Spending Ban (hat tip, Blonde on a Budget)

Over at Blonde on a Budget, Cait has embarked on a shopping ban. I guess I started mine earlier this year without even thinking much about it. My goal was to stop buying personal products until I had completely used up my supplies. I wasn’t planning to go without, just use up what I had already purchased first.

Funny thing is, some of these products last much longer than we think. If I buy a replacement too soon, I sometimes toss the hard to reach last 10% and start in on the replacement.

A few years ago, I stopped spending money on coffee at shops. My family tends to give me gift cards for coffee enough that I can pick up a latte every now and then when I’m in the mood for a treat or traveling. If I’m on work travel, I can get great coffees reimbursed with my meals.

Cait’s spending ban is a great project. If you decide this might work for you too, make sure you redirect all of your savings into income-producing assets. When you make serious life changes and meet this type of challenge, setting up a reward that will pay YOU for years to come is a great plan.

NDQ

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