This year as one of my new year’s goals, I decided to have a low spend week each month. I decided to try this because I learn so much about my spending habits during Frugal February, that I probably would benefit with the reminder year round.
Here are a few of the reasons you too would benefit from a low spend week each month:
Having a no spend/low spend week each month, really makes you grateful for your normal weekly budget. I think we all grumble about being on a budget sometimes (If you do not have a budget…get one!) and this is one easy way to help you to appreciate the wiggle-room in your normal weekly budget.
2. Lowers waste
I am sure many people are like me and have a lot of food waste during the month. By having a low spend week each month, it really keeps you aware of how much food you are throwing away. It also helps you to make sure you are using up pantry or freezer items that maybe are going unnoticed.
I am sure we have all heard the term “first world problems” and feel a little bad about how much we have, when others have so little. Having a low spend week really helps you to appreciate what you have and also more importantly, it serves as a reminder as to how little others have around the world on a daily basis. My no spend week always reminds me to be thankful for my blessings and to pray for the less fortunate around the world.
4. Monetary benefits
A low spend week also helps to trim your monthly budget substantially. During my low spend week, I try to only spend $25 on random food items to round out our meals and nothing else. Considering that we spend around $125 a week on food, this puts $100 back into our bank account each month. That really adds up throughout the year!
5. Better spending habits
Having a reminder of how little we can live on each month, really helps me throughout the rest of the month, to avoid excessive spending. Being frugal, like other habits, takes time to develop. I do notice in prior years when I did Frugal February, my spending would slowly go back to normal during the rest of the year. Having a monthly reminder to monitor my spending habits really helps to “keep the spirit alive” year round.
Do you have a low spend week each month? If you do, what lessons do you learn from this practice?