Why No-Spend Days Work (for me)

A while back, while reading some of my favorite personal finance blogs, I came across the idea of having a “no-spend” day, the goal of which is to make it a full 24 hours without spending a cent.

At first, I was reluctant about the idea. What about bus fare, bills, or rent? Doesn’t simply heating my apartment count as “spending,” even if I pay the price later in the month? If I’m contributing to my 401(k), doesn’t that mean I’m “spending” some of my day’s earnings on my retirement?

The answer to those questions, obviously, is no. These types of “passive” spending are a matter of life. The key to a no-spend day is to cut “active” spending—to not open your wallet for anything that you may feel you need that day.

Many skeptics say that no-spend days simply put off spending for a day, and any items  that you would have spent on will simply be purchased the next day. However, I’ve found it to be just the opposite.

Like Fasting, For Your Wallet

Think of it like fasting for a day: After skipping breakfast, lunch and dinner, you’ll probably be very hungry the next day. And you’ll likely eat more the next day that you would on a normal day.

But will you eat six full meals the next day? Probably not.

And even if you do, that’s fine, too. After the second, third, or fourth time, though, you’ll learn have the discipline to fast.

And so it is with a no spend day. Maybe you’ll put off buying a few groceries, or mailing a package—and you’ll simply spend that money the next day. But if you stay home reading a book instead of going out with friends, that’s money in your wallet!

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No-Spend Day Tips

So how can you have a no-spend day? Here are a few tips I’ve collected:

• Drink office coffee: Sure, you may miss out on your morning ritual, but skip the expensive chain on the corner and get your coffee in the break room.
• Sack your lunch: Bringing a lunch from home is a great way to cut spending—and calories. Cook some pasta the night before, or put together a simple sandwich and carrots. Just be sure to make enough so you aren’t tempted to hit the vending machine.
• Change your commute: Trying biking or carpooling to avoid having to pay for gas, bus fare, or highway tolls on the way to work.
• Grab a free weekly newspaper: If you’re used to reading the daily news during the day—and paying for the paper—try the local “alternative” paper for a different perspective on the news. Most are free, and some even publish daily.
• Have a dinner party: This may take some planning (and some pre-purchasing), but having a night in will help keep you from spending on dining out at night. Invite friends over for a pot-luck to help lower the cost for everyone.

How about you? Have you tried no-spend days? Did they work? What was the hardest part about making it a full day without spending?

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