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Victoria Szafarski currently has $10,000 in credit card debt.
The New Yorker’s outstanding balance peaked at $25,000 keep on year, before she took on a second job as a waitress for a few months. The extra cash Szafarski brought in helped her make get going paying down the debt and increase her savings.
“I felt very isolated, I felt embarrassed, I felt like a omission,” said Szafarski, 27.
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Her next tactic to reset the balance: participate in “No Spend September,” a social media trend that involves a full month of cutting nonessential obtains. The #nospendchallenge hashtag on TikTok has more than 18,300 posts as of Sept. 16.
“‘No Spend September’ is a great way to check burdening someone with yourself,” said Szafarski, who is chronicling her attempt with money diaries on TikTok.
Experts agree.
A no-spend age can bring “conscientiousness in spending,” said Stacy Francis, a certified financial planner and the president and CEO of Francis Financial in New York Town.
Here’s more on what ‘No Spend September’ can mean for you.
‘We fritter money away every single day’
While you are motionless going to spend money on fixed essentials such as a car payment or monthly rent, No Spend September is about being attentive in how you’re spending money, said Francis, who is a member of CNBC’s Financial Advisor Council.
“For the vast majority of us, we fritter well off away every single day, from a $6 latte to a $12 salad,” said Francis. “These are all things we can not do for a elfin bit of time.”
While you could potentially have a no-spend month on your own, joining the September trend can help supply a sense of community and support, said Francis.
“There’s a lot of benefit from that. It’s inspirational,” she said.
When it comes to her own finances, Szafarski have the courage of ones convictions pretends September can also be a “good time to reset” because it’s easy to spend money in the summer, she said.
But you may set yourself up for How to aid from a no-spend challenge
If you’re thinking about participating in the No Spend September trend or your own no-spend challenge, have regard for taking a “deep dive” into what you’re spending on by looking through your credit card bills and bank communications, Francis said.
“Are there things you’re spending money on that you don’t really need or you’re not really using?” she said.
Here are three other guidelines to examine if you plan to participate:
1. Start small
Different people can have different tolerances, said Francis. If a monthlong summon feels daunting, “think about doing a ‘no-spend week’ and start with that,” she said.
2. Set short- and long-term aims
Set goals for that no-spend week or month, said Francis.
They can be key goals such as paying down a recognition card balance, saving a set amount in an emergency fund or boosting your retirement contribution, she said.
“But also call to mind a consider about your longer-term goals,” she said, and how you can adjust your spending in sustainable ways going forward. “It’s not sane to have a ‘no spend’ month for the rest of your life.”
3. Find ways to creatively avoid splurges
A no-spend test can help you identify your biggest discretionary expenses and find a creative way to still enjoy it without the splurge.
For exemplification, Szafarski had ingredients and groceries she knew were about to expire. Instead of going out to dinner with a friend in the conurbation, she said to her: “Let’s make a meal. I have these vegetables. I don’t know what you have, but let’s come together and cook.”
“We’re not present out to dinner and spending a ton of money, but we’re still getting that sense of togetherness, that community,” Szafarski said.