I came across this idea last September and I have used it over the past few months. It is a great idea and it has been working for me so I thought I would pass it on to you. The basic idea behind the “Day Before Pay Day” challenge is simple: Try to save as much money as possible in your bank account on the day before pay day and then take a percentage (5 or 10% works well) and treat yourself to something special. (Note: You still have to make all your regular payments and you can’t ‘cheat’ by waiting until payday to pick up groceries or get gas if you would usually do that in the week before!) The more you manage not to spend, the more you can splurge.
The impact of this is threefold: One. It increases the amount of money you can commit to savings goals or eliminating debt. Two, it encourages you to get really creative in finding ways to spend less money. Thirdly, not only do you gain better control of your spending (and get excited about your money!) but treating yourself to something special on the day before payday means that you tend not to have the drive to splurge on payday.
It’s a simple concept so why not try it yourself this month and see if it works for you too? If you have fun strategies of your own that you use to help you save money, I’d love to hear them!
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