5 Reasons to do a Spending Freeze
Have you ever heard of a spending freeze? Have you ever done one? If you’re a bit confused, don’t be. A spending freeze is exactly what it sounds like. You and your family choose a time period, say a week or a month and you don’t spend any money except for your regular bills. They can be tough to get through, but the benefits of doing a spending freeze truly outweigh the risks of not doing one once in a while. If you’re unsure, check out these 5 reasons to do a spending freeze and then schedule one for the next time you set up your budget.
Resetting Your Priorities – It is easy to forget where you priorities really lie when it comes to your finances. Freezing your spending for two weeks or more can have the effect of resetting them and helping you figure out exactly what is important and what isn’t.
Identify Wasteful Expenses – Are you wasting money? Chances are you have and there’s also a good chance that you may not even know it. When you stop spending money, you really get a good picture of where your money goes and where it doesn’t go. This can help you identify the waste in your budget.
Train Yourself Not to Overspend or Impulse Spend – If you’ve got an impulse spending issue, there is no quicker way to reign it in than a spending freeze. A freeze will take more willpower if you have a habit, but by the end, your habit should be long broken.
Get an out of control budget under control – Is your budget out of control? Put a spending freeze in place to help get it under control. Think of the spending freeze as a sort of budget reset button and use it when you’re in a financial emergency.
Build Your Savings FAST! – There isn’t a much better way to build your savings quickly than with a spending freeze. Because you’re not spending money on things that aren’t necessities, all of the money you would have spent? Goes into your savings.
Spending freezes aren’t the easiest thing in the world to complete, but they are worth so much more than their weight in dollars. Give it a shot and you’ll see!
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