Savvy Shopper: One simple trick to help you save big bucks

Introducing a No Spend Day into your week will help you stash the cash. Here’s how to do it.

You have probably heard of the 5:2 Diet that has been popular for the past few years.

The gist of the diet is that you eat normally for five days, and restrict calories for the other two days. It’s a great way to lose weight and also to become aware of the calorie content of the foods you are consuming. Have you thought about applying those same principles to your weekly budget?

Having a goal will help you keep your savings on track.

Think about it – you do exactly the same as the 5:2 diet, but instead of restricting calorie intake, you restrict your spending. A Money Diet. Instead of losing 1kg per week, you can save money to put towards something fun.

And if you do the No Spend Day every week, that amount you put towards savings can really add up fast. That is what saving money is all about – saving where you can so that you can spend it on something more meaningful.

Think you can’t do it? Here are my tips for your No Spend Day:

PLAN YOUR NO SPEND DAY IN ADVANCE

Decide on the day you plan for No Spend Day – and keep it the same day every week. Take it into account when you are planning your week. Know that you can’t buy your fancy coffee at the train station on the way to work. Know that you will have to take your own lunch. Plan for success!

HAVE A GOAL – WHAT WILL YOU SPEND YOUR SAVINGS ON?

I know I’ve said it before, but KNOWING why you are saving money goes a long way to keeping on track. What will you be spending this money you are saving on? Are you planning a family holiday? A weekly cleaner?

Write it down, put it where you can see it. Take a picture of your goal and put it as a wallpaper on your phone.

Have a total figure for what your goal will cost you and work out how many weeks of No Spends you will need to achieve it.

WHAT IF I SPEND MONEY ON MY NO SPEND DAY?

It is OK if you fall off the wagon ... it happens. Think about what led you to that spending. Was it peer pressure? Were you bored or did your willpower just run out? Analyse what went wrong, forgive yourself and set another day during the week to try again.

NO SPEND DOESN’T MEAN YOU DON’T PAY YOUR BILLS

It’s items that are not essential. Think about purchases such as:

● Your daily coffee (about $5 each)

● Purchased lunches and drinks (lunches can be $15-$20)

● Takeaway dinners ($40-$60 for a family)

● Chocolate bars ($3 or $4 each)

● Magazines or app subscriptions ($7 and up)

When you analyse what you spend daily on items that aren’t essential, you might be surprised at how fast they can add up. And we tend to spend money on the days that we are feeling a bit crappy. Plus I don’t want to get sued if you use this article as an excuse not to pay your bills!

TUCK IT AWAY SOMEWHERE SAFE

Add up all the savings you make and ensure you put that money somewhere. If you have cash, maybe put it in a jar or start a savings account or even invest it in one of those nifty apps such as Raiz that invest your savings into the stock market.

Always remember to reward yourself for being good, so if you stick to your savings over a period of time, allow yourself a little something special (nothing that will blow the savings, but a treat!).

Saving money shouldn’t feel like you are giving away a kidney or your first-born child. It should be something you feel good about doing. There should always be that reward for all your hard work. A reward will tell your brain you are doing the right thing, and you are more likely to stick to the money diet!

Jody Allen is the founder of mothers’ network Stay At Home Mum. Find her at @StayHomeMum on Facebook, @jodyallen.stayathomemum on Instagram, @JodyAllen_SAHM on Twitter.

Originally published as Savvy Shopper: One simple trick to help you save big bucks