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Have you heard of a No Spend Month? It is where for an entire month you don’t spend any money. Now obviously you will most likely have to spend some money, you have to pay bills and buy groceries, but we’re talking all the extra things. Like buying a cup of coffee every morning on the way to work, going to lunch with a co-worker just because it’s Friday, or walking through Target and you see the cutest shirt on sale. Those things are off limits during a no-spend month.
That might sound hard and totally crazy, but think of all of the money you could save. Sometimes it’s hard not to spend money on the frivolous things when we’re in the moment. The coffee shop coffee just tastes so much better than what I make at home and it’s hard not to buy something when you’re in Target! (Target should probably just be avoided at all costs during a no spend month!). But it adds up quick, quicker than we realize. You may be able to save more than you originally thought!
Tips For A Successful No Spend Month
- Make A Plan
Will you still go grocery shopping during the month or will you buy all of your groceries before? Will you allow yourself one night out or will you absolutely spend no extra money?
- Have Rules
There isn’t some all inclusive, king of no spend month rule list that you must follow, you need no spend month to work for you. Whatever rules you decide on..write them down then stick to them.
- Give Your Family & Friends Warning
Support is key factor in having a successful no spend month. Sharing your goal is also helpful so that hopefully your friends and family won’t peer pressure you into spending money when you don’t want to.
- Stock Up
Don’t go crazy but you must make sure that have the essentials that you will need for the month: toiletries, pet supplies, groceries, etc.
- Keep An Emergency Fund Set Aside
This isn’t for an emergency cup of joe from the coffee shop. We have an emergency fund for things like when you put on your sons only good pair of winter boots and there is a hole at the bottom or when you catch a cold ad really need NyQuil.
- Know That You Will Spend SOME Money
The average person is going to have to spend money on some things, even during no spend month. Things like gas, fresh dairy and produce, and bills. Unfortunately Netflix and the electric won’t care if you’re on a no spend month.
- Free Activities
Check the newspaper or Facebook to find free activities that you and your family can do. You can also plan ahead and buy tickets to events ahead of time.
- What Are You Saving For?
Write down what you are saving money for or why in hopes that this will help motivate you to keep going throughout the whole month.
- Do It For YOU!
For a no spend month to be successful YOU have to be in the right frame of mind. Be mentally ready.
If you’re thinking about it and aren’t totally sure if you could do a no spend month, try a no spend week. Then two. Then three. And so on. If you have a plan and take everything into consideration BEFORE you start, it may surprise you how successful you can be at a No Spend Month!
Have you tried a No Spend Month before? Share your experiences with us in the comments below.