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How to Stop Spending Money: Personal Finance Spending Challenge: How Long Can You Go Without Spending Any Extra Money?

written by: Nicky LaMarco•edited by: Rebecca Scudder•updated: 6/30/2010

This is an extreme personal finance spending challenge: How to Stop Spending Money. It's a boot camp for those who spend too much on things that are not necessary. Do you know how much extra money you spend each month? Can you stop spending money and start saving it? Let's find out!

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    Burning Money

    how to stop spending money Do you ever wonder where your money goes? Many of us do. The paychecks come in and go out almost the same time. Do you even know what you have spent your money on by the time it is all gone? Way back when people deposited most of their paychecks in the bank and took some cash out for themselves. When they ran out of money the next day they knew they were spending money too fast. The next week they would be more careful with their spending money. Today we have our paychecks directly deposited into our bank accounts and use a debit card to pay for everything. We have forgotten what cold, hard cash even looks like. It is time to figure out how to stop spending money as if it will always be there.

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    The Personal Finance Spending Challenge

    For the next thirty days you will not spend any extra money on anything. Think of this as a detox diet for your bank account. Without being able to spend money on anything extra you will see that you can learn how to stop spending money. Consider this your wake up call.

    What You Are Allowed to Spend Money on:

    1. Mortgage/Rent
    2. Groceries
    3. Gas
    4. Electric Bill
    5. Phone Bill

    That is it! Pay the bills that are required. You need your home, food, electricity, phone, and gas for your car. These are the things you absolutely need to survive on. You may only spend money on things that will keep you alive. If it is not a necessity, forget about it. This is how to stop spending money on things you do not need.

    What You Are Not Allowed to Spend Money on:

    1. Eating Out
    2. Clothing (unless you absolutely NEED clothing for work)
    3. Jewelry
    4. Cell Phone (For the next thirty days you may only use your cell phone for emergencies)
    5. Furniture
    6. Coffee (make it yourself)

    Stop spending money on unnecessary expenses and items!

    Take a look at last month's bank statement. What did you spend money on that was not necessary for your survival? Add those to your list of no-nos. Can you make it thirty days? Comment below and let us all know what you think!

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    How to Stop Spending Money

    After taking on this 30 day challenge to stop spending money unnecessarily you will learn how to stop spending money. We all spend money on things we do not need. We are constantly bombarded with commercials and advertisements that tell us that we need this new product. You have to be able to step back and say to yourself that you do not need it no matter how convenient it might be.

    Hopefully following this challenge you can learn how to stop spending money on fruitless items that will end up in your storage.