Preparation for a low spend year
Preparation is key for any challenge and my attempts to spend a minimal amount of money for 12 months is no difference. In fact, because the challenge is so long I feel like it is even more important. Although money doesn’t buy happiness it is an essential part of life and managing it correctly makes it easier and a lot less stressful. A lack of money, even when it is through choice, can also cause stress this is why I felt that preparation for my low spend year was essential.
Why I am doing this challenge?
The main reason I have decided to participate in a low spend year is to try and break the cycle of being so materialistic. I know that I spend way too much money on things I don’t really want or need. By only having a certain amount of money to spend, and only being able to buy certain things I think I will really think about what I am buying. This in turn should mean that I really appreciate anything that I do buy myself.
I’m not going to lie. The extra money would also be nice as well. I really want to buy a large plot of land in order to be able to start my own business and start living my dream. Land is expensive so by reducing my outgoings I should be able to put a significant amount of money aside towards saving for this goal and having a much smaller mortgage when I do go to buy. It will be short term pain for long term gain.
What preparations did I make?
When I thought long and hard about what preparations I needed to make for this challenge I wasn’t really sure where to start so I did the following things:
- A big food shop of non-perishable goods – Although food is included in my allowance I have reduced the budget for it. By stocking up I think I have probably helped stretch that budget a little further. Things purchased include baked beans, teabags (an essential!), pasta, rice, ketchup, noodles and chopped tomatoes.
- Stocked up on cleaning supplies, washing powder etc. These things are expensive to buy so buying them in advance really will help the budget. I will buy in bulk in future as I have the money saved now, it’s one expensive outlay but the savings in the long run are worth it.
- Bulk purchased pet food, straw and hay
- Went through all my subscriptions and cancelled the none essential ones
I am not sure if this preparation has helped in the long run but I feel that they have made me more prepared for the challenge ahead. I’m pretty good at spending my cash so this is going to be a real challenge for me! Wish me luck!