SaveDay: One Day A Week Of No Spending?

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Key Bank is encouraging people to designate a SaveDay, where “you take what you would have spent.. and don’t.” The idea is to cut out optional purchases on one day of the week, and instead save it. It’s a nice idea. Here’s the commercial:

I guess they saw the news that we are spending more than we make. Note to KeyBank: Give me better interest rates than 0.25% APY, and maybe I’ll save with your bank 🙂

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Comments

  1. I try my save day to be atleat 5 days a week..the other two days go in buying groceries and other stuff. Thanks to your blog I have been a good saver however Christmas 2006 was devastating–but I have picked right up and hopefully this year would be fabulous. 🙂

  2. Wisely Sunshine says:

    I agree, 0.25% from most local banks is sad.

  3. My save day is usually Sunday. Church and a nice family dinner.

  4. My save day is whatever balance I have from our salaries after living frugally for 30 days, and it goes on and on…..

  5. Saving money needs to be a life style done 24/7, not a once a week thing. Otherwise, the “savings” from SaveDay would probably just get spent the other 6 days.

    First time commenting btw, excellent blog, I visit daily.

  6. I have tried to do this in the past, but it made me feel deprived. Anytime we deprive ourselves, be it of spending, eating, or sleeping, we’ll end up craving more later and overspending, overeating, or wasting half the weekend catching up on sleep. I think it’s better to seek balance each and every day. For example, don’t buy lunch at a restaurant 5 days a week, but do treat yourself once in a while if you can afford it.

  7. Not spending money for a day, what a great idea. I think it’s called Shabbot.

  8. well i didnt spend… except for a burrito 🙂

  9. Yes, the one day of saving doesn’t seem that logical to me. A lifestyle that lets you save as much as possible without feeling like you are depriving yourself is what I shoot for. Because, like Pop said, you could easily burn through a ton of money on the other six days. But somehow you’d feel like you were ‘saving’. I’ve gone on diets like that and gained a couple of pounds in a week. And like what Two Pennies Earned said about depriving yourself — it gets to you and makes you want to spend more to prove you aren’t deprived.

    I think you want to think you are treating yourself pretty well everyday. Everyday is special, and I save just by automatically saving through my paycheck, this way I never have to overtly “save”.

  10. I like the idea of being mindful in what I do, and SaveDay is appealing. I keep track of daily spending and see small expenses (that I actually don’t need to spend) add up. I’ll try SaveDay. Thanks.

  11. You will ruin entire US economy with suggestions like that!

    Just kidding, my save day depends on my mood and bank balance. 😉

  12. My husband and I are going all of 2007 without spending anything except for buying groceries and medicine.

    We are far from rich, but in six weeks we have saved nearly $5,000. I used to be a big spendy-pants, so I was worried I’d feel deprived. But watching those $$ add up has been so worth it.

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