How much could you save in a week?
We’ve challenged a selection of our team, content creators and the public to only spend their money on the essentials for one week. Check out the My No Spend Week hub for some inspiration on saving. Maybe a ‘no spend’ week could change how you view your spending habits?
We’ve quizzed our diarists how they feel about their spending habits before their challenge week and then after, how they might approach saving and spending in the future.
Today we’re hearing from Kia, 22 from London who is a student and personal finance expert over at Pennies To Pounds.
Are you a saver?
I am currently an avid saver. I put money away each week using a standing order as well as setting my online banking to collect and save the roundups from my purchases. I also put away money whenever I get paid. Currently, I am saving towards the deposit for my first house and I’d love to save more money! The more money you have saved, the more of a security financial cushion you have.
My worst spending habit is most definitely eating out! I am a sucker for a meal at a restaurant or ordering takeaway. The biggest change to my spending during lockdown has been buying less clothes. Needless to say, not being able to go anywhere during lockdown has cut down the amount I’ve spent so it has definitely helped me save. Where I was more likely to buy an outfit for any outing, I’ve gotten more into the habit of reworking old clothes to create new outfits.
Take the No Spend Challenge
Today is the first day of my no-spend week! I had a full day of work today but managed to plan ahead with my food. I’m notoriously bad at eating out whenever I’m working or away from home. Today, I cooked my lunch at home to make sure that I wasn’t tempted to purchase anything from outside. Only spent money on travel today - the absolute essential!
Planning ahead is going well. Made a sandwich at home for lunch since I knew I wouldn’t be able to make it home. I also grabbed some snacks as I can get hungry throughout the day. I’m usually a sucker for online shopping, buying things I don’t always necessarily need but I’ve managed to keep that in check so far. I don’t think this challenge will be as hard as it seems!
I completely forgot my lunch today! There was major temptation to purchase my lunch today BUT I held back and dashed back home as soon as I could. I still only spent money on travel since I need it to get around which is a plus.
Made a shopping list and went food shopping (since it’s allowed, essential purchases). Made lunch again and I’m still on track with no spending apart from travel to work and groceries.
Today was most definitely a tricky day! A close friend of mine wanted to meet up for dinner but, because I’m determined to complete this challenge, I had to decline. Instead, she agreed to come over and we cooked a lovely meal at my house with drink in tow, not an extra dime spent!
Luckily, this weekend is spent with family members so that meant home-cooked food! I didn’t even have to spend money on travel today as family members came to collect myself and my brother so that was great. All of the money I would’ve spent this week (around £60) I have transferred into my savings to watch that grow. There’s always such a nice feeling when you see the amount in your savings increase!
Another family day so no money spent.
Here are my thoughts on My No Spend Week!
- I used to spend so much money online shopping, this challenge has helped me to choose which purchases are essential and which can wait. 95% of the time, they can definitely wait.
- When I added up how much I’d spend eating out each week, I could put down a deposit for a house! Okay, not literally but it definitely was a lot. I would easily spend £50-£100 on eating out in a week but I managed to save at least £60 from that area this week. Cooking more at home, which I do enjoy, has shown me how much you can save by cooking your own meals.
- Going out is fun but set limits! Living in London, I’ve gotten so used to meeting up with friends and spending tons of money on meals. This challenge along with lockdown has shown me that there are so many, inexpensive ideas that you can do and still have fun with friends.
- I’ve definitely kicked the habit of online shopping for clothes and cut down how much money I spend when eating out.
- Although I was a pretty good saver prior to this challenge, it has definitely helped me to further increase the amount that I’m able to stash away. I had a great time doing this challenge and I would encourage everyone to give it a try!
Your No Spend Week?
So, what do you think? Could you go a whole week and only spend on essentials? No treats or coffees or new clothes? Let us know on Twitter and Facebook and if you’d like to write your own ‘My No Spend Week’ diary – send us an email telling us all about yourself to email@example.com. Check out our range of savings accounts and our Essential Savings Guides too for some more tips and tricks for saving money.
*The featured content creators have been asked to take part in and keep a diary of their ‘My No Spend Week challenge’. However the views, thoughts, and opinions expressed belong solely to the content creator. The opportunity is open to members of the public too if they also wished to take part in the challenge. There is no commercial relationship between The Nottingham or content creator and any products or brand mentioned in their diary.
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