Journalist Michelle McGough from London, who has worked in finance for 10 years, decided to conduct a radical experiment.
Despite the fact that everyone considered her financially literate, in reality this was not entirely true – she spent a lot of money on “unnecessary” things.
In an experiment, she decided to give up unnecessary expenses for 1 year and spend money only on things she couldn't live without.
The necessary expenses were as follows: mortgage payments, insurance and utilities, payment for communication services. The woman also included in the mandatory payments, expenses for food, hygiene products and household chemicals.
Previously, the woman practically did not cook anything, but she had to learn, since any expenses for food outside the home were prohibited.
She stopped going to beauty salons, cinemas and bars. She stopped buying make-up, fuel for her car and also stopped going to the gym.
Instead of a car, she got around exclusively by bicycle. And giving up her favorite coffee at the coffee shop was especially painful for her.
She wore the clothes until they actually started to fall apart.
Several times she almost gave up on the experiment, but she pulled herself together in time and continued.
The winter months proved to be the most difficult, when the experiment seemed especially difficult.
Her husband initially worried that the experiment was too extreme, and that people around her would criticize her. To which McGough replied, “It was extreme frugality by choice, not poverty without choice.”
Instead of vacations, the woman went out of town with a tent several times, and replaced trips to the cinema and theater with free exhibitions.
In a year, she managed to save about 23 thousand pounds, which she used to pay off her mortgage early.
McGough said that over the course of the year, she completely overhauled her attitude towards spending. Interestingly, by the end of the experiment, she no longer felt the urge to spend money, even when the restrictions were lifted.
After completing the experiment, the woman invited friends over for a beer and bought a plane ticket to visit her grandfather.
She later wrote a book about her experience, “The No Spend Year: How I Spent Less and Lived More.”
Reservation
The information in this article is based on Michelle McGough's personal experience and is for informational purposes only. It is not financial advice, a guide to action, or a one-size-fits-all solution.
