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Three months ago I started my self-imposed spending ban. I made a promise to myself not to spend money on excess items and non-necessities for an entire summer and I became so motivated by my idea that I decided to start a whole month early. Now I am just about three months into my spending detox (with one more to go) and I wanted to share with you, in all honesty, what has changed, what has remained the same, and where I have both succeeded and failed with my attempts.
It turns out, I’m not saving half as much (or any savings at all) that I had originally hoped for. With an unexpected doctor’s bill, the renewal of my business web hosting, a couple businesses expenses, and the complete failure of my vehicle’s starter (needing a $600 replacement), it is safe to say that I have not saved a dime. In fact, I’ve built up a little bit of credit with these unexpected payments due all at once. Life happens fast! The good news is that because of my spending ban, I was not nearly as in the red as I could have been and I have already paid off some of those expenses in full, in large part because of the money I am not spending elsewhere. I also paid off my vehicle credit card. My no-spend summer has been paying off after all. More good news is that this bad fortune is not infinite and hopefully this month ahead will not have any unexpected and sudden expenses (at least I hope).
So how have I been doing with my essential spending? I have replaced hygiene products as needed like the shampoo and laundry detergent that I bought last night, but I have not purchased any unnecessary beauty products. I have also curbed all of my impulse buys. Armed with my goals and my new knowledge, I did make a few purchases though. One being a few magazines; I have found that reading well being magazines like Planet Mindful, In The Moment, and Breathe, gives me tranquility during my days and motivates me to live healthier. It also makes me take a step away to unplug for a moment as I read a new article. I have decided that these purchases are not at all frivolous because they impact my mental health for the better and help me achieve my goals of slowing down and living a healthier lifestyle. I also bought a book to help me improve my travel writing (could not find it at the library) and another book that was on my summer reading list. Reading materials are actual items, but they are also experiences and entertainment. Within reason, a couple of reading material purchases does in fact go against my spending ban, however, I feel that they are intentional and meaningful purchases.
The other break in my ban was money spent on a new swim suit. I did not make this decision lightly, but I was looking for a long sleeved bathing suit top with UPF 50 sun protection and I found the perfect suit to protect my skin this summer. Armed with a 40% off code and two weeks of thinking it over, I decided to go for it. Protecting my skin as I swim this summer is oh so worth it and I only feel a teensy bit guilty for breaking my ban to buy it. Yet, this bathing suit is very well made so I’m sure it will last for many years to come. I also replaced my old water shoes with an $11 pair I found on Amazon because they were a necessary item for my outdoor adventures this summer. And just the other day I purchased two t-shirts for the gym all of my work out tops are made of heavier materials or have long sleeves.
All of these purchases had good reasons, except for the pair of jeans I bought a couple weeks ago. In my defense, I used a gift card I was given. I’ve been in a denim kick lately and I just liked them. I admit my weakness here because I want to be completely honest. I wear them almost every day after I get home from work.
So over all, I am quite proud of myself. I don’t know, maybe I am justifying my purchases way too much, but I think the items I did buy are not a complete failure. I would call it a win as I have thwarted more purchases than I have made and each purchase was very intentional and thought out (besides that pair of jeans). My ultimate goal was to only spend money on things that I truly need instead of just want, although a major component of this goal was to also be more mindful and intentional with my spending.
On the other side, there is my husband (very type A) who has just created our spending “allowances” and savings plan for the next five years. Yes, you read that right. Five years. It is five pages long and is complete with graphs and projections. Something tells me he is going to be keeping me on track. His new plan allows us each $50 per week for personal spending. Thankfully, it would be rare for me to spend the whole fifty bucks. Of course, most of mine will be going into my savings as I will be sticking to my summer spending ban, but it is great to have him as a motivator as well.
There are is still plenty of time left to Summer and it is not too late to join in if you’re looking to create a summer spending ban of your own.
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