NO BUY challenge to fulfill your financial goals
The year 2021 is moving way too fast and perhaps, after the first trimester, you are aware that you haven’t achieved major changes in regard to personal finances. Maybe you haven’t saved the amount you had planned for or you see that you aren’t capable of stopping excessive spending while you keep paying debts. However, it is never too late to get back on track and assess how you have been using your money during the first months of the year.
If you set your goals to be fulfilled by December 2021, such as saving to make an extra effort and be debt-free after many years of paying a loan, it is time to challenge yourself through a much more extreme regime that can help you a lot to welcome 2022 with more money on your side or financial freedom.
It is time to use the NO BUY rule and take it up to December. Of course, there are things that you will have to keep paying and acquiring. But you have to become more strict around those areas that are flexible such as entertainment, going out, and look for free options. Most likely, there are some things that will require being more demanding and get to December without buying one single item. For example, if you are a person who buys a lot of video games, you will have to control your impulse and promise yourself that you won’t be spending any money on them.
Start by assessing your expenses from your account: How are you spending your money (beyond necessary)? Is there any more room to cut off expenses such as transport or food? What indulgences have you done in the last three months that you can reduce to the minimum amount for the rest of the year? Think about this and adjust your budget.
It is also possible to wonder if you could take up more hours at work or having a side hustle to have an extra income. You can consider selling those things that you no longer use to make some money that you can use later on to pay off the debt by the end of the year.
All these steps and decisions must be included within the monthly budget, establishing clear goals and even checking at the end of the month to see if you have kept your promise.
Perhaps you believe that these methods aren’t worth it but once you apply them, you will start to see a change in the way you consume and you will be more aware of the way you spend your money. Most likely you will begin to think twice before buying something or accepting an invitation that you can’t afford.
By controlling your impulses and being more conscious about your finances, you will feel more secure and trust yourself. Besides, you will see that fulfilling financial goals and pay off debts that seem impossible, will become something tangible that can be reached if you set your mind to do so.