Page 29 - January 2022 Issue
P. 29

 While your credit cards are frozen, the time you get will allow you to mend your ways and be better at expenditures. While your credit cards are frozen, the time you obtain will allow you to correct flaws, improve financial habits, and become even better at spending.
Institute a 24-Hour Payment Budget
It can help you to maintain a payment budget for 24 hours. Make sure that you set a specific amount you should spend each day. Try very hard not to exceed your daily limit once you set your 24-hour limit. If your limit is $200 a day, you can save money from the days you spend less. You can use the money you save on something special or do something fun. This helps you to not only save money but also find good deals and bargains on products that you need. You may find it helpful to know that bargains are popping up every new day, and you may go for them now that you don't want to exceed your daily limit.
Have No-Spend Days
You can complement the strategy above with no- spend days where you don't spend at all. No-spend days are great for your budget and allow you to save at a faster rate. Since you cannot do this forever, it can help you to start with no-spend days and eventually drag it to no-purchase weeks and no- major purchase months. You can also gamify the entire process to see just how many no-spend days you have during a month. The higher the number of no-spend days, the better it is for you. Set new scores each month and save more money alongside.
Make Saving a Game
Making a budget and sticking to it can sound complicated to follow, which is why it will serve you best to gamify the entire process and make saving a game.
The complicated you make it, the harder it gets for you to follow.
There are numerous ways for you to gamify the saving process. These include:
Save every $5 bill you see in a specific jar. See how much time it takes for you to fill up that jar. Establish rewards for your saving milestones. If you achieve the saving goals you had for a week or a 10-day period, you should follow it up with a lavish purchase. Make sure that you still regulate the purchase, as you wouldn't want to completely derail your saving objectives.
Have a low-price contest with your friend or a group of friends. The drill here is to challenge each other to find the lowest price or the best deal for a particular product or item. This can make saving fun, and also helps you find out marts and retail outlets that sell the cheapest.

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