How to Do Spending Freeze & Save Money Fast
If you need to save some money really fast or you are interested in resetting your budget, one of the best options out there is a spending freeze challenge.
We have recently gone on a spending freeze in my house, and today I want to share with you how that went, what it looked like, and how you might be able to do one. If you have been wondering how to cut down on groceries and other expenses, this article is for you.
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What is a spending freeze?
A spending freeze means you stop spending any extra money so that you can save quickly, pay down your debt faster or reset your budget. When I reviewed our last month’s spending and realized how out of control it was, I realized we needed to reset our money goals and our focus. This is why we are now doing a spending freeze. Spending freezes will look different in every single household, so I am just going to tell you what it looks like for us.
Eating down our pantry
The principle of not getting anything we do not absolutely need also means we are eating down our pantry food. We have not seen the bottom of our freezer for a long time because it is always overflowing with food. Therefore, instead of buying even more, we started trying to work meals around things that we already owned. In the beginning, we were eating up the specialty foods or fun foods we had left in the house, which led to some interesting combinations.
Now, however, we are back to combining potatoes, carrots, and meat, which was in fact a change since we have not eaten like that for a while.
Remembering old tricks
In addition, we started remembering all of our budgeting tricks. How did we spend so little on food every month in the past? So I realized that as soon as we had enough eggs, I did not have to go back to the store. I started thinking about what the less expensive vegetables were and looking at the prices. We stopped buying a special kind of ice cream for each family member or two different kinds of chocolate. I became more strategic about grocery shopping.
Setting up guidelines
If you are thinking about doing your own spending freeze, the first thing you need to do is set some rules with your partner. For us, this was buying cheap vegetables, not going to the store until it was necessary, not buying extra food like specialty desserts or salad dressings. We decided to cut down on some of those things that add a little bit of spice to life but are not necessary for survival.
The other thing we focused on during our spending freeze was the combinations we can make with food we already have. I am sourcing from my stockpiles, trying to find the right fit for the foods I have in the pantry or in the freezer, and then buying the minimum amount of things that it would take to complete that meal.
Spending freeze strategies
One of my main strategies during the spending freeze is to hold off buying something for as long as possible. For example, if I think we need toothpaste, I am going to use up all the little free ones we got from the dentist and have lying around the house and squish it all out before even considering buying any extra toothpaste.
Another great strategy we have been using is the “Could I wait one more day” strategy. I ask myself: what would happen if we did not buy today and waited until tomorrow instead? And once a day passes, I ask myself again: but what if we waited one more day?
Moreover, a spending freeze means making more careful grocery lists because we know we are not going to run to the grocery store several times throughout the week. This means spending more time carefully planning out what to buy and even reconsidering which items are not that essential.
Mindset shift
I found that what makes the spending freeze easier for me is focusing on what we already have and being thankful. I have found more time for activities that are free, like sitting outside in the sunshine, going on a family walk, or coloring in that coloring book that I have not touched in a long time and just enjoying the peace and calm of that.
Free activities remind us that we already have an awesome life and we have so much to be thankful for, even without all the material things. A spending freeze can be a great time to get back to the basics of what life is really about.
How to do a spending freeze
Have you ever tried a spending freeze or something similar? If so, how did that go? If not, would you try one? Let me know in the comments.
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