Let’s start the New Year off right, with a NO SPEND challenge month. If you’re looking to get ahead of your bills, save money, or get out of debt, a No Spend January is an excellent way to jump start those goals.
What’s a No Spend Month?
It’s just like it sounds. It’s a month in which you don’t spend any money, outside your usual monthly household living expenses.
Why do a No Spend Challenge?
Perhaps you went over budget last month, or you’re having a hard time making your minimum payments on your bills lately. Maybe you’re looking to hit a specific financial goal this year, such as building an emergency fund, or finally paying off your student loan. There may be a vacation you’d like to save money for.
There are many reasons to challenge yourself to spend LESS money.
Whatever your reason, goals need to specific and measurable in order to be attained. A calendar month is a perfect amount of time to make a commitment to spending less, so that you can save more, in order to hit those goals.
What are the Rules?
Rule #1 Don’t spend any money, for one month.
Obviously, there are some exceptions to that. You’ll want to keep paying your rent, buying food, lights and water. Basic living necessities still need to be maintained, after all. You never want to get behind on your mortgage. Bills that contribute to your home always need to be paid first, before anything else happens.
Also, things that you’ve budgeted for in advance are allowable. For example, if you typically spend a certain amount every month on activity dues for your child, you may want to continue to do that. However, don’t cheat yourself out of the challenge by budgeting items that aren’t really necessary.
Rule #2 Buy only those things that are a NEED.
The goal is to only purchase things you need. REALLY need. Be real with yourself before you make any purchases. Ask yourself: Could you survive on an island without that skinny vanilla latte (with almond milk)? Probably so. Which means it’s off your spending list this month.
Again, if you have items budgeted, before the month begins, then it is within the rules of the No Spend January Challenge. You’ll want to take a close look at your monthly expenses before the challenge begins and find things to cut. Here are some extreme ways to cut costs.
The idea is to not impulse buy a single thing the entire month. Only spend money on the things you’ve planned to buy. By doing this, you should have excess money to SAVE. If you don’t, then you haven’t cut enough expenses, and you need to rework your budget.
Not sure how to build a budget? I can help. See my post here.
10 Ways to Survive a No Spend January
Maybe you don’t spend much “fun” money as a general rule, and this no spend January month will fly by without any sweat on your brow. But, if you’re used to going out to restaurants and shopping as a hobby – the month might get a little rough. Here are 10 ways to make it through.
- Hide all your Credit/Debit cards. – Don’t let it be easy to spend.
- Schedule a (free) game night with your friends.
- Take advantage of free Library Apps for books and audiobooks. (I use Overdrive.)
- Plan a Clothing Swap with friends. You can “shop” their clothes.
- Put things in your Amazon shopping cart for next month. (You might decide you don’t even want it after all by then.)
- Combine challenges to make things more fun. Such as an exercise, purging or pantry challenges. Might as well get in physical, as well as financial shape.
- De-clutter your home and maybe even SELL that stuff for extra bucks online.
- Watch “Tiny House Hunters“, “Hoarders” or “Trading Spaces” for inspiration on simple living.
- “Punish Yourself” for spending, by donating twice the amount of money you spent to a charity, or a political party you can’t stand.
- Focus on your “Why”. This is a BIG one. It’s the most important. Put your reason for sacrificing on a small piece of paper in your wallet and look at it when you feel the temptation to spend. You can do anything if you have a big enough reason.
Good luck! You can do it. For more inspiration on a no spend January watch my video below, and read the comments from other “Debt Free Dana” community members. They’ve got some awesome ideas too! Hit me up there with any questions, or follow me on Instagram. Happy New Year!
Try a No Spend Year
Have so much success with No Spend January that you want to try a YEAR? You can totally do it! Take your frugal ways long term, and watch your bank account grow. By the end of your no spend challenge month you may have discovered that you’ve been spending money on things for all this time, just because you always have.
A challenge month (or year) can help you identify a new you. It’s possibly that by cutting your expenses you’ll come to find yourself spending less time with certain people, and feel the better for it. Are you spending time, and money, with people who negatively impact you? It’s something to think about.
