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Get a Jump Start with Your Savings Using a No Spend Month

You may have heard of this great experiment: set aside an entire month and allot only a small fixed amount to be spent on items that are not considered basic living needs. While it can be difficult to change your spending habits and think about money in a new way, this approach to budgeting can mean you have a tidy sum to deposit in your savings account by the end of the month. Here are some strategies to help you get started.

The first task is to differentiate between a need and a want. For example, you need food such as milk, eggs, and flour. However, food items like chocolate, pies, and chips are not necessary in order to provide your body with proper nutrition. This means they are wants, rather than needs.

Once you have a firm grasp on what constitutes a need, the job of cutting back on your expenses is a little easier. To make sure you have what you need for meals, take the time to plan out enough meals to carry you through the whole month. The easiest approach is to plan a menu for each day, taking into account how many people will be present at each meal.

After planning the meals, the task of grocery shopping is greatly simplified. If possible, buy all the food you will need for the month in a single shopping trip. This will minimize the chances of being tempted to engage in impulse buying, since you will not be in the store throughout the month. In addition, buying in bulk will allow you to pay lower prices per pound for meats and other foods that you do need.

You can also trim transportation expenses by walking or riding a bicycle whenever possible. If you live no more than a half mile from work and are in reasonably good shape, riding a bike will not only save money on gasoline, but also give your heart and lungs a daily workout. Instead of running errands several times a week, do them all on one day, and plan a route that allows you to make the rounds in the shortest distance possible.

Entertainment is one of the major expenses for many families. Learn how to make use of what you already have. Those DVDs in the closet cost you nothing and will easily provide an evening's entertainment now and then. If you want something different, check with the local library. Many of them allow patrons to check out movies as readily as books.

Dig out old board games and enjoy a family night together. They cost nothing and are a lot of fun. Instead of cable or satellite television, make use of broadcast channels. Many also operate sub-channels these days that are devoted to old movies, sports events, and vintage television shows. You may actually find something to watch that would never be found through a cable service.

Even little things like packing a lunch for work rather than running out for a burger and fries will save money. Take along some tea rather than buying sodas from vending machines, and include a couple of homemade cookies to fend off the desire to grab a sweet after work.

By making practical and sometimes minor changes in the way you spend money, you will find that you can in fact make regular deposits into your savings account. Take some time today and begin preparing for an entire month of not spending any money on wants. You may be surprised at how good you feel at the end of that first month.