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Whether you’re still feeling the effects of a pricey party season, or you simply want to focus on changing your spending habits; almost everyone can benefit from a no spend week every now and then.

A no spend week is where you set out to spend only the bare minimum for the duration of the week. This means that you’ll have to cut out all unnecessary spending and only pay for essentials such as transport, groceries and bills. Whilst this may sound like an impossible task at first, starting the week with a positive outlook and careful planning will help you to breeze through the full 7 days with ease.

Below, I’ve listed my top tips on how to manage your lifestyle on a week with no money and show you just how easy it can be!

Evaluate your wants and needs

You may think you ‘need’ your daily coffee, however, little did you know those fancy flat whites can cost an average of £15,000 over your lifetime! With contactless cards and mobile phone apps, it can be easy to spend mindlessly on things you don’t need. Therefore, before you start your no spend week, be sure to separate the things you want from the things you need.

Necessities include things such as food, transport, essential healthcare and bills. Everything else can go out the window, after all, it’s only for a week!

Outline a budget

Once you’ve identified your necessities, work out how much these will cost for the duration of the week. If you drive to work, work out fuel costs for the week and combine this with your grocery budget plus the costs of any bills you need to pay.

After this, compare your total for the week with the amount you would spend on a normal week. This will help you to see how much money you’ll save and give you the motivation to get through all 7 days without spending!

Stick to the plan

There’s no point drawing up a detailed budget if you’re not going to stick to it. Even though it may be tempting to give in to your Starbucks craving, waiting until that final day will be much more rewarding than giving in before 7 days is up.

If you’re finding it tough to stick to your budget, a prepaid Mastercard from icount can help. Simply load your week’s allowance onto the card and use it as you would a normal debit or credit card. You can only spend the amount that you put on the card so this will help you to stick within your budget and avoid overspending.

Spread the word!

If you feel ready to take on your no spend week, be sure to spread the word and make others aware of your plans.

This means that friends and family can work around you and avoid tempting you with any unexpected events during the week. Who knows, you may even get some new recruits to do your no spend week with!

Once you’ve followed these simple steps, you’ll have all the tools you need to successfully cut down on spending for a week. Think you’re ready to take on the challenge? Let me know how you’re planning to get by in the comments below!

 

*Disclosure – this is a collaborative post

Hollie