According to studies, the average American spends almost $165 every day. One woman, however, has managed to live on just $50 a month since the start of 2023. Alexis Howard, who lives in San Francisco Bay, says she’s on a “financial cleanse.” The 28-year-old explained that she stretches her money each month on non-essentials like social activities, beauty services and shopping. Her monthly $50 allowance includes going out with friends, shopping, TV subscriptions, nail and hair services, ride-share services, and gift giving. Essentials — rent, utilities, groceries, and other bills — are not included in the budget. Alexis says that while the challenge has been refreshing, it’s also been very limiting. Hair maintenance and trips to the nail salon are one of the conveniences she’s had to scale down, going much less frequently than before. She has also had to make new rules about self-care. For example, after a stressful day at work, filled with meetings and deadlines, instead of hitting the bar with friends, she talks a nice walk with her dog — a cheaper and healthier alternative. Alexis says it’s your mindset that will determine your success and level of discipline. She suggests maintaining an attitude of gratitude, focusing on what you do have rather than what you don’t have. Seek out free events in your area, set boundaries with friends and family about going out, and use acts of service like preparing meals or baked goods for others as a form of gift giving. Alexis tracks her expenses on an Excel spreadsheet with all of her essentials laid out. In the end, she's done a lot less traveling, dining out, and shopping and a lot more eating at home, reading, working out, and focusing on her career. The bonus for Alexis is that when she gets to the end of the year, she will have a nice nest egg to show for her efforts.
