February is the shortest month of the year, but it seems longer when you go without the creature comforts of dining out, hair and nail salon visits and mall shopping. That's what I did as part of a no-buy experiment.
The price I paid for putting myself on a no-buy diet in February: nothing. In fact, I ended up with an additional $400 in my pocket. The nights at home, the home 'do hair styles and chipped nail polish were most certainly worth every penny I didn't spend.
I loved blogging daily at MiamiHerald.com/business (The Frugalista Files) about my experience in spending detox. There were ups (realizing that I had leftover cash after paying both my rent and light bill in a single pay period) and downs (staying home Valentine's Day with no plans).
But over all, this has been one of the best experiences of my life. After doing the no-buy month, I realized that I spent way too much and, more importantly, I could change my situation. Like me, many young consumers have a spending problem.
According to cardtrak.com, the average credit-card debt per household with a card is $9,659. Many college students graduate with an average of $20,000 in student loan debt. I have both a credit card balance and a student loan to pay off. I want them gone, sooner rather than later. It seems more feasible now with my new-found no-spending ways.
When I wrote my first column before embarking on no-buy month, I mentioned I didn't think I was a lavish spender. After all, I had a $35 cut-off point. Most of my favorite services -- wash and roller sets, and nail salon visits -- were under that threshold.
But after doing no-buy month, I realize that I really needed to rein it in. My spending was adding up and I was on track to hit a financial wall.
The first true clue of my reckless spending appeared the first week of my experiment. I did a quick calculation of how much I spent that week vs. the first week of January. Just by cutting out discretionary items, my spending went down 70 percent. What was I thinking buying comedy show tickets, shopping at Bloomingdale's and eating out regularly in January?
Another aha moment crept up during the month when I realized that my light bill drained me. I rarely turned off the lights because I hate sleeping in the dark. I refuse to say I'm scared of the dark and I don't believe in the boogeyman, but still, I needed to cut out that habit. My FPL bill dropped from $107 to $66.
On the less dramatic side, I learned that I do have time to cook. I'm a great cook. I loved my spaghetti, stir-fry chicken and grilled salmon much better than anything at a restaurant. By the way, I lost about four pounds in the process. I'm also a healthy cook.
During the month, I invited a lot more friends over to the house to cook, saving money and socializing at the same time. I most certainly strengthed those relationships. I went for a brisk walk on SOBE sands, something I've never done despite years of living a short drive away from the beach.
What started out as an experiment to challenge myself has turned into a lifestyle.
I will probably start going to hair salons again, but just every six to eight weeks -- not twice a month. Otherwise, I'm satisfied with my new life as a frugalista.
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