A spending freeze, a low spend, a no spend challenge, a spending vacation, whatever you want to call it. I’m here to tell you what they are, how they work, and why you should be doing them.

 

 

What Is A Spending Freeze?

 

You may or may not have heard the term spending freeze before. But, they are the fastest way to get cash (or keep cash, I should say). 

 

A spending freeze is when you do not spend any unnecessary money for a set amount of time.

 

Yup. You read that right.

Zero dollars.

Zilch

Nada.

NOTHING.

 

This means no spending on eating out, not getting your hair and nails done, saying no to that cute little cactus, and not cashing out your Amazon cart. 

 

Nothing.

 

It can wait.

 

A Spending Freeze does not include your bills and other obligations (Please pay your bills, and if you are working on paying down debt, continue making those payments).

 

Andrew and I have been doing Spending Freezes regularly. He doesn’t necessarily know we’re doing a spending freeze and I do not announce that we are. We are both so frugal that they just kind of happen. An example of this is that we buy our groceries bi-weekly instead of weekly. We encourage each other to eat at home, and bring our own lunches to work. We tend to only eat out once a month, for our date night.  

 

 

How Long is a Spending Freeze? 

They typically range from one week to a month (There have been some champions who have managed a year… I could not even imagine doing that). 

 

You can always start off with a day or two. I stick to a week in length, as they are easier than a two-week or a month, yet you can still see the benefits  (I would love to see if I could do a monthly freeze in the near future).

 

 

 

Why You Should Do a Spending Freeze 

 

• Great for saving up money fast (Say you ran into an emergency and you’re low on funds)

• Great way to train yourself, and recondition your brain into recognizing what you are actually spending money on. 

• See the difference between what are wants and what are needs

• Helps to stop those $1, $5, $10 purchases. They all add up and you will be surprised how much money we mindlessly spend so easily on the day to day. How many times have you thought “It’s just a dollar”?

 

• You learn to make do with what you have, or get creative.

 

• Find ways to have fun without money.

 

• Can benefit you for months after, as you continue to make conscious decisions and reduce spending.

 

• Helps prepare you for upcoming big purchases (Think the Holiday Season, vacation, new car).

 

• Sets a great example to family and friends, in turn making them want to save money too, they may even join you. 

 

 

 

 

When Can You Do A Spending Freeze?

 

Any day, week or month. Spending freezes are a great way to reset your wallet after overspending. 

 

Spending Freezes are very popular at the beginning of the New Year after everybody has spent a whack-load on Christmas. It is a time to get yourself back in the black and save money. 

 

But you can do a spending freeze anytime of the year. 

 

• To tackle that debt
• Great to do after the holidays
• After an expensive vacation
• Save for birthdays and holidays 
• Lump sum towards a big goal (like a downpayment on a house)
• Fill that emergency fund

 

 

 

How To Do a Spending Freeze 

 

Okay. So you are down to try a spending freeze, and are wondering how to go about it.

It does take some willpower, but there are a few rules or guidelines that will help you out. 

 

 

1. Set a Goal

 

Setting a goal is one of the best ways to stay motivated during a Spending Freeze. Choose a dollar amount you want to save. Or choose what this extra money will go towards.

2. Choose Your Timeline 

Pick a start date and an end date. I usually start the week off on a Sunday and finish 7 days after on the Saturday. 

 

3. Determine What Are Wants vs. Needs

What do you NEED to survive, these essentials include; housing, utilities, groceries, car payments, insurances, and medical costs. 

 

Anything outside of those are WANTS and are non-essential, such as coffee runs, new clothes, entertainment and going out to eat.

 

You can discuss with your partner to determine if other items are essential for this duration (try to be as frugal as possible, it is only for a short period of time, it is not permanent).

 

What about Gas? 

 

You can determine what works best for you, but we treat it as an essential, as we need it to get to our jobs. 

You can lower the amount you spend, by carpooling, and not going extra miles outside of your norm that week. 

4. Get Your Partner On Board

 

Get your partner, kids, family, friends, roommates on board. Even if you are going on this journey alone (I see you Miss Independent), get someone to be your accountability partner. 

By letting others know you won’t be spending money this week, it will help explain when you have to say no to going for brunch, or buying something.

 

5. Don’t Overthink It

Do your very best to not spend additional money. 

Obviously it will not be as fun as spending money on what you want when you want, going out to eat, or getting a sugar fix. It can be hard to plan meals and prepare them daily, running out of something is annoying. Remind yourself of the reasons you are doing a spending freeze in the first place.

 

Why do you want to save money? What is your goal? 

How will this extra money help you?

 

Stay strong, you got this! 

FAQ

What’s the difference between not spending money and a Spending Freeze? 

Even if you are on the tightest budget, there is usually something you buy that you do not need. By challenging yourself with a spending freeze, it becomes a sort of game with the above rules. Stick to the rules, stay strong and you will save. 

 

 

 

 

 

To Prep or Not To Prep? 

Don’t.

Start tomorrow. 

This of course makes the challenge harder. 

 

But if you wish to prepare, I’d say make sure you have your staple foods, eggs, milk and such. But don’t over shop in preparation that defeats the purpose.

You can also plan out your meals.  See what you have on hand and what recipes you can make for the duration of the freeze. This will be a great time to use up those items hiding at the back of the fridge or that dark corner of the cupboard.

 

 

How much will I save?

This varies on the time and effort you put in. The goal you set in the beginning, will help fuel your motivation and strengthen your willpower. 

An easy place to start is your weekly grocery budget, if you spend $300 a week on groceries, and do not go to the grocery store for one week, you can save $300 no problem. 

 

Won’t I Just Have To Spend More Next Week?

 

Your spending should continue as it did before the challenge. You may even find continued motivation to save, even after the last day of the Spending Freeze. Your food stash may have dwindled a bit during the week, but stick to your budget and slowly build your stock pile up, when sales pop up at your grocer. 

 

 

 

Gift Cards Yay or Nay? 

Yay!

I say feel free to use them up! Guilt Free!

They should cover taxes and tips though, no money out of pocket. 

 

This goes for reward points too (I sometimes do this during a quick grocery shop, for those must have ingredients)

 

 

 

Birthday Gifts 

Get creative. Make a homemade card. Bake a treat. Pull from your gift stash. 

 

Gift stash: A collection of possible gifts that you buy throughout the year, that you know your friends or family will enjoy. Afterall Holidays and Birthdays are the same day every year, it doesn’t hurt to be prepared and buy ahead of time (bonus if you snag them on sale or clearance). 

 

 

What Do I Do If I Run Out Of Food? 

 

I sincerely hope you have enough food, in preparation for your spending freeze you can pick up some of your must-haves (bread, milk, eggs that kind of stuff, not the Oreos).

 

Make do with what you got.

 

Ran out of bread, make some. Ran out of eggs, look up and alternative. Make a soup (which is mostly water). Get creative, it is only for a short window of time. 

 

 

How to Make A Spending Freeze Easy

 

Hide or Delete Apps

If you have apps that encourage you to spend money, such as amazon, delete them or hide them on another screen (putting them out of sight, reduces your chances of scrolling and purchasing).

 

Delete Store Emails

Flash sale.

Clearance.

Last Chance.

These are all so tempting. By deleting or unsubscribing all together from store emails, will help you stay focused during your spending freeze. 

 

 

Experiment In The Kitchen

 

Try to replicate a restaurant favorite. Try a new recipe (use up those half empty containers).  See what you can make with what ingredients you have, make it a game.

Tips To Save During A Spending Freeze

 

Warning! A Spending Freeze can be hard. The following are ways to help you get through it and save as much as you can in the process. You may even find yourself using these tips year round. 

 

• Stay Home
• Watch a movie
• Do a puzzle
• Go outside
• Turn off the lights, taps when not using them
• Shorter, colder showers
• Wash your laundry on the cold cycle or less often if possible
• Make you own meals/ pack a lunch
• Make your own coffee/ tea 
• Take it one day at a time
• Hide your cards, or can take the spending freeze to a literal level, and freeze your cards (bit of an extreme measure for me, but hey you do what you got to do)
• Leave your wallet at home
• Remove automatic payment info at your favorite online stores
• Say no (don’t be ashamed about it)
• Read a book, or a blog (Oh hey there 😉 )
• Spend time at the library. Books, magazines, movies, all free. They are also a great place to take kids, they always have something going on. 
• Check your City’s calendar. Many cities host a variety of free events each month. 

 

I know there are many temptations out there, but challenge yourself and see just how much money you can save! 

 

The Thaw – What Should You Do When The Spending Freeze Is Over

You survived!

Yay, now what? 

Be proud. 

Go back to your normal spending. Follow your budget. You may find you are more frugal now after surviving all this time without spending money.

Look at how much money you saved.

Transfer it to where you planned. (Savings, trip fund, debt repayment) 

Do this ASAP.

Please refrain from spending all that money you just saved. 

 

In Conclusion: 

If you still have many “What if…” scenarios popping up in your head, you may not be ready. 

This should be a fun, yet challenging way to save money. If this is too scary for you, you can always try at a later date. If you fail you can always try again. 

 

Take it slow the first time, try a no spend weekend, or work-week, then work yourself up to a full blown week, or month (eek!)

 

Remember this is not forever, you can do this! 

 

 

 

 

Now that you know the ins and outs about taking a break from spending with a spending freeze, let me know if you are willing to try one. 

Have you done a spending freeze before? How did it go? 

Let me know down below. 

Stay Frugal,

 

Connie xoxo