Sometimes you need to go on a spending ban for a bunch of different reasons. Maybe you need to save money for a trip you have coming up, or maybe you’ve just realized that you’ve let your shopping get too far. It’s easy to forget or ignore all of the shopping you’re doing, but a spending ban can help make you fully aware as well as save yourself a little bit (or maybe a lot) of money!
1. Save a Bit of Money
Depending on how much you usually spend on frivolous things, you will definitely save a bit of money during your spending ban. If you’re looking for a way to save up a bit of cash over the course of a month or two, a spending ban is probably the easiest way to do that. It won’t be easy when you’re on your spending ban, but it will be worth it at the end!
2. Pay Debt
If you have student loans or other debts torturing you in the back of your mind, a spending ban might be the best way to start to knock off a little bit of it. You’ll probably realize that you don’t need those frivolous purchases as much as you thought you did, and you’ll feel so much better knowing that you’ve paid off some of your debt, even if it’s just a little bit!
3. Cushion Your Savings
If you’re looking to increase your emergency savings, a spending ban is the perfect way to do it. With the economy and workforce the way it is now, you can never know for sure if your job is completely secure. A spending ban is an easy way to save a little bit of money for your “just in case” fund. If you ever need to use it, you’ll be so happy that you have it!
4. You’ll Cut out the Nonessential
One of the greatest parts about a spending ban is realizing all of the purchases you were making that you didn’t need to make. You’ll probably notice a change in your spending habits even after the ban is over, because you will be able to acknowledge the unnecessary purchases you were making in your everyday life.
5. Plan a Big Experience
If you’re going on a long term spending ban, you may be able to save up enough money to plan something big. Maybe there’s a concert or vacation that you really want to go to, but you know that you’d usually never save enough money. With a long term spending ban, you’ll probably save up enough money to treat yourself to your dream concert or vacation!
6. You’ll Work with What You Have
It’s easy to forget about everything we already have when we’re constantly bombarded with shopping sales and other deals online. When you simply can’t succumb to these deals any longer, you’ll start to work with what you have. You’ll probably be shocked with what you find in your closet. Chances are, you’ve completely forgotten about a lot of what’s in your wardrobe. A spending ban will force you to work with what you already have.
7. Remedy a Shopping Addiction
It’s easy to become addicted to shopping, especially with how easy it is today, thanks to online shopping. If you’re even slightly aware that you may have a shopping addiction, a spending ban is a good way to remedy it. It’s going to be difficult, but it will help put an end to your shopping addiction.
Have you ever gone on a spending ban? If so, why did you? If not, will you ever try one? I think I’m going to try one out soon. Let me know if you have plans to in the comments!