Frugals. Tightwads. Penny-pinchers.
Call them what you like, a community of bloggers, writers and others sick of the consumer cycle are behind a “no-spend” movement.
And with many saving thousands of dollars each year, it’s hard not to get caught up in the message.
So what does not spending actually look like? And why would Australians be interested in taking up the challenge?
Australia has a debt problem. A big one.
Data from Digital Finance Analytics has revealed 20 per cent of “middle-income” Australians have no room in their budget for unexpected expenses.
And last year the International Monetary Fund (IMF) warned that Australian households were potentially on a dangerous debt binge.
So can cutting out all unnecessary spending get you out of debt and make you financial free?
Some people certainly think so.