relax
Value hunters might be
familiar with the euphoria
of victory gained from a
no-spend challenge, but
there are other priceless
accomplishments to bag
home by simply saying, “No”.
Just
say
By Michelle Zhu
With the introduction of children come greater financial
commitments and responsibilities. And it’s not encouraging that
housing and car loans, insurance premiums and your dependant
child’s 101 buying needs make retirement seem like a faraway
dream. Don’t sigh in resignation because you think it can’t be
helped: like many others, you might be a victim of spending habits
you never knew you had yourself.
No-spend challenges have recently been popularized as part of
New Year resolutions all over the world, and are just one of the
many ways to gain insight into your current personal finances,
and what changes can be made. For those who might not heard
of this game, the challenger will commit oneself to a set of typical
no-spend rules, along the lines of:
1. Spending only home essentials such as groceries, but not
objects which would clutter up the home
2. Spending on necessities such as bills, rental, groceries and
food, which is allowed, but on a budget
‘NØ’
3. Setting a S$20 “weekly experience” budget for enjoyable but
non-essential activities such as having dinner out with friends.
NO Sodaudy conducted by the Health n
at a
wed th
A 2012 st
(H P B ) s h o
y s c h o o ls
io n B o a r d
secondar
Promot
u d e n t s in
gary
0% of st
nsume su
a la r m in g 4
rveyed co
su
PB study,
r c o ll e g e s
nother H
a n d ju n io
b a s is . In a
a d a il y
s and
drunks on
of parent
d that 28%
ren, aged
e a le
h e ir c h il d
it w a s r e v
ed gave t
in k s
s survey
sugary dr
c a r e g iv e r
y e a r s o ld ,
e
u r s e lf t o
o u r t o n in
a ll e n g e y o
between f
week. Ch
weet
once a
ests for s
more than
il d ’s r e q u
h
ater
to your c
choose w
n o t r e le n t
g run, and
t h e lo n
s o n ju n k
d r in k s in
e w d o ll a r
’l l s a v e a f
in g a
ou
encourag
in s t e a d . Y
a g e s w h il e
bever
li f e s t y le .
h e a lt h ie r
4. Any leftover money from the weekly experience budget will go
straight into savings.
It’s the ideal, exciting and beneficial game of finances: by invading
your lifestyle and compelling you to consider other cost-free
options of entertainment, it also encourages planning ahead.
Every time you find yourself thinking of making throwaway
purchases such as going to the movies or snapping up a bottled
drink from the convenience store, you’d think twice about
breaking your no-spend set of rules. You have everything to gain,
and nothing to lose.
But with mouths to feed and in a city where S$20 can be easily
spent in a single purchase, how practical might this arrangement
be? This also means giving up romantic dinner d ???????????)????????????????????????????????????????????????????)?????????????????????????????????????????????????????)?????????? ????????????????????????????????????????????)??????????????????????????e???????????????????????????)????????????e????????????????????????????????????)?????????????????????????)I?????????????????????????????????????????????????+?a???????????????????M????????d??????????????????????)????????????????????????????a9??d?????????????????)1???????????????????????????????????????????????????)??????????????????????????????????????()??????)9