5 Spending Freeze Tips You Must Try
February 3, 2021 | Louis Tully
Want to save $1000 this month? Join this spending freeze challenge! It’s a fun way to spot unnecessary leaks in your budget, learn more about yourself and your spending habits, and quickly raise cash.
What is a Spending Freeze?
In a nutshell, for a set amount of time, you commit to not spending a single dime on anything that isn’t absolutely necessary. You promise not to touch your bank account, credit card and any money in your wallet. Not even the spare change lying around in your house!
Obviously, you can’t skip bills or other important monthly costs. So, handle these right before the challenge: automate utility payments, fill up the gas in your car, or load up your bus card.
But once that’s taken care of, you can manage other expenses by learning how to use what you have, and see how long you can go without forking out any cash.
Think of it as being a part of the cast of Survivor, where you just have to make do with whatever you find. But the good news is that whatever happens, you’re guaranteed to win a prize—all the money you saved in that period!
5 Spending Freeze Tips You Must Try
Ready for the challenge? Here’s what you need to do to maximize your savings and the insights you can get from this experience.
1. Get Everyone in Your Household Involved
Talk to your roommates, partner, kids, or anyone who shares your home and your household costs. The Spending Freeze tips won’t work if your partner comes home with groceries while you’re learning how to make the most of whatever’s in your pantry.
2. Take Stock of the Pantry
Thanks to the grumblings of your stomach, the first thing you’ll notice on any spending freeze is how much you spend on food. You can’t do takeout or even get a coffee from the vendo machine—so now you’ll have to plan for everything.
This part of our spending freeze tips challenges you to use whatever is already in your refrigerator or pantry. Make a meal plan, including lunches you need to bring to work. Some sites like AllRecipes.com will let you type in the ingredients and select the type of meal or cooking method that uses them.
3. Keep a Journal
Document your journey. The goal of this spending freeze tip is to help you be more aware of your typical spending habits, and identify any areas where you forget to allocate money (oh no, you ran out of cat food!) or spend on things you don’t really need (turns out you can survive without a Starbucks run).
4. Be Accountable
Peer pressure can sometimes be useful, and here’s our next spending freeze tip: Share your spending challenge on social media or tell a friend who can give you tough love when you’re tempted to give up.
If you have a competitive streak, ask someone to join the challenge with you. See who can save more or hold out for the longest time.
5. Use a Money App
Money and budget management apps are always useful for tracking everyday expenses. During a spending freeze, they’re a handy tool for tracking the drop in your expenses and comparing it with previous and future expenses.
Financial experts compare a spending freeze to going on a detox diet: you can’t sustain it forever, but it can help you start fresh. It provides you with a baseline for knowing what expenses are really critical and purge out any expenses that are driven by lack of discipline or emotional spending.
Finding out what is a good debt-to-income ratio may also help while being on a spending freeze, as it will let you figure out the amount you need to be striving for.
“Frozen” by Unexpected Expenses? Get a Fast Auto Loan
There may be times when spending freeze tips are not the best advisor. There are many unfortunate situations where you don’t know where to get the money you need: medical emergencies, unexpected car or house repairs, unexpected travel. Sometimes, you just have 1 or 2 days to raise hundreds or even thousands of dollars.
Raise Emergency Cash with Fast Title Loans Near Me
Fast title loans can help. You can borrow from $300 to $15,000, even if you don’t have a good credit score—and you can get the cash the same day you apply!
What are Title Loans?
Title loans are short-term loans where you use your vehicle as collateral. This can be a car, truck, motorcycle, SUV or UV. The vehicle just has to be under your name, fully paid, and lien-free. That means that it should have no outstanding loans or judgments.
What Are the Required Items for Title Loans?
The title loan requirements are very simple. You just have to show your driver’s license or any state-issued ID, your vehicle title, and go through a vehicle inspection.
What Are the Benefits of Title Loans?
- Anyone can apply! You do not need to have a high credit score or any credit history
- Convenient application. You can apply online or at the store, and a customer representative will guide you through the whole process—which takes just 30 minutes or less
- You can keep your vehicle. As long as you make payments on time, you can continue using your vehicle.
How Do I Get Started with a Title Loan?
- Go to our Home Page and fill out the online form.
- A loan representative will call you and explain the process.
- Submit documents and get a vehicle inspection. You can go to the branch or arrange to meet the loan representative at a more convenient place.
- The loan representative will check the documents and determine the loan amount you qualify for. If all is approved, you can get the money either the same day or the very next bank business day.
Being on a budget is not easy, yet, possible with our simple spending freeze tips and a bit of your diligence and willpower.
Being “frozen” by unexpected expenses is not any less challenging, but with the help of our dedicated specialists, you get over it successfully. So, get started with your title loan process today!\