Does the idea of a No Spend Month scare you? Or are you laughing because you think you’d never be able to go a month without spending? Before you dismiss the idea, take a minute to think about what it would mean to save hundreds of dollars in one month. Would you be able to pay off debt? Would you finally reach that savings goal that’s been just out of reach? It’s worth a try, don’t you think? In this post I’m going to tell you the secret of having a successful no spend month. I promise you, if I can do it, you can too!
HOW TO HAVE A NO SPEND MONTH
A no spend month is a smart, efficient way to recover from overspending, to knock out debt quickly, or to give yourself a boost toward your savings goal.
I know the idea of doing anything for a whole month sounds super challenging. Especially something like not spending money for a whole month. But trust me, it is not as impossible as it sounds.
Here’s what this no spend challenge means, and what it doesn’t mean.
You’ve probably heard of a spending freeze, which is where you don’t spend any money at all for a set amount of time.
A no spend challenge is actually a different thing.
For a no spend challenge you can still buy some things – if you absolutely need them.
You have to feed your family, so you can buy groceries.
You need to be able to drive your car to work or school, so you can put gas in the car.
Of course, you need to keep paying your bills too.
The point is that during a no spend challenge you don’t buy anything you don’t need.
You don’t need a new outfit, or concert tickets, or take-out food. Those are clear no’s.
There may be a few questionable decisions throughout the challenge. Does your child really need a haircut this month? Can you hold off on garbage bags or napkins? In those situations, it’ll be up to you to decide.
But basically, you are only buying essentials.
So a no spend month is simply when you keep the challenge going for the whole month long.
HOW TO MAKE IT WORK
I’ll be honest. There were a few times that I tried a no spend month and failed.
But I’ve learned from my mistakes.
I want you to benefit from my experience so you can be successful with your no spend month.
Here are some tips to rock your no spend month.
SET A GOAL
You have to know what you’re working for.
Where will the money you’re saving go?
This is absolutely essential for your success.
Set a very specific goal for the money you save.
Then, keep it top of mind.
Write it everywhere.
Put a post-it on the bathroom mirror or the refrigerator (or both!).
Most importantly, put a reminder in your wallet. Look at it before you whip out your money. It may make you rethink your purchase.
DON’T GO IT ALONE
Get your family involved.
Set that specific goal as a family. Talk about your goal together and get excited about it.
If your children are old enough to understand the concept of not buying things (4 or 5, maybe even 3), talk about the goal regularly and make sure they know that you’ll need their help.
Then, when you’re in a store and they ask you for a lollipop or a toy, remind them that you’re not buying anything you don’t need right now because you want to reach your exciting goal.
Make sure your spouse is sticking to the challenge too. Talk about it together and keep each other accountable.
Another great idea that’s worked really well for me is to do your no spend month alongside a friend.
Find a frugal friend who would also like to save money this month. Make sure this is someone you’re comfortable talking about money with.
When you’re tempted to spend, text your friend and ask them if you really need that thing you want to buy. You can even send them a picture.
My friend and I do this all the time and it really helps!
And make sure to celebrate your successes together when you stick to your goal.
Saving money is so much more fun when you’re not doing it alone.
Be smart about the choices you make during this time.
Don’t go to target to walk around. Avoid the mall. Do not window shop.
Don’t log into Amazon to look something up.
It’s so much easier to stay on track when you put yourself in a position to succeed.
TRACK YOUR SAVINGS
Make sure you keep track of your progress throughout the month.
When you defeat temptation, track it. Write down the item you decided not to buy and how much you saved by not buying it.
When you find a way not to buy something you usually do, track that too.
You want to make sure you know exactly how much you saved at the end of the month.
Psst… I’m doing a No Spend Month right now and sharing my experience with my email subscribers. Subscribe here to get all the details and the support you need to reach your goals! My emails are my favorite place to share exclusive money saving insights and stories that I don’t share anywhere else. SIGN UP HERE
ARE YOU UP FOR IT?
You’re going to feel amazing when you stick to your no spend month challenge and reach your goal. All you have to do is make sure you don’t buy anything you don’t need. Can you do that for one month? I absolutely believe that you can!
Set a solid, specific goal before you start. Get your family involved and excited. Partner with a friend who can keep you accountable. Stay away from the places that tempt you. And track your progress so you know exactly how much you saved when you’re done.
Get ready to save big!
Now do yourself a favor. PIN THIS POST HERE so you can check back all month long.
And be sure to hop on my email list here. I’ll give you money saving tips and tools that I just don’t share anywhere else. Plus you’ll get lots of free gifts just for signing up!
Want more? Here are some of my best posts:
7 Frugal Habits that will save you Thousands
How to Get Paid for Shopping Online
3 Tips to cut your Electric Bill in Half
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