There is a ‘no-spend’ movement happening right now fuelled by the money saving bloggers and others who are sick of spending their money to the beat of the consumer cycle. Those involved are saving thousands of dollars per year and it’s easy to see why others are joining the bandwagon.
Australia has a debt problem and data released by Digital Finance Analytics has revealed that 20% of ‘middle-income’ Australians have no room in their budget for unexpected costs. Even the International Monetary Fund (IMF) last year warned that Australian households were on a dangerous debt binge. This is what others around you are doing to fight the problem head on.
Michelle McGagh a London journalist made the headlines earlier this year with the release of her new book, ‘The No Spend Year’, based on her no-spend challenge she set herself during 2016. She became inspired by Black Friday sales and created her own day, ‘Buy Nothing Day’, which then expanded into the fully-fledged axe of any additional spending from her budget.
Michelle McGagh continued with all necessary bills (water, electricity and gas), her mortgage payments and roughly £35 per week to spend on groceries for her and her husband. Besides these necessities she did not allow herself to buy any further luxuries, which included things such as takeaway coffees, beers, lunches, haircuts and holidays. She even went to the extent of cutting out public transport and instead relied on her bicycle to travel to and from work, friend’s parties and other social functions.
Over the course of one year she managed to save $37,000 and said the cause was a series of frugal behaviours rather than one single silver bullet that saved all that money. The accumulation of multiple savings is what delivered the biggest reward, rather than cutting out one or two luxuries. It is the more difficult to spot ‘drip-drip’ costs that are most responsible for leaving your accounts empty, rather than the large one-off purchases such as TV’s etc.
Her aim is to encourage people to stop spending money unwisely. The economy won’t collapse as a result of spending money on more valuable things that enrich their lives because we are still spending, just in a more positive way. This is something we at Buckscoop greatly believe in and as a result have written countless articles on, to help everybody become more money savvy. Below are some of the most popular articles we have written over the years that have added value to peoples lives and really encouraged others to save money on everyday purchases without having to sacrifice them:
- How to maximise your caffeine hit for better value for money
- Refillable coffee capsules cost a tenth of the price
- The savvy shoppers guide to supermarket shopping
- How to save money building a personal computer
- Pay less when buying your child’s smartphone
- Prevent your smartphone from eating your data allowance
- Extended warranties can save you money
- Free software alternatives