February 22, 2021Designate No Spend Days

How many times a day do you swipe your credit card? It’s common for most people to do this without thinking twice about itFrom the coffee you pick up on your way to work to dining out for lunch, you may not realize just how often you’re spending money. The problem is, spending so frequently makes it difficult to save. From tapping your mobile device to making a purchase online, how much are you spending? 

Spending Made Easy Makes Saving Difficult 

Back when you had to pay in cash for everything, spending was much harder. These days, it’s too easy. You don’t even need to have your card in hand while shopping online, right now! While this helps you get your shopping done easier and faster, it makes tracking your spending more difficult. And if you use different account or credit card for each purchase, the process is even more difficult. 

Saving money is hard to do when you don’t know what you are spending. These small purchases add up to a significant amount of money that could be going to your savings. 

No Spend Days Offer a Solution 

A few no spending days each month can be great opportunity for you. Pick just two days to start with each month. On those days, don’t buy anything. Don’t use your card, apps, or online accounts to make purchases. It may be difficult to do at first, but that’s the point. Here are some examples how this helps you long-term: 

  • Instead of buying $5 cup of coffee, you can learn to bring one from home each day. This is an immediate savings of up to $150 per month. 
  • Pack your own lunch each day, and you can save up to $10 a day—about $300 a month! 
  • Don’t make any small purchases on the way home from work on no spending days. It can wait till the next day. Delaying shopping helps reduce your spendingand you might decide you can do without those items. 
  • Don’t spend money on mobile games these days. It’s just a few bucks, but it adds up. 
  • Plan for dinner ahead of time. Other benefits include healthier meals and having the entire family at the dinner table together. 

 Start doing this twice a month. Then, try it weeklyTo see the true savings potential, add up how much you would have spent each of these days. Could this be money you are putting into a savings account? Did you even miss buying those things? 

It’s easy to spend money. It’s only hard to save money if you don’t have a plan to help curb your spending. No spending days can help you come to terms with your spending habits. You can use this information to budget better, grow your savings account—even boost your investments.


We’re Here to Help! 

If you have questions about budgeting or would like more personalized advice on various savings options, stop by any branch or give us a call at 1-800-226-6673. 


Each individual’s financial situation is unique, and readers are encouraged to contact PEFCU when seeking financial advice on the products and services discussed. This article is for educational purposes only; It does not constitute legal advice. If such advice or a legal opinion is required, please consult with competent local counsel. 


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