Discoveries Magazine May 2024

Say "No" To Spending!

What can people do to save money?

the idea is to make sure you spend as little as possible. McGagh

says that following a plan also helped her pay more attention to
twhere her money was going, "[Before], I was spending without

thinking," she says.

Every no-spend year needs a goal. Recently, 35-year-old

Courtney Hanson, from Florida, USA, was unhappy about her
family's "frivolous" spending. So, she began a no-spend year.
Hanson aims to save up $15,000 dollars by the end of the year.
In addition to saving money, she hopes to come away with
healthier spending habits. One of the challenges of a no-spend
year is finding ways to socialize and have fun. What does
Hanson do? She finds free activities, and enjoys time with her

family at local playgrounds and beaches.

About 10 years ago, journalist Michelle McGagh from London,

A no-spend year is a big commitment. If it sounds too difficult,
England, wanted to pay off her mortgage early. So, she made a
you can try a no-spend month, or even just a no-spend week.
plan to save up money. McGagh decided to spend money on
McGagh believes that taking a break from spending is an
essentials only, and cut out all other spending. In one year,
opportunity to not only save money, but learn about what you
McGagh managed to add close to $28,000 dollars to her bank
value in life. "A year of no spending has taught me what things
account! McGagh wrote about the experience in her book, The
No Spend Year. At the time, McGagh's plan was considered I really need," says McGagh "and it really isn't that much."
extreme. But since then, the "no-spend" trend has really taken
off. To start a no-spend year, you first make a list of your
essentials. These are the things you need to spend money on,
such as groceries, rent, and utility bills. Then, you calculate
how much these essentials will cost each month; this is the
total monthly amount you are allowed to spend. Next, you make
a second list - of things you are absolutely not allowed to spend
m
money on, such as new clothes, or eating in restaurants. Each
person's lists will be different. But

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Discoveries Magazine May 2024

Questions for Say "No" To Spending!

1. According to the article, no-spend years...

help you learn how to manage money better.

are currently very popular.

can be difficult.

All of the above

2. What is NOT something we learn about Michelle McGagh?

How long it took her to save almost $28,000

Why she tried a no-spend year

How much her house cost

What she thinks about no-spend years

3. In the article, utilities are used as an example of something people...

need to spend money on.

should never spend money on.

can pay for once a year.

need to save up money for.

4. What is one of Courtney Hanson's goals for her no-spend year?

To shop for groceries less often

To save $15,000

To take classes on money habits

To use very little electricity and water

5. What do you think Michelle McGagh means when she says, "A year of no spending has taught me what things I really need"?

She needs to make more money.

She wants to spend more time at the beach.

She doesn't need a lot of things.

She needs to meet more people.

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