Your bank balance can be turbocharged by choosing to spend nothing just one day a week. Here’s how to pull it off.
Your bank balance can be turbocharged by choosing to spend nothing just one day a week. Here’s how to pull it off.

Secret to boosting cash savings fast

Fasting has become a popular way to improve people's health, and a similar strategy can be used to improve your wealth.

Going an entire day without spending any money might sound scary, and impossible for some, but developing this into a weekly habit can save thousands of dollars a year.

Financial adviser Billie Christofi says she likes her "no spend" day to be midweek, ideally on payday.

"People usually splurge when they see pay hit their bank account - the rush makes them spend a bit more on this day," she says.

Billie Christofi says making payday your no-spend day can be a good strategy.
Billie Christofi says making payday your no-spend day can be a good strategy.

"By curbing this temptation and resisting to spend on this day you may avoid those splurges for the entire week."

Christofi recommends preparing by having lunch organised the night before, and then leaving the credit card at home.

"Let your friends, family and maybe even close colleagues know that you are enforcing a no spend day - they can then support you instead of recommending going out," she says.

"Fill your day with activities that don't cost money. Go to the gym and train after work if you have a membership, instead of catching up for after work drinks.

"Find somewhere to sit in a park and eat your lunch. A change of scenery can help avoid temptation of places you would usually spend money.

"Carry a book with you. Sometimes we eat or drink to fill in time or keep us occupied - if you carry a book with you, try reading a few pages when you're getting that urge that you need to be doing something."

Christofi says once the no-spend day habit is mastered you can try expanding it to two days a week.

She says individual savings vary depending what people usually spend on food and going out "but you can potentially save around $150 a week through this method - which would mean almost $8000 a year".

Pride Advice CEO Brett Schatto says people often spend money just to feel good.
Pride Advice CEO Brett Schatto says people often spend money just to feel good.

Pride Advice CEO Brett Schatto says the human body benefits from fasting, and your finances can too.

"People get into habits that they need to spend money just to feel good," he says.

"But get back to nature. Go for a walk or to the beach as opposed to going to the movies or a coffee shop.

"If you plan, you can preoccupy that day and go to bed pretty satisfied."

Schatto says a similar approach can be used by people approaching retirement, who might benefit from cutting their spending to the age pension level - currently $944 a fortnight - for a week or two.

"Maybe living like a pensioner for a fortnight is a wake-up call," he says.

@keanemoney

Originally published as Secret to boosting cash savings fast



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