August: Radical Saving Experiment
Frustrated with my lack of discipline and spending habits, I’ve launched a month-long experiment in my life to see if I can achieve a significant level of saving in a single month by putting the screwed to my spending. Why a month? Well, a month is long enough to where it is a meaningful period of time and a decent accomplishment, and a month is short enough to where such a goal is attainable.
For this experiment, I’ve done the following:
- Gone strictly cash on all expenses except areas such as gas where I would rather pay at the pump with a credit card
- Will go without any major purchases during this month in an effort to put money away
- Allocated set amounts of cash for basic expense areas such as food, entertainment, household items, etc. I didn’t go crazy and get real specific here – trying to go for simplicity.
Have you ever done a similar experiment? Budgeting is definitely an incremental process – each level of effort I think results in a small incremental improvement in how you spend money. These incremental improvements add up over time and make a large difference over time. I’m hoping August will be another incremental improvement.
I need to do this! Maybe I'll do the same thing this month. We just went on a vacation & everything always seems so scattered afterwards. We need something to kick start our budgeting/saving – this sounds like just the thing!
Mariam, thats a good idea and i might try it myself!
I use this same technique! It has worked wonders in helping me control my spending. Along with a non-essentials account (food, gas, entertainment), I have money deposited into two savings accounts (emergency/debt pay off & long-term savings). This allows me to steadily build savings, pay off debt, and control my spending without me having to move any money because its all direct depostied.
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Having a saving discipline is very must if you want to save anything for your future or even for your children. I think saving is not easy thing for sure but we must adapt some best practices to regular savings.
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