What you need to know about spending holds, money freeze or $$$ detox. ?
If you’ve been overspending, or just feeling like you need to reel it back, you may need to go on a spending hold.
What’s a spending hold?
A spending hold is an amount of time you decide to not spend any money.
A lot of people do this for a week or several depending on their situation.
Besides general groceries and common bills, basically during a spending hold, you make a pact with yourself to not spend any money for “x” amount of days.
It can be fun to go on a spending hold because you have to get creative with things to do and use what you have to get you through.
It’s good to do for a reset or a way to make sure you stay on track for the month.
Some people have to go on a spending hold not by choice if they are already living paycheck to paycheck and that can suck.
Having a budget (and STICKING to it) is crucial for making sure your money is being allocated properly and you don’t HAVE to live feeling strapped.
A spending detox/hold whatever you wanna call it, might be something you need to add to your monthly or quarterly planning.
Just like you do food detoxes and other stuff, a spending detox is good to do every once in a while.
Is it time for you to go on a spending hold?
Have you ever done one before?