One key to being building wealth, retiring early, becoming financially independent or being debt free is to spend less than you make. Being frugal is one way to do this. Always look for bargains, DIY plans, free things…anyway to cut back really. Some of my favorite FP gurus even go to the extreme of using only two tanks of gas a year. I so admire them, but to be honest, I’m more of a “fringe frugal” type of person. I always look for deals, won’t buy clothes unless they are on sale and basically spend less on some items so I can spend a little more on quality items. What I do like to do is continuously challenge myself to save money or spend less. It makes getting out of debt fun!
So, for the month of April 2016, I’m doing a “no restaurant month.”
- I will not spend any of my own money in a restaurant or bar. If it’s a business lunch, coffee, drinks then I have to go, but I won’t be going on my own accord.
- I will take my lunch to work everyday.
- We will cook at home.
- I will say no to happy hour. <—this will be THE major challenge.
Check out my daily progress here. Want to join me? Have you ever done a no-spend challenge? How was it?