Instead of going on a shopping spree, why not try a savings spree? A savings spree is when you set aside a period of time–such as one or two weeks–to save all that you can. It can actually be quite fun to get the family involved by making it into a game to save as much as possible.
A savings spree is a fun way to save a chunk of cash in a quick amount of time. Here are the steps for beginning your own savings spree:
1. Decide a reason for saving money. You might choose to go on a savings spree to save money for a vacation or a large purchase. Or, you might choose to put the money you save towards debt or into a savings account.
2. Pick a time-frame. Decide how long your savings spree will be. An easy time-frame would be one pay period, but you might choose one week, one month, or whatever else makes sense for you.
3. Work together. Make sure you have cooperation from other members of your family. If your children are old enough, get them involved by making this into a game. They will be even more eager to save money if they are interested in the goal. For instance, you could let the kids know that the amount of money you save during your savings spree will go towards your spending money on a vacation you are planning. Ask the kids for ways that they can help the family save money during your savings spree. If you go about this the right way, it can be fun for the family instead of tedious.
4. Come up with a plan. A savings spree works best if you already have some type of a budget. That way, you can easily cut your budget back to the bare minimums in order to save the most money. Go through each area in your budget and see just how far you can possibly cut back. Plan to eat very simple meals, drive as little as possible, spend no money on entertainment, don’t buy any new clothes, etc.
5. Go for it! Implement your plan. Don’t forget to make it fun. Try to replace things that you would have spent money on with something else that is free so you don’t feel like you’re missing out. For example, instead of going to the movies, watch a movie that you already own, or write a script and make a movie yourself.
6. Evaluate your savings. When the time allotted is over, calculate how much money you earned towards your goal. Let the family know how well you all did.