purchases, online orders, even at the store. Sometimes what I am seeking is very desirable and cannot be replaced and therefore the value exceeds the cost and that is fantastic. Other times a minor adjustment offers the same expected quality experience for less so I can get the cost down without sacrificing any of the value. There's a follow up question in these scenarios that asks what is the value of what experience you are attempting to create and how much is the entire experience versus the next best opportunity? That is the final judgement on whether it is worth the time and effort.
I've been on a lifetime if this type cleanse...worked out well....always found anything I needed at a thrift store, usually under $10. Savings allowed me to live credit free, interest free. Kept overhead low Focused on preserving health and relaxing.
I do this every like 6 months. I’ll limit myself to $100 a week. I plan my meals so that’s always taken care off. But with my buds get $100 a week is super reasonable usually I find I spend less just to not blow my given budget. It also helps me better adjust how much I invest and save as well. If I can afford to add a little more I do easily.
I am the same. I've noticed this personality trait ironically while I was playing an online survival game. I have a habit of collecting resources for the intent of using it in the future, but the future never comes and I continue to collect resources. I do this with money as well, I avoid spending money on anything, despite making 6-figures in a LCOL area
Same here. My family emigrated here in the 1970s when I was only four years old and we basically came over with nothing and had to build ourselves up. As a result, we pinched pennies throughout our lives. And that mantra carried over to my adult life. Fast forward to today and I am in my late 40s and have a net worth over $2 million. And no debt. Yet despite my situation in life now and the fact that I could spend more, I still choose to be frugal. Once being frugal essentially just becomes a life motto, it becomes innate.
Now in my late 20s i am very frugal. In my earlier 20s not as much. No one ever taught me about savings, investing or just how crap it feels to be under a mountain of stupid debt. So i plan on teaching my little one about all of this so he doesent fall into the trap i did.
I'm trying this spending cleanse thing for the 1st time next month and I'm pretty curious how it will pan out! I'm 35 and would like to retire by 50 so I think that this could really help do just that as long as I can maintain the required discipline for that long.
What changes do you need to make to save more to meet your goals? Take a longer-term view and project your budget and income Frugality protects the environment Being a good steward of your resources doesn't just mean money. Frugality allows you to be a better steward of all resources. Unintentionally at first but once you realize the impact you're making, you can significantly lessen your negative environmental impact
From Dave Ramsey. More month at the end of the money is not good and is alarm bells for budgeting. Of course more money at the end of the month is always better.
