Motivation
So in April, I decided I needed to actively reverse my bad financial habits. As I'd gotten really busy, I started to reach more for convenience at the expense of money, which is totally fine, don't get me wrong. However, the problem comes when these convenience habits form and stay! So for example, at the start of this whole work from home (WFH) period, I started ordering in food everyday instead of cooking as I was juggling between work and school.
It was a lot of late nights, and I was trying to maximise the amount of sleep I got everyday. I had a free delivery plan from Grab (though I pay $9.90 for the plan each month so it's not entirely free) though it meant that each time I order, I had to order above $10 for the free delivery. It got really expensive fast as I'd order 2 meals which is on average $15-$20. I tried as much as possible to order for 2 meals at a time.
So I realised that over time, even on days that I'm supposedly quite free to cook, I would default into a order-on-phone-and-then-do-something-else-while-waiting mode. It was just much easier than cooking (to be fair, veggies prep and cook is super fast. I'm just put off at the thought of washing quinoa cos that takes me a long time but I need more than just veggies for sustenance haha). So anyway I have great respect to people who always find the time to cook everyday despite hectic lives because I know how hard it can be!
Despite not being 100% on my finances, I was still rather aware that I was spending way too much money on ordering food (and I do feel ashamed by the environmental impact that I've caused too). I decided that having a no spending in May challenge can be useful for me to curb my bad habits and give my wallet a break to heal the hole in it 😂 Moreover, this challenge was set up such that I would get to practice delay gratification, a value that my generation might have lost.
So what's the challenge about?
As part of this challenge, for the month of May, you will not spend a single cent whether by cash or card or anything (except things from the allowed list). This means that you are NOT allowed to spend on groceries/food or other necessities. You have to get your groceries before the start of May or leech off your family or use the small cheat (explained later).
Plan ahead, or not! Be creative!
Allowed list:
- Recurring bills/subscriptions (e.g. telco, utilities, rent)
- Repaying what you owe
- Giving parents allowance
- Donation to charity/religious entities
- Spending on gifts for others
- Investments
- Trades - you may trade your item (not money) for another item you want/need
As a concession, you may choose to consider the following as allowed as a small cheat (if the above is too restrictive and you still want to do the challenge):
- Cards/virtual wallets with stored value (irreversibly topped up before May)
The objective of the challenge is not to spend a single cent on yourself for the entire month. You may not have friends prepaying things for you for the month. If it's a treat, it's allowed.
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It's nearing the end of May, and I will give an update on how I fared after the month. So in April, I publicised this challenge to my friends, but only one other person I know has 'signed up' for it (there's no actual sign up, you have to consciously monitor and track your progress).
Given that we are still going to be stuck in our homes in June, we are going to have a "No spending in June" challenge and perhaps you might be interested in joining. The rules will be modified slightly.
- You are allowed to buy groceries. Eating out/food delivery (excl groceries delivery) are still not allowable expenses. (You may consider the cheat explained above if this is still too restrictive)
The friends who gave feedback based on the challenge detailed I presented mentioned that it's too hard, not fun, or even too easy(!). 😅 Unfortunately, I tailored this challenge to my needs, so it cannot please everyone. I really needed to combat my habits it's helping so far! Do give it a try if it's what you are looking for. 😊
