The money challenge that can kick-start your savings
Sometimes we all need to reset our spending. Budgeting is a year-round activity that we need to be mindful of, but all too often we forget to add in those little purchases we make throughout the day. They can really add up--from the lollipops you purchase for the kids when they are especially well-behaved, to the Starbucks you buy yourself when you are especially well-behaved, to the discount books or the candle you couldn’t resist in its convenient placement on display within the checkout line. A no-spend month is a perfect way to reset your budget and even kick-start your savings.
A no-spend month is exactly what it sounds like. You, as a participant, cut out all non-essential spending. That means for 31 consecutive days you don’t buy a single item that is non-essential to your life. Gas, groceries and monthly bills are not included in this, as they are considered essentials. If you want to take it to the next level, some people complete a no-spend month where they cut out groceries and simply use what is around the house.
Several years ago, the concept of “no-spend November” popped up on the Internet. The idea took the frugal living community by storm, with thousands of people participating. Each year, the concept is brought up again, and more and more people take part in challenging themselves to live more mindfully and to spend less. Sure, November has long since passed, but you don’t need the words to rhyme to start saving money. Your no-spend challenge can take place in any month you want.
The Rules
- Starting on the first day of the month you won’t spend money on anything non-essential
- Postpone the purchase of any “wants” for an entire month
- Avoid eating out, getting takeout, and other non-essential food expenses
- Medicine, gasoline, and fixed bills are not included in the no-spend challenge
- At the end of the month, tally up what you’ve saved compared to the prior month or the same month the previous year
- Move the money you saved on non-essential spending into your savings account
The “rules” can really be defined however you see fit. After all, this is your budget and your challenge. You can choose to avoid the grocery store and use your current stockpile to feed your family, or you can include a grocery budget in your essential items. The goal, really, at the end of the day, isn’t about not spending money, but rather, about being more mindful about what you spend. It is also about redefining what is a “want” and what is really a “need”.
The Bottom Line
We can all get a little off our budget when we are feeling indulgent. The point of a no-spend month is to reset your own thoughts on spending money, make you more mindful of what you spend every day, and, hopefully, help you kick-start your savings with the money you tucked away.
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