Hardcore Strategy To Slash Spending By 50% – Market Watch
- November 15, 2018
- By: Greenpath Financial Wellness
Let this be a November your bank account will remember!
To curb their total holiday spending, some Americans are trying something a little different: not spending money on anything but essentials in November.
They’re calling it #NoSpendNovember and though it’s challenging (no Black Friday deals for you!), many are loving it.
Financial experts say #NoSpendNovember — even if you start it in mid-November and only do it for the remainder of the month — is a smart idea.
The savings can be substantial: GreenPath Financial Wellness — which is offering a savings tip every day for #NoSpendNovember — estimates that Americans spend close to $1,000 during the holiday season.
Whatever the number is for you, one thing is clear: If you truly only spend on essentials for a month, it could slash your spending by up to half, data shows.
Indeed, on average, Americans spend a little over 40% of their incomes each month on necessities, and the rest on everything else.
So that means for some of us, we could cut out half of our monthly spending by doing a #NoSpendNovember and still put money into savings or pay off debt on top of that.
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