Wow, it’s finally October, and it’s been a whole 35 days since I last spent money on anything I didn’t absolutely need. As someone who’s trying to break a habit of impulse buying, this was a tough challenge, but I made it!
Here’s what I discovered during my no-spend month:
1. Writing down your goals makes them feel tangible. Just like crossing items off a to-do list, having a written promise keeps you accountable and focused. Whether it’s a sticky note on your fridge or a post on a popular website, seeing your commitment in writing really drives you to stick to it.
2. When you stop buying, you start appreciating what you already have. I rediscovered my love for my old baseball card collection, strummed some tunes on my forgotten guitar, and even dusted off my old mountain bike. It turns out, revisiting your existing treasures can be quite fulfilling.
3. This experiment made me realize I don’t need to buy new things to be happy. My old laptop and other tech gadgets work just fine. It shifted my perspective from acquiring more to appreciating what I already possess, and even inspired me to declutter.
4. Time flies when you’re focused on a goal. It feels like just yesterday I committed to this challenge, and now I’m reaping the benefits in my savings account.
5. Doing things with others who share your goals is incredibly rewarding. I connected with people who are also striving for financial independence, which made the journey enjoyable and educational.
Temptations I Resisted:
I considered buying quite a few things in September but managed to hold off:
– Apple MacBook Pro: Using my old iBook with its limited battery life and slow speed is challenging but manageable.
– Patek Philippe Watch: Despite its allure and the claim of it being a collector’s item, its $23,000 price tag is just outrageous.
– Tod’s Loafers: There are holes in my current pair, but they’re not noticeable, and finding comfortable replacements is tough.
– Babolat Tennis Racquet: Needed a replacement for my broken one, but I’m holding off and using a loaner for now.
– Definitive Tech Sub-woofer: It started malfunctioning, but thankfully, it’s still under warranty.
By resisting these purchases, I essentially saved myself about $26,000, a penny saved is a penny earned, right?
Looking Forward:
The stock market performed well in September, which ironically makes me cautious about October. I plan to stay defensive with my investments and wait for at least a 5% market pullback before diving back in.
As for my spending habits, I’m motivated to extend my frugality through October. While it doesn’t sound as catchy as last month, I’m far enough from the holiday season to avoid major temptations. I do need new loafers, but that’s about it. After that, it’s all about padding the savings.
Readers, if you save money by not making a planned purchase, does that count as savings? How are you managing your financial goals? Let’s discuss the last time you splurged on something unnecessary. Did you regret it? Can I add $23,000 to my “Freedom Fund” since I resisted that expensive watch?
Freedom Fund Update:
This month, I’ve managed to add another $6,000 from salary and investments, bringing my total to $80,000.
