How Fiscally Responsible Are You (on the Company’s Dime)?
September 15, 2023
Inspired to become even better stewards of their money, some have taken on the One-Day-No-Spend challenge. If you’re not familiar, the exercise essentially calls for people to stop spending all together for 24 hours (or an entire weekend, for the super zealous family budgeteers).
The idea is to gain greater awareness around where your dollars go on a typical day and also to inspire fiscal ingenuity (e.g., you have no gas in the car; you’ll ride your bike to work).
Some may argue financial ingenuity is an outdated principle adhered to only by the most senior among the population – citizens who came of age when bootstrapping, not buying, was the cultural norm. But, the spirit of thrift lives on in many Gen Xers. And, if the studies are correct, Millennials and Gen Zers are even more inclined to create rather than consume.
The No-Spend experience can be extremely eye-opening. Especially if you begin to consider the money you may spend in the capacity of your job. It may lead you to think more creatively and more strategically around how you allocate the dollars you’re responsible for within your company.
Three things many have taken away from the No-Spend day challenge that you can apply at work in allocating money and budget:
Lesson No. 1: Accountability Partners are Key
When it comes to achieving any goal, nothing holds a candle to the accountability partner. Particularly in a collaborative environment like Bank Iowa’s, finding a coworker to double check ideas, and their associated costs by is a pretty easy way to apply an extra layer of scrutiny to the plan.
Lesson No. 2: Where There’s a Will, There’s a Way
There is no limit to human creativity. Try challenging yourself to think critically about different ways to achieve the same outcome. If, for example, you want to touch base with a colleague, perhaps you meet over coffee instead of lunch, or perhaps at one of your offices.
Lesson No. 3: Inertia is a Powerful Force
In a corporate environment, there can be a tendency to spend (or exceed) every dime exactly per the budget. Much of this is driven by a fear of losing those funds the next year if they aren’t used. In the future, try questioning “the way it’s always been” when it comes to expenses.