Is a spending freeze right for you? Time to figure it out.
Let’s be honest about budgeting. It can be hard, really hard. It takes structure, goal setting, persistence, and resilience. There are so many items in the world that are just screaming your name for you to buy them. New shoes? A car? That designer purse? While they are all wants…they aren’t needs, and they don’t fit within the true definition of the world budget.
A budget is a financial guideline that helps you in obtaining your financial goals. Sometimes, we may set a budget and realize that we are having a hard time obtaining those goals that we’ve set for ourselves…it can happen. It doesn’t mean that your whole budget needs to be scrapped, it just means that it might be time to re-evaluate how you are going about trying to save up your money.
While a budget may work as a guideline, it doesn’t mean it works every time. If you find that you’re having a hard time sticking to your budget, it may be time to consider a spending freeze instead. A spending freeze is basically just like it sounds. You are putting a freeze on your spending. Besides your necessities to function in life for you and your family, everything else is frozen. No eating out, no fun money, no random shopping trips, no online shopping, no gift giving…everything is frozen for a period of time. Is a spending freeze right for you? Here are a few reasons to consider a spending freeze to give your budgeting game a much-needed boost.
5 Reasons to Consider a Spending Freeze for you and your Budget
- If you want to save money quickly, a spending freeze may be just what you need. You will be amazed at the amount of money that you can save in a short period of time when you literally aren’t spending any money.
- Spending freezes can help pay down debt faster than making minimum payments. Wait, what?! Yes, it’s true. When you don’t spend, you have excess cash that you can then choose what to use it for. If you have bills that you are trying to pay off to stop paying on that interest, a spending freeze can be an awesome way to get rid of that debt.
- It helps you use what you have. So many of us are guilty of just buying more and more “things” rather than just using what we have. When you implement a spending freeze on your budget, that stops. It can be a real eye-opener to see all the items that you have in your home that you can find ways to make “new” again when you have no other option to buy anything else!
- The stresses of deciding how to spend money goes away. Balancing the budget each and every day and month is stressful! With a spending freeze, it takes away a bit of that pressure because you know that the only money you have leaving your account, is for the required and necessary bills that you have to pay. No more trying to decide what to buy, or how much money to give each kid…all those options are null and void during a spending freeze!
- Spending freezes help show your family it is possible to not spend money just “because.” It’s a trick that so many of us fall prey to…the temptation of just buying something, to buy. While you may find it hard to say no to purchases, your family members are noticing as well. When you implement a spending freeze for you and the family, it helps all be aware of the importance of spending money wisely. It’s different from budgeting in the fact that during a budget, you have to keep track of it mainly on your own, while a spending freeze has everyone involved because it means that literally, everyone in the home is on a freeze.
Spending freezes are a great way to help save money and learn how to say no to impulse purchases. While a spending freeze can take some time and effort to get used to, the rewards of a spending freeze can help you and your family for months and years down the road. Take some time to decide if a spending freeze is right for you and your family, and then make a decision to tackle it together. The family who saves together, grows together.