Savings Success: Woman Saves £500 Monthly With 'No Spend' Approach

Discover the strategies behind one woman's impressive £500 monthly savings.

Davy

• Published in Interesting
• March 13, 2024

In a world where expenses seem to continually rise, one woman has found a way to buck the trend and significantly boost her savings. By adopting innovative 'no spend' techniques, she's managed to set aside an impressive £500 each month.

Let's delve into the methods she's employed to achieve this remarkable feat and explore how others might benefit from similar approaches.

25-year-old Chrissie Milan started to rethink how she spends her money following a trip to Thailand, where she realised the stark contrast in the cost of living in the Southeast Asian country compared to back home in London.

Chrissie, who is a video producer, decided it was time to make a change after returning from the trip, joining the 'no spend year' trend, meaning she would start saying 'no' to unnecessary spending.

Hailing from West London, Chrissie reflected, "It's not something I ever thought I would do, to be honest."

"In Thailand, a smoothie cost me £1, compared to £6 in the UK, and it was much better. That got me thinking about what I really need to spend money on back home and what I'm getting in return."

"So in January, I made the decision to only spend on essentials, like rent and food. And I can definitely feel the difference," she elaborated.

Chrissie completely eliminated her £150 per month clothing budget and ceased going out for evening meals with friends, which were often without a budget.

By merely forgoing daily coffees and packed lunches, she managed to save £240 a month. In total, these changes allowed her to save an average of £500 a month. Over the course of a year, this amounts to approximately £6,000 if she continues with her approach.

Amidst the significant changes and the rewards they bring, Chrissie acknowledges that cutting out things she enjoys doesn't feel natural.

She explained, "We often spend out of convenience, and the first few weeks felt like an exciting challenge."

"However, there was a dip in motivation in the middle, and it was easy to revert to old habits."

"Meal prep and planning ahead became more difficult. I experienced a few weeks where I slipped back slightly," the 25-year-old revealed.

The video producer admitted that she used to be a big spender in the past, often succumbing to impulse and boredom buying certain items. However, committing to this 'no spend' method has helped her overcome these detrimental habits.

She revealed, "It helps you realize what you truly value spending your money on."

"I've discovered that dining out isn't really my preference, but I enjoy indulging in new coffee experiences or going out for breakfast instead."

"Everyone has different essentials, so individuals can determine what they consider essential," Chrissie emphasizes.

She highlights that it's about discovering what holds significance, as stripping away everything and starting from scratch helps you recognize what you truly value.

She also mentioned that saving money for unexpected expenses provides her with peace of mind: "The goal is to reassess my spending habits, so I believe the money I save would be best utilized for unforeseen circumstances or investments.

"I aim to establish a stable financial future; I don't feel the urge to splurge on something extravagant."

Davy