Looking for a way to control your spending? Try Michelle's Not Buying It Budget, inspired by the book Not Buying It: My Year Without Shopping by Judith Levine.
While Judith Levine didn't buy anything that is not a necessity, the Not Buying It Budget isn't quite so drastic. It allows for shopping: for clothes, for gifts, for the birds and for you. The author's experiences, while drastic, encourage thought about want vs. need in an America where immediate gratification is the norm.
With the Not Buying It Budget, you pay cash for all of your spending and when you're out of cash, you're Not Buying It!
To make it work, you must dole out cash weekly, biweekly or monthly, to cover your set spending categories. Begin by estimating the cash you will spend for expenses such as groceries, gas, dining, clothing, personal care, etc. Then determine who pays for what, husband or wife. Double check to make sure your budget is balanced and don't forget to make sure there is enough left for savings. If you're giving yourself more cash than you can afford, cut back on the cash. You'll be amazed by what you don't buy when you're committed to only paying cash and you don't have cash in your pocket.
You should account for monthly bills such as mobile phone, mortgage, internet and utilities separately. They are not the focus of Michelle's Not Buying It Budget. This budget helps to control spending, which is more often controlled by impulse, or lack thereof and bills (except credit card bills) are not impulse purchases. Make sure you can afford your bills, reduce them if necessary (that's another article) and pay them from checking. There's no need to pay cash for bills, only spending.
Now, choose a set weekly, biweekly or monthly date to withdraw the cash for your Not Buying It Budget and divvy it up. He pays for gas, dining, car maintenance, etc. and she pays for personal care, household, groceries, etc. Or whatever works for you. When you run out of cash, you don't buy it. Using the Not Buying It Budget really forces you to plan ahead and anticipate upcoming expenses. It will also encourage you to postpone purchases when you run out of money.
You might even go "old school" when it comes to making larger purchases. That means saving for those purchases. Yes, $20 or more each week will add up to that flashy new camera, dress you're dying to have, or snow blower you will need come winter.
Will it help you to spend less? If you follow the Not Buying It principle, absolutely. Your bills will get paid and you will find money left over at the end of every month.
It really works. Give the Not Buying It Budget a try. If you need some inspiration, read the book and find out how Judith Levine lived an entire year without buying anything but necessities. Hmm, is deodorant a necessity?
About this Author
Michelle has been a writer in the corporate world for more than 15 years, but also has a passion for home management. Check out http://www.buildingshangrila.com, where she shares her passion for efficient and cost effective home management, as well as opportunities to control spending.
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