Many people these days know whether or not they are a spender or a saver, so I will not bore you with all of the usual details that determine your type.  

However, I would like to share with you the benefits of saving, the consequences of spending and the lasting effects of both.

If you are a spender you run the risk of chasing wealth, losing ground financially, and achieving nightmares instead of pursuing your dreams.

We all can find reasons to buy things, but why not stop for a moment to find out what it feels like to not spend a dime even if it is just for a day.

There is at least one month out of the year that I declare as my no-spend month.

Unless, it is life essentials such as food and other monthly household expenses (utilities, housing, etc.), you should not purchase anything.  

No matter how cute the item is, who made you angry that day, or using the “treat yourself don’t cheat yourself” mentality, extra purchases can add up quickly.

This mission is only for a month and your savings could last for years. Once you get into the routine of controlling your spending this way, you will be able to carry this habit across all expense channels.

If you are a saver, you run the possibility of having an emergency fund when you need it most.  How awesome is that!

We all know that “life happens” and when it does, being financially prepared would be outstanding. I sometimes watch old television shows and as art imitates life, I notice that not much has changed from back then to now.

The style of clothing, language, and of course technology has changed; however, fundamentally we as a people have not.  We still need to earn an income to survive and take care of our families.

The cost of living was less back then; so were salaries and somehow families were still able to make due.

Our trap today is that we get caught up in the “what I did not have growing up” syndrome and choose to spend our funds on things that make us feel good for the moment.  This mentality leads to bad decision making and eventually forces us to run in the un-amazing race and then being financially eliminated.

I would like for everyone reading this article to take this challenge.

Pick one day next week to not spend any extra money. If you are one who already does not dip into your wallet every day, then pick 2-days not to spend.

I could give you all the usual saving suggestions: brown bag lunch, drop your special coffee, stop buying bottle water; nevertheless, discipline is the real key to saving.  

You can still buy these things, just not every day.  In time, you will probably realize that bringing your lunch, drinking regular coffee, and using a water filter will work just fine.

This action does take dedication; however, in a year your emergency savings will show your commitment.

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