CHARLOTTE — In this economy, it’s important to save every dollar you can, but finding a strategy to do that can be difficult. Channel 9’s Erika Jackson sat down with one man who shared his method for saving hundreds of dollars a month.
Jonathan Thomas is a new dad, so he knows how quickly expenses can add up. He shares his money-saving expertise through his Facebook page — Money Saving Solution.
“Savings should be a habit, but oftentimes, because we believe we’re consumers, we just spend and our money goes every which way,” Thomas said.
Thomas decided to take on a challenge to limit his own spending and boost savings through the “no spend challenge.”
“I did a week, and I did all cash, so whatever I had in my hand, that’s what I did, and that’s it,” he said. “Once my budget was out, I’m out.”
Thomas said he prepared for the challenge by filling up his gas tank and stocking up on groceries.
He says to find a plan that works for your family, like spending nothing on some days of the week or going cold turkey, with no spending days or weeks.
“I think it allows people to be more cognizant on not only what their budget is, how much things are costing them, the cost to live, as well as the cost of living, and then create a different money management system from it,” Nadia Vanderhall, financial planner and CEO of Brands and Bands Strategy Group, said.
Vanderhall recommends doing a “no spend challenge” quarterly since spending habits change throughout the year. Then, she recommends investing what you saved into a high yield savings account.
“You’re able to say, ‘Okay, this is what I would have spent, but this is how I actually can align it a little bit better within my budget,’” she said.
Thomas said these kinds of challenges can free up cash for Christmas gifts, birthdays or vacations.
He said the hardest part was meal prepping instead of spending money on fast food.
Thomas says he plans to use the $500 he saved on other luxuries for his family.
“As disciplined as I would like to be, I’m still human,” he said. “So it showed me that, hey, there are still ways that you can be tighter.”
VIDEO: ‘Like winning the lottery’: You may have money just sitting there with your name on it
©2025 Cox Media Group